BLUE ISLAND, ILL. — Marcus & Millichap has brokered the $5.8 million sale of Islander Apartments in Blue Island, about 16 miles south of Chicago. The 84-unit apartment building is located at 1900 Broadway St. Randolph Taylor of Marcus & Millichap’s Oak Brook office marketed the property on behalf of the seller, an individual trust. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the buyer, also an individual trust.
SEATTLE — A joint venture between Holland Partner Group and North America Sekisui House LLC (NASH) has broken ground on 2019 Boren, a planned 44-story, 410-unit multifamily tower in downtown Seattle. Located at 2019 Boren Ave., the 484-foot tower will also offer three floors of commercial space as well as a ground-floor performing arts hall and art gallery created exclusively for Cornish College of the Arts, located across the street. “This started with a meeting with the leadership of Cornish College of the Arts in May of 2016 to think about what might be possible with this incredible location in the heart of Seattle,” says Tom Parsons, executive managing director of Vancouver, Wash.-based Holland Partner Group. “Cornish is a vital part of our community, and we have really enjoyed being on this journey with them. The groundbreaking is a significant milestone for all of us and we couldn’t be any more excited about what’s to come,” adds Parsons. The building will serve as the gateway to the Cornish College of the Arts campus, according to Raymond Tymas-Jones, president of the college. “The gallery and performing arts space, inside and outside, will create an environment for learning that provides a public …
Student housing amenities used to have a reputation in the popular press and in most multifamily circles for over-the-top extravagance. “Millennials came into the space when it was an all-out amenities war,” says Madison Meier, vice president of business development at Austin, Texas-based Campus Advantage. “Everyone was on standby wondering, ‘What’s going to be the next big thing? Lazy river? Climbing wall? Golf simulator? It felt like every developer was grasping at straws to find their unique, defining amenity.” A generational changing of the guard, along with rising construction costs, has muted some of those larger-than-life community perks. The New York Times recently interviewed Campus Advantage about this very topic, having caught wind of the company’s promotion of its intangible “success amenities.” The article, published on June 25, says student housing amenities today directly support the gig economy through shared study spaces, sophisticated digital networks and well-planned fitness centers. Mental, social and financial health are the main aspirations of Gen Z, where extravagance takes the form of Peloton bikes and creatively designed, high-tech study nooks that do double duty as flexible social space. Campus Advantage’s success amenities are provided by its Students First residence life program, which preps students to …
ANTIOCH, TENN. — A joint venture between Admiral Capital Group and Security Properties has bought Cambridge at Hickory Hollow, a 360-unit multifamily community in Antioch. The garden-style complex was built in 1997 and is located 15 miles southeast of downtown Nashville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, breakfast bar, fitness center, swimming pool, outdoor kitchen, fire pit and package receiving service. The seller and sales price were not disclosed.
BROWNSBURG, IND. — Flaherty & Collins Properties has opened The Arbuckle, a $40 million apartment development at Arbuckle Park in Brownsburg, about 20 miles west of Indianapolis. The property includes 210 rental units, 7,600 square feet of retail space and a 400-space parking garage. Monthly rents range from $975 for studios to $2,698 for two-bedroom townhouses. Amenities include a courtyard, bar area, grilling station, pool, pet spa, fitness center and bike storage. Project partners include CSO Architects, civil engineer Williams Creek and structural engineer Lynch Harrison and Brumleve. Busey Bank provided financing. Flaherty & Collins Construction was the general contractor.
ROCHESTER, MINN. — Timberland Partners has purchased Eastwood Ridge in Rochester for an undisclosed price. Built in 2016, the 209-unit apartment property features one-, two- and three-bedroom floor plans. Amenities include a clubhouse, coffee bar, fitness center, pool and dog park. The exterior capital improvements Timberland plans to make to the property include a new grilling area, improved landscaping and upgraded amenities. Timberland now owns and manages 76 apartment communities totaling 16,098 units across 15 states.
GREENVILLE, DEL. — Acts Retirement-Life Communities will soon begin a $70 million expansion project at Country House, a seniors housing community in Greenville, located southwest of Philadelphia. The project will add 20 cottage homes, 55 apartments and a clubhouse to the community. The first phase of the three-year project, construction of the cottage homes, is scheduled to begin before the end of this month. The second phase of the project includes construction of the apartments and clubhouse, which will include new restaurant venues and a performance center as well as a new fitness and aquatic center. The apartments, which will range in size from 1,400 to 2,200 square feet, will be located within two new wings of the community.
PORTLAND, ORE. — Barings, a diversified real estate investment manager, has completed the sale of Riva on the Park, a multifamily property located in Portland’s South Waterfront neighborhood. Griffis Residential acquired the high-rise asset for $116.1 million, free and clear of existing financing. The 22-story property features 294 apartments, averaging 811 square feet, and more than 13,000 square feet of ground-floor retail space. Apartment amenities include granite countertops and plank-wood flooring in the kitchens; oversized, energy-efficient windows; full-sized washers/dryers; central heat and air conditioning; decks or patios; and city and river views. Community amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services. The transit-oriented Riva on the Park is located steps from Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The community is also adjacent to Oregon Health & Science University, which is undergoing a 1.1 million-square-foot expansion. Ira Virden and Carrie Kahn of JLL represented the seller in the transaction.
TEMPE, ARIZ. — Security Properties has purchased The Rev Apartments, a Class C, garden-style multifamily property located in Tempe, for $28.2 million. Originally constructed in 1972 on 11 acres, The Rev features 172 units spread across 16 residential buildings. The previous owner fully renovated the property, including new dual-pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washers/dryers and above-range microwaves. Community amenities include a fully renovated leasing office and fitness center, as well as an outdoor heated swimming pool and spa. Security Properties has a light upgrade planned for the property, including adding a number of supplemental items to unit kitchens and strategic improvements to the community’s amenity package. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this acquisition, Security Properties now owns 122 assets totaling approximately 24,000 units across its portfolio, including eight properties and more than 3,200 units in the Phoenix market.
DALLAS — JMJ Development will build a 25-story project in the Turtle Creek neighborhood of Dallas that will house a 177-room hotel and 97 condominium units. The site, which will include 387 parking spaces, is located just north of downtown Dallas. JMJ is currently negotiating with five-star hotel brands for the hospitality component of the project. New York City-based Madison Realty Capital provided a $32.5 million loan for the acquisition of the land. A construction schedule is still being finalized.