CORPUS CHRISTI, TEXAS — Old Capital has provided a $9.2 million acquisition loan for Embassy House Apartments in Corpus Christi. A local investment group acquired the asset, which was built in 1980. Located only a few miles from the beach, the new owners plan to update the property and then reposition for a long-term hold. Old Capital provided the non-recourse Fannie Mae loan with 80 percent leverage.
CHICAGO — Co-developers Ryan Cos. US Inc. and Lincoln Property Co. have unveiled plans for a luxury apartment tower in Chicago’s downtown Gold Coast residential market. The 31-story, 373-unit tower, known as 833 North Clark Street Apartments, will be constructed at the southeast corner of Clark and Chestnut streets on a 41,000-square-foot site that was purchased from U.S. Bank. A groundbreaking ceremony took place Friday, July 24, days after the development team purchased the land parcel and closed on an $88 million construction loan from U.S. Bank. 833 North Clark Street is within walking distance of Chicago’s Magnificent Mile, the downtown CBD, the Northwestern and Loyola University graduate school campuses, and the Northwestern medical center. The luxury high-rise is set to open in early 2017.
ELKHART, IND. — Marcus & Millichap has arranged the sale of Gladstone Apartments in Elkhart, located at 601-603 Gladstone Ave. The 12-unit, multifamily property sold for $264,000, or $22,000 per unit, and consists of two one-bedroom units and 10 two-bedroom units. Gladstone Apartments is fully occupied. Built in 1964, the property had been owner-operated and owner-managed for 36 years and included relatively new windows and roofing. The 10,800-square-foot property is located a few blocks from downtown Elkhart and has trolley access to Walmart, Meijer, Elkhart General Hospital, and Ivy Tech, according to LoopNet. The apartment community includes spacious floor plans, separately metered electric, baseboard heat, an outdoor picnic area, coin-operated washers and dryers in two laundry rooms, wall-mounted electric air conditioning, landlord-paid water/sewer/trash common area electricity and private trash services. David Orton of Marcus & Millichap’s Indianapolis office represented the buyer, a private investor, in the transaction. Orton also marketed the property on behalf of the seller, a personal trust. Orton Interra Credit Union, a local bank, financed the transaction.
ORLANDO, FLA. — Forum Architecture & Interior Design Inc. has received a contract to design Oasis at Grande Pines, a 282-unit apartment community located on Westwood Boulevard in Orlando near Sea World. The project team includes developer Picerne Development Corp., structural engineer Structural Concepts & Design and MEP engineer Joseph, Lawrence & Co. The apartment community will feature one-, two- and three-bedroom units within three-story walkup buildings, as well as separate carriage units with direct access garages. The property will also have a 9,600-square-foot clubhouse with a clubroom, game room, theater, fitness center, conference room, business facility and an outdoor porch.
FORT BELVOIR, VA. — The Fairfax, a military retirement community in Fort Belvoir owned and operated by Sunrise Senior Living, has become the first seniors housing community to receive wildlife sanctuary certification from the Audubon Society. Beginning in 2012, The Fairfax resident and retired Navy officer James Harkin began working with the Audubon at Home program of the Audubon Society of Northern Virginia to encourage more birds, butterflies and other wildlife to visit the community’s campus, which includes a seven-acre lake and numerous nature trails. Sunrise team members and several other residents planted native plants, reduced pesticide and fertilizer use and removed invasive species. Residents and employees observed 10 “sanctuary species” using the property for building nests, feeding and foraging, and raising young, qualifying the property as a sanctuary. More than 40 species of birds and butterflies have found a home at The Fairfax Wildlife Sanctuary.
ST. PAUL, MINN. — Dominium has secured provisional approval to rehabilitate the historic Fort Snelling Upper post in St. Paul. The approximately $100 million project will be financed through a combination of low-income housing tax credits as well as federal and state historic tax credits, among other sources. The final product will add a projected 190 affordable housing units. The project is in response to strong demand for more affordable housing in the market. Research from Dominium shows Hennepin and Ramsey counties have only 34 apartments affordable and available for every 100 residents making less than $20,000 a year. Located near the Minneapolis-St. Paul International Airport, the Upper Post of Fort Snelling was a major hub for military activity throughout the late 19th century and much of the early 20th century. It served as an induction and training center during both world wars. The site, which was designated a national historic landmark in 1960, was turned over to the Minnesota Department of Natural Resources in 1971. Dominium recently completed the rehabilitation of St. Paul’s Schmidt Brewery on West 7th St. Dominium also is in the process of completing the $175 million renovation of the Minneapolis Pillsbury A-Mill, a national historic landmark, …
CHICAGO — Essex Reality Group has brokered the sale of 1725-1733 S. Ruble St. in Chicago to an undisclosed buyer. The purchase price was $925,000. The property consists of two newly constructed walk-up apartment buildings adjacent to one another that contain a total of four luxury duplex apartments, four garage parking spaces and 3,572 square feet of developable land. The property is situated in close proximity to the University of Illinois at Chicago, the Halsted Street Metra Station, as well as I-90/I-94. Jason Fishleder of Essex Reality Group’s Chicago office was the broker for the transaction. Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
NEW YORK CITY — Stellar Management and CAMBA Housing Ventures has acquired Castleton Park, an affordable multifamily property located in St. George on Staten Island for an undisclosed sum. With the backing of NYC Housing Development Corp. tax-exempt bonds, the owner plans to launch a $30 million renovation and rehabilitation project for the 40-year-old development, which features 454 apartment units. In collaboration with the NYC Housing Development Corp., NYC Department of Housing Preservation and Development and the U.S. Department of Housing and Urban Development, the development team will be able to maintain long-term affordability for tenants at the property. Construction work is scheduled to begin in August and includes the rehabilitation of the building façade, parking area, elevators and mechanicals, as well as renovations to common areas and each unit’s bathroom and kitchen. The renovation is scheduled to last two years.
SAN ANTONIO — Old Capital has provided a five-year loan with a fixed interest rate, a 25-year amortization schedule and one year of interest-only payments for French Chalet Apartments in San Antonio. Local buyers acquired the value-add asset. Using loan proceeds, the new owners will perform exterior and interior renovations to increase the value of the property.
DUNCANVILLE, TEXAS — Marcus & Millichap has arranged the sale of Fairmeadows Apartments, a 200-unit apartment property situated on 11.7 acres in Duncanville. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Barker also secured the buyer, a partnership that assumed an existing Fannie Mae loan. Fairmeadows Apartments is located at 800 Merrill Road in Duncanville, a city situated within Dallas County nine miles from downtown Dallas. The construction includes a concrete slab foundation, wood framing, brick with vinyl siding exterior and pitched composition roofs. On-site amenities include laundry facilities, a swimming pool and a playground area.
