WASHINGTON, D.C. — ICG Properties, Castleton Holdings and Capella Hotels and Resorts will begin developing the 48-unit Capella Georgetown hotel in January 2011. The property, which will be located on 31st Street in the Georgetown area of Washington, is set for delivery in January 2012. Construction will involve the redevelopment of an existing five-story commercial building.
PHILADELPHIA — Dranoff Properties has held the grand opening for 777 South Broad, a new rental multifamily community located in Philadelphia's Hawthorne neighborhood. The five-story building features 146,000 one- and two-bedroom loft units as well as 18,000 square feet of ground-floor commercial space. Amenities include a rooftop deck, a clubroom, a fitness center, a conference center and a residents-only bar. The project is applying for LEED-certification, with sustainable features that include high-efficiency HVAC systems, a reflective roof, sustainable and low-emitting interior materials, and low-flow fixtures. The project architect was JKR Partners.
ORLANDO, FLA. — The Fisher Auction Co. and Cushman & Wakefield have completed the $25.9 million bankruptcy sale of 165 condominium units and 8,000 square feet of retail space to an undisclosed buyer. The 375-unit Vue at Lake Eola is located in downtown Orlando. Nine prospective buyers participated in the auction, which had a minimum bid of $20 million.
NEW YORK CITY — Construction is under way for an $27 million affordable housing community located in the Bronx. The Rev. Dr. Fletcher C. Crawford Apartments will consist of an eight-story building located at the corner of Hoe Avenue and East 172nd Street. In addition to providing 84 units housing for low-income families, the building will also contain units for people with mobility and visual impairments. The project will provide 5,300 square feet of outdoor recreation space and an indoor community room. It is the first phase of a three-phase project that is being developed by a joint venture between Union Grove Baptist Church and Macquesten Development. Completion of Crawford Apartments is slated for July 2012.
DALLAS AND HOUSTON — CIM Group has purchased a four-property apartment portfolio totaling 820 units from Gables Residential Corp. for an undisclosed amount. Three of the properties — a 334-unit property, a 103-unit property and a 75-unit property — are located in Dallas. Also included in the sale is the 308-unit Memorial Hills complex in Houston. Gables Residential will continue its property management duties.
WHEATON, ILL. — Des Moines, Iowa-based Life Care Services (LCS) has purchased Wyndemere Senior Living Community in Wheaton. The property’s former owner, Central DuPage Hospital, selected LCS to purchase and improve the community. Located at 200 Wyndemere Circle, the property serves adults in Chicago’s western suburbs. Terms of the acquisition were not disclosed.
STARKVILLE, MISS. — Wood Partners has sold the 240-unit 21 Apartments in Starkville to McKinney Properties for an undisclosed price. The private student housing complex, built in 2006, is located near Mississippi State University and was 98 percent leased at the time of sale. Ryan Reid, national student housing director for CB Richard Ellis, along with Blake Pera of CBRE Memphis, negotiated the sale of the property for Wood Partners. CBRE’s James Tramuto and David Meese provided the debt financing services on behalf of McKinney Properties by securing a 10-year Freddie Mac fixed-rate loan with 2 years of interest-only payments, followed by a 30-year amortization schedule.
SOUTHFIELD, MICH. — Hendricks & Partners has brokered the sales of two North Park Place properties in Southfield. In the first transaction, a private investment group acquired North Park Place (16400 Building), which is located at 16400 N. Park Place Dr. in Southfield. The 79-unit apartment community sold for an undisclosed price. The seller was Philadelphia-based North Park Place Owner A LLC/North Park Place Owner B LLC/North Park Place Owner C LLC. Kevin Dillon of Hendricks & Partners’ Michigan office represented the seller in the transaction. In the second transaction, North Park Place (16300 Building) was sold for $2.2 million to an undisclosed entity. Located at 16300 N. Park Dr., the apartment property offers 127 units. The property was sold through a court-appointed receiver, Troy, Mich.-based The Hayman Company. The seller was Troy-based AG-BR NPP 16300A OWNER LLC/AG-BR NPP 16300B OWNER. Cary Scott Belovicz and Dillon of Hendricks’ Michigan office represented the seller in the transaction.
PITTSBURGH — Pittsburgh-based Grant Street Associates has brokered the sale of a 24-unit apartment property located at 131 Edgewood Ave. in Pittsburgh for $750,000. The six-building property was 85 percent occupied at the time of closing. Michael Sell of Grant Street represented the seller, RSME Holdings. Ned Shekels of Pennsylvania Commercial represented the buyer, Cambridge Court Associates.
NEW YORK CITY — The Jericho Project has received $10.6 million in federal stimulus funding for the construction of a new supportive housing community for veterans in the Bronx. Residence at Kingsbridge will feature 76 units. The community will also provide professional counseling services for returning veterans as well as employment assistance and family reunification services. The building is applying for LEED certification and should be complete in the next 18 months. It will mark The Jericho Project's fifth Veterans Residence community, which are located in the Bronx and Harlem. Additional funding for the Kingsbridge project is coming from the New York City Department of Housing Preservation and Development, Bronx Borough President Ruben Diaz, Jr., and private donations.