NEW YORK CITY — The residential division of Thor Equities and Rockwood Capital have acquired an apartment building at 838 West End Ave. in New York’s Upper West Side. Built in 1913, the 108,000-square-foot property features 70 units and a lobby with 20-foot ceilings. Steven Vegh of Westwood Realty Associates brokered the transaction. A private family sold the property for an undisclosed price.
Multifamily
REDWOOD CITY, CALIF. – A joint venture between the Pauls Corporation and Mount Kellett Capital Management has received a $121-million loan to develop Indigo, a 470-unit apartment building in Redwood City. The mid-rise community will be located at 525 Middlefield Road, just north of Palo Alto in Silicon Valley. Indigo will be situated mid-peninsula, allowing easy access to both San Francisco and Santa Clara counties. Construction is scheduled to commence this month. The non-recourse loan was arranged by CBRE’s Brady O’Donnell, Andrew Behrens, Jesse Weber and Mike Bryant. The four-year, floating-rate loan was secured through Wells Fargo.
COLORADO SPRINGS, COLO. – Advenir has acquired the 292-unit Spring Canyon apartment complex in Colorado Springs for $40.5 million. The complex is located at 4510 Spring Canyon Heightsalong the Garden of the Gods employment corridor. Major employers in that corridor include Agilent Technologies, Verizon, LSI and Premiere Global Services. Spring Canyon also enjoys close proximity to the University of Colorado at Colorado Springs and University Village. The community was 98 percent occupied at the time of closing. It was built in 1997. Kevin McKenna, Doug Andrews and Jeff Hawks represented the seller, Hamilton Zanze, in this transaction.
WOODSTOCK, GA. — The LaSalle Group has opened Autumn Leaves of Towne Lake, a 28,000-square-foot, $9.8 million memory care facility at 1962 Eagle Drive in Woodstock, about 30 miles north of Atlanta. The facility will serve residents with Alzheimer’s, dementia and memory impairment. Each unit will feature the Vigil System, a motion sensor program. This project is the first freestanding memory care facility in Woodstock, according to Susan Tidwell of Autumn Leaves of Towne Lake.
PLANO, TEXAS — Mainstreet, Greenbrier Development LLC and Adolfson & Peterson Construction have commenced construction of a new 100-unit, 66,500-square-foot seniors housing property in Plano. Designed by PRDG Architecture, the two-story facility will feature a community room, movie theater, salon, fitness center, game room, spa and four different dining venues. Ninety percent of the community’s apartments will be one-bedroom, private-bath residences. Indiana-based Mainstreet and Dallas-based Greenbrier are partnering on the development, while Adolfson & Peterson Construction is serving as general contractor. The Ensign Group will operate the soon-to-be-named property upon its completion in the first quarter of 2015.
RALEIGH, N.C. — Grubb Properties and The Kalikow Group have started construction on Link Apartments Glenwood South, a 204-unit multifamily community located between the Glenwood South entertainment corridor and downtown Raleigh. The property, which is scheduled for a spring 2015 completion, will feature walk-in closets, USB outlets and large bathroom vanities. Link’s amenity package will include a fitness center, cycle center, dog park, swimming pool, clubroom and outdoor recreation area. The new apartment property is located near a bus stop, the new Amtrak station and a planned stop for a light-rail system.
ATLANTA — Cortland Partners has acquired the 271-unit Pointe at Lenox Park, an apartment community located in Atlanta’s Druid Hills neighborhood. The property features a business center, clubhouse, fitness center, wood-burning fireplaces and private balconies. Cortland will implement renovations to the apartment units and updates to the common areas. Cortland purchased the asset, which was built in 1988, from a local private owner.
ST. LOUIS — Dougherty Mortgage LLC has originated a $5.3 million loan for the refinancing of Washington Avenue Apartments, a 95-unit multifamily affordable housing property in St. Louis. The apartments are located at 1133 Washington Ave. The HUD loan includes a 35-year term and a 35-year amortization schedule. Dougherty arranged the refinance loan for Washington Avenue Apartments LP, a Missouri limited partnership.
MARLBOROUGH, MASS. — FF Realty II LLC, an affiliate of Fairfield Residential, has acquired a 28-acre development site located on Ames Street in Marlborough for an undisclosed price. The buyer plans to develop the land into a 225-unit luxury apartment community of four multi-level buildings.The complex will offer 117 one-bedroom units, 96 two-bedroom units and 12 three-bedroom units. Additionally, the community will feature a clubhouse with pool. Construction is expected to begin later this year. Simon Butler and Biria St. John of CBRE/New England’s capital markets team represented the seller, Marlborough/Northborough Realty Trust, an affiliate of The Gutierrez Company, and the buyer in the transaction.
LARCHMONT, N.Y. — Byron Place Associates plans to start construction this month on The Cambium, a multifamily development in Larchmont.Located at 10 Bryon Place, the property will feature 149 one- and two-bedroom apartment units and a three-level parking garage with more than 270 spaces. The apartments feature custom flooring, gourmet kitchens with stainless steel appliances, and bathrooms with marble and limestone. Community amenities include a 24-hour doorman and onsite concierge, courtyard, fitness center, clubroom and a two-story lobby. Ceres Realty Group will manage the property, which is slated for completion in 2015.