NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 50-foot wide vacant lot at 1655 Madison Ave. in Manhattan’s East Harlem neighborhood. The property sold for $7 million, or $391 per buildable square foot. The site is zoned R7-2/C1-5, which provides as-of-right approximately 17,887 buildable square feet for mixed-use development or 24,375 buildable square feet with the inclusion of a community facility bonus. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Josh Berkowitz of Ariel Property Advisors represented the seller, a private investor, while Michelle Abramov of Highcap Group represented the buyers, a private group of international investors, in the transaction.
ARLINGTON, VA. — LCOR has closed a $100.3 million construction loan from Wells Fargo for The Altaire, a Class A multifamily development in Arlington’s Crystal City district. The two-tower development will feature a 150-unit property and a 300-unit property, with each building featuring floor-to-ceiling glass facades and several balconies. LCOR plans to break ground this month, with delivery slated for the second quarter of 2018. The project team includes general contractor Balfour Beatty, architect SK & I and interior designer Akseizer Design Group. Community amenities at the LEED Gold-certified asset will include a landscaped courtyard, outdoor pool area with fire pits, fitness center, clubroom, sky lounge and two rooftop terraces.
EAST LANSING, MICH. — EdR will build an off-campus student housing development in East Lansing under a joint-venture agreement with RISE: A Real Estate Company (formerly Ambling University Development Group). EdR will develop, construct and manage a mixed-use student community located within walking distance of the Michigan State University campus. EdR will own 90 percent of the $90 million development, serve as managing partner, and be responsible for leasing and management of the community. Construction began recently on the unnamed wrap-style project of 824 beds in a mix of one-, two- and four-bedroom apartments. The development will also feature more than 4,000 square feet of retail space. Apartments will include private bedrooms and baths, washers and dryers, furnishings and granite countertops. Community amenities will include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions and volleyball courts. The property is scheduled to open in the summer of 2017.
FINDLAY AND SPRINGFIELD, OHIO — Senior Living Investment Brokerage has arranged the sale of Fox Run Manor in Findlay, about 50 miles south of Toledo, and a second unnamed community in Springfield, about 50 miles west of Columbus, for $6.4 million. A private owner based in Kentucky purchased the assisted living communities, which have a combined 147 units, from an undisclosed seller. Fox Run was built in 1984, and comprises 52,591 square feet on approximately four acres. Occupancy at the time of sale was 78 percent. The Springfield community was built in 1989 and comprises 53,382 square feet on 5.4 acres. Occupancy at the time of sale was 82 percent. Ryan Saul led the SLIB team in the transaction.
CHICAGO— Gilbane Development Co. has begun construction on 30 East, a new apartment community in Chicago’s South Loop. The site is located one block west of Grant Park and is near seven colleges and universities comprising more than 26,000 students. The 16-story, 150,000-square-foot building, designed by Chicago-based architect Solomon Cordwell Buenz, will feature 255 beds within 134 apartment units. It will be completed for occupancy by August 2017. Residents will have access to building amenities including a club room, café, tech hub, fitness center, lounge areas, gaming areas, study rooms and indoor bicycle storage. Outdoor terraces will feature gas grills, a fire pit, large screen outdoor TV, indoor/outdoor fireplace and several seating areas for social interaction. High-speed Internet and Wi-Fi will be available throughout the building. Additionally, 8,000 square feet of retail space will be located on the ground floor. Apartments will be fully furnished with private bedrooms and bathrooms, floor-to-ceiling windows, in-unit washers and dryers, walk-in closets, fully equipped kitchen and a flat-screen TV. Floor plans include studio, convertible, two-, three-, and four-bedroom units. 30 East will be professionally managed and feature individual leases by the bed.
MUKILTEO, WASH. — CBRE National Senior Housing has arranged a $22.1 million loan for Capitol Seniors Housing, which will use the money to acquire and renovate Harbour Pointe Retirement & Assisted Living Community, a 107-unit independent living and assisted living community in the Seattle suburb of Mukilteo. Capitol, a Washington, D.C.-based owner and developer, plans to use $1 million of the loan to convert 31 assisted living units into a memory care wing for the 104,523-square-food community, among other improvements. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. A national bank is providing the capital. Capitol will lease the property to Milestone Retirement Communities, a Vancouver, Wash.-based operator of 30 communities in 10 states. Aron Will, executive vice president, led the CBRE team in the transaction.
ST. GEORGE, UTAH — Redstone Residential has been awarded management of two new communities comprised of 1,084 beds. The two communities are Gateway at Lubbock, a 748-bed community that serves students at Texas Tech University in Lubbock, Texas, as well as Canyonlands Apartments, a 336-bed project adjacent to Dixie State University in St. George.
PLANO, TEXAS — HFF has secured capital for the development of The Huntington, a 320-unit apartment community in west Plano. HFF worked on behalf of a joint venture between Catalyst Urban Development and LandPlan Development to secure first mortgage construction financing through a regional bank and equity through Canyon Partners Real Estate. The Huntington will be built on a 5.5-acre site in the northeast quadrant of Preston Road and Headquarters Drive. The property will be adjacent to Legacy Business Park, a 2,655-acre office development that hosts several corporate headquarters including Toyota and FedEx. Due for completion in the first quarter of 2018, the property’s amenities include a swimming pool, grilling area, fire pits, two dog-friendly open spaces and fitness center. An attached parking garage offers direct access to each building level. Jeremy Sain led the HFF team representing the developer.
CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.
SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.