ORLANDO, FLA. — A joint venture between Novare Group, Batson-Cook Development Co. and Palmetto Realty Advisors has started construction on the $63 million, 320-unit SkyHouse Orlando, a multifamily high-rise located at Livingston Street and Magnolia Avenue in Orlando. Smallwood, Reynolds, Stewart, Stewart is the architect for the development, which is slated for completion in the third quarter of 2013.
ORLANDO, FLA. — The 240-unit Silver Pines Apartments, a multifamily community located at 5402 Pine Chase Road in Orlando, has sold for $6.26 million. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks & Partners represented the seller, a Dallas-based special servicer, in the transaction.
ELLENWOOD, GA. — PointOne Holdings has acquired the 240-unit Cobblestone Flats, a multifamily community located at 2445 Rex Road in Ellenwood, for $4.5 million. The buyer plans to implement a capital improvement plan to enhance the property's curb appeal, interiors, amenity package and clubhouse. The community will also be rebranded as The Oaks at Ellenwood. Southeast Apartment Partners represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $6 million sale of 4220-4228 Broadway, a 32-unit apartment property in New York City. Marco Lala of Marcus & Millichap represented the seller, a private investor, in the transaction. Peter Von Der Ahe represented the buyer, also a private investor. Lala has sold nearly a dozen New York City buildings on behalf of the seller, who is divesting of New York properties and acquiring suburban multifamily properties in New Jersey and Pennsylvania.
AVONDALE, ARIZ. – The 301-unit Coldwater Springs Apartments in Avondale has sold to Bascom Arizona Ventures for $27.2 million. The Class A community was built in 2007. The acquisition’s financing was arranged by CBRE’s Brandon Smith and Brian Eisendrath. It was provided by Ares Management. On-site property management will be handled by Morrison, Ekre & Bart Management Services. Jim Crews of Cushman & Wakefield of Arizona represented both the buyer and the unnamed seller in this transaction.
CHATTANOOGA, TENN. — WholeLife has broken ground on the $30 million, 104-unit WholeLife Chattanooga, a multifamily development located at 1240 Mountain Creek Road in Chattanooga. Amenities will include a clubhouse, fitness center, swimming pool, billiards room and 24/7 concierge service. The development is the first of 100 WholeLife concepts planned for development nationwide during the next five to seven years. Full completion is slated for September 2014, with the first units expected to be available in May 2013.
LOUISVILLE, KY. — Steadfast Income REIT has purchased the 160-unit Valley Farms Apartments, a garden-style multifamily community located at 5306 Valkyrie Way in Louisville, for $15.1 million. The property is 97 percent occupied. Amenities include a resort-style pool, fitness center, barbeque area and a business center.
NEW YORK CITY — Marcus & Millichap has arranged the $31.5 million sale of the Art & Design Building at 1059 Third Ave. in Manhattan. The price translates to $1,146 per square foot, setting a new record for East Midtown commercial real estate, according to a statement. The buyer plans to demolish the 22,250-square-foot office, showroom and retail building and develop the property into high-end condominiums. The property is located near Trump Plaza, Bloomingdale's and the Bloomberg Building. Tanya Siegel and Kailin Zhu of Marcus & Millichap represented the seller in the transaction. Massey Knakal represented the buyer.
NEW YORK CITY — GFI Realty Services has arranged the $8.3 million sale of 4112 4th Ave., a mixed-use building in Brooklyn. The 43,280-square-foot building contains 57 apartments and seven stores. The building is centrally located to the Gowanus Expressway as well as the D, N and R subway lines. Erik Yankelovich of GFI Realty Services represented the buyer, a local family, in the transaction. Joseph Landau of GFI represented the sellers, a partnership of local investors.
CHELSEA, MASS. — Burlington Management has acquired 18 apartment units at 156-160 Park St. an 161-165 Pearl St. in Chelsea for $1.5 million. The apartments are housed in two, three-story rowhouse buildings. The Pearl Street building contains 10,296 square feet and the Park Street building includes 8,966 square feet. Both buildings have separate entrances and on-site washers and dryers. Carl Christie and Dan McGee of NAI Hunneman represented the seller in the transaction. They also procured the buyer.