ROANOKE, VA. — Capstone Apartment Partners has brokered the sale of two apartment communities in Roanoke known as Carefree Place and Ellsworth Place. Mid Atlantic Funding LLC purchased both properties from Rapp Properties LLC for $2.1 million, or $52,500 per unit. The communities had an average occupancy rate of 98 percent at the time of sale. Todd Conner and Beau McIntosh of Capstone represented Rapp Properties in the transaction.
FLAT ROCK, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of River Place Apartments, a 10-unit apartment building in Flack Rock. The property is located at 25814-25824 E. Huron River Drive. The seller, Plaza One Realty Acquisition LLC, sold the building to K & L Property LLC. Rich Deptula and Harrison West of Friedman represented the seller in the transaction.
NEW YORK CITY — Madison Realty Capital (MRC) in partnership with USAA Real Estate Co. are developing a 170,918-square-foot multifamily building on the corner of Waverly and Atlantic avenues in the Clinton Hill neighborhood of Brooklyn. The partnership has acquired four properties, plus additional development rights from neighboring properties, through two off-market transactions to assemble a 27,466-square-foot site with 170,918 square feet of development potential. Initially MCR purchased 551 Waverly Ave. for $23.5 million and has now closed on three adjacent properties for $7.5 million to complete the site assemblage with frontage along Atlantic Ave. The partnership expects a total investment of $88.5 million to complete the project. The eight-story residential building will feature 191 apartments, including studio, one- and two-bedroom units, retail storefronts along Atlantic Avenue. Additionally 27,515 square feet of the building will be below grade and used for amenity space, storage space and 96 parking spaces.
NEW YORK CITY — The Moinian Group, along with Tishman Construction, have topped off 605 West 42nd Street, a 1,174-unit residential tower at the northwest corner of West 42nd Street and 11th Avenue in Manhattan. Upon completion, the property will offer studios, one- and two-bedroom units with 939 as market-rate apartments and 235 as permanently affordable apartments. Additionally, there will be penthouses on the top floors. On-site amenities include a 70,000-square-foot clubhouse, complete with indoor and outdoor pools and spa services. The building, which is designed by Goldstein Hill & West Architects, is slated to begin pre-leasing in spring 2015.
MORRISTOWN, N.J. — Mill Creek Residential has opened Modera 44, a luxury apartment community located in Morristown. The 268-unit community offers a mix of studio, one- and two-bedroom residential units. Apartments feature 9-foot ceilings, upscale finishes, custom cabinetry, wood plank-style flooring and spa-like bathrooms with soaking tubs. The units also feature gourmet kitchens with moveable chef islands, quartz countertops and Energy Star stainless steel appliances. On-site community amenities include a 24-hour fitness center that features a yoga studio, spin room and towel service, and two landscaped courtyards with gas grills and a fire pit.
WACO, TEXAS — Construction has begun on the 70,000-square-foot, 81-unit Heartis Waco Assistant Living & Memory Care Community. The development is scheduled for completion in late 2015. Caddis, a national healthcare real estate firm, owns and is developing the project. Frontier Management will manage the property. Heartis Waco is the second of three Heartis communities under development that will be managed by Frontier. The development will be located on five acres at Speegleville Road north of U.S. Highway 84. Katus LLC is the project’s architect and General Contractor Ltd. is the contractor. American National Bank of Texas provided debt financing for the project.
SMYRNA, GA. — Berkadia Real Estate Advisors has brokered the $27 million sale of the 416-unit Mission Galleria Apartments in Smyrna, a suburb of Atlanta located in Cobb County. The property is located at 5000 S. Lincoln Trace Ave. N.E., near the site of SunTrust Park, the Atlanta Braves’ new ballpark that will open in 2017. Andrew Mays and Paul Vetter of Berkadia’s Atlanta office represented the buyer, RADCO Cos., in the transaction. David Oakley of Berkadia’s Birmingham office represented the seller, Mission Galleria LLC. Built in 1975 on more than 25 acres, Mission Galleria was 85 percent occupied at the time of sale.
DENVER –The Confluence, an ultra-luxury, 288-unit apartment community, has broken ground in Denver. The high-rise tower will be located at 2166 15th Street, in the Lower Downtown (LoDo) District. The new project is named after its unique location: at the confluence of the South Platte River and Cherry Creek. It will feature a mix of studio to three-bedroom units that range in price from $1,500 to $12,000 per month. The new multifamily high-rise will be the tallest building in Riverfront Park once it’s completed. It is being designed by GDA architects. The glass apartment tower will feature common-area amenities that include a large terrace with a saltwater infinity-edge pool, underwater sound system, heated Jacuzzi, outdoor cabanas and fire pit, Skyline Lounge with catering kitchen, fitness center, concierge, a dog washing station and a 24-hour coffee bar. All homes feature views of either Downtown Denver or the Rocky Mountains. The ground floor of the building is intergraded into Confluence Park, which contains more than 8,000 square feet of high-end, ground-floor retail and restaurant space. It includes access to the trails along Cherry Creek and the South Platte River. The Confluence is being developed by a joint venture between PM Realty Group …
PORTLAND, ORE. – DiNapoli Capital Partners has purchased the 100-unit Honeyman Hardware Lofts in Portland for $37 million. The community is located at 555 NW Park Ave., in the city’s Downtown Pearl District. Honeyman Hardware also features 10,800 square feet of street-level retail space. It was originally built between 1903 and 1920 as three individual buildings. All three buildings were renovated and converted into residential and retail uses between 1989 and 1991. The Cotter Building, the largest of the three structures, was originally home to the Honeyman Hardware Company. It is listed on the National Register of Historic Places. The Cotter Building now houses 66 residential units. The remaining two buildings, the Bindery Building and the Metro Building, both contain 17 additional units. Select Honeyman Hardware apartments feature two-level floor plans, exposed brick walls, vaulted ceilings, private balconies, Jacuzzi baths and built-in window seats. The seller, a joint venture between Lubert-Adler Partners and Security Properties, had invested $4.9 million to upgrade the community. It also converted a portion of the retail space into 11 live-work lofts, in addition to creating a new resident lounge with free Wi-Fi and a gourmet coffee bar. The sale was executed by HFF’s Ira Virden.
NEWARK, N.J. — HFF has brokered the sale of Parkwood Place Apartments, a mid-rise apartment community located in the Forest Hill neighborhood of Newark. A joint venture between Alex Brown Realty and Treetop Development sold the 294-unit property for $23.8 million, or $80,952 per unit, to an undisclosed buyer. Parkwood Place Apartments comprises seven six-story buildings featuring 71 studio, 147 one-bedroom and 76 two-bedroom units. Jose Cruz, Andrew Scandalios, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.
