CHICAGO — Marcus & Millichap has arranged the $1.2 million sale of a 14-unit apartment property at 6760-6774 W. Raven St. in Chicago's Norwood Park neighborhood. The building contains a mix of four, one-bedroom units with eat-in kitchens and 10, one-bedroom units with separate dining rooms. James Clough and Joe Smazal of Marcus & Millichap represented the seller, an individual trust, in the transaction. They also secured the buyer, a private investor.
PHILADELPHIA — Beech Street Capital has arranged a $10.9 million Fannie Mae loan for the refinancing of a four-property apartment portfolio, totaling 230 units, in Philadelphia. Avi Weinstock and Chaim Tessler of Meridian Capital Group originated the seven-year loan. The properties were constructed in the 1950s and 1960s and major renovations have been completed in the past five years. Each property is fully occupied.
BROOKLINE, MASS. — Thirty 2 Rutland LLC has acquired 1592 Beacon St., a four-unit apartment building in Brookline. The four-story property was constructed in 1909 and is located near Brookline's Washington Square. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman Investment Services Group represented the sellers, Avraham and Madalyn Frydman, in the transaction. They also procured the buyer.
PEARLAND AND KATY — A joint venture between McFarlin Group and Stroud Development have plans to build Orchard Park of Katy and Orchard Park of Pearland, two memory care/assisted living facilities that will serve 97 residents each. Orchard Park of Katy will break ground in October and be open for occupancy in late 2013. Amegy Bank of Texas will finance the facility's construction. Orchard Park of Pearland will break ground in the first quarter of 2013 and be open for occupancy in late 2013. HUD will finance the facility's construction through its 232 LEAN program. Bedford-based Galier, Tolson and French Design Associates designed the facilities, which will feature landscaped courtyards, private dining amenities, special events venue, fitness/wellness areas, therapy rooms and salons. Meridian Seniors Living will operate both facilities.
SEATTLE — Resmark Apartment Living and Intracorp have formed a joint venture to develop two urban apartment communities in Seattle’s northeast region. This will include a 161-unit community in the University District at 4545 8thAve. and a 112-unit community at 1020 Northeast 63rdStreet. Construction is expected to begin on both apartments in the first quarter of 2013.
HYATTSVILLE, MD. — Grady Management has broken ground on the 283-unit 3350 at Alterra, a luxury mid-rise multifamily building, located along Toledo Terrace in Hyattsville. Amenities will include a cyber cafe, lounge, game room, pool and fitness center. The project is the first phase of a mixed-use planned redevelopment.
ST. ANTHONY, MINN. — Dougherty Mortgage has arranged a $34 million loan for the refinancing of The Landings at Silver Lake Village, a 263-unit apartment property in St. Anthony. St. Anthony Leased Housing Associates was the borrower. Dougherty arranged the 35-year loan through the HUD 223(f) program. Dominium Development and Acquisition, an active real estate developer, owns and developed the project in 2006.
BETHLEHEM, PA. — Salmanson Capital has acquired an off-campus student housing portfolio adjacent to Lehigh University in Bethlehem for $15.2 million. The company purchased the 50-building portfolio in an off-market transaction. The sale includes a mix of apartment buildings and townhouses totaling 108 units, with 394 beds, which are within blocks of campus. The seller was a local owner. The new owner plans to rebrand the buildings as Campus Hill Apartments and will begin a $2 million improvement plan to complete kitchen and bathroom renovations in all of the units.
KATY, SCHERTZ AND CEDAR PARK — PinPoint Commercial and Thrive Senior Living have plans to develop three assisted living/memory care facilities in Texas, including The Legacy at Falcon Point in Katy, The Legacy at Forest Ridge in Schertz and The Legacy at Crystal Falls in Cedar Park. The 104-bed Falcon Point facility is scheduled to break ground before the end of the year, the 120-bed Forest Ridge facility is slated to break ground in early 2013 and the 90-bed Crystal Falls facility is also slated to break ground in early 2013. The three facilities are part of a five-property portfolio being constructed with a total development budget of more than $80 million.
HOUSTON — The LaSalle Group has plans to break ground on the $11.2 million Autumn Leaves of West Houston, a 26,000-square-foot memory care/assissted living community that will be located at 1725 Eldridge Parkway in Houston. The project is slated to provide 200 jobs and will be the eighth Autumn Leaves community in the Houston area.
