ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $1.82 million sale of the 50-unit Crescent Lake, a multifamily property located at 1801 5th St. N. in St. Petersburg. Michael Donaldson of Marcus & Millichap's Tampa, Fla., office represented both parties in the transaction.
BOSTON — Construction crews have broken ground on Waterside Place, a 20-story residential tower in Boston. The $120 million, mixed-use project will include 236 apartment units and 10,000 square feet of ground-level retail space. The project will be designed to achieve LEED Sliver certification. The Drew Co. is developing the tower and Commercial Construction Consulting is the project manager. TRO Jung/Brannen will serve as the architect. Suffolk Construction was recently selected to manage the construction. The tower is slated for completion in September 2014.
ROUND ROCK — Austin-based TRISUN Healthcare, a subsidiary of Harden Healthcare, has opened the new 90,000-square-foot Wyoming Springs Assisted Living and Memory Care facility, located at 7230 Wyoming Springs Drive in Round Rock. The property features 102 assisted living units, 32 of which are dedicated to memory care residents. Prevarian Senior Living designed and built the seniors housing facility, which features a spa, exercise room with classes, a library with computers, a theater, wine bar, gardening spot and a playground for visiting children. The facility also includes an on-site barber, beauty salon, country store, an on-site chaplan and TRISUN's Signature Dining Service.
HAWTHORNE, CALIF. – A 24-unit apartment building in Hawthorne has sold to an unnamed buyer for $1,975,000. The community is located at 13407 Cordary Ave. It was built in 1966. The seller, an individual/personal trust, was represented by Jonathan Nikfarjam of Marcus & Millichap’s West Los Angeles office.
WEST HOLLYWOOD, CALIF. – A seven-unit apartment community in West Hollywood has sold to Waterproofing Experts for $1.2 million. It is located at 1010 N. Spaulding Ave. The property was built in the 1950s and has been completely renovated. It is fully occupied. Waterproofing Experts was represented by Shlomo Shabtaywith NAI Capital’s Encino office. The sellers, Julius Jansco & Susan Jansco, were represented by J. Richard Leyner, Michael Sharonand John Aquino, also with NAI Capital’s Encino office.
ELON, N.C. —Elon University has selected Choate Construction Co. to build the private college's 249,416-square-foot Global Village project in Elon. The development will include five residence halls with 600 beds and a 30,000-square-foot commons building, containing the Isabella Cannon International Centre, classrooms, faculty offices, study rooms and large gathering spaces. Spillman Farmer Architects is the architect for the project. Construction is scheduled to begin in late July with phased delivery dates in August 2013 and August 2014.
HOLLYWOOD AND LIBERTY CITY, FLA. — Link Construction Group has finished two affordable housing developments totaling $12.2 million, located in Florida. In Hollywood, the firm completed the $5.2 million, 33-unit City of Hollywood Wiley Street Redevelopment project. The City partnered with Libreria Economic and Social Development to develop the property, which Frank Costoya Architects designed. Also included in the construction was a community center. The company also finished the $7 million, 60-unit Parkview Gardens, located at 1475 NW 61st St. in Liberty City. Parkview Gardens LTD developed the project, which Siskind Carlton and Partner designed.
DURHAM, N.C. — Phillips Development & Realty has secured a $26.7 million construction loan to develop the 292-unit Phillips Research Park Apartments in Durham. The 40-year, fixed-rate loan was funded through CBRE HMF, using HUD's 221(d)(4) financing program. LandSouth Construction is the general contractor for the project. The first units are slated for completion in spring 2013 with full completion scheduled in September 2013.
CHARLOTTE, N.C. — Red Mortgage Capital has financed a $21.18 million FHA insured mortgage loan for the 164-unit 330 West Tremont Apartments in Charlotte. The four-story apartment building, which will be located above a two-level parking deck, is slated for completion in 2013. Boykin Management Co. has a majority interest in the project, and is working with The Boulevard Company to develop the project.
NEW YORK CITY — Steiner Studios has purchased 142 North 6th St., also known as the Jardin building, for $38 million. The 44-unit apartment building is fully occupied and rents average $53 per square foot. The Jardin was originally designed as a condominium property, however, during construction, developers decided that rentals would be a better move in the market. Amenities include a fitness center, landscaped courtyard and on-site parking. David Behin of MNS represented both the buyer and the seller, Read Property Group, in the transaction.