ROGERS, MINN. — Colliers MSP has brokered the $1.7 million sale of a 14.8-acre land site in Rogers, a northwest suburb of the Twin Cities. The buyer, Rachel Development Inc., plans to build a 134-unit apartment complex as well as 56 townhomes. Andy Heieie and Rob Brass of Colliers represented the seller, WJD II & Co. LLP. The Colliers team also worked with the owners of the adjacent Caribou Coffee and Culvers to redesign their access points and drive-thru lanes for the project.
NEW YORK CITY — Urban Standard Capital has provided an $8.7 million construction loan for the completion of a 24-unit multifamily project in the Bedford-Stuyvesant neighborhood of Brooklyn. The project is a redevelopment of a three-story building previously owned by Grace Baptist Church. The borrower, Spencer Developers, expects to complete the redevelopment in about three months. Seth Weissman, Charlie Brosens and Robert Levine of Urban Standard Capital originated the financing.
PARSIPPANY, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $10.5 million sale of Troy Office Center, a 126,000-square-foot complex located in the Northern New Jersey community of Parsippany. The four-building property sits on a 10.5-acre site that includes 670 feet of frontage along U.S. Highway 46. Tom Scatuorchio of Kislak represented the seller, a private investor, in the transaction. Scatuorchio also procured the buyer, Shree Parsippany Developers LLC.
MIAMI — Developers 13th Floor Investments and Adler Group have opened leasing for CORE Link at Douglas, a new 312-unit residential tower underway in Miami. Slated to open in August at 3060 SW 37th Ave., CORE will become the first tower to open at Link at Douglas, a seven-acre mixed-use development located adjacent to Miami’s Metrorail and The Underline linear park. Global investment manager Barings is a partner on the project. Located along US-1 and Douglas Road, CORE is situated between Coral Gables and Coconut Grove. The property is less than two miles away from the University of Miami. The 22-story residential building will feature studios, one- and two-bedroom apartments. Leasing rates will start at $1,690 for studios, $2,090 for one-bedrooms and $2,790 for two-bedrooms. Community amenities will include a rooftop pool deck, poolside grilling and private cabanas, as well as a fitness center with a yoga studio, business center and media room. A social lounge will come complete with billiards, shuffleboard, ping pong and a furnished seating area centered around a fireplace. Other amenities will include secured package room, bike storage and Wi-Fi in all common areas. Apartments will feature private balconies, floor-to-ceiling windows, granite countertops, modern kitchen hardware …
SAN DIEGO — San Diego-based Cisterra Development is developing Radian, a planned 255,000-square-foot retail and residential high-rise tower in the Ballpark District of San Diego’s East Village neighborhood. Located along G Street between 9th and 10th avenues, the 22-story tower will feature 241 apartments and ground-floor retail space, which a 36,000-square-foot Target will occupy. Residential amenities will include an indoor/outdoor fitness center, game room, event/dining room, business center/lounge, dog park/wash, outdoor theater and a rooftop pool/hot tub area with views of Petco Park, the Pacific Ocean, San Diego Bay and Coronado. Project partners include San Diego-based Carrier Johnston + CULTURE as building architect, Gensler for interior design and Swinerton as the general contractor. ACORE Capital provided construction financing, which CBRE procured, while Berkadia arranged a private family office as a joint-venture partner. The Koman Group and Wermers Properties are also joint-venture partners on the project.
SAN ANTONIO — Wildhorn Capital, an Austin-based multifamily investment firm, has sold a 388-unit portfolio in San Antonio. The portfolio consists of two properties, The Blair at Bitters and The Henry B, both of which were 97 percent occupied at the time of sale. Both properties feature one- and two-bedroom units and amenities such as pools, fitness centers, business centers, tennis courts, clubhouses and playgrounds. The buyer was Dallas-based private equity firm Kanesville Capital. Matt Michelson of Newmark represented Wildhorn Capital in the off-market transaction.
TERRELL, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Windsor Rehabilitation & Health Care Center, a 108-bed skilled nursing facility in Terrell, approximately 30 miles east of Dallas. The 41,140-square-foot property was built on 5.2 acres in 1994. The property was the sole Texas community for the seller, an unnamed regional company. The buyer was a national seniors housing owner-operator with a large portfolio in the state. The price was also not disclosed.
CHICAGO — Detroit-based City Club Apartments has opened Phase II of the MDA building in downtown Chicago’s Loop District. Phase II is a seven-story building with 81 units. The project is the first of two new developments opening in the next 18 months that are part of City Club’s “apartment hotel” strategy, whereby residents are able to choose between short- and long-term leases. Amenities include a rooftop sky park with a pool, outdoor theater, grill station and lounge seating. The second floor houses an entertainment and conference room that connects to Phase I via a sixth-floor skybridge. Residents have access to amenities at both buildings, including the onsite restaurant Elephant & Castle, a fitness center, Zen garden, bicycle room, bark park and business center. The 23-story Phase I features 190 units. That building dates back to 1927 and was redeveloped into apartments in 2006. Monthly rents start around $1,500 for studios.
CRYSTAL LAKE, ILL. — 33 Realty has brokered the $25 million deconversion sale of Randall Village Condominiums in Crystal Lake, about 45 miles northwest of Chicago. Built in 1998, the property consists of 21 two-story buildings as well as a clubhouse and 26 garage parking spaces. Amenities include a pool, fitness center, grilling area and meeting rooms. Sean Connelly, John Meyer and Matt Petersen of 33 Realty brokered the transaction. The undisclosed buyer plans to invest in substantial unit upgrades. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
CARMEL, IND. — KC Venture Group has acquired Penn Circle Apartments in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Built in 2013, the five-story asset sits on 6.2 acres at 12415 N. Pennsylvania St. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Inland. KC Venture Group is a real estate company engaged in the ownership, acquisition and management of multifamily communities in the Midwest and Texas.
