INDIANAPOLIS — Trinitas has broken ground on The Collegiate, a 193-unit, 669-bed student housing project that will reside on 2.8 acres of land in downtown Indianapolis and serve students of Indiana University–Purdue University Indianapolis. The project will feature a mix of one-, two-, three- and four-bedroom apartments. Each fully furnished unit will include bedrooms with private bathroom suites, walk-in closets, a washer and dryer unit and high-speed Internet with wireless capabilities. The complex, designed by Ratio Architects, includes two buildings ranging from five to 11 stories and is anticipated to open in August 2017. It will include 3,100 square feet of retail space and 370,000 square feet of amenities, including a five-level parking garage, outdoor courtyard with a basketball court, and resort-style pool and sundeck with water volleyball and grilling stations. Student residents will have access to a 5,196 square foot, all-inclusive clubhouse featuring a fitness center, free tanning, a computer café, private study lounges, gaming stations and large-screen TVs.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily buildings located in the Bronx for $90 million, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor, in the transaction.
EAGLEVILLE, PA. — Greystone has provided a $46 million bridge loan for the acquisition of Riverview Landing at Valley Forge in Eagleville. Nathan Schuss of Greystone originated the loan on behalf of Liss Property Group. Greystone presented the financing opportunity with an introduction to a joint venture equity partner, Azure Investments. This opportunity enabled Liss Property Group to acquire the 310-unit multifamily property, which features a resort-style pool and clubhouse, fitness center and business center.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1464 Ocean Ave. in Brooklyn’s Midwood section. The 26,800-square-foot property sold for $5.6 million, or $209 per square foot. Situated between Avenue I and J, the four-story building consists of 28 apartments. Len Mavashev of Alpha Realty represented the buyer, a Manhattan-based investment fund, while Jacob Aronov, also of Alpha Realty, represented the seller, a local private investor.
ATLANTA — Isakson Living, an Atlanta-based developer, will move forward with developing Peachtree Hills Place. Isakson Living and Foley Design Associates Architects will be refining the plans for the south Buckhead community over the next several months. Peachtree Hills Place, a residential community offering a full continuum of care, was first introduced in 2006. However, in 2009, the development of the 20-plus acre site in the historic Peachtree Hills neighborhood was put on hold during the recession. More than 150 buyers originally reserved a home at Peachtree Hills Place. Many of the initial buyers, along with 40 new prospective buyers already on the priority list, are expected to reserve a new home in the community. Amenities will include a clubhouse with multiple dining venues, a fitness center and a health center. The first phase of development will include 84 condominiums and eight custom single-family homes. The condominiums at Peachtree Hills Place will include one-, two- and three- bedroom plans ranging in size from 1,400 square feet to more than 3,000 square feet. Upon completion, there will be 192 condominiums and 12 single-family homes. Services include security, transportation, assisted living, memory care and skilled nursing. Pre-sales will commence in 2016.
ORLANDO, FLA. — ARA Newmark has arranged the sale of Reserve at Conway, a 220-unit Class B property located near downtown Orlando. The property was 94 percent occupied at the time of the sale. Kevin Judd, Scott Ramey, Patrick Dufour, Richard Donnellan and Marc deBaptiste of ARA Newmark represented the seller, an affiliate of Chicago-based Oak Residential Partners, in the transaction. Oak Residential is a privately owned company that invests in, develops and manages commercial and multifamily real estate across the Midwest, Southwest and Southeastern United States. Chicago-based Redwood Capital Group was the buyer. Constructed in 1983, the Reserve at Conway includes a unit mix of one- and two-bedroom apartments in six floor plans. Community amenities include a swimming pool, fitness center, outdoor kitchen, sports court, bark park, business center, laundry facility, car care center, clubhouse and resident lounge, Wi-Fi and a Starbucks. The Reserve at Conway is located six miles southeast of downtown Orlando in the Southeast/Airport submarket.
SAN FRANCISCO — Romel Enterprises has purchased the 85-unit Burlingame Towers apartment building in the San Francisco submarket of Burlingame for an undisclosed sum. The property is located at 1469 Bellevue Ave. Romel Enterprises purchased the property after defeasing the existing loan. HFF’s Scott Bales and Adam Simon represented the seller, Mayfield Companies.
SAN PEDRO, CALIF. — Rio Co. has purchased a 36-unit apartment portfolio in the Los Angeles submarket of San Pedro for $6 million. The acquisition includes two buildings located at 1144 W. 13th St. and 1215 S. Leland St. They were built in 1961. Tim Steuernol and Rob Zaharia of NAI Capital represented Rio Co. The seller was Lamont Revocable Trust.
KALAMAZOO, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 180-unit apartment complex in Kalamazoo for an undisclosed price. Trillium Ventures MSV purchased The Landing, a 156,395-square-foot property located at 3306 W. Main St. near Western Michigan University. The complex was built in 1967 and includes a clubhouse, an outdoor swimming pool, volleyball court, central air conditioning and a laundry room in each building. Craig Black and Scott Nurski of NAI represented the undisclosed seller and procured the buyer.
DALLAS — Performance Properties has acquired the 230-unit Las Terrazas apartment complex. The 98 percent leased property is located at 14018 Brookgreen Dr. With the acquisition, Performance now controls 35 acres within blocks of the High Five stacked interchange bisected by the Cottonwood Trail, a city-maintained hiking and biking amenity. The buyer plans to spend $1.3 million to update Las Terrazas, focusing on the exteriors of the 21 buildings to create an entirely new look for the late 1960s-era complex set on 9.8 acres. Work will start immediately on new roofs, stairwells, landings and landscaping. It will take nine months to one year to complete the renovation. Amenities include a courtyard with barbecue areas, swimming pool, playground, four laundry facilities and clubhouse with a fitness room, business center and community room. Las Terrazas is also located near a bus stop, a light rail station and the Cottonwood Trail. Las Terrazas contains 98 two-bedroom, two-bath units and the balance consists of efficiencies and one-bedroom, one-bath floor plans. Units average 745 square feet and rents average $627 per month. Todd White and David McQuaid of Performance Properties represented the investment group in the acquisition of Las Terrazas. Taylor Snoddy and Philip Wiegand …