DES MOINES, IOWA — Draper and Kramer Inc. has sold Capital Square in downtown Des Moines to Real Capital Solutions for $30.2 million. Designed by Skidmore, Owings & Merrill, the 454,619-square-foot office building is located at 400 Locust St. Draper and Kramer developed the eight-story building in 1983. Tenants include The Des Moines Register, RSM McGladrey, Life Care Services, BH Equities and Iowa State University. CBRE represented Draper and Kramer in the sale transaction.
ITASCA, ILL. — M&R Development has opened The Residences at Hamilton Lakes in Itasca, 27 miles northwest of Chicago. The 297-unit luxury apartment complex is located adjacent to the Hamilton Lakes Business Park. A joint venture between Itasca-based M&R Development and Hamilton Partners and Chicago-based POB Capital LLC developed the property. The Residences at Hamilton Lakes includes three four-story buildings offering a mix of studio, one-, two- and three-bedroom floor plans. Rental prices range from $1,340 to $3,180. Amenities include an outdoor pool with cabanas, media room, fully equipped gym, business center and demonstration kitchen along with a spa, sauna and steam room. Chicago-based RMK Management manages the property.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a renovation of and addition to Gunn School, transforming the 90-year-old building into an affordable seniors housing property in Council Bluffs, a suburb of Omaha, Neb. Known as Linden Place, the 42,265-square-foot complex consists of 36 units. Sixteen of the apartment units are located in the renovated school, while the remaining 20 units are part of a new, two-story addition built on what was once the school’s basketball courts and playground. Gunn School was originally built in 1880 and then rebuilt on the same site in 1924. The school was originally slated to be torn down before Seldin Co. showed interest in rehabbing the building. The project was made possible through a series of community and economic development grants. Architecture One provided architectural services.
KANSAS CITY, MO. — NorthMarq Capital has arranged a $4.3 million loan for the acquisition of The Devereaux Apartments in Kansas City. The 60-unit apartment property, built in 1967, is located at 3624 Warwick Blvd. Noah Juran of NorthMarq arranged the three-year loan. A bridge lender provided the loan for the undisclosed borrower.
FORT WORTH, TEXAS — Talos Holdings will develop The View of Fort Worth, a 300-unit multifamily community located along Northside Drive near Interstate 35 in Fort Worth. Amenities will include a pool, fitness center, game room and pet park. Construction is expected to begin this month with the first units ready for occupancy by late 2018. CBG Building Co. will serve as general contractor for the project, which was designed by Dallas-based BGO Architects and could ultimately feature a second, 200-unit phase of construction. Justin Shuart, Jason Pumpelly and Brian Park of Cushman & Wakefield arranged construction financing for the project through Endeavor Real Estate Partners.
TULSA, OKLA. — KeyBank Real Estate Capital has arranged a $13 million Freddie Mac loan for the acquisition of Legend at Tulsa Hills, an 86-unit seniors housing community located at 701 W. 71st St. S in Tulsa. Built in 2014, the property comprises of 68 assisted living units and 18 Alzheimer’s care units. Monique Bimler of KeyBank structured the loan, which features a 10-year term and 30-year amortization schedule.
INDIANAPOLIS — Covenant Capital Group LLC has acquired Columns of Castleton in Indianapolis for $30.2 million. The 398-unit multifamily property is located at 7615 Ivywood Drive. Covenant plans to invest over $4.7 million to modernize the property. In addition to renovating the apartment interiors and amenities, Covenant will implement a green program by installing energy-efficient appliances and LED lighting. The purchase price amounts to $76,005 per unit.
SANDY SPRINGS, GA. — Covenant Capital Group LLC has sold Veridian Sandy Springs, a 272-unit multifamily community located at 1800 Windridge Drive in Sandy Springs, roughly 17 miles north of Atlanta. Veridian Sandy Springs Apartment LP acquired the property for $32 million. Nashville-based Covenant originally purchased the apartment community in August 2013 for $15.3 million, and invested $4.8 million in updates and renovations, including new exterior siding and windows, new appliances and granite countertops in units, renovation of the clubhouse and new equipment in the fitness center. Veridian Sandy Springs also features a lighted tennis court, swimming pool, grilling areas and a dog park.
NEW YORK CITY — Lalezarian Properties has topped out 515 West 36th Street, a mixed-use tower located on Manhattan’s West Side. Designed by Ismael Leyva Architects, the 38-story, 248,000-square-foot tower will feature 13,000 square feet of commercial retail space on the cellar level, groundfloor and third floor; parking on the second floor; a community facility on the fourth through seventh floors; and residential space, totaling 251 units, on the remaining floors. Completion is tentatively slated for spring 2018.
NEW YORK CITY — Meridian Investment Sales has brokered the sale of a mixed-use property located at 240 E. 28th St. in Manhattan’s Kips Bay neighborhood. A.D. Real Estate Investors sold the property to a private buyer, managed by Sal Notaro, for $19 million. Built in 1920, the six-story building features 28 residential units and two ground-floor retail spaces. The property recently underwent a more than $1 million renovation program, which upgraded the lobby, interior hallways, laundry facilities and façade. Adam Sprung of Meridian represented the buyer and seller in the deal. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.
