NEW YORK — Extell Development Co. has acquired the remaining residential development rights at City Point, a 1.9 million-square-foot mixed-use project in downtown Brooklyn, for $115.5 million. The price works out to about $217 per buildable square foot. The sellers were Acadia Realty Trust and Washington Square Partners, co-developers of City Point. City Point’s third phase, a 21,500-square-foot parcel, will be Extell’s first residential development in Brooklyn. The company plans to develop a 665,000-square-foot tower, located on Willoughby Street, with 600,000 square feet of residential space and 65,000 square feet of commercial space at the base of the building. Acadia and Washington Square will retain the commercial portion of the development upon completion in 2020. Construction is slated to begin in 2017.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,385-square-foot land parcel located at 71-74 Parsons Blvd. in the Kews Gardens section of Queens. The asset sold for $2.5 million. The 67-foot by 83-foot parcel offers a floor area ratio of 2.43 for a residential development and a floor area ratio of 4.8 for a development that includes a community facility. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented both the seller, a bank/financial institution, and the buyer, a developer, in the transaction.
CRAWFORDSVILLE, IND. — Flaherty & Collins Properties will break ground on Historic Whitlock Place, an apartment project located at 306 Binford St. in downtown Crawfordsville, a city northwest of Indianapolis, on Monday, June 8. An adaptive reuse of Culver Union Hospital, the project will offer 56 studio, one- and two-bedroom apartment units. Community amenities will include a community atrium, a community room with a television, a computer room with free Internet access and an exercise room with equipment. Completion is slated for late summer 2016. The project is a collaborative effort between Sustainable Solutions, Vision Communities, Flaherty & Collins, the City of Crawfordsville, Palma Architects and McKinley Development.
LAS VEGAS — Private equity firm The Bascom Group has acquired the 183-unit Boulder Palms Senior Apartments at 4350 Boulder Highway in Las Vegas for $10.4 million. Debt financing was provided by One West Bank and arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller on the transaction. Boulder Palms is a two-story seniors housing community housing 183 units. Completed in 1997, the property covers over four acres. Boulder Palms is Bascom’s eighth acquisition in the Las Vegas area over the last two years.
REDWOOD CITY, CALIF. – A 48-unit apartment building in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $13.1 million. The community is located at 180 Buckingham Ave. It was built in 1964. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.
ELGIN, S.C. — Colliers International has brokered the $22.9 million sale of Legacy at Sandhill, a 240-unit Class A apartment community located in Elgin, a suburb of Columbia. Will Mathews, Ron Cameron and Woody Moore of Colliers represented the seller, Atlanta-based Mesa Capital Partners, in the transaction. The buyer was the Wilkinson Group, also based in Atlanta.
WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired Canby Park Apartments, a 255-unit apartment community located at 1600 Bonwood Road in Wilmington, for an undisclosed sum. Evergreen has rebranded the apartment community as Evergreen Apartments at Riverfront Heights. The buyer plans to implement a significant interior and exterior renovation and improvement program at the property, which was built in 1968. Apartment amenities include in-unit washers/dryers, individually controlled central HVAC, modern kitchens with ceramic tiles, walk-in closets, private entrances and balconies. Community amenities include a full-service leasing and community center, state-of-the-art lifestyle and fitness center, an indoor swimming pool and resident lounge. Fannie Mae provided financing for the acquisition, with Key Bank servicing the loan and AMA Financial serving as the mortgage broker.
OKLAHOMA CITY — NXT Capital has provided a $30 million first mortgage loan to finance the acquisition of Warwick West Apartments, a Class B, 424-unit property in Oklahoma City. Proceeds from NXT’s loan will fund a renovation plan. The property is adjacent to Integris Baptist Hospital and located near the headquarters of Chesapeake Energy. Community amenities include a clubhouse, fitness center, three swimming pools and a tennis court
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of Sir Winston Villas Apartments, a 32-unit apartment complex in San Antonio. A California-based private investor was the buyer.
TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 7351 Sandalwood Drive in Tinley Park. The 12-unit property sold for $845,000. The property comprises four one-bedroom/one-bath units, measuring 600 square feet, and eight two-bedroom/one-bath units, measuring approximately 875 square feet. Each unit has storage, a dishwasher, access to on-site laundry and a balcony or patio. Jordan Gilbert, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.