BUFFALO, N.Y. — Colliers International Student Housing Group has arranged the sale of a 28-acre development site near the State University of New York at Buffalo. A joint venture between Harrison Street Real Estate and University Student Living, a company of The Michaels Organization, acquired the property from Menorah Campus for an undisclosed price. The buyer is planning to build a Class A student housing property on the site with approximately 600 beds. The project is slated for delivery in 2016.
NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily building located at 194 Utica Ave. in Brooklyn’s Crown Heights neighborhood. A local private investor acquired the property for $2.5 million, or $260 per square foot. Constructed in 1906, the 9,100-square-foot property features 14 apartments and two retail spaces. Jacob Aronov of Alpha Realty represented the buyer and the seller, a local private investor, in the transaction.
MEBANE, N.C. — CBRE Capital Markets has arranged $16.1 million in financing for White Furniture Mill Apartments in Mebane. The 157-unit apartment community is a substantial rehab of a historic furniture mill that implemented federal and state historic tax credits. Monica Newman of CBRE’s Capital Markets’ Denver office originated the loan through HUD’s 221(d)(4) rehabilitation mortgage insurance program. The loan provides an interest-only construction period of 16 months that transitions into a 40-year, fully amortizing permanent loan. CBRE arranged the loan on behalf of the borrowers, WFP LLC and D3 Development Inc. The project team includes Raleigh-based JDavis Architects and Winston-Salem-based Rehab Builders Inc.
PHOENIX – The 150-unit Tesoro apartments in Phoenix has sold to Werner Investments for $8.9 million. The community is located at 8603 North 22nd Ave. It was built in 1983. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, AION Partners, in this transaction.
SAN DIEGO – The 22-unit Southwinds Apartments in the San Diego submarket of El Cajon has sold to the Johnson Family Trust for $3.7 million. The community is located at 909 Sunshine Ave. The fully occupied property was built in 1977. The trust was represented by Dave Plunter of DP Properties. The seller, Southwinds Apartments LLC, was represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group.
OXNARD, CALIF. – The 18-unit Oxnard Art Lofts has sold to 2201 Statham LLC for $2.9 million. The live-work complex is located at 2201 Statham Blvd. The project was 90 percent vacant at the time of sale. The project was an adaptive reuse of an old industrial building. The 25,610-square-foot complex contains units ranging from 978 square feet to 1,615 square feet.
This year, Forbes listed Houston as the fastest growing city in America, which is no surprise considering its 4.5 percent year-over-year job growth rate. Having created 667,800 new jobs and counting since 2005, Forbes considers Houston an economic powerhouse. Professionals old and new are drawn to the city not only for its positive economy, but for its diverse demographic and cultural scene. Due to the growing population, there is a demand for multifamily and mixed-use properties, and although the city has current concerns about dynamics and pricing of the oil and gas industry, there are several Houston submarkets that have been more resilient than others and continue to be ripe for development: The Galleria/Uptown Park, Greenway Plaza/Upper Kirby, downtown Houston and the Museum District/Montrose. The Galleria/Uptown Park The Galleria/Uptown Park submarket is home to some of Houston’s most prominent mid- and high-rise multifamily developments, with the highest net effective rent for greater Houston nearing $2.90 per square foot. The area is characterized by its blend of distinguished businesses and residential addresses with some of the area’s finest shopping, hotels, dining and night life. It’s a charismatic, urban community with an average per capita income higher than areas such as Buckhead …
RICHARDSON, TEXAS — Hunt Cos. has broken ground on a transit-oriented development located in Richardson. The 250,000-square-foot project is scheduled for completion in the summer of 2016. The development will include 280 market-rate apartments in a mix of one- and two-bedroom apartments and lofts. Situated within the Dallas-Fort Worth Metroplex and home to the Telecom Corridor,the five-acre site is located near the North Central Expressway and Campbell Road. This project will be the first of many where Hunt is leading the development with support of its affiliates Moss & Associates, as general contractor, and Pinnacle Property Management Services, as the property manager.
THE WOODLANDS, TEXAS — A topping out ceremony was recently held for Three Hughes Landing and the Embassy Suites The Woodlands/Hughes Landing. The two properties represent the newest additions to Hughes Landing in The Woodlands, a 66-acre mixed-use development offering views of 200-acre Lake Woodlands. Three Hughes Landing is a 12-story, 321,000-square-foot Class A office building designed for LEED Silver certification. The nine-story, 205-key Embassy Suites is an all-suite, full-service hotel for both business and leisure travelers. One Hughes Landing, a 197,719-square-foot, eight-story, Class A office building, opened September 2013. Two Hughes Landing, a 197,714-square-foot, eight-story, Class A office building, opened in May 2014.
CLEARWATER, FLA. — The RADCO Cos., a value-add multifamily investment firm based in Atlanta, has purchased Bay Meadows, a 276-unit apartment community in Clearwater, for $34.2 million. The property is RADCO’s third acquisition in 2015 and its second property in the state of Florida. The apartment community features a 2,500-square-foot leasing center that has a fitness facility, office space and meeting areas. The property also has a pool that overlooks a lake situated in the center of the community. RADCO financed the acquisition using a mixture of Freddie Mac debt and private capital. Built in 1985, the apartment community is located within the master-planned Feather Sound Country Club. The property was 97.1 percent occupied at the time of sale. RADCO plans to invest $3.6 million to upgrade the apartment community and rebrand the community as Ashford at Feather Sound. Since August 2011, RADCO has raised more than $230 million of private capital to fund its purchases.