ATLANTA — MCL Cos. has purchased the Connie Rose Apartments located adjacent to Skyline at Lindbergh for retail development. The current apartments sit on approximately 5 acres of land that will be transformed into 70,000 square feet of retail space as well as additional residences for Skyline at Lindbergh. The original project, set for a spring 2009 completion, will encompass 220 one-, two- and three-bedroom SkyHomes priced from the $190,000s to the $600,000s. Demolition of the Connie Rose Apartments will begin this fall, and development will focus entirely on the 70,000 square feet of retail space that is anticipated to take approximately 24 months to complete.
Multifamily
SAN ANTONIO — Hendricks & Partners’ San Antonio office has completed the sale of Summer Place, a multifamily property located at 1474 Hillcrest Dr. in San Antonio. Local investors sold the 159-unit apartment complex to an investment group from Miami. The sale price was undisclosed. Mike Miller and Chris Ross of Hendricks & Partners’ San Antonio office represented the seller in the transaction.
SEATTLE — Strategic Capital Partners LLC through its fund, Strategic Partners Value Enhancement Fund, has acquired Newport Heights, an 80-unit apartment community in Seattle, through a partnership sponsored by Seattle-based Horizon Realty Advisors LLC. Built in 1985 and located in South King County, the property consists of 12 two-story buildings and is currently 99 percent occupied. Horizon plans to invest approximately $800,000 to renovate the property, including new exterior paint, new roofs, and interior upgrades including new flooring, appliances, lighting and counter tops.
SEATTLE — Strategic Capital Partners LLC through its fund, Strategic Partners Value Enhancement Fund, has acquired Newport Heights, an 80-unit apartment community in Seattle, through a partnership sponsored by Seattle-based Horizon Realty Advisors LLC. Built in 1985 and located in South King County, the property consists of 12 two-story buildings and is currently 99 percent occupied. Horizon plans to invest approximately $800,000 to renovate the property, including new exterior paint, new roofs, and interior upgrades including new flooring, appliances, lighting and counter tops.
ENGLEWOOD, COLO. — Greg Price of Marcus & Millichap’s Denver office represented both parties in the sale and acquisition of two apartment buildings in Englewood. Located at 4090 and 4100 S. Bannock St., the 65-unit asset sold for $3.85 million or $59,230 per unit. The seller and buyer were not disclosed.
FLORIDA AND SOUTH CAROLINA — Newton-based Northland Investment Corp., on behalf of Northland Fund II L.P, has acquired six multifamily properties located in Florida and South Carolina. The portfolio includes Ballantrae, Via Lugano, Monterra at Bonita Springs, Fla., The Promenade at Reflection Lakes, Fla., The Quarter at Ybor City, Fla., and Madison at Park West in Charleston, S.C. All the properties are Class A assets constructed between 1999 and 2003. The garden-style communities feature resort-style swimming pools, state-of-the-art fitness centers, business centers, tennis courts, tile roofs and 9-foot ceilings. Additionally, the units feature spacious interior floorplans with an average size of 1,052 square feet, gourmet kitchens with stainless steel appliances and granite countertops, oversized tubs and generous closet space. With this acquisition, Northland’s Florida portfolio now includes more than 2,800 units.
BELLEVUE, NEB. — Timbercrest Properties has sold Timbercrest Apartments in Bellevue to a local investor for $2.1 million. The 76-unit property, located at 1320 Bluff St., features one- and two-bedroom units and 19 garages. Jim Vokal of Omaha, Neb.-based Coldwell Banker Commercial World Group represented the seller in the transaction.
JERSEY CITY, N.J. — RGD Dixon, the joint venture of Robert Martin Co. and New York City-based Golden Tree InSite Partners, is developing The Residences at Dixon Mills in Jersey City. The 467-unit, five-building condominium community was once the old Dixon Mills factory and will feature one-, two-, and three-bedroom units as well as duplexes, triplexes and penthouses
NEW YORK CITY — Massey Knakal Realty Services has sold a multifamily building in Manhattan, New York City, for $13.5 million. The five-story, fully occupied property is located at 62-64 East 34th St. in the Murray Hill neighborhood. The 17,180-square-foot building features two retail stores located on the ground floor, a commercial office located on the second floor and apartments on the upper floors. John Ciraulo of Massey Knakal represented the undisclosed seller and Laurence Roberts of Arch Brokerage LTD also brokered the transaction.
SILVER SPRING, MD. — Behringer Harvard and Brookfield Real Estate Opportunity Fund have invested in Fairfield Residential’s development of Cameron House. Located in Silver Springs, the 15-story, Class A apartment building will offer approximately 302,469 square feet of rentable space, which will include 325 apartments with a mix of one- and two-bedroom floor plans. Additionally, the project will feature a clubhouse, a rooftop swimming pool and 7,330 square feet of ground-level retail space. The investment amount was undisclosed.