EAST ORANGE, N.J. — Gebroe-Hammer Associates (GHA) has completed two multifamily sales in East Orange totaling more than $3 million. The first property, which is located at 376 and 424 Park Ave., consists of 33 units and three ground-floor retail spaces. The second property, which is located a few blocks away at 75 and 81 N. Arlington Ave., consists of two buildings containing 35 units. GHA represented the buyers and sellers in both transactions, with David Oropeza and Steven Tenenbaum negotiating the North Arlington deal, and Oropeza and David Jarvis negotiating the Park Avenue deal.
AUSTIN, TEXAS — Vertical construction has topped out for The Austonian, a 56-story residential tower located in downtown Austin. The 683-foot tower, which was designed by Ziegler Cooper Architects, is located at the intersection of Congress Avenue and Second Street. Upon completion in spring 2010, The Austonian will contain 178 condominiums and more than 40,000 square feet of amenity space. Benchmark Development is the developer of the project and Second Congress, Ltd. is the owner.
HOUSTON — Houston-based Midway Cos. has opened THE LOFTS CITYCENTRE. The 250-unit project is part of the $500 million CITYCENTRE mixed-use project located in downtown Houston. The residences are situated above retail and restaurant space. Amenities include concierge service, a fitness center, resident terraces and a recreation lounge.
SAN JOSE, CALIF. — Justin Bautista of NAI BT Commercial represented both undisclosed parties in the sale and acquisition of a 23-unit multifamily property, which is located at 2090 Radio Ave. in the Willow Glen area of San Jose. The property features two studios, 17 one-bedroom/one-bath apartments, two two-bedroom/one-bath units and two two-bedroom/one-bath townhomes. Built in the mid-1960s, the complex also features a swimming pool.
CLEVELAND — NRP Group’s Cornerstone Senior Apartment Homes has received LEED Gold certification from the U.S. Green Building Council. The 50-unit, age-restricted property is located at 18221 Euclid Ave. in Cleveland. The community offers two-bedroom units with open living space; and kitchens with ranges, microwaves, dishwashers, refrigerators and garbage disposals.
HARTFORD, CONN. — The Hartford office of Chozick Realty has brokered the sale of Trinity Place Apartments in Hartford. Located on Sherbrooke Avenue, the property consists of a four-story brick building containing 128 units in a mix of 100 one-bedroom, 20 two-bedroom and eight three-bedroom residences. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Urban Developers, under the approval of the U.S. Bankruptcy Court. Trinity Place is a profitable property but had been pledged as collateral for a loan on another multifamily property in St. Louis that went bankrupt, forcing its sale by the owner. Trinity Place was purchased by TLK Properties, which plans to complete common area and unit upgrades to the community. The acquisition price was not disclosed.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided approximately $2 million in construction and permanent financing for an affordable housing project located in Harlem, New York City. The property, which is located at 404 Lenox Ave. totals five stories. It presently contains 13 residential units and 1,080 square feet of ground-floor retail space. Construction will include a gut renovation that will change the unit configuration to five two-bedroom and four three-bedroom units. New plumbing. electrical and HVAC systems will be installed, the windows and roof will be replaced, and the exterior brickwork will be repointed. The property is owned by Neighborhood Restore, which plans to convey the building to a private developer for the project. The loan included $1.29 million in funds from HPD and a $735,000 loan from CPC.
SURPRISE, ARIZ. — Developed by UDR, The Residences at Stadium Village has opened in Surprise. The seven-building multifamily neighborhood is located along North Stadium Way and is adjacent to Surprise Cactus League spring training stadium. The 15-acre project features 382 one-, two- and three-bedroom luxury apartments ranging in size from approximately 700 to 1,300 square feet. The units feature 42-inch flat-screen televisions, black and stainless steel appliances, brushed nickel hardware, walnut cabinetry, washers and dryers and spacious balconies. Community amenities include two pools, a hot tub, an open-air fire pit, a fireplace with kitchen, a 24-hour Internet café, a gaming center with Nintendo Wii and Xbox 360, and a 24-hour fitness center.
NEW YORK CITY — DDG Partners has acquired a vacant development site located in the NoHo district of Manhattan, New York City. The purchase comprises two adjoining lots situated at 41-43 Bond St. DDG plans to construct a ten-story, luxury residential condominium tower on the property. Construction for the $35 million project will commence in early October. Details of the land transaction were not disclosed.
DUBLIN, CALIF. — A joint venture between Behringer Harvard Multifamily REIT 1 and PGGM Private Real Estate Fund has acquired the 390-unit Waterford Place multifamily property from an undisclosed party for an undisclosed amount. The complex, which is located at 4800 Tassajara Rd. in Dublin, consists of five four-story apartments and is 96.7 percent occupied. Apartment amenities include a pool and spa, a fitness center and a home theater room.