ALEXANDRIA, VA. —Trammel Crow Residential and Olayan America Corp.’s New York office are developing Alexan Carlyle in a joint venture for $94 million in Alexandria, Va. The 280-unit, five-story luxury apartment building will be located on a 2.8-acre parcel at 800 John Carlyle St., two blocks from the new 2 million-square-foot U.S. Patent and Trademark Office. The property will feature resort-style amenities including a pool, clubhouse, exercise room, billiards room and business center. Architects Cubellis DCA designed three distinct portions of the building to reflect the classic Federal architecture of the nearby Old Town Alexandria, the art-deco period and an urban lofts look, respectively. The Alexan Carlyle is part of the 77-acre master planned urban mixed-use center. The first units are expected to deliver in the third quarter of 2009.
SOUTHEAST APARTMENT PARTNERS ARRANGE SALES IN FLORIDA AND NORTH CAROLINA JACKSONVILLE, FLA., AND WINSTON-SALEM, N.C. — Brian Moulder of Southeast Apartment Partners’ Jacksonville, Fla., office brokered the sale of Island Pointe Apartments in Jacksonville for $18.6 million. The multifamily complex features 288 garden-style units. The seller is an affiliate of Denver-based Sagebrush Realty Holdings, and the buyer is Atlanta-based D.E.L. Development. Daniel Eller of Southeast Apartment Partners’ Raleigh-Durham, N.C. office has represented Steven D. Bell and Company in the sale of Deerwood Crossing and Dutch Village, a two-property multifamily portfolio located in Winston-Salem, N.C., for $19.3 million. Combined, the properties contain 288 townhome units and are situated on more than 42 acres of land. Vaios Theodorakos of Framingham, M.A.-based VTT Properties purchased the properties.
ATLANTA — Gallery Residences, a 27-story, multifamily high-rise developed by Novare Group, will open in February at the intersection of Peachtree and Rumson roads in Atlanta’s Buckhead district. Features of the 203-unit property include 10-foot ceilings, floor-to-ceiling windows, a fitness facility pre-wired for iPod docking stations and a 24-hour concierge. A private, 1,000-square-foot gallery on the ground floor will spotlight artwork from Atlanta-area galleries.
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ROMEOVILLE, ILL. — Rosemont, Ill.-based McShane Construction Corp. has been contracted by DBA LLC to provide construction services for Midwest Senior Living, a two-building, 348-unit senior living center located at Grand Haven Circle and Edward Drive in Romeoville. The development is situated on 20 acres, and consists of two separate residential facilities. The first is a three-story, 360,430-square-foot building that comprises 121 independent living and 150 assisted living units, as well as below-grade parking for 115 vehicles. The second is a 47,414-square-foot, 77-unit building that will contain the development’s memory care residences. The center will feature a salon, a parlor/game room, a therapy pool, and a fitness and wellness center. Eppstein Uhen Architects is providing design services for the center. Completion is scheduled for fall 2009.
DENVER AND AURORA, COLO. — Pacific Coast Capital Partners (PCCP) has partnered with Denver-based Griffis Value Added Fund LLC, a private equity real estate fund sponsored by The Griffis Group of Companies, to acquire the 328-unit Gateway Park community and the 240-unit Bristol Village community. Located at 4255 Kitteredge St. in Denver, Gateway Park features a fitness center, a pool, a business center and a clubhouse. Bristol Village, which is located at 17201 E. Walsh Way in Aurora, offers a business center, a fully outfitted clubhouse, a fitness center, detached garages, and a resort-style pool and spa. Pamela Koster of Moran & Company represented the seller, Chicago-based AMLI Residential, in the Gateway transaction; Garrette Matlock of Marcus & Millichap represented the seller of Bristol Village, Denver-based Jordon Perlmutter & Co., in the transaction. The acquisition price was not disclosed.
VICTORVILLE, CALIF. — Alex Garcia and Bill Melton of Marcus & Millichap’s Ontario, Calif., has completed the $5.3 million disposition of Casa Del Sol Apartments in Victorville. Located at 14250 Borego Rd., the 50,678-square-foot property consists of 17 two-bedroom/one-bath units, 24 two-bedroom/two-bath units and 16 three-bedroom/two-bath units. The property also features covered parking, garages, a resort-style pool, a fitness center and patios/balconies. The sales price represents $106 per square foot. The seller and buyer were not disclosed.
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CHICAGO — Chicago-based Newcastle Ltd. has acquired the historic Belmont House, a 269-unit apartment tower located at 3170 N. Sheridan Rd. in the Lakeview neighborhood of Chicago, for $56 million. The 13-story, 315,000-square-foot building also contains 9,000 square feet of retail. The property was acquired by Newcastle from Wexenthaller Realty Management on behalf of the firm’s $500 million Chicago investment platform. The Belmont acquisition was part of an 896-unit, seven-property portfolio purchase from Wexenthaller; the other six buildings should close in the next 30 days. Newcastle was represented by The Kiser Group.