TOLEDO, OHIO — Toledo-based Health Care REIT has terminated its previously announced agreement with an affiliate of Arcapita Inc. to acquire 90 percent interest in a 29-property senior housing portfolio managed by Sunrise Senior Living Inc. The properties are located mainly in the New York, Los Angeles and Chicago metropolitan areas. Given the uncertainty in the capital markets, Health Care REIT has decided not to move forward in negotiations.
NEW YORK CITY — Manhattan, New York City-based Fifth Square Partners is advancing construction for The Steelworks Lofts, a residential loft conversion project located on North Fourth Street in the Williamsburg neighborhood of Brooklyn, New York City. The project comprises the conversion of the 130,000-square-foot Lewis Steel Products building into 88 residential loft units, ranging in size from 640 to 1,683 square feet. Units will range from studio to three bedroom lofts and penthouses, and will feature 7-foot tall factory windows and ceiling heights ranging from 11 to 20 feet. Living spaces will have white oak flooring, custom wood detailing made from recycled building joists, and a specially crafted light at each unit entrance made from an original Brookfield Insulator. Reclaimed lumber from the conversion will be used to create shelving and interior details throughout the building, as well as a rough-hewn wood reception desk in the lobby. Building amenities include an 8,500-square-foot, landscaped roof deck that will feature a skyline cinema, open air bungalows, outdoor communal kitchens, private rooftop cabanas, and stone fire pits. Other amenities include a two-story library, a mezzanine lounge, a fitness center, refrigerated storage for residents, and a secure parking garage. Units will be price …
HOUSTON — The Houston office of Alliance Communities has held the groundbreaking for the development of Broadstone Voss, a 307-unit rental apartment community located in the Galleria corridor of Houston. Designed by locally based Meeks + Partners, the project will consist of nine buildings arranged in clusters that will wrap the apartment units around three courtyards and a six-story parking garage. The architecture of the building includes rectangular volumes, flat roofs, and a façade composed of brick, stone, exposed steel and glazed glass. The exterior of the unit balconies will also have movable sunscreens that residents can use to adjust the amount of light coming into individual units. Units will range from one to three bedrooms with sizes ranging from 632 to 1,445 square feet. Community amenities will include a 7,000-square-foot clubhouse with a lounge and entertainment kitchen, a fitness center, a business center, and a conference room. Broadstone Voss also features a resort-style pool and fountain with a sundeck and a fireplace. The project consists of the redevelopment of a former apartment complex that was built in the 1970s on the 4.89-acre site.
CONCORD, CALIF. — Concord-based B. Mann’s Properties has purchased Woodstone Apartments in Concord for $2.3 million. Built in 1963, the 20-unit property features two-bedroom/one-bath units, a swimming pool and on-site laundry facilities. Jamie Clifford of Arroyo & Coates represented the seller, CMR Mortgage Fund, in the transaction.
ATLANTA — BPG Properties has purchased the 494-unit Post Woods from Post Apartment Homes for $52.75 million. The Class B+ community, located 1 mile from the interchange of Interstates 75 and 285 in Atlanta, spans 50 acres and encompasses walking trails and two lakes. BPG Properties will invest $6 million for interior and exterior renovations to the property.
ORLANDO, FLA. —St. Petersburg, Fla.-based Bessolo Design Group has begun designing a renovation to the seven-story Baldwin Park Retirement Center that will create 120 studio and one-bedroom units. The expansion includes 6,000 square feet of staff support areas, a new elevator system and 18 Alzheimer units. A 30,000-square-foot office is also included in the design.
DOWNERS GROVE, ILL. — Chicago-based RMK Management Corp. has opened the Residences at the Grove, a 294-unit multifamily community located at 2845 Easton St. in Downers Grove. The property includes three midrise buildings, which feature studio, one- and two-bedroom units, as well as 24 rowhome floor plans featuring two bedrooms. While studios measure 507 square feet in size, one-bedroom units range from 772 square feet to 820 square feet, and two-bedroom units range in size from 1,101 square feet to 1,206 square feet. Amenities at the property include a 4,092-square-foot clubhouse with a business center, a cyber-café and a fitness center.
NEW YORK CITY — Construction has been completed for Sister Thomas Apartments, a seven-story affordable housing property located at 870 Southern Blvd. in the Hunts Point neighborhood of the South Bronx, New York City. The 114,000-square-foot building, which was designed by New York City-based Meltzer/Mandl Architects, features 105 two-bedroom units with hardwood floors. Rents range from $739 to $899 per month, depending on household income. Building amenities include a first-floor laundry facility, community rooms, outdoor space and gated parking for 24 vehicles. Galaxy Contracting served as general contractor for the project.
MCKINNEY, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has arranged the purchase of a 12-acre development parcel located at the corner of Community Avenue and White Street in McKinney. It was acquired by Dallas-based King Private Equity Fund, which plans to partner with another company to develop a multifamily project on the property, or sell the parcel. The site is surrounded by retail, single-family homes and a Raytheon campus. Tom Grunnah and Anderson Ngo of HSMC represented the buyer. The seller was Sherman, Texas-based Ruby Boom Ltd. the purchase price was not disclosed.
SAN JOSE, CALIF. — San Mateo, Calif.-based The Castle Group, dba Morrison Park Apartments LLC, recently acquired a $19.7 million, 4.4-acre site at 381 Stockton Ave. in San Jose for the development of Morrison Park Apartments. The four-story, 250-unit apartment complex was originally designed as a for-sale condominium property, but due to the economy the project has been converted to a rental housing property. Completion is slated for late 2010. Keith Claxton of NAI BT Commercial San Jose, along with Borelli Investments, represented the undisclosed seller in the land transaction.