EUGENE, ORE. — Hendricks & Partners has brokered the $3.6 million sale of Bailey Hill Meadows in Eugene. Denver-based Bailey Hill Meadows LLC sold the property to Portland, Ore.-based Los Arcos Associates LP. The 70-unit apartment community is located at 1515 Bailey Hill Rd. Phil Oester of Hendricks & Partners’ Portland office represented the seller in the transaction.
Multifamily
CARY AND RALEIGH, N.C. — Blake Okland and Dean Smith of Apartment Realty Advisors’ Charlotte office negotiated the sale of a $61 million, 638-unit multifamily portfolio in Cary and Raleigh on behalf of the seller, an affiliate of Grand Prairie, Texas-based Fairfield Residential. The buyer was an affiliate of Julian LeCraw & Co. Cornerstone is a 302-unit complex featuring one-, two- and three-bedroom apartment homes, averaging 969 square feet. Amenities include a resort-style swimming pool, business center and fitness center with sauna. North Park is a 336-unit community comprised of one- and two-bedroom apartment homes, averaging 900 square feet. The property includes a cinema room, indoor racquetball court, resort-style swimming pool and fitness facilities.
RALEIGH, N.C. — Boston Capital Partners and Fairfield Residential are developing Fairfield Corporate Center Apartments, a 15-story, 350-unit garden-style community in Raleigh, near the Research Triangle Park. The complex will consist of 15 three- and four-story buildings containing 176 one-bedroom, 150 two-bedroom and 24 three-bedroom units, averaging 1,009 square feet. Amenities include a resort-style swimming pool, spa, state-of-the-art athletic center and business center. Construction began in January and is projected to be completed in December 2009.
INDIANAPOLIS — Indianapolis-based Flaherty & Collins Properties has broken ground for the construction of Cosmopolitan on the Canal, a 218-unit apartment community located at the corner of Michigan and Senate streets in Indianapolis. The approximately $37.2 million project will feature 20,000 square feet of first-floor retail space, as well as a five-level parking garage. Amenities include a conference room with videoconferencing, a cyber café with Internet access, a health and fitness club with a pool, terrace space, and the Cosmo Café on the Canal. Apartment rents will range from $995 to $2,300 per month; retail space is currently leasing for $21 per square foot. The property is being developed by Flaherty & Collins Properties, with The Housing Studio providing design services, and Flaherty & Collins Construction serving as general contractor. Brian Epstein of Urban Space Commercial Properties is serving as the retail leasing agent.
PHILADELPHIA — Gebroe-Hammer has brokered the $1.53 million sale of Ardleigh Gardens, which is located in the East Mt. Airy neighborhood of Philadelphia. Located at 615 E. Upsal St., the 26-unit apartment facility features one- and two-bedrooms units. The building was fully occupied at the time of the sale. Eli Rosen of Gebroe-Hammer brokered the transaction.
GLENDALE, ARIZ. — Seattle-based Pillar at Westgate LLC (PrivatePortfolio Group LLC) has acquired Alexan Westgate, a 251-unit luxury multifamily community located at 6610 N. 93rd Ave. in Glendale. Scottsdale, Ariz.-based IGTBG Westgate Apartments L.P. sold the property for $46.43 million. Built in 2007, the property features gated access, a spacious clubhouse, a heated swimming pool and spa, a fitness center and a barbecue area. Sean Cunningham, Tyler Anderson and Jack Hannum of CB Richard Ellis’ Phoenix office represented the buyer.
AVONDALE, ARIZ. — Satkritan Khalsa of Mountain View Management LLC has purchased Mountain View Apartments, a 150-unit apartment community in Avondale, for $10.25 million. Located at 333 E. Van Buren St., the property offers five different studio, one- and two-bedroom floor plans totaling 88,396 square feet. Bobby Bull and Matt Lockin of Transwestern represented the seller, Zachara Oprea, in the transaction; Arturo Rubi of Rabi Services represented the buyer.
NEW SMYRNA BEACH, FLA. — Chicago-based Dimucci Companies is building a $15 million, 60-unit luxury condominium property at Bouchelle Island in New Smyrna Beach, located along the Intercoastal Waterway. The five-building project will be delivered in three phases. Construction is slated to begin in the second quarter of 2008 and be completed in the first quarter of 2009. The project is the final phase of Bouchelle Island, a 572-unit condominium development situated around an 18-hole chip and putt golf course. Features include a community center, swimming pool and a 1,380-square-foot boardwalk with boat launch and 84 boat docks.
INDIANAPOLIS — The Indianapolis office of CB Richard Ellis (CBRE) has arranged the sale of The Bristol, a 211-unit apartment community located in Indianapolis. CBRE’s Multi-Housing Group, led by Steve LaMotte and Amy Burmeister, represented the seller, Flaherty & Collins. The property was acquired by a joint venture involving JCap Management and Alex Brown Realty for an undisclosed amount.
UNION CITY, N.J. — W Developers is currently constructing The Thread, a 14-story condominium community set on the Hudson Gold Coast in Union City. The multifamily facility features 150 residences ranging from one- to three-bedroom units. Amenities include a doorman, a children’s playroom and a landscaped outdoor plaza. Situated on top of the Lincoln Tunnel viaduct, the building is located within a block of the Park Avenue business and entertainment area. Prices for the units range from the $300s to the $800s. Delivery is slated for this fall.