LEAVENWORTH, KAN. — Cheyenne Village, a 33-unit military housing community located at Fort Leavenworth in Leavenworth, has been completed. Designed by St. Louis-based Rosemann & Associates, with assistance by Kaw Valley Engineering and Lankford & Associates, the community includes 15 duplexes, one single-family home and two accessible units. Each of the duplexes includes three or four bedrooms with 2.5 baths and a full basement, landscaped yards with fenced back yards, attached garages and laundry facilities. Cheyenne Village, which is being developed by Michaels Military Housing, is the second neighborhood completed as part of the $220 million Ft. Leavenworth Military Housing Privatization plan. The project, which seeks to renovate and upgrade substandard military housing on the base, will include construction of 708 new units, major renovations to 635 units, minor renovations to 84 units and the historic rehabilitation of 269 units. Major infrastructure improvements will also be made, including new streets and utilities; the upgrade of existing utilities; and the construction of a playground, hiking and biking trails, and a community space. Completion of the entire project is scheduled for 2014.
Multifamily
FREMONT, CALIF. — BRIDGE Housing Corp. has developed Irvington Terrace, a 100-unit apartment community located at 4109 Broadmoor Common in Fremont. The property features 100 affordable apartment homes for families earning 30 and 50 percent of the area median income. Rents for the one-, two- and three-bedroom apartments range from $429 to $910 per month, depending on income and apartment size. The property also features two landscaped courtyards, children’s play areas, a community room and laundry facilities. Financing for Irvington Terrace was provided by the city of Fremont, Redevelopment Agency of the city of Fremont, California Department of Housing and Community Development, Housing Authority of the county of Alameda, Wells Fargo Bank, MMA Financial and California Community Reinvestment Corp. McLarand Vasquez Emsiek & Partners provided architectural services for the project; L&D Construction served as general contractor.
LAUDERHILL, FLA. — CB Richard Ellis has represented L & A Enterprises in the $6.4 million sale of Park Regency in Lauderhill to an undisclosed buyer. The 64-unit, 85-bed assisted living facility, which is approximately 97 percent occupied, is situated on 4.29 acres at 2801 NW 55th Ave. Bruce Gibson and John Mekras of CBRE and Lisa Silvers of CBRE | Melody brokered the sale.
LEXINGTON, KY. — Marty O’Connell, Sean Fogarty, Dave Nachison and Matthew Lawton of Holliday Fenoglio Fowler’s (HFF) Chicago office have represented Northwestern Mutual in the $28.5 million sale of The Fountains of Andover, located at 3200 Todds Rd. in Lexington. B&M Management Co. purchased the multifamily property. Completed in 1998, the property features 318 units that average 861 square feet. Amenities include a clubhouse, a business center, a pool, a fitness center, a tennis court and a car wash area.
TEXAS AND NEW MEXICO — Centerline Holding Co. has provided $72 million in financing for San Francisco-based The Reliant Group and a group of non-profit partners for the acquisition of a 20-property multifamily portfolio in Texas and New Mexico. Centerline provided $25.3 million in tax credit equity and $46.9 million in tax-exempt bond financing. An additional $24 million was provided by other sources. Plans include a complete renovation to the interior and exterior of the properties, which are slated for completion late 2008.
SAN DIEGO — API, as QI for SRP Annex LLC of Auburn, Calif., has purchased City Villas I & II, a 70-unit multifamily community located at 837 and 845 16th St. in San Diego. Solana Beach, Calif.-based CVLP-JUDD; JUDD CV APT LLC sold the property for $9.4 million. Steve Huffman and David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction.
PROVO, UTAH — CB Richard Ellis|Melody has placed $40.3 million in permanent financing for a three-property apartment portfolio in Provo. The student-housing portfolio features 346 units with 2,076 beds, and 160 conventional units. Properties include Raintree Commons, Lodges at Glenwood and Cambridge Court. Ray Walker of CBRE|Melody’s Salt Lake City office secured the financing.
TUCSON, ARIZ. — Los Angeles-based Moise Hendeles has purchased Wilmot Vista, a 197-unit apartment community located at 3225 S. Wilmot Rd. in Tucson. Los Angeles-based Grant Cardone sold the property for $8.65 million. Art Wadlund of Hendricks & Partners’ Tucson office represented the seller in the transaction.
SAVANNAH, GA. — Frederick, Md.-based Investment Property Exchange Services has acquired Cobblestone Apartments in Savannah for $15.4 million from Birmingham, Ala.-based Cobblestone Apartments LLC. The property features 220 units totaling 180,712 square feet of living space. Amenities include a swimming pool and hot tub, tennis courts, a picnic area and a laundry facility. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors brokered the transaction.
NEW YORK CITY — CGS Developers is converting The PowerHouse, formerly home of the Pennsylvania Railroad’s century-old power station, into a luxury condominium located along the East River at 50-09 Second St. in the Long Island City neighborhood of Queens, New York City. Karl Fischer and Andres Escobar designed the 177-unit building, which features 80 layouts for studio, one-, two- and three-bedroom homes. Residence sizes will range from approximately 600 to more than 1,700 square feet, and will contain oversized windows, American walnut hardwood floors and solid-core doors. Prices begin at approximately $450,000. Amenities will include a residents’ lounge with billiards, a large plasma-screen television, a wet bar and seating, a children’s play area, a social space that includes a fully equipped screening room and a fitness center, on-staff personal trainers, on-site cold storage and a high-tech virtual concierge system for the home, building and neighborhood amenities and services. Another amenity will be New York’s first Aqua Grotto, a water-oriented social space that includes a large whirlpool with a waterfall, massage services and a full-service spa. Occupancy is slated for July 2008.