SEATTLE — The 92-unit Sunset Electric apartment community in Seattle has sold to ASB Real Estate for $41.7 million. The community is located at 1111 E. Pine Street. It features an open-air interior courtyard and a rooftop deck. Sunset Electric is one of the few LEED-Platinum apartment communities in the Pacific Northwest. The seller, the Wolff Companies, was represented by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
SEATTLE — ASB Real Estate has acquired the 108-unit REO Flats in Seattle for $47.1 million. The community is located at 1525 14th Ave. It features high-end finishes, a rooftop deck, skyline views and a preserved, historic brick façade. The sellers were Madrona Real Estate and Glenmont Capital Management. The sale was executed by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
WEST CHESTER, PA. — Rittenhouse Capital Advisors has provided $8.2 million in long-term, fixed-rate financing for The Chestnut Street Lofts in West Chester. The loan features an 80 percent loan-to-value, a 10-year 3.95 percent fixed rate and a 30-year amortization schedule. The borrower is StanAb LP, the project’s developer. Constructed in 2014, the 60-unit property features open floor plans, modern kitchens and bathrooms, and outdoor balconies. On-site community amenities include a community room, fitness center and on-site parking.
CHICAGO — Oak Grove Capital has arranged $27.9 million in construction financing for a 120-unit, mid-rise luxury apartment building in Chicago. The site for the market-rate apartments is located at 2211 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Principal Real Estate Investors provided the financing for the borrower, New York City-based Property Markets Group (PMG). Ryan Cahalan of Oak Grove Capital arranged the loan for the borrower.
CONROE, TEXAS — Allied Orion Group has broken ground on Harper’s Retreat, a new 216-unit apartment home community located in Conroe. Targeted to open in late 2015, Harper’s Retreat is the first multifamily luxury property being built in the Harper’s Preserve master-planned community. Allied Orion Group is the developer. Meeks + Partners designed the project. Harper’s Retreat is located at 17011 Harpers Way. With access to I-45 and Highway 242, the apartment community is near The Woodlands, area parks, Lake Conroe and downtown Houston. The property will include one- and two-bedroom units that will feature granite countertops, stainless steel appliances, wood flooring and ceramic tile. Amenities will include a swimming pool, cabanas, grilling stations, state-of-the-art wellness/fitness center, dog park, clubhouse and cyber café with Wi-Fi access.
ATLANTA — Atlanta-based developers Novare Group and Batson-Cook Development Co. have opened SkyHouse Buckhead, a 26-story luxury high-rise apartment community in Atlanta’s Buckhead submarket. The 362-unit property on Stratford Road features a rooftop amenity deck with two pools, outdoor kitchens and lounges, club room and a fitness center. The floor plans range from studio units to three-bedroom residences. The property is located two blocks from Lenox Square Mall and Phipps Plaza and is connected to the Buckhead MARTA station by a new $32 million pedestrian bridge spanning Georgia 400. The community is also adjacent to the PATH400 Greenway, a 5.2-mile multi-use trail that will connect to the Atlanta Beltline. SkyHouse Buckhead’s project team includes general contractor Batson-Cook Construction and architect Smallwood, Reynolds, Stewart, Stewart. Ackerman & Co. was the land seller and equity partner in the project, along with NGI Investments LLC and Batson-Cook Development Co. An investor account advised by the U.S. real estate business of UBS Global Asset Management provided construction and permanent financing for the project. The property is one of 14 SkyHouse-branded apartment communities in the United States.
ORLANDO, FLA. — Cushman & Wakefield has brokered the $49.6 million sale of Tortuga Bay Apartment Homes in Orlando. The Class A, 314-unit apartment property is located at 12932 Mallory Circle in Orlando’s East Orange/UCF submarket. Constructed in 2014, the property features a large clubhouse, fitness center and zero-entry pool. The interiors of Tortuga Bay’s units feature granite island countertops, built-in computer workstations, black-on-black appliances, microwave, nine-foot ceilings, crown molding, screened porches and washers and dryers in every unit. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the seller, an unnamed REIT, in the transaction. The apartment community is the first Florida property for the buyer, Tortuga Multifamily Orlando LP.
SAN ANTONIO AND GRAND PRAIRIE, TEXAS — SWBC Real Estate has broken ground on two new developments, both Class A Apartment projects. The first project, Twin Creeks at Alamo Ranch, broke ground earlier this year on the west side of San Antonio. Upon completion, the project will include 300 one-, two- and three-bedroom apartments. The proposed construction time for Twin Creeks at Alamo Ranch from start to finish is 18 months. In the second project, SWBC Real Estate broke ground on its second project, known as Timberview Ranch, which is located in Grand Prairie. Upon completion, the project will include 304, Class A garden-style one-, two- and three-bedroom apartments. Timberview Ranch is schedule for completion at the end of 2016. Galaxy Builders serves as the general contractor for both projects. Cross Architects is the architect.
NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 319 Schermerhorn St. in downtown Brooklyn. Adam American Real Estate and Naveh Shuster LTD purchased the site for $33 million from SC Nevins LLC. The buyer plans to develop a 21-story building on the site, which totals 87,445 square feet. The building will feature 73 residential condominium units in a mix of studio, one-, two- and three-bedroom layouts, 3,100 square feet of retail space, a lounge, bike storage, a fitness center, a children’s playroom, a doorman and a courtyard. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers and seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 975 Walton Ave. in the Bronx. Brooklyn-based investor Benzion Kohn purchased the property for $31 million from E&M Associates. The six-story property features 182 apartment units across 278,000 square feet and 1,000 square feet of commercial space. Aaron Jungreis of Rosewood Realty represented the seller in the transaction.
