CHICAGO — Mission Capital Advisors has arranged a $170 million loan for the construction of Essex on the Park in Chicago. The 56-story, 479-unit luxury apartment building will be located at 808 S. Michigan Ave. As part of the project, the adjacent Essex Inn will be expanded to 271 rooms and repositioned as the Hotel Essex. Opening of the entire project is slated for 2019. The apartments will include a mix of studios, convertibles, and one-, two- and three-bedroom units. The top two residential floors of the building will include four penthouse duplexes. Jordan Ray, Ari Hirt, Steven Buchwald and Jamie Matheny of Mission Capital advised ownership and sourced the financing from a global investment bank. Oxford Capital Group LLC and Quadrum Global are co-developing the project.
CHICAGO — Crescent Heights has broken ground on One Grant Park in Chicago’s South Loop. The 76-story apartment building, located at 1200 S. Indiana Ave., will include 792 luxury apartments. Completion is slated for early 2019. Rafael Viñoly designed the tower, and Rockwell Group will design the interiors of the units. The building will include a mix of studio, one-, two- and three-bedroom apartments. S. Loop Chicago Development LLC purchased the three-acre site in 2012.
KANSAS CITY, MO. — In a joint venture deal, the Community Development Trust (CDT) and The Millenia Cos. have acquired Kensington Heights Apartments in Kansas City. The nine-story apartment complex includes 126 units and serves low-income senior citizens and people with disabilities. Kensington Heights Apartments is located near Interstate 70 and U.S. Highway 40, and is approximately 10 minutes from downtown Kansas City. The complex serves residents who earn 60 percent of the area median income. The equity investment totaled $1.8 million, and CDT and Millenia will complete $580,000 of capital improvements to ensure the apartments are maintained as high-quality affordable housing for elderly and disabled residents. CDT is a national investor in affordable housing. Millenia is a Cleveland-based real estate company specializing in the acquisition, rehabilitation and management of affordable and market rate properties.
MIAMI — Related Development LLC, a Miami-based mixed-use and multifamily developer and affiliate of The Related Group, has six projects set to begin construction in Tampa, Orlando, Palm Beach County and Atlanta. The Florida projects include the 399-unit Tampa Tribune, a waterfront apartment community located at 202 S. Parker St. in Tampa; Town at Westshore Marina District, a 396-unit mid-rise apartment community located in Tampa’s Westshore district; Town Maitland at Trelago, a 350-unit townhome and Big House multifamily development located in Orlando; and Town Southern, a 392-unit garden-style apartment community located on Southern Boulevard in Royal Palm Beach. In Atlanta, Related Development has two projects planned in Atlanta’s Midtown and Buckhead districts. The developments include a 77,000-square-foot Whole Foods Market, which is Phase II of Related’s 390-unit Apogee Midtown development; and Apogee Buckhead, a 35-story high-rise comprising 362 residential units above three levels of retail and office space.
HENDERSONVILLE, N.C. AND SPARTANBURG, S.C. — Greystone Real Estate Advisors has closed the sale of Brookdale Hendersonville in North Carolina and Brookdale Skylyn in South Carolina. A private equity group purchased both properties from Brookdale Senior Living Inc., the largest owner and operator of seniors housing communities in the United States, for $33 million. Brookdale Hendersonville, located in the Asheville suburb of Hendersonville, offers independent living cottages, an independent living clubhouse, an administrative office building and a separate memory care building. Built in 1985 and 1993, the community sits on a total of 21.4 acres of land. Brookdale Skylyn, located in Spartanburg, is an independent living, assisted living, memory care and skilled nursing community. The property consists of two senior living buildings and one skilled nursing building. Built in 1986, the community sits on 17.6 acres of land. Mike Garbers and Cody Tremper of Greystone represented Brookdale Senior Living in the transaction.
SAN MATEO, CALIF. — Elder Care Alliance has acquired The Villa at San Mateo, a 135-unit independent living community in San Mateo, located between San Francisco and San Jose, for an undisclosed price. The community is located on a 4.5-acre campus. Elder Care partnered with Rockwood Pacific, CBRE and HJ Sims to complete the deal. The transaction marks the first acquisition by Elder Care Alliance, a Bay Area nonprofit operator. The company now serves nearly 700 seniors in five communities throughout California.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two adjacent four-story multifamily buildings located at 2819-2821 33rd St. in the Astoria section of Queens. A private 1031 exchange investor acquired the buildings for $11 million, or $510 per square foot. The buildings offer a total of 38 apartment units. Matt Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap represented the seller, a private investor, and procured the buyer in the deal.
AUSTIN, TEXAS — Steadfast Apartment REIT III has acquired Canyon Resort at Great Hills, an apartment community located in Austin, for $44.5 million. Built in 1997, the property features 12 three-story buildings with a total of 256 apartments in a mix of one-, two- and three-bedroom layouts, averaging 983 square feet. Community amenities include a pool with sundeck, fitness center, barbecue area, business center, detached garage parking and hiking trails. At the time of sale, the property was 94.5 percent occupied with in-place rents averaging $1,335 per month. The name of the seller was not released.
MCKINNEY, TEXAS — KWA Construction, serving as general contractor, has completed the construction of Post Oak Apartments, an affordable housing complex located in McKinney. Owned by McKinney Millennium II and developed by GroundFloor Development, the complex features 182 units, with 130 units reserved for residents earning 60 percent or less of the area median income and the remaining units at market-rate rents. Designed by Architettura Inc., the property features one-, two- and three-bedroom apartments with hardwood flooring, central air conditioning, dishwashers, microwaves, washer/dryer hookups and individual patios or balconies. On-site amenities include a leasing center and clubhouse with fitness center, business center, laundry facility, swimming pool and resident lounges with a kitchen. Boston Capital was a financial investor in the project.
MIAMI — A joint venture between multifamily developer Morgan and Invesco has opened Pearl Dadeland, a 412-unit apartment community located at 7440 N. Kendall Drive in Miami. The community’s units average 841 square feet with a mix of studios and one-, two- and three-bedroom residences. The interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, oval soaking tubs, glass-enclosed showers, walk-in closets, full-size washers and dryers, Nest thermostats, USB charging ports, electronic key entry system and private balconies. Select apartments have 11-foot ceilings, island kitchens with a breakfast bar, double sinks in the master bath and a desk alcove. Community amenities include a fitness studio with a yoga room, TRX wall and Peloton Cycles; resort-style swimming pool with private cabanas, TVs and grilling stations; rooftop amenity deck; Wi-Fi-enabled clubhouse with a theater and gaming room; and a 4,000-square-foot park with a dog park. JPMorgan Chase provided construction financing for Pearl Dadeland. Morgan has another community, Midtown 29, under construction in Miami’s Wynwood/Midtown neighborhood and will break ground this month on a community in the Flagler Village neighborhood of Fort Lauderdale.