WEBSTER GROVES, MO. — ARCO Construction Co. has been selected to build the $18 million, 80-unit Provision Living at Webster Groves, a senior housing project located at 45 E. Lockwood in Webster Groves. On-site amenities will include medical, rehabilitation, wellness and retail space. Completion is slated for summer 2012.
LARGO, FLA. — Marcus & Millichap has brokered the $14.3 million, lender-approved short sale of the 444-unit Chaparral Apartments located at 601 E. Rosery Rd. in Largo, Fla., for $14.3 million to a Massachusetts-based partnership. Norman Eastwood of Marcus & Millichap's Dallas office and Tal Frydman of the firm's Fort Lauderdale, Fla., office represented the seller, a Houston-based partnership.
CHICAGO — Chicago-based general contractors Safeway Construction and Weis Builders have completed construction on the 45-unit King Legacy Apartments, an affordable apartment complex in Chicago. The three-story complex contains six retail units on the first floor. The Martin Luther King Fair Housing Exhibit Center is the main retail tenant.
CHESTER, PA. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the $8.5 million sale of 386 units of multifamily property in Chester. The property includes: St. James Gardens, a nine-building, 228-unit garden apartment complex at 314 East 224th St. Renshaw Terrace Apartments, a three-building, 78-unit garden apartment complex at 1300 Renshaw Rd. Willow Gardens, a seven-building, 80-unit garden apartment complex at 1101 Dorian Dr. Joseph Brecher and Eli Kessler of Gebroe-Hammer represented the buyer in the transaction.
NEW YORK CITY — A walk-up apartment building in the Fordham/Little Italy neighborhood in north Bronx sold for $1.325 million. The 14,400-square-foot multifamily property is located at 2503 Hughes Ave. The building features 21 units; all but three have been recently renovated. The sales price was $92 per square foot. Karl Brumback of Massey Knakal had the property listing.
DALLAS — Phoenix-based Hendricks & Partners has facilitated the sale of Lochwood, a 190,000-square-foot multifamily property, at 11117 Lochwood Blvd. in Dallas. Lochwood is a garden-style community built in 1958 and includes 200 units. McKinney-based Live Oak Lochwood bought the property from JPMorgan Chase & Co./En Quernus Holding Corp. Peter Hartnett and Chuck LaBenz of Hendricks & Partners represented the seller.
DENVER – ARA has sold the 40-unit Boulevard Gardens in Southwest Denver to an undisclosed buyer for $2,534,000. The transaction was financed through the Neighborhood Stabilization Program 2. The community was completely renovated and remediated in 2009. Boulevard Gardens is now leasing.
GAINESVILLE, FLA. — The 396-unit The Courtyards, a student housing apartment complex adjacent to the University of Florida in Gainesville, has sold for $16.65 million. Mike Ryals of Bosshardt Realty Services' Gainesville office, along with Dorothy Jackman and Travis Prince of Marcus & Millichap's Tampa, Fla., office represented the undisclosed seller. Ryals also represented the buyer, a Florida-based private investor.
PLAINVILLE, CONN. — 94 W. Main Apartments has purchased 42 apartment units in downtown Plainville for $2 million from a private owner. Located at 94 West Main St., the three-story building has 39 one-bedroom units and three efficiency units. Each one-bedroom unit has between 500-600 square feet of living space, while the efficiency units have 400 square feet. Steve Witten, Victor Nolletti and Eric Pentore, all of Marcus & Millichap, brokered the deal along with Westport, Conn.-based attorney Brad Aron, who represented the buyer, and Southington, Conn.-based attorney Roman F. Garbacik, who represented the seller.
PHOENIX – Alliance Residential Company has sold Level at Sixteenth, a 240-unit, mid-rise infill apartment community, to Cornerstone Real Estate Advisors. The sale was brokered by Hendricks & Partners. Alliance will continue to manage the property.
