HOUSTON — CBRE has brokered the sale of Gessner Estates, a 659-unit apartment property in Houston. The community offers one- and two-bedroom apartments in flat and townhome formats, as well as amenities including three swimming pools, a clubhouse, business center and picnic area. Located at 8701 Town Park Drive, the complex is in proximity to the city’s Westchase district and the major thoroughfares of Beltway 8, State Highway 59 and the Westpark Tollway. Ryan Epstein of CBRE represented the seller, RB Associates LLC, in the transaction. Phoenix-based investment firm Jevan Capital PLLC, in association with Comunidad Realty Partners, purchased the asset.
Multifamily
ATLANTA — Crescent Communities has begun pre-leasing Crescent Terminus, a 355-unit luxury apartment tower in the mixed-use Terminus development in Buckhead. Crescent Terminus will include rooftop terraces, an outdoor kitchen with a fire pit and grilling stations, zero-edge saltwater pool, pet park, Starbucks Coffee kiosk, fitness center, yoga room and demonstration kitchen. The development is being financed through an equity investment from Crescent Communities and construction financing from JPMorgan Chase & Co. The project team includes architect Lord Aeck Sargent, interior designer Vignette Interiors, landscape architect LandDesign and civil engineer Kimley-Horn. The multifamily property, which is Crescent’s first community in Atlanta, is set to open in June.
TAMPA, FLA. — Hendricks-Berkadia has brokered the $8.9 million sale of Newport Square, a 188-unit apartment community located at 5505 N. Himes Ave. in Tampa. Park Pointe Apartments LLC purchased the property from Monument Real Estate Services LLC. The apartment community was the last part of a three-property portfolio that included Newport Riverside and Newport Pointe. Newport Square was built in 1970 and featues a playground, clubhouse, laundry facility, wading pool and a swimming pool with a sundeck. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented Monument in the transaction.
WASHINGTON, D.C. — Marcus & Millichap has brokered the $3.6 million sale of Capitol Hill Luxury Residences, a six-unit condominium project located on 8th Street N.E. in Washington, D.C. Each unit in the property is approximately 2,500 square feet. Nathan Pealer and Marty Zupancic of Marcus & Millichap’s Washington, D.C. office represented the seller, a subsidiary of a global financial institution, and the buyer, a fund manager.
HOBOKEN, N.J. — Marcus & Millichap has arranged the sale of an apartment property in Hoboken. A private investor sold the property to an undisclosed buyer for $4 million. Located at 834 Hudson St., the four-story, walk-up building offers 18 one-bedroom units. The property recently underwent capital improvements that included upgraded windows, hot water heaters, fire pump and equipment, and laundry equipment. Nat Gambuzza and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller and buyer in the transaction.
SAN JOSE, CALIF. – A joint venture between Sares Regis Group of Northern California and Pritzker Realty Group has acquired a two-acre development site in Downtown San Jose for an undisclosed sum. The site will soon be home to The Pierce, a mid-rise, luxury apartment community. The land is located at 60 Pierce Ave. on Market Street between Pierce Avenue and Reed Street in the city’s South First Area district. Demolition of the existing industrial and commercial buildings on the site began April 1. The Pierce will include 232 units and 4,300 square feet of ground-floor retail space. It was designed by Steinberg Architects. The new development is scheduled for occupancy in fall 2015. The project will reportedly cost $70 million.
ENGLEWOOD, COLO. – Construction is underway at Elevation at County Line Station, a 265-unit apartment community in Englewood. The $44-million, transit-oriented development is situated on eight acres next to the County Line Road Park-n-Ride. It also enjoys a close proximity to the light rail station and Park Meadows Mall. The four-story, four-building luxury apartment communityis scheduled for completion this fall. It includes many unique amenities, such as a light rail commuter lounge, roof top clubroom, a “paw spa” (dog wash), an electric car charging station and a bicycle-borrowing program. It is being developed by Grand Peaks Properties and designed by KTGY.
COLORADO SPRINGS, COLO. – The 292-unit Spring Canyon Apartments in Colorado Springs has received a $32.4-million acquisition loan. The community was purchased by Advenir @ Spring Canyon LLC. It is located at 4510 Spring Canyon Heights. The seven-year Freddie Mac loan features interest-only payments for one year. Financing was secured by Charles Foschini of CBRE’s Debt & Structured Finance Group. Christian Lee of CBRE’s Capital Markets Institutional Group and Christopher Apone of CBRE’s Debt & Structured Finance Group assisted in this transaction.
DES MOINES, IOWA — A new loft apartment community in the Western Gateway section of downtown Des Moines is now open. 14Forty, located at 1440 Locust St., welcomed its first residents in April and is now fully leased. Hubbell Realty Co. developed the $8.2 million project. The development is a historic renovation of the Mitchell Transmission Building, the former local branch office of Studebaker Corp. of America, an automobile manufacturer based in South Bend, Ind. 14Forty consists of 37 one- and two-bedroom loft apartments. The lofts range from 530 square feet to more than 1,000 square feet. The units feature original architectural elements, soaring ceilings up to 17 feet high, large windows with views of the Pappajohn Sculpture Park and contemporary design. Hubbell Construction Services renovated the historic building. Hubbell Apartment Living manages the property.
MELROSE, MASS. — Wood Partners LLC is developing 2 Washington, an apartment community located on 2.4 acres of infill property at 2 Washington St. in Melrose. The five-story, 130,000-square-foot property will offer 49 one-bedroom units, 45 two-bedroom units, a clubhouse, a fitness center, a roof deck and an outdoor lounge area with grilling stations. The apartment units will feature stainless steel appliances, vinyl plank flooring in kitchens and baths, granite countertops, and washers and dryers. Additionally, the community will offer residents 133 parking spaces, 38 of which will be covered. Construction will break ground in June, and the project is slated for completion by September 2015. Bargmann Hendrie + Archetype designed the property, and Wood Partners is serving as general contractor and developer.