CHICAGO — A private investor has acquired Madison Terrace, which is located at 3153 W. Madison St. in Chicago. The 96-unit multifamily property was listed for $3 million. The property features a mix of two-, three- and four-bedroom units in eight buildings. Ralph DePasquale of Hendricks & Partners’ Chicago office represented the seller, Atlanta-based LB Madison Terrace LLC, in the transaction.
PARSIPPANY, N.J. — Gebroe-Hammer Associates has brokered the sale of a rental retirement community in Parsippany for $19 million. Baldwin Oaks is located on 10.5 acres at 299 Baldwin Ave. It consists of two four-story buildings containing 251 units. Amenities include life safety services, a community room, a billiards rooms, a bocce court, a courtyard and on-site parking. The community was fully occupied at the time of closing and currently has a 2-year waiting list. Joseph Brecher and Stehen Tragash of Gebroe-Hammer represented the seller, AIMCO, and the undisclosed buyer.
NEWARK, N.J. — Development plans have been unveiled for what will be Newark's tallest building. One Theater Square will be a 44-story residential building located on 1.2 acres downtown, adjacent to the New Jersey Performing Arts Center. The tower will contain more than 300 units, 20 percent of which will be set aside as affordable housing for artists. In addition, the tower will contain more than 20,000 square feet of ground-floor commercial space for restaurants, cafés, galleries and other retail uses. A partnership between The N.J. Performing Arts Center and Dranoff Properties is developing the project. The New Jersey Economic Development Authority has already awarded the project a $38 million Urban Transit Tax Hub Tax Credit.
COOK, MINN. — Ryan Companies US has completed the construction of Carefree Living – Cook, a senior housing project in Cook. Owned by Spectrum Health Co., the 20,000-square-foot property features 16 assisted-living suites and 13 memory-care units. DJR Architects provided architectural services for the $3.1 million project.
TAMPA, FLA. — Gamla-Cedron Group has purchased 144 units of the 240-unit Promenade at Tampa Palms condominium complex from Guaranty Bank for $6 million. Guaranty had foreclosed on the property, which is located at 16200 Enclave Village Drive in Tampa, in February. T. Sean Lance and John Burpee of NAI Tampa Bay represented the buyer. Marcus & Millichap's Still Hunter represented the bank.
FERGUSON, MO. — Clayton, Mo.-based Oakmont Partners has acquired Oakmont Townhomes in Ferguson. Located at 1624 Northwinds Estates Dr., the 184-unit multifamily community was 89 percent occupied at the time of closing. Blue Valley Apartments sold the property for an undisclosed price. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
JACKSONVILLE, FLA. — A private party has borrowed an $8.43 million acquisition loan for the 400-unit Summer Oak at St. John's Apartments, which was purchased for $12.4 million. The Jacksonville property is currently 85 percent occupied. Freddie Mac financed the loan, which carries a 5.65 percent interest rate. Grandbridge Real Estate Capital arranged the funding.
NEW YORK CITY — Construction is complete for 580 Carroll by Enrique Norton, a five-story, 17-unit residential condominium building located in Brooklyn's Park Slope neighborhood. The condos are a mix of one-, two- and three-bedroom units that range from 744 to 1,400 square feet in size. Prices start at $540,000. Amenities at 580 Carroll include a private 3,500-square-foot garden and an onsite parking garage. Black House Development Co. was the developer for the project and Enrique Norton's TENARQUITECTOS was the project architect. Brown Harris Stevens SELECT is serving as leasing and marketing agent.
NEW YORK CITY — Meltzer/Mandl has been selected to design an affordable housing project in the Hunts Point neighborhood of the Bronx. The eight-story building will be located at 920 Westchester Ave. It will contain 108 two- and three-bedroom apartments, 11,000 square feet of ground-floor retail space, a small medical/ambulatory space and a below-grade parking garage. The project will also be applying for LEED certification. Construction is expected to begin later this year and be complete by 2012. Westrock Development is the developer.
LEWISVILLE, TEXAS — Mike Ortlip of Grandbridge Real Estate Capital's Charlotte, N.C., office has secured an $18.14 million loan for the 270-unit Alta Vista Ridge Apartments in Lewisville. The original loan was refinanced under FHA Section 223(f). The 35-year loan carries a 35-year amortization period.