HOUSTON — The Uptown Houston District has chosen Post Oak Central, a three-building office complex totaling 1.3 million square feet, as the hub for the management of its new projects, including the reconstruction and widening of Post Oak Boulevard. The project stems from the recent approval of the extension and expansion of Uptown Houston’s Tax Increment Reinvestment Zone. The Uptown Houston District will lease 7,900 square feet at Post Oak Central. The office is currently 95 percent leased with approximately 65,000 square feet still available. The property is LEED Gold certified. Enhancements are being made on the office complex including a new 20,000-square-foot health club, updated conference facility and improved retail and parking.
FORT WORTH, TEXAS — Caddis Partners LLC has begun construction on Eagle Mountain, a 96-bed Heartis-branded assisted living and memory care community located at Dalhart Drive and Boat Club Road in Fort Worth. The community spans 61,125 square feet, and will include 54 assisted living units with 61 beds, and a 35-bed memory care unit. Caddis Partners will act as developer and owner of Heartis Eagle Mountain. Good Neighbor Care will provide management. Architectural firm Katus and the Dallas office of MAPP Construction will lead development. Financing was provided by American National Bank of Texas. Caddis plans to invest more than $100 million in senior housing projects during the next two years. Heartis Eagle Mountain is set for a summer 2014 completion.
CHANDLER, ARIZ. – The 290-unit Villa Pallavicini in Chandler has sold to a company formed by Alliance Residential Co. for $37.5 million. The community is located at 635 South Ellis Street near the Price Corridor, which is known as one of the Southwest’s leading tech hubs. This corridor is home to Intel, eBay, PayPal, Orbital Sciences, Amkor Technology, Isagenix, Freescale Semiconductor, Microchip Technology and Motorola.
MONTGOMERY, ALA. — Brown Realty Advisors has brokered the sale of a Montgomery multifamily community for $6.7 million. Hillwood Apartments is a Class B property constructed in 1982. It features 118 units that average 1,419 square feet each. Brown Realty completed the sale of the property in conjunction with Auction.com. Starwood Mortgage Capital provided acquisition financing on behalf of the undisclosed buyer, which plans to complete a $1 million capital improvements program for the property.
CHICAGO — Related Midwest has completed its redesign of The Grant, a 54-story condominium tower in downtown Chicago. Located at 1201 S. Prairie Ave. and named for its proximity to Grant Park, The Grant features redesigned residences and common areas and more amenities and services. Amenities at the tower include a fitness center with an indoor pool, hot tub, locker rooms, a screening room and lounge with projection screen, a pet grooming area and outdoor dog park. The condominium tower is one of three previously stalled South Loop towers taken over by Related Midwest last year and relaunched this spring as the South Loop Luxury by Related collection. Residences at The Grant range from 1,207 to 3,000 square feet and are priced from the $300,000s to more than $2 million. Related Midwest teamed up with Simone Deary Design Group to redesign the building’s common areas and amenity spaces.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $12.4 million mortgage loan to refinance the Paul Robeson Residence multifamily property in New York City on behalf of Golson Realty Corp. The 10-year loan carries a fixed-interest rate of 3 percent and was provided by a regional balance sheet lender. Judah Hammer, a vice president at Meridian Capital’s New York City headquarters, negotiated this transaction. The 13-story property includes 128 units and is located at 555 Edgecombe Ave. The landmarked building is known as the Paul Robeson Residence and has been home to a number of famous New Yorkers including musician Count Basie, boxer Joe Louis and actor Paul Robeson.
CORPUS CHRISTI, TEXAS — McShane Construction Co. has received a construction award from developer Continental Properties Co. Inc. for the Springs at Corpus Christi, a 284-unit multifamily complex. The community is located at 5702 Timbergate Drive and consists of 13 two-story apartment buildings. The development will feature units with attached garages together with four detached garages and five carport areas. The complex will offer studio, two- and three-bedroom units with ground level private entries. Amenities include a gated entry, community clubhouse with on-site property management, a resort-style swimming pool and outdoor entertainment areas. The clubhouse will include a complementary coffee bar, 24-hour fitness center with yoga and Pilates areas and a fenced, leash-free dog park. BSB Designs is providing comprehensive architectural services for the development. The Springs is scheduled for completion in September 2014.
DALLAS — HFF has arranged a $7.75 million refinancing for Park Creek Manor, a 322-unit multifamily community located near the northwest corner of West Illinois Avenue and South Westmoreland Avenue in Dallas. HFF worked on behalf of AmeriSouth Realty to secure a seven-year, fixed-rate loan through Southwest Securities FSB. The property is 99 percent leased and offers a mix of one-, two- and three-bedroom units as well as a swimming pool. John Brownlee led the HFF team representing the borrower.
CHANDLER, ARIZ. – The 290-unit Villa Pallavicini in Chandler has sold to a company formed by Alliance Residential Co. for $37.5 million. The community is located at 635 South Ellis Street near the Price Corridor, which is known as one of the Southwest’s leading tech hubs. This corridor is home to Intel, eBay, PayPal, Orbital Sciences, Amkor Technology, Isagenix, Freescale Semiconductor, Microchip Technology and Motorola.
RICHMOND, VA. — Landmark Apartment Trust of America Inc. has acquired eight multifamily communities throughout the Southeast and Texas for a combined purchase price of approximately $169.3 million. Collectively, the properties contain 2,252 units and are 95 percent occupied. Five of the communities are located in Charlotte, Raleigh and Wake Forest, N.C. Two are located in Tampa and Jacksonville, Fla. The final property is located in Texas. The seller’s name was not released