Multifamily

BLOOMFIELD, CONN. — Construction is under way on Mallory Ridge, a 78-unit, Class A multifamily community in Bloomfield, a northern suburb of Hartford. The $13 million development was designed by Norristown, Pa.-based BartonPartners and includes four buildings, fitness center and pool. New England Construction will serve as the construction manager. The developer is Martin J. Kenny of Lexington Partners LLC. Monthly rent is estimated to range from $1,450 to $1,700, according to the Hartford Courant.

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WATERBURY, CONN. — Washington Trust’s Commercial Real Estate Group has provided $1.7 million in acquisition financing to EP Apartments LLC for 42 units at East Pointe Condominiums, a 64-unit condominium complex located in Waterbury, about 33 miles south of Hartford. Various investors own the other 22 units. The 42,500-square-foot apartment complex is located at 42 Gayridge Road and is within close proximity of I-84.

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LOS ANGELES — The Metro at Chinatown Senior Lofts, a 123-unit affordable senior housing property, has opened in Los Angeles’ Chinatown district. The $43-million property is located at 808 North Spring Street. The property contains two integrated structures, a seven-story building constructed in the 1920s, and a nine-story building constructed in 1916. The transit-oriented development is adjacent to Los Angeles County Metro’s gold line and it’s Chinatown Station. Leasing commenced this past January. The Metro is already 80 percent occupied. The property was developed by Meta Housing Corporation and Western Community Housing, which also served as the managing general partner.

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DENVER — Consumer Capital Partners (CCP) has teamed with FrontRange Capital Partners to invest in the ownership and operation of 35,000 apartment units nationwide. Denver-based CCP is hoping this new partnership will diversify and strengthen its portfolio of brands and investments. CCP currently owns the successful Smashburger chain. FrontRange Capital’s specialty is owning, managing and repositioning apartment complexes.

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VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.

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DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.

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MARIETTA, GA. — 58 Twelve LLC has acquired a 304-unit distressed apartment property, Notting Hill Apartments, in Marietta for $5.3 million. The property was originally constructed in 1972, with renovations occurring in 2008 to update the apartment interiors. Located at 750 Franklin Road, the property was 30 percent occupied at the time of sale. The Commercial Real Estate Specialists listed the property for the seller, City National Bank/FDIC. Colliers International of Phoenix referred the buyer, which was represented by its local attorney.

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MINEOLA, N.Y. — Mineola Properties LLC, an affiliate of Lake Success-based Lalezarian Properties LLC, will construct an $85 million apartment complex in Mineloa, located about 25 miles west of New York City. The 315-unit apartment building will replace the aging former KeySpan headquarters at 250 Old Country Road. Construction of the apartment complex is expected to take about two years, create 200 full-time construction jobs and result in the creation of 20 permanent full-time jobs. Of the 315 units, 32 will be leased to eligible families and individuals under an affordable housing program sponsored by the Village of Mineola. The former KeySpan building will be demolished later this spring.

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VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.

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DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.

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