Multifamily

CONSTRUCTION UNDERWAY ON 354-UNIT LPM APARTMENTS

by admin August 19, 2013

MINNEAPOLIS — Chicago-based Magellan Development Group is building a 36-story apartment tower in the Loring Park neighborhood of downtown Minneapolis. LPM Apartments will feature 354 rental apartments, including studios, one-, two- and three-bedroom units. More than 41,000 square feet of amenity space will feature a fitness center, lap pool, hot tub, sauna and steam rooms, media and game room, resident lounge, business center and bicycle storage. LPM Apartments will also feature a community deck that will include a splash pool, hot tub, fire pits, grills and lounge areas. According to the Star Tribune, rental prices at the property range from $2 to $3 per square foot. James McHugh Construction Co. is serving as the general contractor. Loewenberg Architects LLC is designing LPM Apartments.

August 19, 2013

STEADFAST PAYS $24M FOR DAWNTREE APARTMENTS IN DALLAS

by admin August 19, 2013

DALLAS — Steadfast Income REIT has acquired the 400-unit Dawntree apartment community in Dallas for $24 million. The complex was 97 percent occupied at the time of sale. Dawntree offers both one- and two-bedroom apartments, of which 20 percent have been renovated with new appliances and large-slat wood blinds, as well as a swimming pool, tennis court, barbeque and picnic area, clubhouse and fitness center. Steadfast announced this purchase in conjunction with its purchase of Tapestry Park in Birmingham, Ala. for $32.4 million and now boasts 45 properties in 11 states.

August 19, 2013

Multifamily Texas

RIGHTQUEST BEGINS CONSTRUCTION OF BELLA VISTA APARTMENTS

by admin August 19, 2013

BROWNSVILLE, TEXAS — Real estate investment and development firm RightQuest LLC has broken ground on Bella Vista Apartments, a two-phase project that will consist of 250-plus units in Brownsville at the southernmost tip of Texas. RightQuest is working with general contractor Peterson Construction Inc. on behalf of JJR Group LTD, a privately held company. The first units will be ready for occupancy in March 2014. Bella Vista is the third Class A apartment property developed by RightQuest in the last 18 months.

August 19, 2013

Multifamily Western

THE ARTISAN IN DENVER SELLS FOR $33M

by admin August 19, 2013

DENVER – The Artisan, a 434-unit apartment community in Denver, has sold to Peak Capital Partners for $33 million. The community is located at 10025 East Girard Ave. It is 98 percent leased. The seller, Prime Residential, was represented by HFF’s Jordan Robbins and Jake Young.

August 19, 2013

Midwest Seniors Housing

RYAN COS. WORKS ON TWO SENIORS HOUSING RENOVATIONS

by admin August 19, 2013

NAPERVILLE, ILL. — Ryan Cos. US Inc. has worked on two continuing care retirement community renovation projects for Three Crowns Park in Evanston and Friendship Village of Schaumburg. The Minneapolis-based developer and builder has renovated half of the third floor of Three Crowns Park’s Landstrom Manor building. Though not in use, the 10,000-square-foot space had included a skilled nursing unit. A new kitchen and dining facility was added to the space, along with a state-of-the-art nurse call, 14 skilled nursing units and wandering security system. The project was completed in late July. At Friendship Village, Ryan Cos. will complete a series of interior and exterior projects over the course of the next five to six months. On the exterior, Ryan Cos. will rebuild various hardscape areas, including a decorative fountain and a tenant atrium that features a stone labyrinth that is part of the community’s memory care program. The primary interior project will be the renovation of the Briarwood Wing, a phase of the community that features approximately 80 living units. Ryan Cos. will renovate the common areas and tenant spaces and rebuild the existing physical and occupational therapy areas. The project is expected to be completed by early fall.

August 19, 2013

Multifamily Western

THE RETREAT IN PHOENIX CHANGES HANDS

by admin August 16, 2013

PHOENIX — The Retreat, a 480-unit apartment community in Phoenix, has sold to Bridge Investment Group Partners for an undisclosed sum. The community is located at 20808 North 27th Ave. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office. The buyer acts as manager of the ROC Fund.

August 16, 2013

Multifamily Western

CAMPBELL PLAZA APARTMENTS SELLS FOR $27.6M

by admin August 16, 2013

CAMPBELL, CALIF. – The 121-unit Campbell Plaza Apartments has sold to The Bascom Group for $27.6 million. The community is located at 710 Nido Drive in the San Jose submarket of Campbell. The seller, Spieker Companies, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.

August 16, 2013

Multifamily Southeast

CAPITAL ONE ACQUIRES BEECH STREET CAPITAL

by admin August 16, 2013

MCLEAN, VA. — Capital One Financial Corp. (NYSE: COF) has entered into a definitive agreement to acquire Beech Street Capital, a privately held national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter. Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. Headquartered in Bethesda, Md., Beech Street has 10 offices around the country. Together, McLean, Va.-based Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally. Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion. “As we continue to expand our product capabilities and services for clients across our growing commercial banking business, this acquisition is a logical expansion of our already substantial commitment to the multifamily sector,” says Michael …

August 16, 2013

Multifamily Southeast

STARWOOD, LYND TO DEVELOP LUXURY CONDOS IN MIAMI'S BRICKELL NEIGHBORHOOD

by admin August 16, 2013

MIAMI — Starwood Capital Group and San Antonio-based LYND have teamed up to develop Nine at Mary Brickell Village, a luxury condominium community located in Miami's Brickell neighborhood at 999 S.W. 1st Ave. The 34-story community will feature 390 residential units. The property, which is expected to wrap up construction in May 2014, will be the only residential tower in Brickell. The design team includes architect of record Behar Font & Associates PA and interior designer Nick Luaces Design Associates. Fortune International is leading the sales for the condos, which start at $300,000. There are 30 available floor plans for units, which will be sold in one-, two- and three-bedroom formats ranging in size from 744 to more than 2,098 square feet. Nine's amenity package will include a recreation deck with pavilions and cabanas, media lounge, pool deck, resort-style swimming pool, fitness center, video conferencing room, a dog run on the 11th floor and a secluded garden with walking paths and dining tables set on the one-acre 11th floor deck. Owners will have access to the private Grand Bay Club of Key Biscayne, which offers access to oceanfront cabanas with service stations, a poolside tiki bar, swimming pools, and indoor …

August 16, 2013

Midwest Multifamily

$14.8M MIXED-INCOME MULTIFAMILY COMMUNITY UNDERWAY

by admin August 16, 2013

DES MOINES, IOWA — Hubbell Realty Co. has broken ground on Phase I and Phase II of the $14.8 million Broadway Heights, a 155-unit mixed-income multifamily property in northern Des Moines. Phase I of the project includes 90 market-rate units within three buildings, as well as a clubhouse. Phase II of Broadway Heights includes 65 affordable housing units within two buildings. The apartment community is located at 4216 N.E. 50th St. near the intersection of US-65 and US-6/Hubbell Avenue. Community amenities will include a community room, fitness centers, dog park, business centers and playground area. Hubbell Construction Services is the builder. Apartment homes will be available in summer 2014.

August 16, 2013

Newer Posts

Older Posts