BALLARD, WASH. — Alliance Residential has broken ground for the construction of Broadstone Ballard, a 163-unit luxury apartment community located at 1139 NW Market St. in Ballard. The two-building property features a mix of stacked flats and high-bay loft style units. This development is part of the company’s promise to invest more than $200 million in the Seattle apartment market.
Multifamily
KENT, WASH. — Beverly Hills, Calif.-based KW Multifamily Group has acquired James Street Crossing, a 300-unit apartment community located at 6248 S. 242nd Pl. in Kent. Chicago-based Equity Residential sold the property for an undisclosed price. Constructed in 1989, the property is located just down the street from the extremely successful Kent Station development. Kenny Dudunakis of Hendricks & Partners’ Seattle office brokered the transaction.
HOBOKEN, N.J. — Cushman & Wakefield has brokered the sale of 1000 Jefferson, a new 217-unit multifamily property in Hoboken. Set in the Gold Coast market, the property sits on a 1.84-acre block at 10th and Jefferson. The development features one- through three-bedroom units on five floors, one level of parking and four, 664-square-foot retail suites at grade level. Unique amenities include private pools, an outdoor fireplace and balconies. Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel of Cushman & Wakefield negotiated the transaction. An undisclosed real estate investment firm purchased the property for an undisclosed price from Tarragon Corp.
HOBOKEN, N.J. — Cushman & Wakefield has brokered the sale of 1000 Jefferson, a new 217-unit multifamily property in Hoboken. Set in the Gold Coast market, the property sits on a 1.84-acre block at 10th and Jefferson. The development features one- through three-bedroom units on five floors, one level of parking and four, 664-square-foot retail suites at grade level. Unique amenities include private pools, an outdoor fireplace and balconies. Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel of Cushman & Wakefield negotiated the transaction. An undisclosed real estate investment firm purchased the property for an undisclosed price from Tarragon Corp.
CHICAGO — Construction is advancing for AMLI 900, a 24-story apartment tower located at 900 S. Clark St. in the South Loop of Chicago. The building features 440 rental units comprising studio, one-, two- and three-bedroom units. Amenities include a fitness center with a yoga studio, bike storage, an Internet café, a top-floor party room, a rooftop deck with a fireplace and misting stations, and 274 parking spaces. The project is applying for LEED certification, and chose to implement a Breatheasy program that prohibits smoking inside and outside of the property as part of its certification. The property will be open for leasing in May, with first occupancies expected in June. The project is being developed by AMLI Residential.
SAN FRANCISCO — San Francisco-based Carmel Partners Inc. has completed three transactions in Northern California, Hawaii and Southern California. Carmel Partners Investment Fund II LP invested in the 205-unit Grosvenor Suites in San Francisco, the 857-unit Kukui Gardens in Honolulu and the four-property, 153-unit Westwood Collection in Los Angeles. Terms of the transactions were not disclosed.
SUMMERVILLE, S.C. — Atlanta-based Greentree Associates has acquired Oakbrook Village, a 192-unit, 13-acre garden-style multifamily property in Summerville, from Charleston, S.C.-based AHA Oakbrook LLC, for $18.5 million. Chris Yeagle of Southeast Apartment Partners’ Charleston office was the sole broker in the transaction.
KENNER, LA. — New Orleans-based Downtown Development Group is building Riverview Apartments, a $1.8 million, 45-unit multifamily community in South Kenner, located at 1039 Third Street. Phase 1 will deliver the first 26 units in April; Phase 2 will begin in March and is scheduled for completion in May. The units range from 600 square feet to 1,200 square feet. Amenities include horseshoe and tetherball courts, free high-speed Internet access inside and outside the units and gated parking.
CREST HILL, ILL. — Chicago-based Redwood Capital Partners has acquired Woodlands of Crest Hill, a 730-unit apartment community located at 1615 Arbor Lane in Crest Hill. The property comprises studio, one- and two-bedroom units, with rents ranging from $600 to $950. Occupancy was 94 percent at the time of closing. Redwood plans to complete between $4,000 and $4,500 in capital improvements per unit to renovate the apartment interiors. The community was acquired from Chicago-based Laramar Group for an undisclosed amount.
NEW YORK CITY — Phoenix Realty Group has acquired a portfolio of low-income apartments in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. Comprised of 362 units, the portfolio was purchased from the Bedford Stuyvesant Restoration Corp. for $96 million. The units will undergo renovations and upgrades, but Phoenix Realty plans to preserve the residences as affordable housing, and 95 percent of the apartments will be subsidized with long-term Section 8 contracts. Meltzer Mandel Architects and Robert Gaskin Architects will assist in the renovation. Over the next 2 years, construction on all three properties will be completed by MDG Design & Construction. Heidi Burkhart and Scott Ellard of Eastern Consolidated, Joe Lynch of Nixon Peabody and teams from Wachovia Bank and Citibank were instrumental in the transaction.