WESTVILLE, N.J. — Houlihan-Parnes Realtors has arranged the sale of Inverness Apartments, a garden-style apartment complex located at 5600 Shetland Way in Westville. Coolidge Inverness LLC sold the property to an undisclosed buyer for $27.3 million. Situated on more than 30 acres, the property features 368 multifamily units. Robert Tiburzi of Houlihan-Parnes Realtors brokered the transaction.
PHILADELPHIA — A partnership between The Goldenberg Group, Hines and ASB Real Estate Investments has broken ground for a residential tower located at 1213 Walnut St. in Philadelphia’s Center City. At 26 stories and 300,000 square feet, 1213 Walnut will feature 332 for-rent studio, one- and two-bedroom residential units. Additionally, the tower will feature more than 7,200 square feet of retail space on Walnut and Sansom streets and more than 11,000 square feet of amenities, including a great room, outdoor terrace, gaming area, entertainment kitchen, private conference area, a 3,000-square-foot fitness center, rooftop deck, an elevated private dog park and bicycle storage. The project team includes Design Collective Inc. as base-building architect, RD Jones & Associates as interior designer and architect, and Hunter Roberts Construction Group as general contractor. Wells Fargo Bank is providing construction financing for the project, which is slated for occupancy in summer 2017. This project is the first joint venture between Goldenberg, Hines and ASB.
LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units. Properties within the portfolio are located in Los Angeles, San Diego, Denver and South Florida. The assets were acquired from two closed-end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intended investment period.
DENVER — Jackson Square Properties has acquired The Bluffs at Castle Rock, a 220-unit apartment property in the Denver submarket of Castle Rock, for $37.2 million. The Class B community is located at 483 Scott Blvd. It was built in 1998. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.
SAN JOSE, CALIF. — CityView and Symphony Development, a Los Angeles-based commercial development firm, have selected Peak Campus to manage the 27 North student apartment project near San Jose State University. Located one block north of the school’s campus, the 478-bed student housing project is currently under construction and will be move-in ready for students at the start of the 2016 school year. Upon completion, 27 North will offer fully furnished units in two-, three- and four-bedroom floor plans, complete with washers and dryers and stainless steel appliances. The community will also feature amenities including a fitness center, resort-style pool, a business center and computer lab, group study lounges on every floor, tanning facilities, a fire pit and grilling areas.
HOUSTON — HFF has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A apartment community in Houston’s Inner Loop. Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan through LStar Capital Finance Inc. Loan proceeds were used to replace existing construction financing. Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park. Situated on 1.5 acres, the asset provides access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Avenue and Highland Village. The four-story, podium-style building has units averaging 745 square feet and is built above a two-story, 268-space parking garage. Community amenities include a swimming pool with tanning ledge and spa, barbecue grills, fitness center, lounge with billiards, kitchen, business center, bike storage/repair station and access to nearby biking/jogging trails at Memorial Park. Cameron Cureton and Scott Galloway led the HFF debt placement team representing the borrower.
NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.
SHREWSBURY, MASS. — Berkeley Point Capital has closed a $19.7 million fixed-rate loan for the acquisition and renovation of Ashford Crossing, a 180-unit multifamily development in Shrewsbury. The garden-style apartment complex comprises 15 three-story residential buildings, containing one- and two-bedroom units, as well as a clubhouse featuring a pool, tennis courts, playground and fitness center. The borrower, whose name was not released, plans to renovate the interior and exterior of the property, including upgrades to all kitchens and bathrooms as units turnover. The 12-year loan, which was secured through Fannie Mae, features a six-year interest-only period.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a newly constructed multifamily property located at 64-64 Wetherole St. in the Rego Park neighborhood of Queens. The seven-story, 10,465-square-foot building features eight residential apartments. The property was delivered vacant with a 421-a tax abatement in place. Steven Westreich and Hen Vaknin of Westbridge Realty brokered the off-market transaction, which closed for an undisclosed sum. The names of the buyer and seller were not released.
ORLANDO, FLA. — ARA Newmark has brokered the $51.4 million sale of Amara at MetroWest, a 411-unit, Class A apartment community in Orlando. The property is part of MetroWest, the $960 million, 1,800-acre master-planned community that is situated five miles north of Universal Resorts and six miles southwest of downtown Orlando. Built in 1997, the property’s amenities include a 24-hour fitness center, resident business center, playground, tennis court, clubhouse with a media lounge, car care area, two swimming pools and outdoor barbecue grills with picnic areas. Kevin Judd, Patrick Dufour, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, Fairfield Amara LLC, in the transaction. The buyer was Salt Lake City-based Bridge Investment Group Partners, managers of the ROC Funds.
