MIAMI BEACH, FLA. — ADD Inc., an architecture and design firm, has commenced on the $40 million renovation of the bayfront Southgate Towers apartment buildings, located at 900 and 910 W. Ave. in Miami Beach. The project will include a new façade, new design for 495 residences, refurbished lobby and ground-floor amenities (including the clubroom and fitness center) and the addition of pool cabanas, a restaurant and retail spaces. Jonathan Cardello of ADD Inc. will lead the project team. Henrico, Va.-based Gumenick Properties owns and manages Southgate Towers. The renovation project is slated to wrap up in 2015.
GREENVILLE, S.C. — ARA has arranged the sale of two apartment communities in Greenville totaling 559 units. The communities include the Crestmont at Thornblade and Thornblade Park. Blake Okland, John Heimburger, Dean Smith and Sean Wood of ARA represented the seller in the transaction. Levin Realty Advisors LLC, a Chicago-based multifamily acquisition and management consultant, purchased the portfolio.
NEW YORK CITY — Magnum Real Estate Group has selected Ismael Leyva Architects to design the new 147,000-square-foot School of Visual Arts dormitory at 407 First Ave. in Kips Bay neighborhood of Manhattan. The School of Visual Arts dormitory will include 500 beds within 242 suites. The 14-story building will serve as the flagship residence hall for the art school. The building’s L-shape will make another part of the building six stories tall. The building will also feature administrative and faculty offices on the first floor and basement level, as well as a public terrace on the roof on the six-story portion of the building. Construction is expected to wrap up in summer 2016 in time for a fall semester opening that year.
RICHARDSON, TEXAS — Jones Lang LaSalle has brokered the sale of Arboretum Estates, a 338-unit apartment property in the Dallas suburb of Richardson. The community, which was 95 percent occupied at the time of the sale, offers one- to three-bedroom layouts plus amenities including two swimming pools, a fitness center, business center and pet park. Select units feature fireplaces, vaulted ceilings and walk-in closets. The complex is located at 411 Buckingham Road, in proximity to the metro area’s telecom corridor. Jeff Price and Bill Simmons of JLL represented the seller, The Connor Group, in the transaction. CAF Capital partners purchased the asset.
AUSTIN, TEXAS — MIG Real Estate has acquired Adagio Swenson Farms, a 336-unit multifamily community in the Far North submarket of Austin. The complex offers one- and two-bedroom floor plans averaging 1,041 square feet, as well as amenities such as a swimming pool, barbecue area, fitness center and clubhouse. Located at 413 Swenson Farms Blvd., the property is 15 miles from downtown Austin and in close proximity to the city’s technology corridor and attractions including Lake Pflugerville, Gilleland Creek Park and Blackhawk Golf Club. Pat Jones of ARA Real Estate Investment Services represented the undisclosed seller in the transaction, while Newport Beach, Calif.-based MIG Real Estate represented itself. National operator Alliance Residential will manage the property going forward.
SEATTLE – A 19,440-square-foot development site in Seattle has sold to British Columbia Investment Management Corporation (bcIMC) for $17.7 million. The site is located at 2000 Third Ave. near the city’s Belltown neighborhood. The buyer plans to build a 400-foot, high-rise apartment tower with ground-floor retail on the site. The transaction was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets.
PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.
AUSTIN, TEXAS — A joint venture between MedProperties Holdings LLC and The LaSalle Group will break ground this month on Autumn Leaves of North Austin, a 46-bed memory care residence in Austin. The 27,000-square-foot property, located in close proximity to State Highway 183, is slated for completion within 12 months. Texas Gulf Bank provided construction financing for the project, and The LaSalle Group will operate the facility upon opening.
DURHAM, N.C. — KeyBank Real Estate Capital has closed a $28 million Fannie Mae loan for Century Trinity Estates, a 270-unit, garden-style apartment complex located in Durham. Jane Harrison and Joe Fadus of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Centennial Holding Co.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $10.7 million in refinancing for Sunset Village Apartments and Forestbrook Apartments, two apartment communities located in Charlotte. The apartment properties total 360 units. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year, Freddie Mac loan with a 20-year amortization schedule.