LARGO AND WINTER SPRINGS, FLA. — Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office have arranged two multifamily sales for a total of $30.6 million. The 278-unit Waterchase, located at 401 Rosery Rd. NE in Largo, sold for $14.75 million. Whitaker and Warren represented Largo Westmarc LP., the seller, in the transaction. The buyer was Chicago-based Westdale Investment Partners. The 208-unit Chatham Pines, located at 1020 Chatham Cir. in Winter Springs, sold for $15.85 million. Whitaker and Warren represented Chatham Pines Apartments LLC, the seller, in the transaction. Seminole-Winter Springs Associates purchased the property.
FORT LEE, N.J. — Developer BNE Real Estate Group has broken ground on Twenty50, a $70 million luxury residential building in Fort Lee. The 12-story building, located at 2050 Central Rd., will include 194 one- and two-bedroom rental units. Amenities will include resident lounges and an outdoor pool. The building was designed by Lessard Design Group and is slated for completion in September 2013.
PHOENIX — Colliers International of Greater Phoenix has sold the 26-unit Metro 1 Townhomes and 64-unit Casa Nueva apartment community in two separate transactions for a combined total of $5,475,000. Metro 1 sold to Calista Real Estate, LLC for $3,375,000 from IMH. The transaction included 22 units that were acquired as fee simple and three units acquired by notes secured by the individual units. Casa Nueva was sold to California Capital Real Estate Advisors for $2.1 million from ATC Realty One, LLC. Colliers’ Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented the buyers and the sellers of both transactions.
BOCA RATON, FLA. — Archstone has purchased the 252-unit Vinings at Town Center, an apartment community located at 5881 Town Bay Dr. in Boca Raton, from AEW Capital Management for $42 million. The buyer plans to renovate the amenities and units during the next year, and the property will be renamed Archstone Boca Town Center. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented the seller in the transaction.
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.