CHICAGO — Sperry Van Ness | Chicago Commercial has completed the $2.5 million sale of a 12-unit apartment building in Chicago to an undisclosed buyer. The property is located at 853 W. Grace St. in the heart of the Wrigleyville neighborhood of Lakeview. The building consists of one-, two- and three-bedroom apartments. Wayne Caplan of Sperry Van Ness represented the buyer in the transaction.
Multifamily
SKOKIE, ILL.– Essex Realty Group has arranged the $845,000 sale of an apartment building in Skokie, Ill. to an undisclosed buyer. The 10-unit building is located at 8325 N. Kilpatrick St., three blocks north of the Chicago Transit Authority’s Skokie train station. Matt Welke and Jason Fishleder of Essex brokered the transaction.
HOBOKEN, N.J. — Bijou Properties, in partnership with Intercontinental Real Estate Corp., has broken ground on an $83 million multifamily development located at 900 Monroe in Hoboken. The 11-story, 135-unit mixed-use building includes 13,500 square feet of retail space featuring a daycare center and a 135-car onsite automated parking facility. The development is slated for a fall 2015 completion. Amenities will include a lobby, gym, outdoor pool, clubrooms and automated on-site parking. Marchetto Higgins Stieve Architects designed the property.
NEW YORK CITY — Madison Realty Capital (MRC) has sold a four-building multifamily property located on West 111th Street in Manhattan for $24.3 million. Acuity Capital Partners purchased the property. Madison initially purchased distressed loans on the four adjacent buildings, located at 136, 140, 144, 148 West 111th St., for $11.8 million in May 2011. MRC acquired the property title at auction in July 2011. The company then renovated 20 of the apartment units. The four buildings total 55,000 square feet with 65 apartment units. Aaron Jungreiss of Rosewood Realty Group represented both the buyer and seller in this transaction.
PORTLAND, MAINE — Boston Capital is investing in the construction of 409 Cumberland Avenue Apartments, a 57-unit development for families located in Portland. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Avesta Housing Development Corp. is the developer. The construction of 409 Cumberland will generate $5.8 million in local salaries and create more than 87 new jobs in the Portland area. Boston Capital's investment in the development adds 57 units of affordable housing to its apartment portfolio.
AUSTIN, TEXAS — Embrey Partners has opened Escape at Four Points, a 344-unit multifamily property in west Austin. The garden-style community includes one- to three-bedroom apartments ranging from 700 to 1,355 square feet, as well as a swimming pool, fitness center, resident lounge, coffee bar and game room. Located at 11210 FM 2222, the Class A complex is in proximity to Lake Travis. Embrey Partners, along with equity partners Case Pomeroy Properties and Six Pines Realty LLC, developed the property. Frost Bank provided financing for the project. Embrey Management Services manages the complex.
COMFORT, TEXAS — Dougherty Mortgage LLC has arranged a $2.6 million loan for the refinancing of Guadalupe Crossing, a 68-unit multifamily property in Comfort, a city about 45 miles northwest of San Antonio. The loan includes a term of 10 years. Located at 580 Sunflower Lane, the community offers one- to three-bedroom apartments, as well as amenities such as a swimming pool, clubhouse, fitness center and laundry facility. The Dallas office of Dougherty Mortgage secured the loan on behalf of the borrower, Comfort Guadalupe Crossing Apartments LP.
SAN DIEGO – The seven-unit Casa Rosada Apartments in the San Diego submarket of La Jolla has sold to La Jolla Casa Rosada LLC for $2.2 million. The community is located at 6241-6253 La Jolla Blvd. in the city’s Upper Hermosa neighborhood. The LLC was represented by Gary B. Urtiaga of Apartment Realty Group. The seller, the Estate of Eileen Gambs, was represented by Robert Vallera and Matt Kennedy of Voit’s San Diego office.
MOUNDS VIEW, MINN. — Construction has begun on a new three-story seniors housing community in Mounds View approximately 13 miles north of Minneapolis. The Bel Rae will be a 97-unit apartment building located at 2330 County Highway 10. The 105,000-square-foot senior community designed by Minneapolis-based Kaas Wilson Architects is scheduled for completion in March 2015. Nottingham Construction of Stillwater, Minn. is building the $14 million project. Mounds View Properties is the project developer. The new development will include independent living, assisted living and memory care apartments. The property will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room with meals prepared on-site for the residents. In addition, the senior community will provide an activities director and a full-time nurse who is on call 24 hours a day. Ebenezer Management Services will manage the property.
MIAMI — ZOM, a luxury multifamily real estate developer, has purchased a parking lot site at 80 S.W. 8th St. in Miami’s Brickell neighborhood for approximately $16.8 million. ZOM plans to develop a 46-story, 420-unit luxury high-rise apartment tower at the site. The property will be located on the block between the $1.05 billion Brickell CityCentre project and Mary Brickell Village. Construction on the project will begin late in the fourth quarter of 2014.