MACON, GA. — McShane Construction Co. has completed the $9.5 million redevelopment and renovation of the 100-unit Felton Homes Apartments, an affordable housing community located at Felton Avenue and Sessions Drive in Macon, for Felton Parters LP on behalf of the Macon Housing Authority. The renovation included new entryways, porches, roof lines, energy efficient windows and new siding. The interiors received low-flow plumbing fixtures, energy efficient heating and air conditioning and Energy Star rated light fixtures and appliances. The project was constructed in compliance with Enterprise Green Communities standards. HUD funded the project through the American Reinvestment and Recovery Act. Private revenue from a bond issuance and LIHTC supplemented the funding for the project. Brittain Thompson Bray Brown provided architectural services.
LOMPOC, CALIF. – Marshalls has leased 24,050 square feet at the Lompoc Shopping Center. It will join other notable retailers such as Petco, Staples, Vons, Michael’s and Pier 1. Marshalls was represented by Anthony Mansour of The Clover Company. The Lompoc Shopping Center is owned by Brixmor Property Group.
DENVER – The 22-unit Central Denver apartment building located at 1160 Colorado Blvd. has sold to an unnamed buyer for $1,645,000, or $74,772 per unit. The property was built in 1946 and has undergone significant capital improvements. The buyer was represented by Jeff Johnson and Matt Ritter of Pinnacle Real Estate Advisors in Denver. Cinema Realty’s Kary Ohan represented the seller, who was also unnamed.
CUMMING, GA. — Choate Construction Co. has broken ground on the first phase of the $27 million Villas at Canterfield, a seniors housing community located 745 Atlanta Rd. in Cumming. The first phase includes 91 assisted living units, and the second phase will include 84 free-standing independent living villas and senior apartments. Amenities will include a library, salon, parlor, exercise room, transportation, arts and crafts room and a multi-purpose theater and presentation center. Medical Development Corp. is developing the property and The Corcoran Ota Group is the architect.
TUSCALOOSA, ALA. — The 56-unit Chastain Manor, an affordable housing senior community located at 381 34th Ave. E. in Tuscaloosa, has re-opened. The property was destroyed in the tornado that touched down in Tuscaloosa in April. Although the first residents have moved back in, full completion is slated for early 2012.
HOUSTON — ARA has brokered the sale of a 3.17-acre infill site, located on South Post Oak Lane in Houston's Galleria submarket, for an undisclosed price. A 78-unit multifamily development at the site will be demolished for the development of a new 270-unit multifamily community. David Marshall and Tim Dosch of ARA's Houston office represented the seller, the Hunnicut Family, in the sale. The buyer was Newport Beach, Calif.-based The Greystone Group.
SAN FRANCISCO — Klingbeil Capital Management (KCM) has sold a two-property multifamily portfolio that is based in San Francisco. The assets were sold in December as a portfolio transaction. The first property was the 40-unit Noe Peak Apartments in San Francisco’s Noe Valley neighborhood. The apartment community has received more than $1.1 million of improvements over the past two years. The second property was the Eddy Street Apartments, which resides in the Tenderloin district.
BETHESDA, MD. — Equity Residential has acquired the 122-unit Chase at Bethesda Metro, an apartment high-rise located at 4903 Edgemoor Ln. in Bethesda. Dean Sigmon and Robin Williams of Transwestern's Bethesda office represented the seller, a joint venture between Rockwood Capital and ROSS Development & Investment, in the transaction.
SALISBURY, MD. — Brick, N.J.-based Tryko Partners has purchased the 209-unit Pemberton Manor Apartments, located at 1020 Fairground Dr., from HUD for $4.8 million at an auction. The company will invest approximately $1 million in capital improvements, including new doors, upgraded appliances, new carpeting in many units, fresh paint, updated landscaping and repaving.
HOUSTON — CBRE has arranged $34 million in permanent financing to refinance debt on the 680-unit Abbey at Briar Forest, a Class B apartment community located at 11655 Briar Forest Dr. in Houston. Glenn Housman of CBRE's Orlando, Fla., office arranged the financing with a 7-year fixed rate through Freddie Mac on behalf of the borrower, Birmingham, Ala.-based Abbey Residential.