Multifamily

ST. LOUIS ADULT DAY HEALTH CENTER FOR ELDERLY COMPLETED

by admin June 10, 2008

ST. LOUIS — Alexian Brothers Community Services, Blanton Construction and design firm Rosemann & Associates have completed an adult day health center located at 8449 Jennings Station Rd. in St. Louis. The 13,000-sqaure-foot Corpus Christi Church was redesigned for the elderly care program PACE to include a 3,000-square-foot building addition, medical clinic, social services offices, and an area designed to serve elderly participants with memory loss and Alzheimer’s. With construction totaling $3 million, the new facility will serve approximately 100 low-income seniors who require assistance to remain living independently.

June 10, 2008

CALAMAR OPENS SENIOR HOUSING FACILITY

by admin June 10, 2008

WHEATFIELD, N.Y. — Calamar has held the grand opening for The Woodlands Senior Apartments, a 110-unit senior housing property located in Wheatfield. The independent living building contains two stories with a brick and vinyl siding veneer. The community is one of four senior housing facilities that are being constructed as part of Woodlands Senior Village, a 26-acre project that will total 350 units and cost approximately $30 million. Calamar has also recently completed Willow Housing, a 48-unit independent living facility that is part of the senior village. The project is serving as the senior housing component of The Woodlands Corporate Center East, an approximately 120-acre mixed-use development.

June 10, 2008

Seniors Housing Southeast

CARLTON COVE SELLS FOR $27.25 MILLION

by admin June 9, 2008

HUNTSVILLE, ALA. — ACTS Retirement-Life Communities has acquired Carlton Cove from Carlton Cove, Inc. for $27.25 million. The entrance fee continuing care retirement community is situated on 43 acres in Huntsville. The property includes 49 single-family and duplex homes, 113 independent living apartments, and a 91-unit, 105-bed health center.

June 9, 2008

Seniors Housing Texas

FORMATION BREAKS GROUND FOR THE SIENNA AT CINCO RANCH

by admin June 9, 2008

KATY, TEXAS — Formation Development Group has broken ground for the construction of The Sienna at Cinco Ranch, a 183,000-square-foot upscale senior living community located at 24001 Cinco Village Center Blvd. in Katy. The community will be composed of 126 independent living units and 32 assisted living units in a combination of two- and four-story buildings. Amenities will include concierge service, multiple dining options, a wine bar and a terrace club activities room. Additional features include a fitness center and spa, a wellness and therapy center, a heated pool, a putting green and a bocce court. Completion is scheduled for the third quarter of 2009. Monthly rents for units start at $2,795 for independent living and $3,995 for assisted living. The project is being developed by Formation Development Group, its affiliate Formation Capital and a U.S.-based institutional investment firm. General contracting services are being provided by Spawglass Construction Corp., with architectural services being provided by Dallas-based Three Architecture.

June 9, 2008

Midwest Multifamily

PRIME PROPERTY INVESTORS ACQUIRES STUDENT HOUSING COMMUNITY NEAR NOTRE DAME

by admin June 9, 2008

SOUTH BEND, IND. — Northbrook, Ill.-based Prime Property Investors has acquired Clover Ridge Apartments, a 100 percent-occupied student housing community located within three blocks of the University of Notre Dame’s main campus in South Bend. Situated on 8 acres, amenities at the multi-building complex include a swimming pool, workout room, sand volleyball court and on-site parking. The seller, as well as the acquisition price, was undisclosed.

June 9, 2008

Midwest Multifamily

PARIC COMPLETES $16M HISTORIC RENOVATION OF ST. LOUIS’ TUDOR BUILDING

by admin June 9, 2008

ST. LOUIS — Paric Corp. has completed the $16 million historic renovation of the 104,820-square-foot Tudor Building, which covers the 1900 block of Washington Avenue in St. Louis. The interior of the facility, which was formerly the Wrought Iron Range Company building and has been vacant for more than 20 years, was rebuilt to include 64 residential loft units and 14 street-level retail spaces. Historic elements of the two-story structure were salvaged and reused when possible, and architectural elements were field fabricated to match existing historic woodwork, which enabled the project to earn historic tax credits and Brownfield tax incentives. Paric, which was chosen by Tudor Development and Tudor Retail Partners to act as design/build contractor, was assisted by a number of other companies involved in the project.

June 9, 2008

Midwest Multifamily

HENDRICKS & PARTNERS BROKERS SALE OF 84-UNIT APARTMENT COMMUNITY

by admin June 9, 2008

COLUMBUS, OHIO — Hendricks & Partners has brokered the $3.7 million sale of Hidden Acres East located at 1359 Yorkland Rd. in Columbus. The seller, T&R Properties, was represented by Eric Taylor and Mark Rohr of Hendricks & Partners’ Detroit office. Hidden Acres Acquisition LLC of Dublin, Ohio, acquired the 84-unit apartment community and plans to renovate the facility in anticipation of higher rental rates.

June 9, 2008

Multifamily Northeast

GROUNDBREAKING OCCURS FOR METRO GREEN APARTMENTS

by admin June 9, 2008

STAMFORD, CONN. — Jonathan Rose Cos. has broken ground for Metro Green Apartments, a 50-unit affordable housing community located on Henry Street in Stamford. The project will be seeking LEED-Gold certification from the U.S. Green Building Council. Sustainable features will include a rainwater harvesting system, a roof that reduces the heat-island effect, and Energy Star-rated appliances. Amenities include a public plaza with shade trees, gardening spaces, a meditation labyrinth and a parking garage with a green roof. The project is being designed by Perkins Eastman Architects. Metro Green Apartments is the first phase of Metro Green Residential, a mixed-use, transit-oriented project that will feature 238 mixed-income rental and for-sale residences, and a 17-story office tower. The entire development is serving as a pilot project for LEED’s new Neighborhood Design certification program, and the office tower is applying for LEED-Platinum Core & Shell certification.

June 9, 2008

Multifamily Northeast

MARCUS & MILLICHAP COMPLETES TWO MF SALES

by admin June 9, 2008

NEW YORK CITY — Marcus & Millichap has completed two retail sales in New York City for $12.97 million. First, the company brokered the sale of a four-building apartment portfolio, located at 575-587 W. 17th St., for $8.75 million. The portfolio totals 87 units, comprising 46 one-bedroom, 20 two-bedroom and 21 three-bedroom units. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer. Additionally, Von Der Ahe and Edelstein represented both parties in the sale of a 5,000-square-foot residential building located at 41 E. 41st St. The property, which traded for $5.22 million, features two commercial units and three residential units. The sale price represents a 5.29 percent cap rate and a price of $845 per square foot.

June 9, 2008

Midwest Multifamily

$12.4 MILLION AFFORDABLE HOUSING PROJECT COMPLETED

by admin June 6, 2008

ALTON, ILL. — Gundaker Commercial Group and the Illinois Housing Development Authority have completed Alton Point Apartments, a $12.4 million workforce housing project located in Alton. With exteriors resembling large homes, all of the buildings consist of two apartments and one townhome. The project includes 56 one, two, and three-bedroom apartments, as well as 28 townhomes. Amenities include a clubhouse with a community area, a computer room and an outdoor playground. The Madison County Housing Authority; design firm Rosemann & Associates; Stock & Associates; KPFF; and Tao & Associates were all part of the project team.

June 6, 2008

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