NEW YORK CITY — New York City-based Anbau Enterprises has acquired a 55,000-square-foot development site, located at 124 W. 23rd St. in New York City, for $19 million. The developer plans to build a 16-story residential condominium tower on the property. Initial plans call for 34 residences ranging in size from 600-square-foot studios to 2,400-square-foot penthouses. The building will feature a 24-hour doorman and concierge, a community garden, a recreation area, storage facilities and 4,000 square feet of ground-floor retail space. Anbau also plans to develop the project with sustainability in mind, going beyond the current LEED points system. BKSK Architects has been selected to design the building, with Andres Escobar & Associates serving as interior designer. The developer has secured acquisition and construction financing through The Bank of New York Mellon. A construction timetable was not released.
UNIVERSAL CITY, TEXAS — The Houston office of Concierge Asset Management (CAM) has purchased Sunrise Canyon Apartments, a 208-unit apartment community located at 501 Sunrise Canyon Dr. in the San Antonio suburb of Universal City. The Class B, gated community contains a mix of one-, two- and three-bedroom units. Apartment sizes average 858 square feet and rents average $864 monthly. It was 88 percent occupied at the time of closing. The seller, Corpus Christi, Texas-based SRC Universal Partners, was represented by Bobby Bull and Matt Lockin of Transwestern’s Phoenix office, as well as Alan Grilliette of Transwestern’s San Antonio office. Financing was arranged by the Houston office of Capmark Finance through Freddie Mac. The 7-year, floating rate loan carries an initial interest rate of 4.45 percent with a built-in cap. CAM’s future plans include upgrading the property to Class A status. Sunrise Canyon marks the second San Antonio-area multifamily community the company has purchased in the past 3 months.
ARLINGTON, VA. — Trammell Crow Residential, in a joint venture with Prudential Real Estate Investors, will soon break ground on the 217-unit Alexan 24, located at 2400 24th Rd. South in Arlington. Bank of America has provided a $70 million loan for construction, and twenty of the units will be reserved as affordable housing. Amenities of the five-story property include a pool, fitness center and game room. Delivery is scheduled for third quarter 2010.
POMPANO BEACH, FLA. — Tal Frydman and Chad Bishop of Marcus & Millichap’s Fort Lauderdale, Fla., office represented both parties in a Pompano Beach private investor’s sale of the 180-unit Banyan Village East to a Miami-based management company for $7.67 million. The property, located at 1880 N.E. 48th St. in Pompano Beach, has 147 vacant units. The buyer plans to rent the unsold condos as apartments.
LISLE, ILL. — Rosemont, Ill.-based Opus North Corp. has broken ground on Arboretum Landmark, a 391-unit multifamily community located at 450 Warrenville Rd. in Lisle. The five-story community, which will include one-, two- and three-bedroom units, is slated for completion in late 2009. Amenities at the property will include a fitness center, club room with demonstration kitchen, internet café, and media screening room with stadium-style seating. Situated within the Corporetum Office Campus, Arboretum Landmark will be within walking distance of more than 3 million square feet of office space and will be surrounded by the Morton Arboretum, a 1,700-acre site dedicated to the planting and conservation of trees. In addition to the apartment community, Opus North may develop a 150,000-square-foot office complex on the site.
CHICAGO — Essex Realty Group has brokered the sale of a 22-unit walk-up property located at 5235 S. Drexel in Chicago. Situated within the Hyde Park neighborhood, the property consists of 13 one-bedroom and nine two-bedroom units. The sales price was approximately $1.18 million. David Gross and Jon Morgan of Essex represented both the buyer and seller; Doug Imber, also of Essex, represented the buyer in the transaction.
LOS FELIZ, CALIF. — Los Angeles-based Monem Corp. has acquired an apartment complex located at 1847 Winona Ave. in Los Feliz. The 26-unit property sold for $3.43 million. Built in 1964, the property consists of one-bedroom/one-bath units with large dining rooms, private balconies and central air conditioning. At the time of acquisition, the property was 93 percent occupied. Brent Sprenkle of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.
HERMITAGE, TENN. — Grubb & Ellis Apartment REIT has acquired the 350-unit Canyon Ridge Apartments, located at 3868 Central Pike in Hermitage, from an affiliate of Principal Real Estate Investors for an undisclosed amount. The complex, which was built in 2005, encompasses 13 three-story buildings on 22.5 acres. Amenities include a fitness center, cyber café, lap pool and two tanning salons. Scott Tyrone and Perry Gooch of Collier Turley Martin Tucker’s Brentwood, Tenn., office represented the seller.
MINNESOTA AND MICHIGAN — Farmington Hills, Mich.-based iCap Realty Advisors has secured an approximately $23 million loan for a seven-property manufactured home community portfolio located throughout Florida, Michigan, Minnesota and Nevada. The undisclosed borrower is an experienced owner of manufactured home communities. The non-recourse financing was based on a 25-year term, with a 25-year amortization schedule. The loan was placed with one of iCap’s correspondent life insurance company lenders.
COLORADO SPRINGS, COLO. — A Washington-based apartment investor has acquired Parkside Apartments in Colorado Springs for $16 million or $59,701 per unit. Located at 2505 E. Pikes Peak Ave., the 211,336-square-foot apartment community consists of 19 two-story buildings offering 268 units. The community features a heated swimming pool, a spa, a weight and exercise room, a sport court, laundry facilities, a clubhouse and a children’s playground. Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap represented both the buyer and the seller, a Colorado-based private investor, in the transaction.