BOSTON — Gerding Edlen, Normandy Real Estate Partners and National Real Estate Advisors has topped off the construction of Troy Boston, a mixed-use complex at 55 Traveler Street in Boston’s South End. Situated on 1.27 acres, the $185 million complex will feature two residential towers offering 378 apartments and 6,000 square feet of retail and restaurant space. Designed by ADD Inc., the project is projected to receive LEED Gold certification and includes an internal power plant that co-generates electricity, hot water and heat. Each apartment features 82 percent post-industrial, recycled content wood floors, stone countertops, customer closet space, energy-saving washers and dryers, Nest Learning Thermostats and custom cabinetry in the kitchen and bathrooms. Building amenities include a 180-space parking garage, a bike room, dog walking facilities, pet washing stations, an outdoor pool with deck, a rooftop terrace, a chef’s kitchen, a multi-purpose room, a private yoga room and a fitness studio. Suffolk Construction is providing construction management for the project. Pre-leasing for the residential units will begin in August.
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BOSTON — Roseview Evergreen Group, on behalf of the Roseview Evergreen Fund, and PM Realty Group have formed Roseview-PMRG Fund I LLC, a $250 million discretionary fund to acquire and reposition properties across the United States. The fund seeks to acquire and reposition existing office assets, which can we acquired below replacement cost, by investing capital to upgrade building common areas and mechanical systems and to fund tenant improvements and leasing commissions. The fund plans to target mid-teens returns with total investment per asset of $15 million to $65 million in primary and secondary markets. The partnership has closed on its first acquisition, a 137,000-square-foot office building in the Greenway Plaza submarket of Houston, Texas.
WORCESTER, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Price Chopper Supermarket located at 50 Cambridge St. in Worcester. H&R REIT sold the 69,000-square-foot property to The Federated Companies for $16 million. Built in 2003, the Worcester Price Chopper serves as the flagship store in Worcester, one of Price Chopper’s primary markets. Price Chopper operates 10 stores in the Greater Worcester market and has more than 130 locations throughout the Northeast. Nat Heald, Chris Angelone, Bill Moylan and Bruce Lusa of CBRE/New England represented the seller and buyer in the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of two buildings at 110 West 111th Street and 247 West 113th Street located in Manhattan’s Central Harlem section. The pair sold for $12.6 million or $262,800 per unit, $291 per square foot. The properties total 43,344 square feet and offer 22 one-bedroom, 18 two-bedroom and eight three-bedroom apartment units. Ronnie Shaban and Amit Doshi of Besen & Associates represented the seller and the buyer, a local private investor, in the transaction. Michael Coritsidis of Coritsidis & Lambros PLLC provided legal counsel to the seller, while Anthony Bottitta of Anthony S. Bottitta PC advised the buyer.
SOUTH ORANGE, N.J. — Marcus & Millichap has brokered the sale of Village Court, a 30-unit multifamily property located in South Orange. Village Court Apartments LLC purchased the property for $3.8 million from Village Court Inc. The property is located near the city’s downtown and within walking distance to Seton Hall University and the South Orange NJ Transit Station, which serves Manhattan. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s National Multifamily Housing Group represented both parties in the transaction.
CINCINNATI — Cohen Financial has secured $12.4 million in acquisition financing for two multifamily properties located in Cincinnati. The properties include the 352-unit Ashley Woods Apartments located at 2300 Walden Glen Circle, and the 316-unit Towerview Apartments located at 5313 East Knoll Court. Dan Rosenberg originated the two 10-year, fixed-rate loans with a CMBS lender for the borrower, an affiliated company of The Ferndale Realty Group LLC, a national apartment owner and operator.
DYER, IND. — Construction has begun on the Claremont of Dyer, a medical resort development in northwest Indiana. The 82,108-square-foot property, located at 1532 Calumet Ave. in Dyer, will include 130-units. The facility will provide short-term rehabilitation and therapy in a hotel-like setting. Carmel, Ind.-based Mainstreet is developing the project and Illinois-based Symphony Post Acute Network will operate the facility. The project is expected to create approximately 300 construction jobs and up to 115 part-time and full-time facility jobs. Construction is scheduled for completion in the summer of 2015.
COLUMBIA, MO. — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has acquired a 656-bed off-campus student housing community near the University of Missouri, for an undisclosed sales price. Campus View Apartments features two- and four-bedroom units. The fully furnished apartment community also includes a clubhouse, swimming pool surrounded by a large sundeck, fitness center, business center and numerous sports courts. The University of Missouri master leases a specified number of beds at Campus View. Kevin Larimer of Hendricks-Berkadia represented the seller in the transaction. Will Baker of Walker & Dunlop arranged the first mortgage loan.
COMMERCE TOWNSHIP, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 20,000-square-foot industrial building in Commerce Township, approximately seven miles north of Novi. The building is located at 2077-2089 E. St. The seller, H & K Investments Inc., sold the building to 2089 Easy Street LLC for an undisclosed sales price. Phil Konopitski of Friedman Integrated Real Estate Solutions represented the buyer and the seller in the transaction.
PLEASANTON, CALIF. — California Center, a 1-million-square-foot office campus in Pleasanton, has received $152 million in debt financing. The six-building campus is located at 4400 Rosewood Drive. The center features a state-of-the-art conference center, a 600-seat cafeteria and a fitness center. The property also contains an 8.4-acre site that is fully entitled for 305 residential units. California Center was acquired by Swift Real Estate Partners this past June. Swift was represented by JLL’s Michael Seifer, Rob Hielscher and Aaron Herter in that sales transaction. The debt was secured by John Manning and Alex Witt of JLL’s Capital Markets. It was provided by Starwood Property Trust. The debt consisted of a five-year, floating-rate loan where $106.5 million was funded at closing and an additional $45.5 million was provided for future capital improvements.