PHOENIX — Greystar Real Estate Partners has purchased the 424-unit Green Leaf Promontory Pointe in Phoenix for an undisclosed sum. The community is located at 888 E. Clinton St. within the 1,200-acre Pointe Tapatio master-planned community. It was built in two phases in 1984 and 1996. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, Green Leaf Partners, in this transaction.
ENGLEWOOD, COLO. — Phoenix Realty Group has acquired the 312-unit Silver Cliff Apartment Homes in Englewood for an undisclosed sum. The Class B complex is located at 5275 S. Delaware St. It was completed in 1991. The property will undergo improvements in operations, enhancements to the on-site amenities and upgrades to the apartment interiors through a value-added program.
SALT LAKE CITY — The University of Utah Health has signed a lease for one of the two office buildings at the new Sugar House development in Salt Lake City. The project is located at 2290 S. 1300 East. The university’s new Sugar House Clinic will focus on promoting community health, offering health services to patients, including primary and preventative care, oncology care and weight-loss services. Westport’s Sugar House development is set to include two office towers and a multifamily residential building. Demolition on the site is expected to begin in June, with the U of U Health building scheduled for completion in mid-2019.
SHREWSBURY AND MT. LAUREL, N.J. — Capitol Seniors Housing is developing two seniors housing communities in New Jersey. Construction is slated to begin this month on Chelsea Senior Living of Shrewsbury, a $29.3 million, 73,000-square-foot property located at 515 Shrewsbury Road. Slated to open in third quarter 2018, the community will feature 85 apartments, with 58 for assisted living and 27 for memory care, as well as a sunroom, bistro, tavern, outdoor patio, theater, art studio and gallery. The company is also breaking ground in July for Arbor Terrace Mt. Laurel. Located at the intersection of Creek and Centerton roads, the $28.4 million, 75,000-square-foot community will feature 88 apartments, a bistro, theater room, art studio, technology lounge, fitness/rehab center, sports theater, patio, courtyard and two-story water feature. The community is scheduled to open in the third quarter of 2018. Capitol Seniors Housing also recently completed Arbor Terrace Morris Plains, an 82-unit assisted living and memory care community in Morris Plains, N.J., and has two additional properties under development. The 83-unit Atria of Norwood in Norwood, N.J., is slated to open in March 2018 and the 82-unit Arbor Terrace of Mountainside in Mountainside, N.J., is expected to open in May 2018.
BOSTON — L3 Capital and LaSalle Investment Management have purchased a vacant commercial building located at 399 Washington St. in Boston’s Downtown Crossing for an $63.2 million. The buyers will renovate and rebrand the 74,500-square-foot building as DTX 399. The building will offer six levels of retail and creative office space. Evan Papanastasiou of Eastern Consolidated represented the seller, Robert Posner, while Adelaide Polsinelli, also of Eastern, procured the buyer in the deal. The owners have retained Colliers International to market the property for lease.
NEW YORK CITY — HFF has arranged the $57 million sale of an apartment building located at 200 E. 11th St. in Manhattan’s East Village. Benchmark Real Estate Group sold the 54-unit property to Shorenstein Co. The 12-story, 53,000-square-foot building features a mix of one-, two- and three-bedroom layouts, a rooftop deck and an amenity building with a gym, lobby and yoga studio. Jeff Julien, Rob Hinckley and Steven Rutman of HFF represented the seller and procured the buyer. Additionally, Geoff Goldstein, Scott Aiese and Rory Shepard of HFF arranged $31 million in acquisition financing for the buyer.
CAMBRIDGE, MASS. — Roseview-PMRG Fund I, a discretionary fund managed by Boston-based Roseview Investment Advisors and Houston-based PMRG, has completed the disposition of 100 CambridgePark Drive, an office building located in Cambridge. An undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners acquired the 135,615-square-foot property for an undisclosed price. At the time of sale, the property was 96 percent occupied. The fund originally acquired the asset in 2014 for $41.5 million and renovated the property in 2016. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark Knight Frank oversaw the transaction.
FREEHOLD, N.J. — Bussel Realty Corp. has facilitated the sale of Fairfield Industrial Park, a nine-building industrial park located at 912 Route 33 in Freehold. Fairfield Industrial Park LLC acquired the 165,000-square-foot asset for $7.5 million. Jordan Metz and Eduard Skutelsky of Bussel Realty represented the undisclosed seller, while Imperial Real Estate represented the buyer in the deal.
SUMMERVILLE, S.C. — Woodfield Investments has opened The Passage, an apartment community located at 100 Underwood Drive in Summerville, roughly 20 miles northwest of Charleston. The 240-unit community includes studio, one-, two- and three-bedroom options, as well as amenities including a dog park, horseshoe pit, bocce ball, open-air cabanas and a saltwater pool featuring an in-pool sun shelf. The Passage’s fitness center includes yoga and spin studios, as well as instructor-led classes. CF Real Estate Services manages the community.
TAMPA, FLA. — The RADCO Cos. has acquired Cordova Apartment Homes in Tampa for $41.7 million. The Atlanta-based multifamily investment firm plans to spend $7.7 million in renovations to modernize the 536-unit, Class B property under a new name, Sunstone Palms. RADCO financed the acquisition using a $36.7 million loan from Prudential Financial and approximately $15.4 million in private capital. Located less than a mile from the University of South Florida, Sunstone Palms offers one-, two-, and three-bedroom units and features a fitness center, two pools, picnic and grilling areas, on-site laundry facilities, clubhouse, business center and a dog park. Renovations to the property will include updated cabinetry and appliances, new flooring, modern lighting, clubhouse remodel and the addition of a new fire pit and grilling area. RADCO Residential will manage Sunstone Palms, which is RADCO’s sixth acquisition in Tampa.
