Northeast

PHILADELPHIA — Drexel University and American Campus Communities have begun construction on a 580,000-square-foot, 24-story student housing project in Philadelphia. The $170 million development, located on Lancaster Avenue and 34th Street, will include apartments and suites for more than 1,300 students. The property will include 20,000 square feet of retail divided into 11 locations at the street level, as well as a student and community-dining center. American Campus will manage and operate the facility under a ground lease agreement with Drexel, and at the end of the lease term, the ownership will revert back to Drexel. The firm Solomon Cordwell Buenz Architects designed the new building that will be constructed by the Hunter Roberts Construction Group. The project is slated for a fall 2015 completion.

FALL RIVER, MASS. — Institutional Property Advisors (IPA) has arranged the $20.5 million sale of Royal Crest Estates, a 216-unit apartment complex in Fall River, about 50 miles south of Boston. The sales price equates to $94,900 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, represented the seller, Aimco Fall River LLC. The buyer was Highlands North Realty Trust. Constructed in 1974, Royal Crest Estates includes 10 detached apartment buildings and a clubhouse. The unit mix features eight studios, 90 one-bedroom flats and 118 two-bedroom apartments, each featuring a private deck or patio. Community amenities include tennis courts, an Olympic-size pool with sundeck, a self-service car wash, a barbecue area, a fitness center with lockers and showers and a clubhouse with fireplace, billiards lounge and library. Todd Tremblay of IPA was the Massachusetts broker of record.