NEW YORK CITY — New York City Department of Housing Preservation and Development and Housing Development Corp. have selected Jonathan Rose Cos. and L+M Development Partners to develop a mixed-use, sustainable community on East 111th Street in East Harlem. Slated to be constructed in three phases, the property will bring 655 affordable rental units to the area with 163 designated as permanently affordable, 20 percent for extremely low-income households, nearly 60 percent for low-income households and 79 affordable seniors housing units. The development will also include an 85,000-square-foot Harlem RBI/Dream Charter School, an 11,000-square-foot Union Settlement Community Space, a 29,000-square-foot YMCA facility, a 26,000-square-foot Mount Sinai East Harlem Community Health Center, a 7,500-square-foot Urban Market grocery store and a Two Boots Pizza location. Designed by Handel Architects, the project is utilizing a passive design that will result in 60 to 70 percent less energy usage than a standard building of its kind. Passive design uses building placement within a site to maximize environmental factors to reduce energy usage for heating and cooling.
Multifamily
MIDDLEBURY, VT. — Battell Block Partners has acquired the historic Battell Block building, which houses office and residential apartment space, located at 10 Merchants Row in downtown Middlebury for an undisclosed price. The seller was Battell LLC. Commercial tenants at the property include Community College of Vermont, Edgewater Gallery, Sabai Sabai, Carol’s Hungry Mind Café and Middlebury College’s restaurant 51 Main. The buyer intends to redevelop parts of the building. The buyer is a partnership between Doug Nedde, Alain Youkel and Fernando Cresta of Nedde Real Estate.
ELKHART, IND. — Marcus & Millichap has negotiated the sale of two manufactured home communities in Elkhart, 15 miles southeast of South Bend, for $24.4 million. Together, Parke Place Estates and Boardwalk Retirement Community feature 559 homesites on 155 acres. The properties are located at 2231 Osolo Road. Jonathon McClellan, Kyle Baskin and Michael DiCillo Jr. of Marcus & Millichap represented the undisclosed seller and procured the buyer, UMH Properties Inc.
HOUSTON — Morgan, a multifamily development, construction and property management firm, has broken ground for the construction of its latest Pearl apartment development in Houston’s Midtown district. Located at 3120 Smith St., the project will feature a 40,000-square-foot Whole Food Market on the ground floor and 264 apartment units above. Slated to open in 2019, the new development will be located across the street from the first phase of Morgan’s Pearl Midtown, which opened in 2014. Amenities at the development will include a dog park and wash area, bike storage room, Uber waiting room, sky lounge, pool and a fitness center. Ziegler Cooper is serving as architect, while Carnegis Group is providing interior design services.
DANBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hillcroft at Danbury, an apartment community located at 10 Clapboard Ridge Road in Danbury. Timberline Real Estate Ventures purchased the 192-unit property from Par Hillcroft for $32.2 million, or just under $168,000 per unit. Completed in 2014, the property features a community room, pool, playground, clubhouse and fitness center. Apartment floor plans feature dining areas and private balconies or patios, with select units offering open living/dining and kitchen floor plans.
MELROSE, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant 82-bed skilled nursing facility located in the Boston suburb of Melrose for $3.6 million. The property previously operated as Wingate at Melrose. Prior to the sale, and with the approval of the owner, the operator elected to shut down the facility and move all residents to another property to consolidate regional operations. The buyer was a regional hospital system seeking to expand. Steve Thomes was the lead advisor on the transaction.
NEW YORK CITY — L+M Development Partners and Nelson Management Group have started construction on two affordable multifamily properties at 1520 and 1530 Story Ave. within the Lafayette Boynton apartment complex in the Soundview neighborhood of the Bronx. Combined the two 13-story buildings will feature 435 units in a mix of studio, one-, two- and three-bedroom units. On-site amenities include a fitness center and a 7,500-square-foot community facility space. Additionally, the project will include two acres of landscaped greenspace with walking paths between the properties, a children’s play area and an outdoor fitness center. Nelson Management Group is undertaking the project through its investment arm Global One Investments.
EVERETT, WASH. — KeyBank has provided $54.5 million in construction financing for a 256-unit affordable housing development at Puget Park in Everett. The community will be situated 30 miles north of Seattle. The property will serve residents who earn 60 percent or less of the area median income. KeyBank’s Community Development Lending & Investing group provided the funds.
CHARLOTTE, N.C. — Haven Campus Communities plans to build an 887-bed student housing community located directly across from the University of North Carolina at Charlotte campus on University City Boulevard. The development will offer fully furnished one-, two-, four- and five-bedroom units with bed-to-bath parity. Community amenities will include a cyber lounge with charging stations; coffee bar; fitness center; tanning room; gaming room; computer center with private study rooms featuring Smart TVs; gathering areas with built-in seating; bocce ball and horseshoes; fire pits; an open courtyard; and a pool area with a large pavilion, TVs, a tanning deck, cabanas and built-in grilling stations. The development will also offer the company’s Smart Apartment technology, created in partnership with Airwave Networks that include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile application; and voice-controlled smart lighting, thermostats and ceiling fans. Haven Campus expects to deliver the student housing property in fall 2018.
Robbins Electra Purchases Apartment Community in North Florida from Starwood for $35.1M
by John Nelson
ORANGE PARK, FLA. — Robbins Electra has acquired Maple Glen, a 358-unit apartment community located at 1863 Wells Road in Orange Park, a suburb of Jacksonville. Robbins Electra purchased the asset, which will be rebranded as The Parkland at Orange Park, from a Starwood entity for $35.1 million. The community features one-, two- and three-bedroom layouts with average monthly rents of approximately $850. The property was 95 percent occupied at the time of sale. Community amenities include a business center, clubhouse, fitness center and two swimming pools. Robbins Electra will carry out a multimillion dollar property renovation, upgrading apartment interiors and adding or enhancing community amenities. This is Robbins Electra’s eighth property in the Jacksonville region and its first acquisition of 2017. Last year, the company completed over $1 billion in multifamily acquisitions across the Southeast.