HOUSTON — Greg Austin and Chip Nash of Jones Lang LaSalle’s Houston office have been hired to market the 285,000-square-foot Legends at Cinco Ranch in Houston for Dallas-based Sterling Investco, a multifamily developer. The 260-unit community in Houston’s Energy Corridor is expected to fetch in excess of $40 million. The firm has also been hired to secure $8 million in construction financing for Phase II of the project. Phase I has recently been completed and Phase II will break ground this summer.
MINNEAPOLIS — Dominium executed a purchase agreement with BNC Bank, who currently owns the Pillsbury Lofts. The landmark Pillsbury Mill site is located across the Mississippi River from downtown Minneapolis and will be the site for affordable live-work housing. The development will consist of approximately 240 apartments located throughout three of the historic buildings — A-Mill, South Mill Complex and Warehouse No. 2. The timeline for construction on this adaptive reuse project is approximately 14-16 months. The project team is Dominium and the team lead is Owen Metz. The developer of the project is BKV Group.
BLOOMINGTON, MINN. — United Properties and StuartCo have broken ground for Genesee Apartments & Townhomes at Penn & American, a multi-phase, mixed-use development combining retail, restaurants and high-end apartments. The first phase will include construction of 212 apartments and 22 townhomes developed by StuartCo., and 14,000 square feet of retail and restaurant space developed by United Properties. All buildings in this phase will be complete by September 2012. Frana Co. is the general contractor for the project.
ZIONSVILLE, IND. — A joint venture between Richmond, Va.-based McCann Realty Partners and Boca Raton, Fla.-based Silver Capital has acquired Quail Run Apartments, a 166-unit apartment community located in The Indianapolis suburb of Zionsville. Constructed in 1972, the community contains predominantly two-bedroom, 1,200-square-foot townhome apartment units. In the near term, the new owners plan to complete a three-year capital improvements program that will include new amenities and upgraded unit interiors. The purchased was funded in part by a 10-year Fannie Mae loan carrying a 5.29 percent fixed interest rate. The seller's name and the sale price were not released.
NORTH CANTON, OHIO — Hendricks & Partners has brokered the REO sale of a North Canton apartment community. Willow Creek is a 36-unit property located at 8050 Cleveland Ave. NW. Constructed in 1998, the garden-style community comprises 12 one-bedroom and 24 two-bedroom units. Occupancy was 95 percent at the time of closing. Lancaster, Ohio-based LFG Properties purchased the property for $1.2 million. The seller was Willoughby, Ohio-based Property One Management, which was acting as receiver for Huntington National Bank. Eric Taylor of Hendricks & Partners' Michigan office represented both parties in the deal.
DANBURY, CONN. — Phoenix Realty Group and Paredim Partners have acquired a 192-unit Hillcroft at Danbury for $27.65 million. Paredim’s upgrades are expected to be $1 million and will focus on landscaping, open spaces, apartment finishes, expansion of the fitness center and covered parking. These upgrades are scheduled to be completed in 12 to 18 months. Marcus & Millichap represented the seller, Fairfield Hillcroft, in the transaction.
CHATHAM, N.J. — Marcus & Millichap has arranged the sale of the 10,200-square-foot Chatham Apartments located in Chatham. The asset sold for $1.7 million and consists of 10 residential apartment units and two commercial units. Kevin McCrann and Thomas McConnell of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, New Jersey-based Sunrise Center Street Corp., and secured the buyer, Chatham Center.
SAN ANTONIO — BPG Properties, Ltd. has sold Madison at Pipers Creek, a 292-unit multifamily community in San Antonio. It is a mixture of one-, two- and three-bedroom garden-style apartments offering nine different floor plans. BPG acquired Madison at Pipers Creek in 2003 as part of a $240 million portfolio acquisition of 17 multifamily communities across Texas, Colorado and Arizona from DEC Investment Group.
LONG BEACH, CALIF. — New Hope Home, a 140-unit senior housing development in Long Beach, has undergone a significant renovation thanks to Boston Capital. The real estate investment and advisory firm executed the rehab with tax credit equity from the Low Income Housing Tax Credit program. The eight-story New Hope Home features 84 studios and 56 one-bedroom units that are available to seniors ages 62 and older who earn less than 60 percent of the area's median income.
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Golden Living Centers of Kenosha, a 97-unit senior housing property located in Kenosha for $3.95 million. The property traded for approximately $500,000 above the asking price despite the expiring lease of the tenant, a national nursing home company. Mark Myers of Marcus & Millichap's Chicago office and Ray Giannini of the firm's Milwaukee office, both of whom are also members of the firm's National Seniors Housing Group, arranged the deal. Matt Fitzgerald of Marcus & Millichap's Milwaukee office provided additional representation.