VENTNOR, N.J. — PRDC and Pelican Properties have broken ground on The Waves, a $25 million residential project in Ventor, located about 60 miles south of Brick. The development includes 27 luxury residences. Prices for the residences start at $749,000 for a 2,600-square-foot beach block property and $1.2 million for a 2,800-square foot oceanfront residence. The Waves will be developed on a parcel that is occupied by the vacant and deteriorating Monaco Motel.
FREEPORT, N.Y. — Ariel Property Advisors has arranged the sale of two multifamily buildings in Long Island, totaling 112 units, for $10.2 million. The sales price translates to approximately $91,000 per unit and $102 per square foot. The properties are located at 160 Guy Lombardo Ave. and 30 Wallace St. in Freeport. Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors served as agents for the seller, a real estate investment group. Matt Albano of GCP Capital Group LLC represented the buyer, a multifamily owner-operator based on Long Island.
ALEDO, ILL. — Cornerstone Core Properties REIT Inc. (Core REIT) has acquired a 66-unit assisted living facility in Aledo, located about 25 miles south of Davenport, Ill., for $8.6 million. Built in 2006, the facility is 95 percent occupied. An affiliate of Meridian Senior Living operates the seniors housing property under a triple-net lease. Meridian currently operates more than 100 facilities in 12 states.
SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
HOLLYWOOD BEACH, FLA. — Liberty Grand LLC has broken ground for Costa Hollywood, a 307-unit luxury condominium project located at 777 N. Ocean Drive in Hollywood Beach. The units will feature seven floor plans in studio through two-bedroom layouts ranging in size from 400 to 1,500 square feet. Residences feature private glass-railed terraces with oceanfront views. Community amenities include butler service, a rooftop pool, a cigar lounge, a day spa and a gym. Units are priced from $220,000 to $800,000. Completion is slated for spring 2015.
CREST HILL, ILL. — Marcus & Millichap has arranged the sale of 1500 Pioneer Road, a 16-unit apartment property in Crest Hill, about 35 miles southwest of Chicago, for $1 million. Adam Fortino, Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Engle and Fortino. The apartment property includes four studios and 12 two-bedroom units spanning approximately 500 to 850 square feet respectively. The property has undergone many recent capital improvements including a brand new roof and privacy fence.
SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
RESEDA, CALIF. – The 138-unit Villa La Paloma in Reseda has sold to La Paloma LLC for $14.5 million. The community is located at 7722 Reseda Blvd. in the Los Angeles submarket. The seller, 1439 Curson Partners LP, was represented by Jeff Louks of Marcus & Millichap’s Encino office.
CHULA VISTA, CALIF. — The 55-unit Vista Pacific Villas in the San Diego submarket of Chula Vista has sold to Masaaki Shintaku for $9.6 million. The community is located at 1035 Fourth Ave. Masaaki Shintaku was represented by Norio Kanai of Cosmo Investments. The seller, Vista Pacific Villas, L.P., was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
LOUISVILLE, KY. — PRG Investments has brokered the sale of Colonial Oaks Apartments, a bank-owned multifamily property located at 101 Colonial Oaks Court in Louisville. The Class C community contains 192 units in nine buildings as well as a clubhouse. PRG’s Reed Winberg and Fred Sutterlin represented the seller. The buyer was a New York-based investment firm.
