NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a walk-up apartment building, located at 1149 Greene Ave. in the Bushwick neighborhood of Brooklyn, New York City, for $640,000. The three-story property was vacant at the time of closing. It totals 5,000 square feet and contains six two-bedroom units. Shay Zach and Itai Akabi of Itzhaki Properties represented both undisclosed part in the transaction.
DENVER — Houston-based The Hanover Company, in partnership with MetLife Inc., is developing Acoma, a 17-story residential tower located in Denver’s Golden Triangle district. Located at 816 Acoma, the project features one- and two-story residences with open layouts, ranging in size from 792 to 2,659 square feet, and 10- to 20-foot ceilings. The property also features a plush E-Lounge with HDTV, billiards and a dual-sided fireplace; a gourmet kitchen with intimate seating and personal wine lockers; a private screening room with surround sound and leather club seating; and an executive conference room and business center. Additionally, the project features the Sky Lounge, which offers indoor/outdoor fitness and entertaining space, including a heated pool with in-water chaise shelf, spa and seasonal towel service; a fireplace and grilling area; a fire pit with seating and views of the Rocky Mountains; trellised terraces; multiple seating areas and dining lanai; and a spa-inspired aqua lounge with poolside fitness center. Move-ins are slated to begin in February 2009.
CHICAGO — Chicago-based M&R Development has broken ground on Parc Huron, a 221-unit apartment tower, which will be located at 469 W. Huron St. in Chicago’s River North neighborhood. The company purchased the site and plans for the 21-story building from Miami-based Lennar Corp. in November. The building, which is slated for completion in mid-2010, was designed to achieve LEED Silver certification. One-, two- and three-bedroom apartments averaging 969 square feet in size will be situated on floors five through 21 of the tower. Floors two through four of the building will feature a parking garage for 233 cars and a small commercial component will be located at street level. Amenities at the property will include a relaxation center, a fitness center, a cyber café, a business center and conference room, and a green roof. Additionally M&R Development is building a 14,000-square-foot park adjacent to the east side of the building. Construction financing for the project is being provided by Charter One Bank and PrivateBank. J.P. Morgan Asset Management and the partners of M&R Development are providing the equity. Walsh Construction Co. is the general contractor; Chicago-based Hartshorne + Plunkard Architecture was the designer for the tower. Chicago-based RMK Management …
GREENFIELD, IND. — Tikijian Associates has brokered the sale of Greenfield Village Apartments, a 256-unit multifamily community located in the Indianapolis suburb of Greenfield. Monsey, N.Y.-based White Eagle Capital has purchased the property from Indianapolis-based Pedcor Cos. The asking price was $12.9 million. Greenfield Village originally operated as an affordable housing property for lower income residents, and now functions as a conventional market-rate community. The community is White Eagle Group’s first purchase in Indiana. Indianapolis-based Barrett & Stokely will manage the property.
BOSTON — The grand reopening has been held for Casa Maria Apartments, an 85-unit apartment building located at 130 Endicott St. in the North End neighborhood of Boston, after an extensive rehabilitation. The six-story building was originally constructed by The Community Builders (TCB) in 1979 to provide Section 8 subsidized housing to seniors; the company continues to operate the facility. Construction included renovations to the existing community kitchen and the construction of a second kitchen; the addition of stand-up, walk-in showers in unit bathrooms; new energy-efficient appliances; an expansion to the lobby; new windows, heating systems and elevators; a new community room; and the construction of a handicap-accessible rooftop deck. TCB’s limited partner investors in the renovation were Red Capital Group and Nationwide Insurance Co. Additional assistance was provided by MassHousing and low-income tax credits provided by the Massachusetts Department of Housing & Community Development. The general contractor for the project was CWC Builders; Tise Design Associates served as project architect.
HOUSTON, DALLAS AND PLANO, TEXAS — KeyBank Real Estate Capital has arranged $52.6 million in financing for four Texas multifamily properties. KeyBank secured $50 million in Freddie Mac ARM loans for three of the apartment communities. In Houston, $22 million was provided to Pearland Apartments, Ltd. for the 292-unit Cobblestone Park Apartments. In Dallas, $16 million was provided to FCLC Dallas for the 244-unit Hidden Creek Apartments. In Plano, $12 million was provided to Bristlecone Texas, Ltd. for the 268-unit Cottages at Tulane. Additionally, KeyBank secured $2.6 million in Fannie Mae Refinance Tier 2++ funding for Gaston and Junius Apartments, a 47-unit community located in Dallas. The borrower is Power Investments Inc.
SAN ANTONIO —PNC ARCS has arranged $4 million in fixed-rate financing for Timbers Edge Apartments, a 176-unit multifamily community located in San Antonio. Timbers Edge is situated on more than 8 acres; community amenities include a swimming pool, a clubhouse, tennis courts and 99 carports. Terms of the financing include a 5.84 percent interest rate and a 10-year term with 2 years of interest-only payments. The loan was originated on behalf of the undisclosed borrower by the Dallas office of PNC ARCS. The lender was Freddie Mac.
LAS VEGAS — The Place/BV Student Housing Fund LLC is developing Rebel Place, a 480-bed student housing project in Las Vegas. Serving the students of the University of Nevada at Las Vegas, the property will feature one-, two- and three-bedroom units with private bathrooms. Additionally, the fully furnished units will offer fully equipped kitchens, washers, dryers and wiring for cable and Internet services. Community amenities include a clubhouse with an activity center, online gaming, a computer lab, a state-of-the-art fitness center, a tanning bed and a resort-style pool with a poolside theater. Completion is slated for summer 2009. BVP Managers LLC, a joint venture between Atlanta-based Place Properties LP and Chicago-based Blue Vista Capital Management LLC, manages the fund.
LEXINGTON AND LOUISVILLE, KY. — Aaron Johnson of Marcus & Millichap’s Louisville office has represented all parties in the sale of two area apartment complexes for $17.4 million. A New York-based buyer has purchased the 312-unit Pegasus Place Apartments, located at 2504 Larkin Rd. in Lexington, from a local seller for $13.6 million. The same buyer has also acquired the 66-unit Worthington Apartments, located at 735-737 S. Second St. in Louisville, from a New Jersey-based seller for $3.8 million.
TOPEKA, KAN.; AND OMAHA, NEB. — PNC ARCS has provided two loans totaling $4.33 million for the Warren House Apartments Topeka and the Warren House Apartments Omaha. The loans for the two related multifamily properties were based on a 10-year term, with a 30-year amortization schedule at a fixed rate of 5.9 percent. Situated on approximately 7.4 acres, the 160-unit Warren House Topeka houses seven two-story buildings. Amenities at the property include a pool and laundry facilities. Additionally, the Warren House Omaha is a 149-unit garden style complex with nine two-story buildings. Amenities at the Omaha property include a swimming pool, laundry facilities and a parking garage. The loan for both properties was originated by PNC ARCS’ San Francisco office through Fannie Mae.