FORT WAYNE, IND. — CB Richard Ellis’ Phoenix, Indianapolis and Chicago Multi-Housing groups have brokered the sale of two apartment communities in Fort Wayne. The properties sold include Stone Pointe Village Apartments, which is located at 530 Ridgemoor Dr., and Versailles on the Lake, which is located at 6501 Reed Rd. The 296-unit Stone Pointe Village Apartments was purchased by Mid-America Management Corp., while the 156-unit Versailles on the Lake was acquired by Chicago-based JRM Associates. CB Richard Ellis represented the seller, AIMCO, in both transactions. The acquisition prices for both properties were not disclosed.
Multifamily
BOSTON — Four projects, totaling more than $75 million in private investment, received approvals from the Boston Redevelopment Authority’s Board of Directors. The individual projects include: Seaport Square’s First Residential Building — Known as Parcel A, this $40 million project is one of 20 parcels that comprise the Seaport Square Project, located on the South Boston Waterfront. The 54,400-square-foot, six-story building will include 34 residential units. It will feature one-, two-, and three-bedroom floor plans and ground-level retail space. The joint venture of MS Boston Seaport and Boston Residential Group is developing Parcel A. Construction is scheduled to begin second quarter 2009, with an estimated completion date in fourth quarter 2010. Fenway Residential Project — This $20 million project will bring 45 residential units to the East Fenway neighborhood of Boston. The 47,000-square-foot building will consist of nine floors. Catamount Westland is developing the property, which will feature loft-style and two-bedroom units. Construction is scheduled to begin third quarter 2009, with an estimated completion date in first quarter 2011. Beacon Hill Project — Originally designated as residential and retail space, developer Talanian Realty recently decided to scratch those plans in favor of a $9.5 million, five-story office building with ground-level …
BEAUMONT, TEXAS — Hendricks & Partners had negotiated the sale of Park Shadows Apartments, a 150-unit, Section 8 multifamily community located at 1075 Pinchback Rd. in Beaumont. The buyer is Plymouth, Minn.-based Beaumont Leased Housing Associates I LP, which is controlled by Dominium Acquisitions. The company plans to complete substantial improvements to the property over the next 12 months. The purchase was part of a three-property portfolio in Houston and Beaumont acquired by Dominium, marking the company’s entrance into the Texas market. The purchase was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing. The seller, Keswick, Va.-based Park Shadows Apartments, Ltd., was represented by Kevin McCarthy and Jeff Eisenhardt of the Houston office of Hendricks & Partners.
FORT COLLINS, COLO. — UPR Investments LLC has acquired a 24-unit multifamily property for approximately $1.1 million. The property is located at 632-636 N. Shields in Fort Collins. Erik Broman and Brian Mannlein of Marcus & Millichap’s Fort Collins office represented the undisclosed seller in the transaction.
PHOENIX — Boston-based Boston Capital has invested in Amber Pointe Apartments, a to-be-built, affordable senior-living project in Phoenix. Located south of downtown Phoenix, the property will feature 32 one-bedroom/one-bath units and 24 two-bedroom/two-bath garden-style units in a three-story building. The units are restricted to residents aged 62 or older with incomes at or below 40 and 50 percent of the area median income. The community will feature a community center, a computer room, laundry facilities and an intercom entry system. Boston Capital provided the tax credit equity for the development; Boston Capital Finance provided a $7 million construction loan and $1.1 million permanent loan. The general partner is Ohio-based NRP Group LLC.
CHICAGO — Harley Ellis Devereaux is providing planning and architectural services for two affordable senior living facilities currently underway in Chicago. The G&A Senior Residence of Eastgate Village, which is located at 300 E. 26th St., has topped out construction at nine stories. Situated adjacent to Mercy Hospital, The G&A Senior Residence of Eastgate Village will consist of 117 one-bedroom units. Amenities at the property include a fitness center, a multi-purpose room with a common use kitchen, and a ninth-floor residence lounge and terrace with lakefront views. G&A Construction and Development is developing the building; Fred Teitelbaum Co. is the general contractor for the project. The project is slated for completion in May. Located at 3251 E. 92nd St., The Victory Centre of South Chicago has topped out construction at five stories. The $17.9 million affordable supportive living community will house 112 studio units, each with a private bathroom and kitchenette. The project, which was designed to achieve LEED Certification, has been approved for certification by the Illinois Department of Healthcare and Family Services Medicare Waiver Program. Pathway Senior Living is developing the property; Pepper Construction is providing general contracting services. The project is scheduled for completion in the spring.
NEW ROCHELLE, N.Y. — The NDR Group has completed Garito Manor at Union Square, a 102-unit affordable senior housing facility located at 180 Union Ave. in New Rochelle. The community consists of studio, one- and two-bedroom apartments. Community amenities include a fitness room, a beauty parlor and barber shop, a library, a lounge, an outdoor garden and sitting area, a kitchen, a multi-purpose room, a computer room and 24-hour security and concierge service. The income limits are approximately $35,500 to $42,500 for single seniors and approximately $40,750 to $48,750 for couples.
RALEIGH, N.C. — CB Richard Ellis Capital Markets has secured a $11.55 million loan for a Delaware Statutory Trust to finance the acquisition of Midtown Crossing. The 228-unit Raleigh apartment complex encompasses 11 buildings, a swimming pool, a picnic area and a children’s play area on 23 acres. The borrower’s plans for the property include unit upgrades and $200,000 in exterior renovations. Freddie Mac financed the 7-year loan, which comes with an interest-only rate of 3.63 percent and a 30-year amortization. Keith Braddish, Jason Gaccione, Robert LaChapelle, Richard Jordan, Matt Forgione and Steve Heffner of CB Richard Ellis Capital Markets arranged the loan.
OKLAHOMA CITY — Capmark Finance has arranged $32.5 million for the refinancing of The Highlands Apartments, an 896-unit, Class B multifamily community located at 12701 N. Pennsylvania Ave. in Oklahoma City. Situated on 40 acres, the community comprises 98 buildings, with an average monthly rent of $590. The property was 98 percent occupied at the time of closing. Stewart Campbell of Capmark’s New York City office secured the financing through Freddie Mac by way of the Freddie Mac Capital Markets Execution product. Terms of the loan include a 6.3 percent fixed interest rate, an 80 percent loan-to-value ratio, and a 10-year term with 2-years interest only, followed by a 30-year amortization schedule. The borrower was undisclosed.
PORTLAND, ORE. — Guardian Management LLC has signed preliminary agreements to acquire the real estate portfolio of Orange County, Calif.-based Atherton-Newport Investments, which filed for Chapter 11 bankruptcy protection in January 2008. The assets include more than 4,000 apartment units located in Las Vegas, Phoenix, Seattle and Miami. Guardian plans to acquire the assets through the implementation of its first strategic investment fund, which was utilized to acquire the Southern California and Arizona offices of Sperry Van Ness. Pacific Northwest-based Avalon Holdings initiated and structured the transaction.