WASCO, CALIF. — Wasco Affordable Housing Inc. has developed Central Avenue Senior Apartments, a 42-unit senior-housing apartment community located at 300 Central Ave. in Wasco. The community consists of 14 one-story buildings featuring one- and two-bedroom apartments. The community is restricted to retired and working agricultural workers age 62 years or older, who earn 60 percent or less of the medium area income. Each apartment offers a stove, a microwave, a refrigerator, a dishwasher and an individual washer and dryer. Financing for the $8.2 million project was provided in part by a $3 million tax credit equity investment from Enterprise Community Investment Inc., a $2.25 million loan from the USDA Rural Development program, which includes a mortgage and rent subsidies, and a $900,000 loan from the State of California’s Joe Serna Jr. Farmworker Housing Grant Program.
LITHONIA, GA. — Harbor Group International recently sold Creekside Crossing, a 281,000-square-foot, 280-unit apartment complex, located at 100 Cavalier Crossing in Lithonia, to Grubb & Ellis Apartment REIT. The property features 37 storage units, a two-story leasing center and a car care center. David Gutting and Todd Trepke of Cushman & Wakefield represented the seller, and financing was arranged by Don Marshall, Mike Bryant and John Reed of Capmark Finance.
MANCHESTER, CONN. — The New Haven, Conn., office of Marcus & Millichap has completed the sale of Waterford Commons, a 303-unit multifamily community located in Manchester, for $42.77 million. Situated on 34.3 acres at 669 Tolland Turnpike, the property comprises 13 two- and three-story buildings with a mix of one-, two- and three-bedroom apartment and townhome units. Individual units include vaulted ceilings with skylights, fireplaces, and in-unit washers and dryers. Community amenities include, a Jacuzzi, a sauna and steam room, a business center, a fitness center, lighted tennis and volleyball courts, walking trails, valet dry cleaning service, a playground, and an indoor, heated swimming pool with a deck. Steve Witten and Victor Nolletti of Marcus & Millichap represented both undisclosed parties in the transaction. The property traded at a price of $141,172 per unit.
FORT WORTH, TEXAS — Dallas-based Quantum First Capital (QFC) secured $6.55 million in financing for Woodridge Apartments, a 248-unit multifamily property located at 500 East Loop 820 in Fort Worth. Situated on 10.38 acres, the community comprises 17 buildings with a mix of one-, two- and three-bedroom units. Property amenities include a clubhouse, a swimming pool, a courtyard, a laundry center, courtesy patrol and covered parking. Eli Gershenson of QFC originated the financing on behalf of a Texas limited partnership. The loan carries a 7-year term with 2 years interest-only, followed by a 30-year amortization schedule. It also has a sub-6 percent interest rate. The loan was funded by Green Park Financial through the Fannie Mae DUS program.
LOS ANGELES — Ground has broken for the construction of University Gateway, a student housing and retail project situated near the University of Southern California (USC) campus in Los Angeles. Located on the northwest corner of Figueroa and Jefferson Boulevard, the eight-story development will feature 600,000 square feet of floor space offering 421 undergraduate and graduate apartments above more than 78,000 square feet of retail space, and a nine-story parking structure. “With this groundbreaking and Clark Construction at the helm as the design/builder, the project is firmly on track for summer 2010 opening,” says Matthew Burton, principal/CFO of Urban Partners LLC. “It has been a long road but that makes it all the more gratifying to finally get to this day.” Developed by Urban Partners and designed by Clark Construction, the project features laundry facilities and lounge/study rooms on each floor, 14 one-bedroom units averaging 668 square feet, 407 two-bedroom/two-bath units averaging 910 square feet, which will accommodate four students. A portion of University’s Gateway second floor will feature three internal courtyards with landscaped gardens complete with trees, low-flowering shrubbery and seating areas. The project’s aesthetics will complement the Italian Romanesque red brick architectural style of the existing campus facilities. …
MIAMI, FLA. — Developer Wellington Construction Group commissioned Coral Gables-based BCArchitects to design the three-story, 18-unit Midtown Gardens in Midtown Miami. The property, located at 776 NW 30th St., will be composed of two-bedroom units. Groundbreaking is scheduled for early next year with a completion date of late 2009.
PEACHTREE CITY, GA. — Grubb and Ellis Apartment REIT acquired the 252,000-square-foot, 216-unit multifamily property AMLI at Kedron Village from AMLI Residential and Prudential Real Estate Investors. The 21.6-acre property, located at 100 Hyacinth Lane in Peachtree City, includes fitness and business centers and a swimming pool. Engler Financial Group represented the seller, and financing was arranged by Capmark Finance.
NEW YORK CITY — Construction has resumed for Beekman Tower, a 76-story residential building located in Manhattan, New York City, following the closing of a $680 million construction loan to the developer, Forest City Ratner Cos. Upon completion in 2010, Beekman Tower will be the tallest residential building in Manhattan. It will include 903 market-rate apartments, a 100,000-square-foot public school, a 21,000-square-foot ambulatory center for New York Downtown Hospital, and retail and parking facilities. The project was designed by Frank Gehry. Excavation and foundation work at the site has already been completed.
NEW YORK CITY — Construction is advancing for Dafina, a 46-unit residential co-op building located at the corner of Adam Clayton Powell Jr. Boulevard and 127th Street in New York City’s Harlem neighborhood. The building comprises studio, one-, two- and three-bedroom units ranging in size from 533 to 1,508 square feet. Individual units feature white and cherry wood cabinetry, granite countertops, stainless steel appliances, marble baths and Brazilian cherry hardwood flooring throughout the residence. Many units also feature balconies and terraces up to 813 square feet. Building amenities include a lobby with concierge service, a fitness center, storage areas, a landscaped roof deck, a clubroom and an enclosed parking garage. Residences are priced from $314,000; initial occupancies are scheduled for December.
LAS VEGAS — AIMCO has completed the disposition of Canyon Pointe Apartment Homes, a 670-unit multifamily complex located at 5421 E. Harmon Ave in Las Vegas. The 400,196-square-foot property consists of 38 garden-style buildings offering 80 furnished efficiency units; 20 furnished studios; 40 one-bedroom/one-bath units (416 square feet); 224 one-bedroom/one-bath units (504 square feet); 20 one-bedroom/one-bath units (610 square feet); 83 two-bedroom/one-bath units; 78 two-bedroom/two-bath units (786 square feet); 77 two-bedroom/two-bath units (816 square feet) and 48 three-bedroom/two-bath units. Situated on 26.7 acres, the community also features five resort-style swimming pools, a heated spa, a state-of-the-art fitness center, a recently renovated leasing office, covered parking, a playground area and five recently renovated laundry facilities. Joseph Kupiec of Grubb & Ellis|Las Vegas teamed up with Diane Miramontes and Darcy Miramontes of Grubb & Ellis|BRE Commercial San Diego to represent the seller. The buyer and acquisition price were not disclosed.