ATLANTA — The Atlanta-based firms Regent Partners and Urban Realty Partners have completed vertical construction on their 219-unit The Brookwood condominiums, located at 1829 Peachtree Rd. in Atlanta. The property, which will be finished next year, is being constructed to LEED standards and features 1 acre of green space, an array of sidewalks and underground power lines. Sustainable construction practices included recycling 86 percent of the construction debris and installing a cistern to capture water for irrigation. The development will also include a pool, gazebo, clubhouse, gardens and an outdoor summer kitchen. Two and three-bedroom floor plans range in size from 1,200 to 2,900 square feet.
NEW YORK CITY — Construction is advancing for L haus, an 11-story residential condominium tower located in the Long Island City neighborhood of Queens, New York City. Upon completion in early 2009, the project will comprise 122 one-, two- and three-bedroom units ranging in size from 675 to 1,800 square feet. Additionally, two-bedroom convertibles, and two- and three bedroom duplexes and penthouses will be available. Prices range from $500,000 to more than $1.5 million, and residents benefit from a 15-year, 421-A tax abatement. Community amenities include 10,000 square feet of outdoor space with a lawn, a water feature, tables and a grill; a rooftop terrace; a common room with a catering kitchen; a fitness center and yoga room; and a media room with a big-screen TV and seating for 16. Prudential Douglas Elliman is the marketing and sales agent. The project is being developed by The Stahl Organization.
HOUSTON — Chicago-based Adams LaSalle Realty has acquired The Lodge at Baybrook Apartments, a 322-unit, Class A multifamily property located in the Clear Lake submarket of Houston. Situated on 13.7 acres of land, the community comprises 12 two- and three-story buildings. Amenities include a clubhouse, a swimming pool and spa, a fitness center, a surround sound theater, and a game room with billiards tables, televisions and bar seating. The property was acquired by the multifamily arm of Adams LaSalle from MBS-Baybrook, Ltd. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller. The acquisition price was not disclosed.
LEAGUE CITY, TEXAS — Capmark Finance has originated a total of $16.46 million in financing for the acquisition and renovation of two League City multifamily properties. Crows Nest Condominiums is a 176-unit property located at 501 Davis Rd., and Sandcastles Apartments, which was recently renamed Harbor Walk, is a 138-unit community located at 2751 FM 518. The loan proceeds comprised $14.75 million in first mortgage financing and $1.71 million in mezzanine debt. The fixed-rate loans carry 5-year terms with interest-only payments for the first 2 years, followed by a 30-year amortization schedule. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing on behalf of the borrower, Houston-based Mosaic Residential. The primary lender is Fannie Mae, which utilized the company’s CI Mezz-Mod Rehab Program; RCG Longview acted as the mezzanine lender.
TUCSON, ARIZ. — Hamid Panahi of Marcus & Millichap represented the seller in the $11.18 million disposition of a three-property student-housing portfolio in Tucson. The portfolio consists of SahuaroPoint Villas, a 20-unit property located at 2326-2366 N. 6th Ave.; GlennStar Apartments, a 12-unit complex located at 133-193 E. Glenn St.; and StoneWood Apartments, a 24-unit community located at 2621 N. Estrella Ave. Earle Hyman of Marcus & Millichap represented one of the buyers; while Mike McClain, also of Marcus & Millichap, represented the buyer in the SahuaroPoint transaction. The seller and buyers were not disclosed.
OCEANSIDE, CALIF. — Pasadena, Calif.-based Tenth Street Properties has acquired Tri-City Gardens in Oceanside for $4.19 million. The 35-unit apartment community is located at 4129 and 4130 Waring Rd. The seller was Investment Property Exchange Services Inc., co-trustees of the Brian Marcus and Suzanne Marcus Family Trust, and co-trustees of the Werbeloff Family Trust. Steve Huffman of Hendricks & Partners San Diego office represented the seller in the transaction.
ATLANTA — A joint venture between Baltimore-based Alex. Brown Realty and Newton, Mass.-based Chartwell Holdings has acquired the 450-unit Union Station Apartments, located southwest of Atlanta’s city center. ABR Chesapeake Fund III added $6.62 million to the transaction, but further details about the sale were not disclosed. Apartment amenities include two clubhouses, two pools, three tennis courts, a workout room and a meeting space. Alex. Brown and Chartwell will invest $2.6 million during the next year to renovate the property, and Chartwell will be responsible for management duties.
HOUSTON — Silver Capital and McCann Realty Partners have acquired Villas at West Road Apartments, a 240-unit, garden-style apartment community located in Houston. The residences are all two stories and have private first-floor entrances; 70 percent of the units also have attached garages. The acquisition was funded, in part, by the assumption of an existing Freddie Mac loan with a 5.82 percent interest rate. The purchase was made on behalf of Silver-McCann Apartment Group II, an acquisition fund formed by the two companies. Villas at West Road will be managed by Lincoln Property Co. The seller and the acquisition price were undisclosed.
SPOKANE, WASH. — Seattle-based Parkview Partners LP has purchased Parkview, a 63-unit multifamily complex located at 1413 E. 7th Ave. in Spokane. Parkview Associates of Seattle sold the property for $2.38 million. The property operates under the terms of a HUD Regulatory Agreement and Section-8 subsidy, providing affordable housing to qualified low-income residents. The acquisition was funded by low-income housing tax credits and bond financing. Robert Di Pietrae of Hendricks & Partners—Seattle negotiated the transaction.
JERSEY CITY, N.J. — Ridgewood, N.J.-based Poskanzer Skott Architects, in partnership with Toronto-based Page + Steel Architects, has completed the design for Aquablu Towers, a 33-story apartment tower located at 110 River Dr. in Jersey City. Totaling 470,505 square feet, the project will contain 360 rental units in a mix studio, one-, two- and three-bedroom units. Completion of the project is expected in early 2009. The LeFrak Organization is developing the project.