DENVER, PHOENIX — BRE Properties has sold its joint venture interests in six multifamily properties throughout Denver and Phoenix for $47.5 million. The interests were sold to the firm’s joint venture partner. The six communities included in the sale are the Bluffs at Highland Ranch; the Fairways at Raccoon Creek; Pinnacle at DTC; Pinnacle at Mountain Gate in Denver, as well as Pinnacle at Union Hills and Pinnacle Terrace in Phoenix. The sale of these communities resulted in a net gain of about $15 million. BRE is currently focused on high-quality apartment communities in targeted growth markets like California and Seattle.
NASHVILLE, TENN. — Florida-based real estate firm Stiles and developer Ray Hensler have partnered to develop an $80 million apartment building in Nashville's Gulch District. The Gulch is a 22-block redevelopment district located on the edge of downtown, which has experienced a spike in urban development and an influx of trendy restaurants and retail. Construction of the 312-unit luxury high-rise is set to begin immediately. The project, located at 12th Avenue and Laurel Street, is designed to achieve LEED Silver certification. The 327,000-square-foot project is expected to be complete by summer 2014 and amenities will include a heated saline pool, fitness center and resident lounge. The property will also feature a 7,000-square-foot restaurant on the ground floor.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of 3506 Newkirk Ave. in Brooklyn’s Flatbush neighborhood for $2.6 million. The four-story apartment building includes 29 units and spans 26,126 square feet. The multifamily property was built in 1931. Joseph Landau of GFI Realty Service represented the seller, a local investor, and the buyer, also a local investor, in the transaction.
HOUSTON — Denver-based Simpson Housing Novare Group, Batson-Cook Development Co. and Houston-based developer Peter W. Dienna have closed on the land purchase and financing for SkyHouse Houston, a luxury high-rise apartment community. The 24-story, 336-unit community will take up an entire city block at 1625 Main St. in Houston's Central Business District. JPMorgan Chase Bank is providing construction financing, and Simpson Housing, NGI Investments and Batson-Cook are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of CBRE arranged the financing. David Cook and Jeff Peden of Cushman & Wakefield brokered the land sale. The City of Houston awarded the project a $15,000-per-bed tax abatement. The construction of the high-rise will bring about 500 jobs to the area. The building is expected to be Energy Star-rated and will feature views, high-end finishes and a “SkyHouse” on the top floor, which will include a fitness center, pool, grilling area and clubroom. Smallwood, Reynolds, Stewart, Stewart will provide architectural services for the project.
DENVER, PHOENIX — BRE Properties has sold its joint venture interests in six multifamily properties throughout Denver and Phoenix for $47.5 million. The interests were sold to the firm’s joint venture partner. The six communities included in the sale are the Bluffs at Highland Ranch; the Fairways at Raccoon Creek; Pinnacle at DTC; Pinnacle at Mountain Gate in Denver, as well as Pinnacle at Union Hills and Pinnacle Terrace in Phoenix. The sale of these communities resulted in a net gain of about $15 million. BRE is currently focused on high-quality apartment communities in targeted growth markets like California and Seattle.
EAST LANSING, MICH. — Private equity investment firm Bridge Partners has completed the purchase of The Pointe at 3636, a 432-bed community near Michigan State University (MSU). The property, built in 2001, offers amenities including a basketball court, sand volleyball pit, 24-hour fitness center and a heated swimming pool and Jacuzzi. The property is north of MSU. Grant Ancevic of Student Housing Investments represented Bridge Partners in the purchase. At closing, Bridge Partners will partner with Asset Campus Housing to execute a value-add business plan by incorporating a renovation budget of approximately $7,600 per unit. Some of the items covered in the capital plan will include a complete redevelopment of the existing clubhouse, the addition of an outdoor fireplace, as well as new flooring and furniture packages in each unit.
BAYONNE, N.J. — Progress Realty Advisors has arranged $12.3 million in financing for the former Maidenform factory in Bayonne to undergo a transformation into 84 loft-style apartments to be called The Silklofts. The multifamily property will be located at the intersection of 18th Street andAvenue E. The project will include studio-, one- and two-bedroom residences, some live/work residences for artists and an onsite gym and parking. Doug Stern, owner of the property, is the project developer. Leon Cohen of CSR Group, which is also a partner in the project, is the design architect and builder. Kathy Anderson, owner of Progress Realty Advisors, arranged the financing.
KNOXVILLE, TENN. — 908 Development Group has received final zoning and site plan approvals to develop a pedestrian-to-campus, student housing community near the University of Tennessee. The Standard at Knoxville will offer 508 beds in an urban-infill area of Knoxville. Numerous existing retail establishments are located within walking distance of the project. Rental units will include a mix of one-, two-, three- and four-bedroom apartments, along with a 6,000-square-foot clubhouse. Construction is scheduled to begin in May, with completion and resident move-ins ready for the fall 2014 semester.
BRADENTON, FLA. — NXT Capital has arranged a $12.7 million acquisition loan for Fountain Lake Apartments, a 201-unit property in Bradenton. The property is 97 percent occupied. Charles Foschini of CBRE Capital Markets placed the loan.
INDIANAPOLIS — Milhaus Construction LLC has completed construction on the $6 million Mozzo, a four-story, mixed-use building in Indianapolis. Of the 65 apartments in the building, which include studios and one- and two-bedroom units, 60 percent are leased. The apartments have open-concept floor plans and are between 515 and 1,069 square feet with 9- to 11-foot ceilings, designer fixtures, granite countertops and hard-surface flooring. The property also includes 1,700 square feet of commercial space. The Mozzo is located at 531 Virginia Ave., in the heart of downtown Indianapolis. Gene B. Glick Co. manages the property.