SCOTTSDALE, ARIZ. – A 31,427-square-foot development site in Scottsdale has sold to Deco Acquisitions (dba Deco Communities) for $4 million. The 0.72-acre site is located at 4422 N. 75th Street. Deco Communities plans to develop the 90-unit Envy luxury condominium complex on the site. It will partner with Isles Ranch Partners on this project. The unnamed seller was represented by David Fogler, Steven Nicoluzakis and Don Arones of Cassidy Turley.
Multifamily
BETHESDA, MD. — LCOR, a commercial real estate developer and manager, will begin leasing the 18-story Aurora, a multifamily development at North Bethesda Center in Bethesda, in June. The property is a short walk away from the White Flint Metrorail Station. North Bethesda Center is a 2.7 million-square-foot mixed-use community that features multifamily and retail components. WDG Architects designed the 341-unit community with a brick and glass façade and a 386-space parking garage. The project is expected to be LEED certified. Aurora will feature a mix of studio, one- and two-bedroom units and kitchens with granite countertops, cabernet cabinets and a choice between a breakfast bar or kitchen island. The development’s amenity package includes a golf simulator, fitness center, business center with computers, bike repair station, storage area, resort-style pool with sun deck, rooftop terrace and media game room. The multifamily tower will also feature the Aurora Sky Club, a bar/lounge area on the 18th floor.
HOUMA, LA. — Stirling Communities II LLC, an entity of investors led by Stirling Properties, has closed its acquisition of Ansley Place Apartments, a 246-unit, Class A apartment community at 100 Ansley Place Court in Houma. Stirling Properties has assumed an existing HUD 223(f) loan on the property. The seller was a regional developer based in Atlanta. BH Management Services will manage Ansley Place, which was built in 2008.
CRYSTAL, MINN. —Marcus & Millichap has arranged the sale of a 46-unit apartment property in Crystal, Minn., for $2.7 million. Douglas Drive Terrace is located at 3300 Douglas Drive North. The property consists of one- and two-bedroom apartments. Mox Gunderson and Dan Linnell of Marcus & Millichap represented the seller, a private investor. Linnell, Gunderson and Josh Talberg of Marcus & Millichap represented the buyer, a limited liability company.
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.
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.