HOUSTON — A joint venture between Presidium Group LLC and Nessel Development has acquired Live Oak Bend Apartments, a 252-unit multifamily property in north Houston. Located at 1351 Greens Parkway, the garden-style complex is in proximity to I-45, Beltway 8 and the George Bush Intercontinental Airport. The community offers one- and two-bedroom residences, as well as a swimming pool, basketball court, fitness center and business center. Presidium plans to rebrand the property and upgrade both unit interiors and building exteriors.
Multifamily
AUSTIN, TEXAS — Student housing developer Aspen Heights will break ground this summer on its first conventional multifamily property, a 196-unit high-rise in Austin. The 22-story building, which will be named Aspen Heights after the developer itself, will feature a rooftop pool, fitness center and dog park. Located at the northeast corner of West 8th and Nueces streets, the project is slated for completion by the first quarter of 2016. Locally based Rhode Partners designed the property, and Kansas City, Mo.-based J.E. Dunn Construction Group Inc. will serve as general contractor.
NEW YORK CITY — Eastern Consolidated has arranged for the $126 million sale of The Nash, a 25-story, 191-unit luxury apartment building located at 222 E. 39th St. Following a renovation and repositioning of the property from a hotel to an apartment building, a partnership, led by Atlas Capital, Rockpoint Group and The Procaccianti Group sold the property to Lloyd Goldman of BLDG Management. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller in the transaction, and Ezratty also procured the buyer. Renovations began in early 2013 with leasing starting in August. The building was 70 percent leased at the time of sale.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased a portfolio of three defaulted loans from a local New York lender totaling $17 million. The loans are secured by three different multifamily and mixed-use properties in Brooklyn. The properties include a partially complete mixed-use residential development in Midwood, a 23-unit residential rental property in Red Hook, and a seven-story condominium building in Vinegar Hill.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of Vito Terrace Apartments, a 44-unit multifamily community at 734 Longefellow St. in Washington, D.C. The elevator-served property is located in the city’s Brightwood Park neighborhood south of Parks of Walter Reed, the redevelopment of the former Walter Reed Army Medical Center. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Urban Investment Partners LP, in the transaction. The buyer, Manna Inc., plans to work with property’s Tenant Association to preserve the property’s affordability and make moderate improvements. The sales price was undisclosed.
PROVIDENCE, R.I. — Construction is underway on 257 Thayer, a 267-bed student housing community, developed by Gilbane Development Co. The property will cater to undergraduate and graduate students attending Brown University and Rhode Island School of Design (RISD). It opens January 2015, and according to Gilbane, it is the first off-campus, purpose-built student housing community in Providence. Asset Campus Housing will lease and manage the property. The four-story community, located in the College Hill area, will be a multi-purpose facility that includes retail space on Thayer Street and an underground, heated parking garage with 75 spaces. Community amenities include a clubhouse room with high definition TVs and gaming tables; group study rooms; fitness center; bike storage; high-speed internet and Wi-Fi; and 24-hour resident services.
PHILADELPHIA —Prestige Group Inc. has arranged the $ 3 million sale of Brighton Court Apartments, a 70-unit multifamily building located at 6212 Chestnut St. in West Philadelphia. A private investment group purchased the building from ELW Inc. Jon Mirsky and Michael Weiner of Prestige Group represented the buyer and the seller in the transaction. Built in 1920, the four-story multifamily building was 90 percent occupied and has a strong rental history.
SEATTLE – The 366-unit Lake Washington Apartments in Seattle will undergo a $50-million redevelopment. The 66-year-old complex is located at 9062 Seward Park Ave. South. It is one of Washington’s largest non-government agency operated affordable housing properties. The redevelopment will include improvements to the units’ interiors and exteriors, as well as the installation of energy-efficient appliances. The complex will also receive new community spaces and 13 new units. Construction will begin next month. It is scheduled for completion in the later part of next year. The developer is Bayside Communities and its non-profit partner, SouthEast Effective Development (SEED). Development and financing partners include Citibank, the City of Seattle and the State of Washington. The tax credit equity is provided by R4 Capital. The redevelopment will be undertaken without any new direct taxpayer funding.
AUSTIN AND GEORGETOWN, TEXAS — The LaSalle Group has broken ground on two new seniors housing properties in the Austin metro area. The $10.7 million Autumn Leaves of Northwest Austin, located at 10025 Anderson Mill Road, will specialize in memory care services. The $10.3 million Autumn Leaves of Georgetown, situated at 3600 Williams Drive, will total 26,000 square feet and include approximately 50 units. Both facilities will feature the Vigil System, a motion-sensor program, in each resident room. The LaSalle Group currently owns and operates 36 properties nationwide under its Autumn Leaves brand.
ALPHARETTA, GA. — The Connor Group has sold Addison Place, an apartment community in Alpharetta, an affluent suburb of Atlanta. The Connor Group sold the asset to Resource Real Estate for $70.5 million, making it the largest sale in The Connor Group’s history. The Ohio-based investor purchased the apartment community in 2008 for $60 million.