LUBBOCK, TEXAS — Asset Plus Cos. has broken ground on the 562-bed 25Twenty student housing complex on a 3.6-acre site on the campus of Texas Tech University. The four-story property will sit adjacent to Jones AT&T Stadium. The property includes two courtyards that will feature a pool, an outdoor BBQ kitchen, a hammock area and a competition horseshoe pit. Additional amenities will include an Internet café, a business center, a theater with stadium seating, an exercise facility and tanning room, and a 9,600-square-foot clubhouse. Units will range from 571 square feet to 1,704 square feet.
Multifamily
LUBBOCK, TEXAS — Collegiate Construction will soon break ground on the 218-unit Retreat Lubbock at a site minutes away from Texas Tech University in Lubbock. The property is comprised of two- to five-bedroom cottages that contain a private bathroom for each bedroom. Wells Fargo Bank is providing construction debt for the $42 million project. A joint venture between Landmark Properties and Harrison Street Real Estate Capital is developing The Retreat. A fall 2011 delivery is expected.
CHANDLER, ARIZ. — CB Richard Ellis has negotiated the $43.5 million sale of 512-unit Biscayne Bay located at 300 E. Warner Road in Chandler. Built in 2000, the luxury apartment community was 98 percent occupied at the time of sale. CBRE’s Tyler Anderson and Sean Cunningham represented Waterton Residential on behalf of the seller, Fund IX BB Chandler LLC, in the transaction; the buyer was Seattle-based Private Portfolio Group LLC. Biscayne Bay features a fully-equipped fitness center; an indoor racquetball court; a dry sauna and business center; billiards and theater rooms; two resort-style swimming pools with spas and sundecks; volleyball and basketball courts; a putting green; and barbecue and picnic areas.
RANCHO PALOS VERDES, CALIF. — Alliance Residential Co. has acquired The Madison, a 90-unit apartment community located in Rancho Palos Verdes within the South Bay submarket of Los Angeles County, in an all-cash transaction. ARC has partnered with Berkshire Property Advisors to implement a repositioning strategy for the property, which was originally built in the early 1970s. The Madison offers 180-degree ocean views in more than 50 percent of its units.
FORT WAYNE, IND. — BRT Realty Trust has completed the disposition of Fort Wayne Hotel and Conference Center. Located at 300 E. Washington Blvd. in Fort Wayne, the 14-story, 208-room property will be converted into a senior living facility. Additional details about the conversion were not released. Walker Geyer and Brent Clemens of Paramount Lodging Advisors represented the seller in the transaction. The buyer and acquisition price were not disclosed.
RICHMOND, VA. — Genesis Properties has sold the 223-unit Fairhills Apartments to Boston-based The Winn Company for $5.9 million. The property, which comprises 26 two-story buildings, is located on 14.92 acres of land at 1339 Coalter St. in Richmond. Marcus & Millichap represented the seller.
NEW YORK CITY — Massey Knakal Realty Services has completed two New York City multifamily sales for a total of $8.69 million. In the first transaction, James Nelson represented the seller in the $7.5 million disposition of 283 West 11th Street, a five-story, 10-unit building located in Manhattan's West Village. Peter Von Der Ahe of Marcus & Millichap represented the buyer. In the second transaction, Massey Knakal's Adam Hess handled the $1.19 million sale of 2902 Fort Hamilton Parkway, a three-story, four-unit walk-up building located in Brooklyn. Both properties feature ground-floor commercial space. The parties in both deals were not disclosed.
MIAMI — ANF Miami Gardens has borrowed a $17.4 million loan for the 470-unit Cottage Cove I & II multifamily complex. The property is located at 12 NE 188 St. and 18991 N. Miami Ave. in Miami. The 7-year loan was financed through Freddie Mac's Cap Arm program. The loan carries an interest rate of 3.66 percent and a 30-year amortization. Christian R. Lee and Christopher Apone of CB Richard Ellis' Miami office arranged the loan. TM Real Estate Group, led by Troy Ballard and Matthew Peller, sponsored the transaction.
KANSAS CITY, MO. — Fort Worth, Texas-based Atlas Partners has acquired 27 condominium units in the 34-unit Liberty Lofts in Kansas City. Located at the corner of Pershing Road and Broadway, the property features a rooftop deck, free wireless Internet, loft-style designs, covered parking, a fitness center and downtown views. The units feature modern-style kitchens, stainless stain appliances, high ceilings, stained concrete flooring and accented color walls. Atlas acquired the units as a principal in partnership with Dallas-based Trinity Private Equity Group. Terms of the acquisition were not released.
OAKLAND, CALIF. — The new $44.5 million, five-story Trestle Glen, a transit-oriented, affordable apartment community located adjacent to the Colma BART Station, has opened at 370 F Street in Oakland. Developed by BRIDGE Housing Corp. and designed by KTGY Group Inc., Architecture and Planning, Trestle Glen offers 28 one-, 44 two- and 47 three-bedroom apartment homes, providing workforce housing to families earning between 20 and 50 percent of the area median income. Located in an unincorporated area of San Mateo County, the eco-friendly multifamily development includes a community center with kitchen, a 56-space childcare facility with outdoor play space, landscaped courtyard areas, a basketball court and laundry facilities. The 2.7-acre, 119-unit infill development features on-grade parking under four residential floors.