ALLENTOWN, PA. — City Center Investment Corp. (CCIC) is developing Strata II, a 67-unit residential complex at City Center Lehigh Valley, a mixed-used development in downtown Allentown. Designed by WRT with engineering work by T&M Associates, the five-story, 100,000-square-foot building will feature one- and two-bedroom market-rate apartment units and a variety of amenities, including a game room, movie theater and private courtyard. Additionally, the project will feature eight arts-related retail spaces on the first floor, including a co-op gallery. Slated to open in spring 2017, the $23 million residential property will join the 170-unit Strata Flats residential property that opened in July 2015. The project team includes Cityline Construction as project manager of the building’s commercial portion; T&M Associates as engineer; and Harkins Builders as general contractor.
TACOMA, WASH. — Franke Tobey Jones, a 20-acre, 90-year-old, nonprofit continuing care retirement community in the Point Defiance neighborhood of Tacoma, has announced a three-phase expansion. The community currently serves 190 residents with independent living, assisted living, memory care and skilled nursing services. The nonprofit also operates the Point Defiance Ruston Senior Center, a Senior University Program and the M.J. Wicks Family Wellness center. Between its projects, Franke Tobey Jones provides continuing education, fitness classes and social events to residents and non-residents alike. Initial plans for the community’s expansion include three phases over the next five to eight years. Phase I will include a new health center, memory care community and independent living apartments featuring views of the Puget Sound. Phase II will include new independent living apartment building with an enhanced wellness center, auditorium, bistro, game room, lounge, business/computer room, library and rooftop deck. The building is meant for aging in place, allowing for assisted living services to be delivered without relocation. Phase III will include a renovation of the historic original building and another building on the campus. When all three phases are complete, Franke Tobey Jones will be able to house over 280 seniors with a full spectrum …
MESA, ARIZ. — T&D Alder Creek Equity has purchased the 120-unit Sycamore Square Apartments in Mesa for $10 million. The community is located at 1120 S. Sycamore. It is currently 94 percent occupied. Sycamore Square was built in 1978. The seller was RND6 LLC. Brett Polachek and Jim Crews of Cushman & Wakefield executed the transaction.
PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location. When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017. Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017. Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet. Bob Neil and Sam Pollina with Realty Executives represented the buyer.
NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.
HASBROUCK HEIGHTS, N.J. — Redwood Realty Advisors has brokered the sale of a mixed-use property located at 192 Boulevard in Hasbrouck Heights. An undisclosed buyer acquired the asset for $5.4 million in a 1031 exchange. The property features 32 apartments and 10 commercial spaces. Thomas McConnell, Kevin McCrann, Steven Matovski and Saul Ramirez brokered the transaction. The name of the seller was not released.
MOUNT PROSPECT, ILL. — NorthMarq Capital has arranged a $42.2 million refinancing loan for a multifamily property in Mount Prospect, approximately 24 miles northwest of Chicago. The Residences at 1550 is a 509-unit apartment complex that includes amenities such as a fitness center, laundry facility, swimming pools, pet waste stations, copy and fax service and access to public transportation. Unit amenities include kitchen appliances, walk-in closets, faux granite countertops and private balconies or patios. NorthMarq arranged the adjustable rate loan through Freddie Mac. The financing features a seven-year term with two years of interest-only payments and a 30-year amortization schedule.
DAVIE, FLA. — Park Partners Residential plans to develop PARC3400, a 259-unit apartment community located at 3400 Davie Road in Davie, roughly 25 miles north of Miami. Park Partners, a joint venture between Giles Capital Group, Rosemurgy Properties and FSG Holdings, plans to deliver the Class A property in spring 2017. The community will include one-, two- and three-bedroom residences with granite countertops, stainless steel appliances, modern lighting fixtures, walk-in closets, washer/dryer units, ceiling fans, impact resistant doors and windows and private balconies/patios. Community amenities will include a clubhouse, swimming pool and pavilion, 84 bicycle parking spaces and car charging stations. The project team includes law firm Dunay, Miskel & Backman LLP, architect RLC Architects, general contractor Current Builders and interior designer VPA Interiors. Park Partners will manage and lease the asset, and HFF’s Miami office is managing construction financing.
JONESBORO, ARK. — Arkansas State University (ASU), in a public-private partnership with Zimmer Development Co., is set to begin construction on two new on-campus residential complexes. The project will include a 350-bed undergraduate facility on the east side of the Arkansas State campus, and a 165-bed complex primarily for graduate students on the west side of campus. The undergraduate housing will feature four-bed apartments that are approximately 33 percent larger than the university’s current offerings. The graduate complex will offer one- and two-bedroom units. Both complexes will feature nine-foot ceilings, a washer and dryer in each unit, walk-in closets and private bathrooms. Construction is expected to begin after spring semester with completion scheduled for the fall 2017 school year. The 35-year land lease with Zimmer Development is the first of its kind for Arkansas State University, which owns and maintains the current inventory of 3,200 beds. The ASU System Board of Trustees approved the 35-year land lease with Zimmer Development on Feb. 26.
NEW YORK CITY — Hodges Ward Elliott has brokered the sale of a 38-building multifamily portfolio in the Bronx. Harbor Group International in partnership with Emerald Equities and York Capital acquired the 1,000-unit asset for $140 million. The portfolio is comprised of several clusters of walk-up, mixed-use buildings spread throughout Bronx neighborhoods, including Mott Haven, Hunts Point, Lower Concourse, Little Italy, Belmont, Fordham and Bedford Park. The acquisition is Harbor Group’s first multifamily purchase in the Bronx market, a significant addition to the company’s $3.5 billion real estate portfolio of multifamily, office, hotel and retail properties. Daniel Parker, Will Silverman and Paul Gillen of Hodges Ward Elliott represented the undisclosed seller in the transaction.