IOWA CITY, IOWA — Balfour Beatty Campus Solutions LLC has agreed to design, build, finance, own and operate a $31 million housing property for graduate students at the University of Iowa in Iowa City. The new student housing will replace the current Hawkeye Court complex, which was built in the 1960s. Located on west campus, the development will include 270 one- and two-bedroom units targeted at Iowa’s more than 9,500 graduate students, as well as faculty. The new facilities will consist of five, three-story buildings totaling 265,600 square feet. Additionally, a separate one-story community center totaling 5,400 square feet will be built to house the property management offices and common spaces for resident use, including a fitness center, laundry facility, multipurpose space and access to the campus shuttle service. The project is expected to break ground later this month and open in August 2014. Structured as a public-private partnership, Balfour will manage the financing and ongoing operations of the project through a 40-year ground lease.
CHICAGO — Marcus & Millichap has arranged the sale of 2203 West Rice, a 12-unit apartment property located in Chicago, for $1.8 million. Bill Bailey and John Bailey of Marcus & Millichap’s Chicago downtown office marketed the property on behalf of the seller, a private investor. The buyer, a partnership, was also secured and represented by the Baileys. The property is located in the heart of Ukrainian Village and includes 10 two-bedroom and two one-bedroom units. The building has received upgrades during the last several years including a new boiler, a new gas central hot water heater, new windows, a new tear-off roof, upgraded kitchen and baths and new security gates.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 3124 32nd Street, a 17-unit apartment building located in Queens, for $3.2 million. Matthew Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap’s Manhattan office represented the seller, a private investor. Fotis, Apostolidis, Golub and Robert Aaron, also of Marcus & Millichap’s Manhattan office, represented the buyer, a private investor.
STORRS, CONN. — EdR has begun development on the $12.8 million third phase of The Oaks on The Square, a 92-unit student housing project located adjacent to the University of Connecticut (UConn) in Storrs. EdR will own and manage the addition when completed in summer 2014. The exterior of the third phase will complement the old town New England style of the first two phases, while the interiors will include high-speed Internet, Wi-Fi access, granite countertops and stainless-steel appliances. Some apartments will also feature dining rooms and home office areas. The first phase and second phase consist of 322 apartments, which are fully leased. Approximately 8,000 graduate students and 18,000 undergraduate students are enrolled at UConn’s main campus.
CORPUS CHRISTI, TEXAS — ARA has arranged the sale of Stoneleigh Apartments, a 94 percent occupied, 348-unit multifamily development located at 5733 and 5750 Curtis Clark Drive in Corpus Christi. Los Angeles-based Mount Auburn Capital Group LLC now owns the apartment community. Stoneleigh offers one- and two-bedroom floor plans, and features three pools, a sundeck, 24-hour fitness center, covered parking, full-sized garages, self storage units, a clubhouse, business center, media room, and laundry facilities. Jeff Patterson and Kelly Witherspoon of ARA represented the sellers, two national property investment and asset management firms based in Irvine, Calif., and Dallas, in the transaction.
VALLEJO, CALIF. – The 156-unit Austin Creek Apartments in Vallejo has sold to DE Village Austin Creek, LLC for $15.3 million. The community is located at 55 Valle Vista Ave. just north of Berkeley. The acquisition allowed the buyer to complete a 1031 Exchange. John Gallagher of TRI Commercial/CORFAC International represented both the buyer and the seller, Austin Creek Apartments, L.P., in this transaction.
BRENHAM, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Bluebonnet Hills Care Center, a 96-bed nursing home located at 401 E. Blue Bell Road in Brenham. The property commanded a list price of $2 million. Rod Llanos and Doug O'Toole of Marcus & Millichap's Houston office represented both the seller, an individual trust, and the buyer, a limited liability company, in the transaction.
NEW BEDFORD, N.H. — Phase I of Manoment Place, a 76-unit, mixed-income seniors housing project in New Bedford, has finished construction. Formerly known as both Cliftex Mill and Manoment Mill, the property is a 20th century textile mill developed by textile manufacturer and commission agent William Whitman. Architect and engineer Charles R. Makepeace along with contractor Benjamin F. Smith assisted Whitman in the development. John W. Keith acquired the property in 2012 through a partnership with WinnDevelopment to develop the two-phase, re-use project. Manomet Place is an age-restricted seniors housing community.
ST. PETERSBURG, FLA. — Marcus & Millichap has completed the sale of a 144-unit multifamily community located in St. Petersburg for $6.9 million. Gateway Apartments was built in 1986 and is situated at 2000 Gandy Blvd. It comprises 11 one- and two-story buildings containing all one-bedroom units. Amenities include an on-site laundry facility, a basketball court, a boat storage area, a picnic area and a swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, which were undisclosed Florida investors.
ST. LOUIS — Kayne Anderson Real Estate Advisors (KAREA), the private equity real estate arm of Kayne Anderson Capital Advisors, has acquired three apartment buildings and a parking garage, all located across the street from the main gate of St. Louis University. The acquisition brings 655 beds and 406 units to KAREA's portfolio. The properties, which include turn-of-the-century architecture, feature The Coronado (originally a hotel), Moolah Place (originally a Masonic temple), Lindell Towers and the parking structure, which is known as Moolah Garage. KAREA says the assets are unique in their ability to bring a touch of “old-world” elegance to urban living. These assets bring KAREA's student housing portfolio to approximately 16,000 beds and 5,400 units. KAREA's portfolio also contains 444 conventional multifamily units and 15,065 self storage units.