PORTLAND, ORE. — Redwood City, Calif.-based JB Matteson Inc. has acquired Harrison Tower Apartments, a 24-story, 185-unit property in downtown Portland, for $45 million. Portland Center Investors sold the recently converted 149,470-square-foot complex to the buyer fully renovated, vacant and with no condo sales contracts pending. The buyer will complete the final renovations, which include a leasing center, administrative offices, a cyber café, a fitness center and a swimming pool/spa area. PCCP provided acquisition financing.
Multifamily
PORTLAND, ORE. — Redwood City, Calif.-based JB Matteson Inc. has acquired Harrison Tower Apartments, a 24-story, 185-unit property in downtown Portland, for $45 million. Portland Center Investors sold the recently converted 149,470-square-foot complex to the buyer fully renovated, vacant and with no condo sales contracts pending. The buyer will complete the final renovations, which include a leasing center, administrative offices, a cyber café, a fitness center and a swimming pool/spa area. PCCP provided acquisition financing.
NEW ORLEANS — Lauricella Land Co. is developing Belle Rive, a 90-acre, 15-story condominium complex in New Orleans, located along the banks of the Mississippi River. The building will include a clubhouse featuring a pro shop, restaurant and bar and a fitness center. The property is adjacent to a par 70 golf course designed by Watermark Golf/Nathan Crace.
NEW ORLEANS — Lauricella Land Co. is developing Belle Rive, a 90-acre, 15-story condominium complex in New Orleans, located along the banks of the Mississippi River. The building will include a clubhouse featuring a pro shop, restaurant and bar and a fitness center. The property is adjacent to a par 70 golf course designed by Watermark Golf/Nathan Crace.
LAKE CHARLES, LA. — A Houston-based limited liability company has acquired Terrace 12 Apartments, a 1-acre, 25,041-square-foot complex in Lake Charles, for $1.3 million. The property is located at 155 East Pkwy., and was 98 percent occupied at the time of sale. William Hoffpauir and Thomas Pate of Marcus & Millichap’s Lafayette office represented the buyer.
LAKE CHARLES, LA. — A Houston-based limited liability company has acquired Terrace 12 Apartments, a 1-acre, 25,041-square-foot complex in Lake Charles, for $1.3 million. The property is located at 155 East Pkwy., and was 98 percent occupied at the time of sale. William Hoffpauir and Thomas Pate of Marcus & Millichap’s Lafayette office represented the buyer.
CHICAGO — Chicago-based Newcastle has brokered the sale of a surface parking lot owned by the YMCA of Metropolitan Chicago, as well as an adjacent four-story retail apartment building located at the corner of Chicago Avenue and State Street in Chicago, for $40 million. The building was sold by a third party and contains a retail component. The properties were acquired by Loyola University, which plans to use the combined 61,470-square-foot site for future expansion. Newcastle represented all parties in the transaction.
CHICAGO — Northbrook, Ill.-based Essex Realty Group has completed the sale of a 63-unit multifamily property, located at 640 Sheridan Dr. in Chicago’s Lakeview neighborhood, for approximately $6.3 million. Doug Fisher of Essex represented the seller, and Doug Imber, also of Essex, represented the buyer. Both parties were undisclosed.
HIGHLAND PARK, N.J. — Ken Uranowitz and Joseph Brecher of Gebroe-Hammer Associates have completed the $8.4 million sale of Parktowne House, an 84-unit apartment complex in Highland Park. The two-building, mid-rise facility is located at 11-19 Raritan Ave. on Route 27. The five- and six-story buildings contain 51 one-bedroom units, 12 two-bedroom units and 21 studio apartments. The facility was fully occupied at the time of the sale. Gebroe-Hammer represented the undisclosed seller and procured the buyer, an undisclosed Manhattan-based real estate investor.
HIGHLAND PARK, N.J. — Ken Uranowitz and Joseph Brecher of Gebroe-Hammer Associates have completed the $8.4 million sale of Parktowne House, an 84-unit apartment complex in Highland Park. The two-building, mid-rise facility is located at 11-19 Raritan Ave. on Route 27. The five- and six-story buildings contain 51 one-bedroom units, 12 two-bedroom units and 21 studio apartments. The facility was fully occupied at the time of the sale. Gebroe-Hammer represented the undisclosed seller and procured the buyer, an undisclosed Manhattan-based real estate investor.