STORRS, CONN. — EdR has begun development on the $12.8 million third phase of The Oaks on The Square, a 92-unit student housing project located adjacent to the University of Connecticut (UConn) in Storrs. EdR will own and manage the addition when completed in summer 2014. The exterior of the third phase will complement the old town New England style of the first two phases, while the interiors will include high-speed Internet, Wi-Fi access, granite countertops and stainless-steel appliances. Some apartments will also feature dining rooms and home office areas. The first phase and second phase consist of 322 apartments, which are fully leased. Approximately 8,000 graduate students and 18,000 undergraduate students are enrolled at UConn’s main campus.
Multifamily
CORPUS CHRISTI, TEXAS — ARA has arranged the sale of Stoneleigh Apartments, a 94 percent occupied, 348-unit multifamily development located at 5733 and 5750 Curtis Clark Drive in Corpus Christi. Los Angeles-based Mount Auburn Capital Group LLC now owns the apartment community. Stoneleigh offers one- and two-bedroom floor plans, and features three pools, a sundeck, 24-hour fitness center, covered parking, full-sized garages, self storage units, a clubhouse, business center, media room, and laundry facilities. Jeff Patterson and Kelly Witherspoon of ARA represented the sellers, two national property investment and asset management firms based in Irvine, Calif., and Dallas, in the transaction.
VALLEJO, CALIF. – The 156-unit Austin Creek Apartments in Vallejo has sold to DE Village Austin Creek, LLC for $15.3 million. The community is located at 55 Valle Vista Ave. just north of Berkeley. The acquisition allowed the buyer to complete a 1031 Exchange. John Gallagher of TRI Commercial/CORFAC International represented both the buyer and the seller, Austin Creek Apartments, L.P., in this transaction.
BRENHAM, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Bluebonnet Hills Care Center, a 96-bed nursing home located at 401 E. Blue Bell Road in Brenham. The property commanded a list price of $2 million. Rod Llanos and Doug O'Toole of Marcus & Millichap's Houston office represented both the seller, an individual trust, and the buyer, a limited liability company, in the transaction.
NEW BEDFORD, N.H. — Phase I of Manoment Place, a 76-unit, mixed-income seniors housing project in New Bedford, has finished construction. Formerly known as both Cliftex Mill and Manoment Mill, the property is a 20th century textile mill developed by textile manufacturer and commission agent William Whitman. Architect and engineer Charles R. Makepeace along with contractor Benjamin F. Smith assisted Whitman in the development. John W. Keith acquired the property in 2012 through a partnership with WinnDevelopment to develop the two-phase, re-use project. Manomet Place is an age-restricted seniors housing community.
ST. PETERSBURG, FLA. — Marcus & Millichap has completed the sale of a 144-unit multifamily community located in St. Petersburg for $6.9 million. Gateway Apartments was built in 1986 and is situated at 2000 Gandy Blvd. It comprises 11 one- and two-story buildings containing all one-bedroom units. Amenities include an on-site laundry facility, a basketball court, a boat storage area, a picnic area and a swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, which were undisclosed Florida investors.
ST. LOUIS — Kayne Anderson Real Estate Advisors (KAREA), the private equity real estate arm of Kayne Anderson Capital Advisors, has acquired three apartment buildings and a parking garage, all located across the street from the main gate of St. Louis University. The acquisition brings 655 beds and 406 units to KAREA's portfolio. The properties, which include turn-of-the-century architecture, feature The Coronado (originally a hotel), Moolah Place (originally a Masonic temple), Lindell Towers and the parking structure, which is known as Moolah Garage. KAREA says the assets are unique in their ability to bring a touch of “old-world” elegance to urban living. These assets bring KAREA's student housing portfolio to approximately 16,000 beds and 5,400 units. KAREA's portfolio also contains 444 conventional multifamily units and 15,065 self storage units.
WEST DES MOINES, IOWA — Hubbell Realty Co. is developing 7th Street Brownstones, a $6.8 million rental townhome community in West Des Moines. Construction on the development, which is located south of MLK Jr. Parkway, is underway and is slated for completion in November. The rental homes are modeled after Hubbell’s brownstone community, located on Grand Avenue between 2nd and 3rd streets. The project includes 34 two-story, three-bedroom, three-bathroom rental townhomes. The townhomes feature walk-in closets, stainless steel appliances, washers and dryers, granite countertops, two-car garages and rooftop patios with a pergola and wet bar. Hubbell Construction Services is building the townhomes, which will be managed by Hubbell Apartment Living.
HACKENSACK AND PALISADES PARK, N.J. — Gebroe-Hammer Associates has arranged two multifamily transactions in Hackensack and Palisades Park for a combined total of $10.2 million. The first transaction includes a 26-unit apartment building located at 50 Anderson St. and a 37-unit midrise building located at 430 Union St. in Hackensack, which sold for $8.6 million. The six-story Union Street property includes 16 one-bedroom, 18 two-bedroom and two three-bedroom layouts as well as one studio apartment. The five-story Anderson Street property includes 14 one-bedroom, 13 two-bedroom, and two three-bedroom units. Greg Pine and Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller and the buyer in the transaction. The second transaction includes Palisades Manor, a two-story, 12-unit apartment complex in Palisades Park, which sold for $1.6 million. Greg Pine and Ken Uranowitz of Gebroe represented the seller and procured the buyer in the transaction.
AUSTIN, TEXAS — Bell Partners Inc. has acquired the 250-unit Presidio Apartments in Austin and will take over management responsibilities. Bell Partners has renamed the property Bell Lake Creek. The Bell Lake Creek complex offers one-, two- and three-bedroom floor plan options. The community’s amenities include a 24-hour fitness center, Mediterranean-style swimming pool with sun deck, resident clubroom and picnic areas with grills. To date, Bell has invested more than $190 million in apartment properties, including this latest purchase.