WINOOSKI, VT. — A partnership between Nedde Real Estate, Redstone Commercial Group and Youkel Architecture + Development has broken ground for the development of Riverrun, an apartment building located along the Winooski River in downtown Winooski. The 56-unit building will feature a mix of floorplans: one-bedroom; one-bedroom with den; two-bedroom; corner two-bedroom and; corner two-bedroom with den. Each apartment will feature an open floorplan with nine-foot ceilings; expansion windows with river, city or nature preserve views; walk-in closets; designer kitchens; washer/dryers; and air conditioning. On-site amenities include covered parking, a combination of enclosed and climate-controlled storage units, a fitness center, balconies on all apartments and a walking path to the river boardwalk. The energy-efficient building is slate for occupancy in June 2015. Wright & Morrissey Construction is constructing the building.
Multifamily
SAN DIEGO – A 16-unit apartment building in San Diego has sold to Toremi 1994 Revocable Trust for $4 million. The community is located at 1827 Reed Ave. The two-story building contains a total of 12,069 square feet. Toremi was represented by Daniel Foley and Savvas Marinos of Colliers International. The seller, Machado Family Trust, was represented by Mark Friedman of Realty World.
LOS ANGELES — DLJ Real Estate Capital Partners has acquired the 10-unit Thornton Lofts in the Los Angeles submarket of Venice Beach for an undisclosed sum. The live-work community is located at 619 and 701 Ocean Front Walk. It was built in 2008.
DALLAS — Marcus & Millichap has arranged the sale of Skillman Apartments, a 12-unit property in Dallas. Stephen Crittenden, William Jarnagin and Michael Ware marketed the property on behalf of the seller, a private investor. The three also procured the buyer, another private investor. Skillman Apartments is located at 811 Skillman St. in Dallas, just off Gaston Avenue. The property was built in 1961.
FRISCO, TEXAS — Behringer and PegasusAblon have formed a joint venture to develop The Ablon at Frisco Square. The 275-unit apartment complex will be located in Frisco Square, a mixed-use area north of Dallas. PegasusAblon, the venture’s general partner, will develop the property, which is expected to be finished in late 2015. Amenities will include a clubhouse, pool, outdoor kitchen and gym. Frisco Square is located at the intersection of the Dallas north Tollway and FM 720 and is home to restaurants and entertainment options, apartments and a medical center. Toyota Stadium, home of the FC Dallas professional soccer team, is also located in Frisco Square.
SMYRNA AND NEWNAN, GA. — The RADCO Cos. has purchased two multifamily communities in metro Atlanta totaling 553 units from Fannie Mae. RADCO purchased the 439-unit Keeneland Farms in Smyrna and the 114-unit Brown Ridge in Newnan for a combined $33.2 million. Both properties include one- to three-bedroom apartments, as well as townhomes. RADCO financed the acquisition through a mixture of privately funded equity and bridge debt from Fannie Mae and Hamilton State Bank. RADCO plans to invest $5.8 million in capital improvements to the two properties, including adding a pool to Brown Ridge. The Atlanta-based multifamily investor also plans to rebrand Keeneland Farms and Brown Ridge as Ashford Woods and Ashford at Brown Ridge, respectively. Including these two properties, RADCO has purchased nine apartment communities spanning 2,264 units so far this year.
NEW YORK CITY — Thorofare Capital has funded a $28 million short-term loan to finance a partnership buyout of a seven-building, 254-unit multifamily portfolio in Brooklyn and the Bronx. The borrower sought financing to buy out its institutional investment partners that originally acquired a majority equity stake in a larger portfolio, including the seven multifamily properties, seven years ago. The portfolio includes three properties in Brooklyn’s Flatbush neighborhood: a four-story, 24-unit residential building on East 21st Street; a seven-story, 39-unit apartment building located on Ocean Avenue; and four-story residential building on Beverly Road. The portfolio also includes four properties in the Bronx: a six-story, 54-unit mixed-use property on East 168th Street a six-story; 56-unit residential building on Franklin Avenue; a five-story, 36-unit apartment building located on Franklin Avenue; and a five-story residential building on Hull Avenue. Thorofare placed the loan through its third discretionary investment vehicle, Thorofare Asset Based Lending Fund III.
JERSEY CITY, N.J. — Progress Capital has arranged a $27.5 million construction loan for the development of a five-story apartment building in Jersey City. Located near the Mana Contemporary Fine Art Complex, the property will feature 265 apartment units and 5,700 square feet of retail space. The loan features a 30-day LIBOR plus 275 bps rate, floating for 24 months, with two 12-month extension options and 25 percent limited recourse. Senate Place Urban Renewal LLC is developing the project, which is currently under construction and expected to be ready for occupancy in third quarter 2015.
NEW YORK CITY — Ariel Property Advisors has brokered two sales totaling $2.3 million in Brooklyn’s Bushwick neighborhood. In the first transaction, a local investor acquired 17-17 Himrod Street, a 5,175-square-foot apartment building, for $1.2 million from a local investor. The three-story walk-up building features six residential units. In the second deal, an active local developer purchased a 40-foot wide development site at 189 Cooper St. from a private investor. The site, which offers approximately 8,000 buildable square feet, sold for $1.4 million or $130 per buildable square foot. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the sellers and procured the buyers in both transactions.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Villa Paree Apartments, a 209-unit complex in Indianapolis. EMK Property Investors purchased the property for an undisclosed price. The complex is located at the northeast corner of Kessler Boulevard and Allisonville Road. Tikijian Associates represented the seller, an Indianapolis-based private real estate investment firm, which owned Villa Paree for more than 20 years. The transaction completed a reverse 1031 tax-deferred exchange for the seller and a forward 1031 exchange for the buyer. With offices in Cincinnati and Indianapolis, EMK invests in value-add multifamily communities in Indiana, Kentucky, Ohio, Texas and other U.S markets. Barrett & Stokely Inc., a regional apartment management firm with headquarters in Indianapolis, will manage the property for the new owner.