LOS ANGELES — Los Angeles-based Meta Housing Corp. is breaking ground for the development of an affordable residential/retail project in Los Angeles. Located at 1011 E. Adams Blvd., the yet unnamed project will feature 80 apartments above 19,000 square feet of ground-level retail space fronting East Adams Boulevard and South Central Avenue. The retail portion will feature the area’s newest Fresh & Easy Neighborhood Market. Ranging in size from 554 to 1,103 square feet, the apartments offer one-, two- and three-bedroom floorplans. The apartments will feature energy-efficient kitchen appliances, carpeting and vinyl flooring, ceiling fans, smoke detectors, central heating and air conditioning, balconies, walk-in closets, and cable television/Internet access. Additionally, the community will feature 21,000 square feet of open space with landscaped courtyards; barbeque areas; a community facility offering classrooms; a computer/business center and a kitchen; laundry facilities and tot lot and meditation areas. The project will also offer two levels of above-ground parking, with one level accommodating the retail portion and the second, fully secured level accommodating the residents. The project is 100 percent affordable housing for residents earning from 35 to 45 percent of the area median income for Los Angeles County. Starting rents are expected to range …
EL MONTE AND LOMITA, CALIF. — Grubb & Ellis Healthcare REIT Inc. has closed its Senior Care Portfolio 1 with the acquisition of two skilled nursing facilities in California. Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Rd. in Lomita, each property is a single-story skilled nursing facility. The two facilities total approximately 71,000 square feet of gross leaseable space and 219 patient beds. Additionally, the properties are 100 percent leased to North American Healthcare. HCP Inc. sold the properties for an undisclosed price. Grubb & Ellis Healthcare REIT financed the acquisition through an unsecured note from an affiliate and cash on hand. The portfolio comprises six properties: the two recent California acquisitions and four properties in Texas, which were acquired in March.
WASCO, CALIF. — Wasco Affordable Housing Inc. has developed Central Avenue Senior Apartments, a 42-unit senior-housing apartment community located at 300 Central Ave. in Wasco. The community consists of 14 one-story buildings featuring one- and two-bedroom apartments. The community is restricted to retired and working agricultural workers age 62 years or older, who earn 60 percent or less of the medium area income. Each apartment offers a stove, a microwave, a refrigerator, a dishwasher and an individual washer and dryer. Financing for the $8.2 million project was provided in part by a $3 million tax credit equity investment from Enterprise Community Investment Inc., a $2.25 million loan from the USDA Rural Development program, which includes a mortgage and rent subsidies, and a $900,000 loan from the State of California’s Joe Serna Jr. Farmworker Housing Grant Program.
LITHONIA, GA. — Harbor Group International recently sold Creekside Crossing, a 281,000-square-foot, 280-unit apartment complex, located at 100 Cavalier Crossing in Lithonia, to Grubb & Ellis Apartment REIT. The property features 37 storage units, a two-story leasing center and a car care center. David Gutting and Todd Trepke of Cushman & Wakefield represented the seller, and financing was arranged by Don Marshall, Mike Bryant and John Reed of Capmark Finance.
MANCHESTER, CONN. — The New Haven, Conn., office of Marcus & Millichap has completed the sale of Waterford Commons, a 303-unit multifamily community located in Manchester, for $42.77 million. Situated on 34.3 acres at 669 Tolland Turnpike, the property comprises 13 two- and three-story buildings with a mix of one-, two- and three-bedroom apartment and townhome units. Individual units include vaulted ceilings with skylights, fireplaces, and in-unit washers and dryers. Community amenities include, a Jacuzzi, a sauna and steam room, a business center, a fitness center, lighted tennis and volleyball courts, walking trails, valet dry cleaning service, a playground, and an indoor, heated swimming pool with a deck. Steve Witten and Victor Nolletti of Marcus & Millichap represented both undisclosed parties in the transaction. The property traded at a price of $141,172 per unit.
FORT WORTH, TEXAS — Dallas-based Quantum First Capital (QFC) secured $6.55 million in financing for Woodridge Apartments, a 248-unit multifamily property located at 500 East Loop 820 in Fort Worth. Situated on 10.38 acres, the community comprises 17 buildings with a mix of one-, two- and three-bedroom units. Property amenities include a clubhouse, a swimming pool, a courtyard, a laundry center, courtesy patrol and covered parking. Eli Gershenson of QFC originated the financing on behalf of a Texas limited partnership. The loan carries a 7-year term with 2 years interest-only, followed by a 30-year amortization schedule. It also has a sub-6 percent interest rate. The loan was funded by Green Park Financial through the Fannie Mae DUS program.
LOS ANGELES — Ground has broken for the construction of University Gateway, a student housing and retail project situated near the University of Southern California (USC) campus in Los Angeles. Located on the northwest corner of Figueroa and Jefferson Boulevard, the eight-story development will feature 600,000 square feet of floor space offering 421 undergraduate and graduate apartments above more than 78,000 square feet of retail space, and a nine-story parking structure. “With this groundbreaking and Clark Construction at the helm as the design/builder, the project is firmly on track for summer 2010 opening,” says Matthew Burton, principal/CFO of Urban Partners LLC. “It has been a long road but that makes it all the more gratifying to finally get to this day.” Developed by Urban Partners and designed by Clark Construction, the project features laundry facilities and lounge/study rooms on each floor, 14 one-bedroom units averaging 668 square feet, 407 two-bedroom/two-bath units averaging 910 square feet, which will accommodate four students. A portion of University’s Gateway second floor will feature three internal courtyards with landscaped gardens complete with trees, low-flowering shrubbery and seating areas. The project’s aesthetics will complement the Italian Romanesque red brick architectural style of the existing campus facilities. …
MIAMI, FLA. — Developer Wellington Construction Group commissioned Coral Gables-based BCArchitects to design the three-story, 18-unit Midtown Gardens in Midtown Miami. The property, located at 776 NW 30th St., will be composed of two-bedroom units. Groundbreaking is scheduled for early next year with a completion date of late 2009.
PEACHTREE CITY, GA. — Grubb and Ellis Apartment REIT acquired the 252,000-square-foot, 216-unit multifamily property AMLI at Kedron Village from AMLI Residential and Prudential Real Estate Investors. The 21.6-acre property, located at 100 Hyacinth Lane in Peachtree City, includes fitness and business centers and a swimming pool. Engler Financial Group represented the seller, and financing was arranged by Capmark Finance.
NEW YORK CITY — Construction has resumed for Beekman Tower, a 76-story residential building located in Manhattan, New York City, following the closing of a $680 million construction loan to the developer, Forest City Ratner Cos. Upon completion in 2010, Beekman Tower will be the tallest residential building in Manhattan. It will include 903 market-rate apartments, a 100,000-square-foot public school, a 21,000-square-foot ambulatory center for New York Downtown Hospital, and retail and parking facilities. The project was designed by Frank Gehry. Excavation and foundation work at the site has already been completed.