Multifamily

Joint Venture to Convert Elementary School to Multifamily Property in Averill Park

by Amy Works May 22, 2015

AVERILL PARK, N.Y. — A joint venture between Sunrise Management & Consulting, Robert Bucher Architects and JPM Contractors is converting Sand Lake Elementary School into a Homeroom Lofts, a 31-unit apartment community in Averill Park. Built in 1929, the converted property will combine original detail and modern amenities, including sliding glass wall systems to maximize space and natural light, stainless steel appliances, stone countertops, sophisticated glass and ceramic tile bathrooms and solar shade window treatments. Community amenities will include a garden, courtyard terrace and 1.75 acres of green space. Homeroom Lofts is the first development project for the joint venture.

May 22, 2015

Healthcare Indiana Midwest Multifamily Seniors Housing

Mainstreet, Symphony Post Acute Network Break Ground for Chesterton Medical Resort

by Amy Works May 21, 2015

CHESTERTON, IND. — Mainstreet and Symphony Post Acute Network have broken ground on Symphony of Chesterton, a post-acute care facility located at 2775 Village Point in Chesterton. The 76,701-square-foot property will feature 106 bed and provide short-stay rehabilitation and therapy services, as well as senior living options. Mainstreet is developing the project, which will be operated by Symphony Post Acute Network. The $18.8 million project is expected to bring approximately 360 construction jobs and 150 permanent jobs to the area. The construction is expected to be complete by December.

May 21, 2015

Indiana Midwest Multifamily Seniors Housing

McShane to Construct Memory Care Residence in Indiana

by Amy Works May 21, 2015

MERRILLVILLE, IND. — McShane Construction Company has been selected to build Merrillville Memory Care, a 50-bed memory care community in Merrillville, a small town in the northwest corner of Indiana. Developers Whiteco Industries and Dete Development selected McShane for the 33,760-square-foot facility, which is planned for a 9.3-acre site at 7900 Rhode Island St. McShane will complete all site work, including landscaping and an on-site paved parking lot for 37 vehicles. Architectural Design Consultants will provide the architectural services.

May 21, 2015

Maryland Multifamily Southeast

Transwestern Brokers $76.3M Sale of Townhome Community in Glen Burnie

by John Nelson May 21, 2015

GLEN BURNIE, MD. — Transwestern has brokered the $76.3 million sale of The Coves at Chesapeake, a 469-unit townhome community in Glen Burnie, a city in the Washington-Baltimore corridor. Dean Sigmon and Robin Williams led Transwestern’s Mid-Atlantic Multifamily Group in representing both the buyer, Sage Management LLC, and the seller, Home Properties LP, in the transaction. This is the group’s third sale brokered in Anne Arundel County in the past nine months.

May 21, 2015

Florida Multifamily Southeast

Courtelis, Kislak, HMG/Courtland to Break Ground on $33.6M Apartment Community in Orlando

by John Nelson May 21, 2015

ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties will break ground next week on Murano at Grande Lakes, a $33.6 million luxury apartment community in Orlando. The trio of South Florida-based developers will build the 240-unit property on a 9.5-acre site at the southeast corner of John Young Parkway and Taft-Vineland Road. The design team includes architect Forum Architecture and Interior Design and general contractor Roger B. Kennedy Inc. Wells Fargo provided construction financing to the development team for the project, which is slated for a summer 2016 completion.

May 21, 2015

Wynview Apartments Parc Central Stone Mountain

Georgia Multifamily Southeast

Crown Bay Group Buys Multifamily Community in Stone Mountain for $3.9M

by John Nelson May 21, 2015

STONE MOUNTAIN, GA. — Crown Bay Group LLC, a Boca Raton, Fla.-based real estate investment and management firm, has purchased Wynview Apartments on Central Drive in Stone Mountain for $3.9 million. This is the company’s first acquisition in the Atlanta area. The garden-style apartment community is situated on a park-like lot and features a swimming pool. Crown Bay Group plans to renovate the property and rebrand it as Parc Central. The renovation will include the upgrade of unit interiors, the addition of new amenities including a playground, picnic area near the pool and a community room that will also house a business center.

May 21, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

HillTop Partners Breaks Ground for Mixed-Use Development in New Jersey

by Amy Works May 21, 2015

IRVINGTON, N.J. — HillTop Partners, a joint venture between Kapwood LLC and Urban Builders Collaborative, has broken ground for the development of The HillTop, a residential and mixed-use development in Irvington. The first phase of the project, slated for completion in late 2017, will include a five-story, 110,000-square-foot residential building comprising 115 market-rate and affordable housing rental units, while additional phases will comprise 700 mixed-use units and 15,000 square feet of commercial and retail space, as well as a preschool and restaurant space. Designed by Perkins Eastman, The HillTop is located on six acres formerly occupied by Irvington General Hospital, which shuttered nearly a decade ago. HillTop Partners acquired the site from the township in 2013.

May 21, 2015

Multifamily Texas

M&M Arranges Sale of 9,611 SF Net-Leased Property in Metro Dallas

by Haisten Willis May 20, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Golden Corral, a 9,611-square foot net-leased restaurant located in Irving. Jason Vitorino and Jared Aubrey of Marcus & Millichap’s Dallas office procured the buyer, a private investor. Golden Corral is located at 1701 N. Belt line Road. The asset is situated on 1.5 acres south of Willow Creek Drive. Retailers and restaurants such as Popeye’s Louisiana Kitchen, Wendy’s, QuikTrip, NAPA Auto Parts and Sonic Drive-In are located near the Golden Corral.

May 20, 2015

Multifamily Texas

Panther FW Investments Purchases Apartment Complex in Houston

by Haisten Willis May 20, 2015

HOUSTON — Panther FW Investments, in partnership with a Texas-based multifamily investment group, has purchased a 671-unit apartment complex in Houston. Morgan West Oaks Apartments is located at 2400 Briarwest Blvd. Panther’s business plan is to increase rental revenue through an interior rehabilitation program and exterior improvements. Panther FW Investments LLC is a private real estate investment company based in Fort Worth. Started by Tommy Pigg, Doug Kincaid and Ben Loughry, Panther focuses on direct acquisitions and investing in third-party real estate partnerships.

May 20, 2015

Florida Multifamily Southeast

Berkadia Brokers Sale of Two Apartment Communities in Metro Tampa Totaling $96.4M

by John Nelson May 20, 2015

BRANDON AND TAMPA, FLA. — Berkadia has brokered the sale of two apartment communities in the Tampa area for a combined $96.4 million. Hamilton Bay Apartments, located at 1801 Princeton Lakes Drive in Brandon, sold for $43.6 million. Tampa-based Blue Rock Partners purchased the 444-unit asset from Nashville-based Covenant Capital Group. Built in 1989, the apartment community’s amenities include two swimming pools, a clubhouse, tennis court, recreation room, playground, laundry facility, controlled-access gate, child care center, complimentary coffee bar, community garden and a dog park. Viera at Westchase Apartments, located at 12401 W. Hillsborough Ave. in Tampa, sold for $52.8 million. Glendale, Colo.-based Forum Real Estate Group purchased the 390-unit property from Covenant Capital Group. Built in 1999, the property’s community amenities include two resort-style swimming pools, a hot tub with a waterfall and grotto, cabana lounges, clubhouse, business center, fitness center, tennis courts and a controlled-access gate.

May 20, 2015

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