CHICAGO — Chicago-based Newcastle has brokered the sale of a surface parking lot owned by the YMCA of Metropolitan Chicago, as well as an adjacent four-story retail apartment building located at the corner of Chicago Avenue and State Street in Chicago, for $40 million. The building was sold by a third party and contains a retail component. The properties were acquired by Loyola University, which plans to use the combined 61,470-square-foot site for future expansion. Newcastle represented all parties in the transaction.
Multifamily
CHICAGO — Northbrook, Ill.-based Essex Realty Group has completed the sale of a 63-unit multifamily property, located at 640 Sheridan Dr. in Chicago’s Lakeview neighborhood, for approximately $6.3 million. Doug Fisher of Essex represented the seller, and Doug Imber, also of Essex, represented the buyer. Both parties were undisclosed.
HIGHLAND PARK, N.J. — Ken Uranowitz and Joseph Brecher of Gebroe-Hammer Associates have completed the $8.4 million sale of Parktowne House, an 84-unit apartment complex in Highland Park. The two-building, mid-rise facility is located at 11-19 Raritan Ave. on Route 27. The five- and six-story buildings contain 51 one-bedroom units, 12 two-bedroom units and 21 studio apartments. The facility was fully occupied at the time of the sale. Gebroe-Hammer represented the undisclosed seller and procured the buyer, an undisclosed Manhattan-based real estate investor.
HIGHLAND PARK, N.J. — Ken Uranowitz and Joseph Brecher of Gebroe-Hammer Associates have completed the $8.4 million sale of Parktowne House, an 84-unit apartment complex in Highland Park. The two-building, mid-rise facility is located at 11-19 Raritan Ave. on Route 27. The five- and six-story buildings contain 51 one-bedroom units, 12 two-bedroom units and 21 studio apartments. The facility was fully occupied at the time of the sale. Gebroe-Hammer represented the undisclosed seller and procured the buyer, an undisclosed Manhattan-based real estate investor.
BURIEN, WASH. — The Laramar Group has acquired Vintage Park, a 543-unit multifamily property located at 1101 SW 139th St. in Burien, for an undisclosed price. Constructed in the 1940s, the property comprises 44 buildings on a 25-acre site. Laramar plans to rename the property, The Heights at Burien, and complete an extensive exterior renovation and upgrade, as well as a $12 million renovation to the apartment interiors. New amenities will include a clubhouse, a business center and a fitness center. The seller was not disclosed.
THORNTON AND DENVER, COLO. — Alliance Residential Co. has closed on two new multifamily communities in Colorado. The properties include Broadstone Avena and TwentyOne|01 on Market. Located on the south side of East 104th Avenue in Thornton, Broadstone Avena offers 385 units in one-, two- and three-bedroom floorplans. Additionally, the property features a 5,200-square-foot recreation clubhouse/social lounge, a wireless cyber café with coffee bar, a multi-media theater with surround sound, a fully-equipped fitness center, a resort-style pool with tanning shelf and Splash Park, a heated spa, and picnic and barbeque areas. Located in the Ballpark neighborhood of Denver, TwentyOne|01 on Market will feature 52 new units in the rehabilitated section of the project and a new eight-story, 174-unit residential building, which will offer 6,673 square feet of ground-floor retail space.
CHARLOTTE, N.C.; JACKSONVILLE AND TAMPA, FLA. — Crescent Resources is developing three apartment complexes, as a part of its new upscale, environmentally friendly Circle brand, in Charlotte, Jacksonville and Tampa. Circle at South End, located in Charlotte, broke ground in November. The four-story, 360-unit apartment community will seek LEED certification upon completion and features one-, two- and three-bedroom units, ranging from 550 to 1,650 square feet. The community is adjacent to the new light rail station, and includes 8,000 square feet of street-level retail. Circle at Crosstown in Tampa and Circle at Bartram Park in Jacksonville broke ground this month. The three-story communities feature one-, two- and three-bedroom apartment homes, ranging from 780 to 1,300 square feet. A total of 300 residences are planned for Crosstown, and 336 units are planned for Bartram Park. Additional communities are slated to begin construction this year, including Circle at University Marketplace in Durham N.C.; Circle at Cool Springs in Nashville, Tenn.; and Circle at Stonelake in Austin, Texas.
CHARLOTTE, N.C.; JACKSONVILLE AND TAMPA, FLA. — Crescent Resources is developing three apartment complexes, as a part of its new upscale, environmentally friendly Circle brand, in Charlotte, Jacksonville and Tampa. Circle at South End, located in Charlotte, broke ground in November. The four-story, 360-unit apartment community will seek LEED certification upon completion and features one-, two- and three-bedroom units, ranging from 550 to 1,650 square feet. The community is adjacent to the new light rail station, and includes 8,000 square feet of street-level retail. Circle at Crosstown in Tampa and Circle at Bartram Park in Jacksonville broke ground this month. The three-story communities feature one-, two- and three-bedroom apartment homes, ranging from 780 to 1,300 square feet. A total of 300 residences are planned for Crosstown, and 336 units are planned for Bartram Park. Additional communities are slated to begin construction this year, including Circle at University Marketplace in Durham N.C.; Circle at Cool Springs in Nashville, Tenn.; and Circle at Stonelake in Austin, Texas.
FORT LAUDERDALE, FLA. — Carlisle Development Group and the Housing Authority of the City of Fort Lauderdale are developing Dixie Court Apartments I and II, a $25 million, 154-unit complex, located at 950 N.W. 4th St. The garden-style community consists of 66 one-bedroom, 60 two-bedroom and 28 three-bedroom units. Amenities include a clubhouse, computer lab, library, car care area, picnic pavilion and playground. Construction began this month and is projected for completion in March 2009.
FORT LAUDERDALE, FLA. — Carlisle Development Group and the Housing Authority of the City of Fort Lauderdale are developing Dixie Court Apartments I and II, a $25 million, 154-unit complex, located at 950 N.W. 4th St. The garden-style community consists of 66 one-bedroom, 60 two-bedroom and 28 three-bedroom units. Amenities include a clubhouse, computer lab, library, car care area, picnic pavilion and playground. Construction began this month and is projected for completion in March 2009.