FREDERICK, MD. — Apartment Realty Advisors (ARA) has arranged the sale of Crystal Park at Waterford, a 314-unit, garden-style apartment community located in Frederick. Constructed in 1990, the property was 93.3 percent occupied at the time of closing. Drew White and Ryan Ogden of ARA represented the seller, Washington, D.C.-based Federal Capital Partners. The buyer was Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT. The acquisition price was not released.
STATESBORO, GA. — Campus Advantage has closed on its first acquisition under the company's second joint venture with the California State Teachers' Retirement System (CalSTRS). The property, The Woodlands at Statesboro, serves the students of Georgia Southern University. Consisting of two-bed, two-bath units, the property includes 184 units and 368 beds and is 99 percent occupied. The property is within walking distance of the university and includes amenities such as a clubhouse, swimming pool, fitness center, basketball and sand volleyball courts, business center and a billiards room. In addition, units feature washer/dryer, crown moldings, walk-in closets, track lighting and a breakfast bar. The Woodlands at Statesboro is the first property acquired under the $75 million commitment that CalSTRS has made with Campus Advantage. The California pension fund first teamed up with Campus Advantage in 2007 for a $100 million partnership that was fully placed in December 2011. The first venture acquired seven properties totaling more than $193 million in student housing assets and encompassing 4,749 beds.
ATHENS, GA. — St. Simons Island, Ga.-based Georgia Theatre Company has held the grand opening for University 16 Cinemas in Athens. The 16-screen theater features stadium seating, wide-arc screens, Dolby Digital stereo sound and Christie digital projectors. Two auditoriums are equipped with Dolby 7.1 Surround Sound and 3D Digital Cinema technology. The movie theater also features a full-service restaurant and a party room for special events. University 16 Cinemas is the first tenant to open within Epps Bridge Centre, a 68-acre power center under development on Oconee Connector near the intersection of Georgia Highway 316 and Highway 10 Loop. Atlanta-based The Bishop Company is developing Epps Bridge Center. Smyrna, Ga.-based Benning Construction Co. built University 16 Cinemas and is the general contractor for the rest of the shopping center.
SPRINGFIELD, ILL. — Alvin Mansour of The Mansour Group has arranged the sale of Southwest Plaza, a 368,065-square-foot retail center located in Springfield, for $45 million. The plaza was fully occupied at the time of sale. Built in 2003, Southwest Plaza was recently redeveloped and expanded to include tenants such as Barnes & Noble, Best Buy, Men's Wearhouse, Michael's, Office Depot, Party City, PetSmart, Ross Dress for Leses and Sports Authority. The Springfield market serves as headquarters for 12 nationally known insurance companies. The Mansour Group is a part of Marcus & Millichap.
INDIANAPOLIS — Rockbridge Partners has acquired the historic Canterbury Hotel, a 99-room, full-service hotel located in downtown Indianapolis, from Turner Woodard, an Indianapolis entrepreneur and investor. The purchase price was undisclosed. Rockbridge plans to renovate and transform the Canterbury Hotel into upscale lodging. Renovation plans include opening up and refurbishing the lobby area, relocating and expanding the fitness center and redeveloping the restaurant and lounge. The corridors and guestrooms will also be fully refurbished, including completely renovated guest bathrooms. The hotel is located adjacent to the Circle Centre Mall and St. Elmo's Steakhouse and is within walking distance of Monument Circle, the State Capitol, Bankers Life Fieldhouse and Lucas Oil Stadium. Azul Hospitality Group will manage the property.
CHICAGO — Millennium Properties has completed the $1 million sale of a 4.6-acre residential development site in the Little Italy/UIC neighborhood of Chicago. The property, which is located at 2500 W. Roosevelt Road, is a partially completed residential development known as Metro Place. A venture led by Daniel McLean, president and CEO of MCL Cos., developed the first phase of the project between 2006 and 2009. The first phase included 17 single-family homes and a six-unit condo building. The new owner, Eco Development Inc., intends to complete the remaining two phases, adding 14 single-family homes, 59 townhomes and nine six-flat condo buildings.
YELLOW SPRINGS, OHIO — GA Keen Realty Advisors has been retained by The Antioch Co. LLC to market and sell the company’s former headquarters in Yellow Springs through a bankruptcy sale process. The 95,062-square-foot building features 66,574 square feet of warehouse space and 26,823 square feet of office space. Currently, two tenants occupy a total of 20,555 square feet and produce annual rental income of approximately $250,000. Located at 888 Dayton St., the property is less than 20 miles northeast of Dayton.
BOSTON — Nuestra Comunidad Development Corp. and WiSe Urban Development plan to rehabilitate Washington Park, a 130,000-square-foot, 96-unit mixed-income development in Boston. The nine-building apartment community is located minutes from downtown and is close to I-93. The design team for the project includes The Architectural Team of Chelsea, Mass., and Keith Construction of Canton, Mass. WinnResidential will serve as the property manager for Washington Park, which is slated for completion in July 2014.
NORTH HAVEN, CONN. — Chozick Realty Inc. has arranged the sale of Briarwood Hills Apartments, a 176-unit residential community located in North Haven, for $14.4 million. Rick Chozik, president of Chozik Realty’s Hartford office, represented the buyer, Briarwood Hill LLC, and the seller, Chozick Realty Inc., in the transaction. Briarwood’s amenities include a swimming pool with sun deck, fully equipped fitness center and patio space.
FLORHAM PARK, N.J. — The Rockefeller Group will develop a four-story, 100,000-square-foot medical office building for Summit Medical Group. The property is located at The Green on 140 Park Ave. in Florham Park. Summit Medical Group has signed a 15-year lease for the entire 268-acre, master-planned development. Marc Rosenberg, Cushman & Wakefield vice chairman, and Karen Graham, COO at Summit Medical Group, represented Summit Medical Group. The Rockefeller Group was self-represented by Clark Machmer, vice president, and Johanna Chervak, associate director, in the transaction.
