DOTHAN, ALA. — Corvias Campus Living, a privately owned real estate company, will construct and manage three residential apartment buildings for the Alabama College of Osteopathic Medicine (ACOM) in Dothan. It is the company’s first student housing project and will include three 30,864-square-foot buildings with 117 bedrooms and a 3,000-square-foot clubhouse. The on-campus residences will open in July 2013, welcoming ACOM’s inaugural class of 150 students. The college’s mission is to address the critical need for primary care physicians to serve the rural and medically underserved areas of Alabama. Corvias has a Dothan office and has been responsible for military housing at Fort Rucker in Alabama since 2006.
PHOENIX – The 548-unit La Palma apartments in Phoenix has sold to Weidner Investment Services for $30.1 million. The community is located on West Bell Road. It is 90 percent occupied. The seller, LAP LLC, was represented by John Cunningham and Charles Steele of Jones Lang LaSalle’s Capital Markets. They were assisted by Darcy Miramontes, Diane Miramontes and Kip Malo of the firm’s San Diego office.
CORTE MADERA, CALIF. – The Preserve at Marinin Corte Madera has begun a $32.6-million renovation. The renovation will add 126 luxury apartment homes to the project, and will upgrade its seven buildings. The project is set to be completed in the third quarter of 2014. The Preserve at Marin, formerly known as Madera Vista, was recently purchased byApartment Investment and Management Company (Aimco).
CRYSTAL, MINN. — Oak Grove Capital has arranged a $10.4 million Fannie Mae loan for Heathers Manor, a 78-unit assisted living facility in Crystal. Bill Kaufman of Oak Grove arranged the 10-year loan on behalf of the borrower, Life Care Cos.
SEATTLE – The 85-unit Soundview Apartments in West Seattle has received $7.5 million in financing. The community is located on California Avenue SW near the West Seattle Junction. It is fully leased. The seven-year loan boasts a 30-year amortization period. It was arranged by Mike Wood and Andrew Patterson of NBS Financial Services.
MIAMI — The 56-unit Opera Tower, a downtown Miami condominium complex rising above Biscayne Bay, is undergoing a $1.2 million building enhancement program. The redesign includes updates to the recreational room, lobby and pool deck, and is set for completion by the end of the first quarter of 2013. South Florida-based Tibor Hollo, Opera Tower’s original developer, is leading the redesign. Residences at Opera Tower feature stainless steel appliances, European gourmet kitchens, luxurious baths and granite countertops. Amenities include full-time security, concierge services, garage parking and a state-of-the-art fitness center.
EAST LANSING, MICH. — Arbor Commercial Mortgage has arranged an $8.1 million FHA 223(f) loan for Glenwood Apartments, a 138-unit multifamily property in East Lansing. The 35-year refinance loan amortizes on a 35-year schedule. The garden-style property primarily targets students from nearby Michigan State University.
BOSTON — Suffolk Construction has broken ground on the second phase of The Homes at Old Colony, a multifamily redevelopment project in South Boston. The $50 million project will include the demolition of 223 distressed units and the construction of 169 affordable rental units. Prior to the redevelopment, the Old Colony public housing was the most physically distressed property in the Boston Housing Authority's portfolio. As a result, the BHA developed a master plan and received $44 million in federal funding to move the project forward. Phase I featured the demolition of 164 deteriorated units and construction of 116 new affordable housing units. Beacon Communities Development is the project developer and The Architectural Team is providing design services.
DUMONT, EAST RUTHERFORD, N.J. — Gebroe-Hammer has arranged the sale of two multifamily properties totaling 108 units in Bergen County. The larger transaction was the $12.3 million sale of the 84-unit Station Square Apartments at 351 Van Winkle St. in East Rutherford. The five-building garden apartment complex was built in 1960. Debbie Pomerantz of Gebroe-Hammer represented the buyer in the transaction. She and Nicholas Nicolou, also of Gebroe-Hammer, represented the seller. In Dumont, Gebroe-Hammer's Greg Pine arranged the $2.7 million sale of 24 one-bedroom units at 34-38 Grant Ave. Pine exclusively represented the out-of-state seller and procured the buyer, a long-time Gebroe-Hammer client.
VORHEES, N.J. — A partnership between Candlebrook Properties and Gordon & Co. has acquired Echelon Glen Apartments, an 884-unit community in Vorhees. Situated on 56.3 acres, Echelon Glen is the largest apartment community in the Vorhees market. Amenities include a central lake, clubhouse, swimming pool and courtyards. Karen Iman, Andrew Merin and Brian Whitmer of Cushman & Wakefield represented the institutional seller. They also procured the buyer.