CHICAGO — Sperry Van Ness has brokered the $1.5 million sale of a multifamily portfolio in Chicago to a local private buyer. The bank-owned portfolio consists of 58 units in four buildings located at 7800 S. Michigan Ave., 9000 and 9040 S. Bishop St., and 9400 S. Laflin St. Jeffery Baasch, Brian Kochendofer and Jared Conen of Sperry Van Ness represented the seller.
Multifamily
INDIANAPOLIS — Browning will develop and construct a new graduate student housing facility at Marian University in Indianapolis. The project will consist of 88 apartment units, which will house 136 beds. The apartment units, scheduled for completion before the 2015 academic year, will feature high-quality amenities and finishes. Browning previously partnered with the university to develop the school’s athletic complex, its music building, and a student residence hall. In 2013, Browning developed the Michael A. Evans Center for Health Sciences building, Indiana’s first College of Osteopathic Medicine. Graduate students taking classes in the new Michael A. Evans Center and other Marian graduate programs will lease the apartments.
NEW YORK CITY — Cignature Realty Associates has arranged the $19.5 million sale of a three-building, 97-unit portfolio in the Hamilton Heights section of Manhattan. The buildings total 91,532 square feet and include 1616 Amsterdam Ave., a seven-story building with 52 apartments and six stores; 3694 Broadway, a six-story property with 24 apartments; and 561 West 144th St., a five-story apartment building with 21 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both the buyer, a local real estate group, and the seller, a real estate fund, in the transaction.
BOSTON — CBRE/New England’s capital markets team has secured a loan of $3.3 million to finance 135 Beacon Street, a multifamily building located in the historic Back Bay neighborhood of Boston. The building, located half a block from the Public Garden, is a five-story building originally constructed in 1860 and renovated in 1999. John Kelly of CBRE, worked on behalf of the owner, J.F. Perroncello, to secure the financing.
HOUSTON — A joint venture between Presidium Group LLC and Nessel Development has acquired Live Oak Bend Apartments, a 252-unit multifamily property in north Houston. Located at 1351 Greens Parkway, the garden-style complex is in proximity to I-45, Beltway 8 and the George Bush Intercontinental Airport. The community offers one- and two-bedroom residences, as well as a swimming pool, basketball court, fitness center and business center. Presidium plans to rebrand the property and upgrade both unit interiors and building exteriors.
AUSTIN, TEXAS — Student housing developer Aspen Heights will break ground this summer on its first conventional multifamily property, a 196-unit high-rise in Austin. The 22-story building, which will be named Aspen Heights after the developer itself, will feature a rooftop pool, fitness center and dog park. Located at the northeast corner of West 8th and Nueces streets, the project is slated for completion by the first quarter of 2016. Locally based Rhode Partners designed the property, and Kansas City, Mo.-based J.E. Dunn Construction Group Inc. will serve as general contractor.
NEW YORK CITY — Eastern Consolidated has arranged for the $126 million sale of The Nash, a 25-story, 191-unit luxury apartment building located at 222 E. 39th St. Following a renovation and repositioning of the property from a hotel to an apartment building, a partnership, led by Atlas Capital, Rockpoint Group and The Procaccianti Group sold the property to Lloyd Goldman of BLDG Management. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller in the transaction, and Ezratty also procured the buyer. Renovations began in early 2013 with leasing starting in August. The building was 70 percent leased at the time of sale.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased a portfolio of three defaulted loans from a local New York lender totaling $17 million. The loans are secured by three different multifamily and mixed-use properties in Brooklyn. The properties include a partially complete mixed-use residential development in Midwood, a 23-unit residential rental property in Red Hook, and a seven-story condominium building in Vinegar Hill.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of Vito Terrace Apartments, a 44-unit multifamily community at 734 Longefellow St. in Washington, D.C. The elevator-served property is located in the city’s Brightwood Park neighborhood south of Parks of Walter Reed, the redevelopment of the former Walter Reed Army Medical Center. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Urban Investment Partners LP, in the transaction. The buyer, Manna Inc., plans to work with property’s Tenant Association to preserve the property’s affordability and make moderate improvements. The sales price was undisclosed.
PROVIDENCE, R.I. — Construction is underway on 257 Thayer, a 267-bed student housing community, developed by Gilbane Development Co. The property will cater to undergraduate and graduate students attending Brown University and Rhode Island School of Design (RISD). It opens January 2015, and according to Gilbane, it is the first off-campus, purpose-built student housing community in Providence. Asset Campus Housing will lease and manage the property. The four-story community, located in the College Hill area, will be a multi-purpose facility that includes retail space on Thayer Street and an underground, heated parking garage with 75 spaces. Community amenities include a clubhouse room with high definition TVs and gaming tables; group study rooms; fitness center; bike storage; high-speed internet and Wi-Fi; and 24-hour resident services.