JACKSONVILLE, FLA. — David Hsieh of Marcus & Millichap’s Jacksonville office has represented a private party in the $4.35 million sale of 51 rental condominiums in the Reserve at James Island complex to an undisclosed buyer. The 354-unit property is located at 10961 Burnt Mill Rd. in Jacksonville. The Reserve was converted to condominiums in 2006, and this transaction marks the sale of the property’s remaining units. Andy Neiswenter of Marcus & Millichap’s Miami office represented the buyer.
HACKENSACK, N.J. — Hillside, N.J.-based P&F Managment Co. is completing the environmental remediation of the former Eval Oil Terminal in Hackensack in preparation for the construction of a new residential community. The 3.75-acre land site is located at South River Street and Shafer Place. P&F purchased it from the city of Hackensack in 2007 and will be partnering with the city for the redevelopment. The environmental remediation of the former oil storage site is expected to cost $3 million. P&F plans to begin construction in 2010 for a multi-story 144-unit residential project.
IRVING, TEXAS — MB 35 LLC has completed the renovation of the former Cheyenne Apartments located in Irving. The 103-unit community, which has been renamed Casa del Sol Apartments, was purchased by MB 35 in 2007, with renovations beginning shortly thereafter. The more than $600,000 construction project included energy-efficient upgrades to the plumbing and HVAC systems, the remodeling of all units, a new roof and the installation of 30,000 square feet of radiant barrier in the attic. Occupancy has increased to 99 percent for the property.
HOUSTON — NorthMarq Capital has arranged two loans for a total of $16.56 million. In the first transaction, John Burke of NorthMarq's Houston office secured $10.56 million in first-mortgage financing for Briarwood Apartments, a 351-unit multifamily property located in Houston. The loan includes a 10-year term with a 25-year amortization schedule. The borrower is Briarwood Partners LP and the lender is AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. In the second transaction, Burke secured $6 million in first-mortgage funds for the refinancing of Kirkwood Shopping Center, also in Houston. The property totals 59,504 square feet and is occupied by a tenant roster that includes Davita Dialysis, Charlotte's Saddlery, Starbucks Coffee and Wayne's Carpet. The loan carries a 9-year term with a 20-year amortization schedule. The borrower was an individual investor and the lender was Symetra Life Insurance Co.
COUNTRYSIDE AND HANOVER PARK, ILL. — Skender Construction’s Mixed-Use|Residential Group, serving as general contractor, recently broke ground on two projects in the Chicago region. The first project is Countryside Senior Apartments, a 58,000-square-foot senior independent living facility located on Joliet Road in Countryside. The four-story 70-unit property features parking for 100 vehicles and an exterior of brick veneer walls and composite metal. Completion is slated for fall 2010. Mercy Housing is developing the project, which was designed by Worn Jerabek Architects. The second project is Church Street Station, a three-story skilled nursing home located on Lake Street in Hanover Park. The 77,000-square-foot facility features 150 beds. Completion is also slated for fall 2010. SAS Architects and Planners is providing architectural services for the project, which is being developed by Church Street Station Properties.
DALLAS — Completion is nearing for Churchill Estates at Lake Highlands, a 175-unit senior housing community located at 8501 Lullwater Dr. in Dallas. Amenities for the community include a wellness center and library, a movie studio, a billiards rooms, a fitness center and an art studio. Dining options include two dining rooms, a bistro and a wine room. The community is currently open to residents, along with some of the amenities; the entire project should be finished by late 2009. Churchill Residential is the developer of Churchill Estates. Galier, Tolson, French Architects designed the project, with KWA Construction serving as general contractor. Faulkner Design Group is the interior designer.
MIAMI BEACH — Marcus & Millichap has brokered the sale of the 24-unit La Paloma Apartments complex between two private parties for $1.21 million. Located at 1949 N.E. 172nd St. in Miami Beach, the three-story property was built in 1964. Evan Kristol and Still Hunter, III, of Marcus & Millichap’s Fort Lauderdale, Fla., office and Andrew Jordan, Dew Kristol and Kirk Olson of the firm’s Miami office represented the seller. Paul Nudelman of the firm’s Miami office assisted Jordan in representing the buyer.
HOUSTON — Marcus & Millichap has brokered the sale of Streamside Place, a 201-unit apartment community located in Houston. The property was constructed in 1984 and is located at 5335 W. Gulf Bank Rd. Will Balthrope and Tommy Lovell of Marcus & Millichap's Dallas office, along with Jeffrey Fript of the firm's Houston office, represented the seller, a private investor. The trio also represented the buyer, a limited liability company. The acquisition price was not disclosed.
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.