NEW YORK CITY — New York-based HAP Investments is breaking ground for the development of HAP 5, a residential building at 329 Pleasant Ave. in East Harlem. Designed by Karim Rashid, the eight-story building will offer 20 apartment units. The project is located near City University of New York’s Hunter College Silberman School of Social Work and popular commercial, retail and entertainment stores, including Manhattan’s biggest shopping mall. HAP Investments has been very active in Upper Manhattan and East Harlem with a variety of properties; most recently, the company entered into a contract to purchase a development site at Journal Square in Jersey City, N.J.
Multifamily
SPRING BRANCH, TEXAS — LMI Capital has arranged a $6.8 million loan for the refinancing of a 300-unit, Class C multifamily property in the Houston suburb of Spring Branch. The partial-recourse loan includes flexible prepayment options, no reserves and a fixed interest rate of 3 percent. Jamie Mullin of LMI Capital worked on behalf of the unnamed borrower to arrange the loan through a regional bank.
ARLINGTON HEIGHTS, ILL. — The LaSalle Group will break ground on a 30,000-square-foot memory care facility in Arlington Heights, a suburb of Chicago. The $12 million property will be located at 1625 S. Arlington Heights Road. Autumn Leaves of Arlington Heights will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia or memory impairment. The facility is The LaSalle Group’s ninth memory care community in the Chicago area.
WAPPINGERS FALLS, N.Y. — Sterling Properties has opened the first building, featuring 27 apartment units, at RiverBend East at Wappingers Falls, a multifamily community in Wappingers Falls. Located minutes from the original RiverBend at Wappingers Falls, the property will offer 54 one- and two-bedroom apartments featuring nine-foot ceilings, designer kitchens, ceramic bathrooms, one-car garages, balconies and an in-unit washer/dryer. Additionally, the community will feature a clubroom, fitness studio and an outdoor pool.
WESTWOOD, N.J. — Gebroe-Hammer Associates has arranged the $4.3 million sale of a two-building multifamily community in Westwood. Located at 542-544 Fourth Ave., the three-story, 27-unit complex offers a mix of apartments, including one studio, 23 one-bedroom and three two-bedroom layouts. The property traded for approximately $160,000 per unit. Ken Uranowitz, Greg Pine and Nicholas Nicolaou of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was also not disclosed.
HOUSTON — CBRE has brokered the sale of Gessner Estates, a 659-unit apartment property in Houston. The community offers one- and two-bedroom apartments in flat and townhome formats, as well as amenities including three swimming pools, a clubhouse, business center and picnic area. Located at 8701 Town Park Drive, the complex is in proximity to the city’s Westchase district and the major thoroughfares of Beltway 8, State Highway 59 and the Westpark Tollway. Ryan Epstein of CBRE represented the seller, RB Associates LLC, in the transaction. Phoenix-based investment firm Jevan Capital PLLC, in association with Comunidad Realty Partners, purchased the asset.
ATLANTA — Crescent Communities has begun pre-leasing Crescent Terminus, a 355-unit luxury apartment tower in the mixed-use Terminus development in Buckhead. Crescent Terminus will include rooftop terraces, an outdoor kitchen with a fire pit and grilling stations, zero-edge saltwater pool, pet park, Starbucks Coffee kiosk, fitness center, yoga room and demonstration kitchen. The development is being financed through an equity investment from Crescent Communities and construction financing from JPMorgan Chase & Co. The project team includes architect Lord Aeck Sargent, interior designer Vignette Interiors, landscape architect LandDesign and civil engineer Kimley-Horn. The multifamily property, which is Crescent’s first community in Atlanta, is set to open in June.
TAMPA, FLA. — Hendricks-Berkadia has brokered the $8.9 million sale of Newport Square, a 188-unit apartment community located at 5505 N. Himes Ave. in Tampa. Park Pointe Apartments LLC purchased the property from Monument Real Estate Services LLC. The apartment community was the last part of a three-property portfolio that included Newport Riverside and Newport Pointe. Newport Square was built in 1970 and featues a playground, clubhouse, laundry facility, wading pool and a swimming pool with a sundeck. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented Monument in the transaction.
WASHINGTON, D.C. — Marcus & Millichap has brokered the $3.6 million sale of Capitol Hill Luxury Residences, a six-unit condominium project located on 8th Street N.E. in Washington, D.C. Each unit in the property is approximately 2,500 square feet. Nathan Pealer and Marty Zupancic of Marcus & Millichap’s Washington, D.C. office represented the seller, a subsidiary of a global financial institution, and the buyer, a fund manager.
HOBOKEN, N.J. — Marcus & Millichap has arranged the sale of an apartment property in Hoboken. A private investor sold the property to an undisclosed buyer for $4 million. Located at 834 Hudson St., the four-story, walk-up building offers 18 one-bedroom units. The property recently underwent capital improvements that included upgraded windows, hot water heaters, fire pump and equipment, and laundry equipment. Nat Gambuzza and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller and buyer in the transaction.