CHICAGO — CA Student Living and MCJ Development, headed by Chicago developers Keith Giles and Mike Moyer, have acquired the Old Colony building in the Chicago Loop area. The firms are planning to transform the landmark building into student apartments. The new apartments will be fully furnished and feature open floor plans with wood grain flooring, European style kitchens, stainless steel appliances and flat screen TVs. The building will also include a 24/7 Wi–Fi study lounge with coffered ceilings and health club-like fitness center on the second floor, as well as a private residents-only rooftop event space with outdoor grilling terrace and panoramic city and lake views. The 17-story Old Colony building, designed by Holabird and Roche Architects, was constructed in 1894 and most recently operated as partially occupied office building.
Multifamily
GREENFIELD, IND. — Tikijian Associates has arranged the sale of Greenfield Knoll Apartments, an 80-unit property in Greenfield, an eastern suburb of Indianapolis. The property was built in the late 1980s and is located in two adjacent locations east of State Road 9. Tikijian Associates represented the seller, Broad Ripple Equity Investors, in the transaction. Muesing Management, an Indianapolis-based owner and management company, purchased the property. Terms of the transaction were not disclosed.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $1 million sale of a 12-unit, 10,250-square-foot multifamily building located at 5300 W. Addison Street in the Portage Park neighborhood of Chicago. The sale marks the first time this property has been sold since it was constructed in 1966 by the seller's family, who remained operators throughout the years. Jack Edgar Jr., Jim Sears and Reid Bennett of Sperry Van Ness LLC represented the seller in the transaction.
PEORIA, ARIZ. — Baron Properties has acquired the 260-unit Alta Park West apartments in Peoria for $30 million. The community is located at 9680 West Northern Ave. in the Phoenix suburb. It is situated within Park West, a 250,000-square-foot, open-air lifestyle center. Alta Park also enjoys close proximity to Westgate Entertainment District, an 8-million-square-foot shopping, dining and entertainment venue. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap represented the seller, a venture formed by Wood Partners and Boston Capital Real Estate Partners, in this transaction.
HOUSTON — Developer Caddis Partners LLC has broken ground on two new seniors housing projects in the Houston metro area, both of which will be marketed under the company’s Heartis brand. Heartis Cypress and Heartis Clear Lake will each comprise 78 units, including 54 assisted living units and 24 memory care units in either facility. Both properties will feature interior courtyards, chef-prepared meals, housekeeping and laundry services. Caddis Partners will own the facilities, while Eugene, Ore.-based Good Neighbor Care will manage operations. For both projects, Austin-based KATUS is providing architectural services, and the Dallas office of MAPP Construction is serving as general contractor.
COCONUT CREEK, FLA. — Grandbridge Real Estate Capital has closed a $39.5 million fixed-rate acquisition loan for Hillsboro Bay Club Apartments in Coconut Creek, part of the Fort Lauderdale MSA. The 366-unit apartment community features a pool, fitness center and 20-acre recreational lake. Mike Ortlip of Grandbridge originated the loan through a life insurance company. Josh Davis of Grandbridge assisted in the transaction.
NORFOLK, VA. — NorthStar Real Estate Income II has originated a $39.2 million senior loan for a 225-unit, Class A apartment community in Norfolk. The property is located in Norfolk’s Ghent Historic District. The community features 14,800 square feet of ground-floor retail space. NorthStar originated the loan on behalf of the borrower, a multifamily owner and operator, with available cash and a $19.6 million advance on its secured term credit facility. An affiliate of the borrower manages the community.
CHARLOTTE, N.C. — Canyon Capital Realty Advisors LLC has provided a $12 million construction loan for Presidio, a 298-unit, Class A apartment community in Charlotte. The borrower, NRP Group LLC, will develop the community in Charlotte’s South End district at the intersection of South Church and West Morehead streets. The project will break ground in the first quarter of 2014 and deliver individual units in the fourth quarter of 2015.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $3.5 million off-market sale of a 16-unit multifamily building located at 3505-07 N. Pine Grove in the Lakeview neighborhood of Chicago. Dawn Overstreet and Reid Bennett of Sperry Van Ness LLC represented the buyer as well as the seller, the landlord of nearly 50 years, in the transaction. The 18,150-square-foot apartment complex is located less than one block from Lake Michigan.
HOUSTON — Marcus & Millichap has brokered the sale of Mediterra at Westchase Apartments, a 312-unit multifamily property in Houston’s Westchase submarket. Located at 3131 Hayes Place, the complex is in proximity to the Sam Houston Tollway, U.S. Highway 6, Loop 610 and I-10, among other major thoroughfares. Constructed in 1980, the garden-style community offers efficiency and one- to three-bedroom residences averaging 803 square feet, as well as shared amenities such as a swimming pool, fitness center, business center and two laundry facilities. Jeffrey Fript and Kyle Bruchmiller of Marcus & Millichap represented the seller, a Texas-based investment firm, in the transaction. Fript also advised the buyer, an institutional investor from California.