GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of Arbors Apartments, a 100-unit multifamily community located in Greenville. Constructed in 1972, the community is situated on more than 7 acres. John Barker of Marcus & Millichap’s Dallas office listed the property on behalf of the seller, a Texas-based limited partnership. Barker also brought the buyer, a Dallas-area private investor, to the table. The purchase price was not disclosed, but the acquisition financing was arranged through Bank of America.
NEW YORK CITY — Urban Residential has topped out construction for Linden78, a residential building located in 230 W. 78th St. on the Upper West Side of Manhattan, New York City. The building features two residences per floor, as well as full-floor penthouses. Unit amenities include 9- to 11-foot ceilings, 5-inch wide plank oak flooring and pre-wiring for a Cytexone home automation system; penthouse units also boast views of Central Park. Four homes currently remain for sale; they contain three and four bedrooms and ranged from 1,995 to 3,006 square feet. The project is being developed by Urban Residential and was designed by Handel Architects. Corcoran Sunshine Marketing Group is acting as exclusive marketing and sales agent. The completion date was not released.
BALTIMORE — Greenbelt, Md.-based The Bozzuto Group has commenced construction on The Fitzgerald, a mixed-use property featuring 280 apartments and 14,000 square feet of retail, after obtaining $75 million in financing. Bozzuto and its joint venture partners — Gould Property Co., The New York State Teachers’ Retirement System (NYSTRS) and a former Baltimore Raven football player — secured a $52 million construction loan from Bank of America and $23 million in equity from the NYSTRS. The property is located on 4.6 acres in the heart of Baltimore’s cultural district and is expected to deliver in 2010.
FORT LAUDERDALE, FLA. — Altman Development is developing the 279-unit Satori, a luxury apartment community spanning 5.7 acres at 1111 E. Sunrise Blvd in Fort Lauderdale. The project will include 12,149 square feet of retail space and will be built using environmentally-friendly features. Completion of the first phase, which consists of 57 units, is planned for March 2009, and the entire project should deliver late next year.
CHICAGO — Chicago-based Summit Design + Build has completed construction of the Vue Condominiums located at 3505 N. Ashland Ave. within the Lakeview neighborhood of Chicago. The 45,000-square-foot development, which houses 22 units, includes penthouse roof decks, heated parking, an elevator and 4,500 square feet of first-floor retail space. Mark Heffron and Jeff Harwood of Summit Design + Build were responsible for the on-site construction. Hartshorne Plunkard Architecture served as the architect for the project; David Wolf of @properties is the exclusive marketing agent for Vue Condominiums.
CHICAGO — Essex Realty Group has arranged the sale of a walk-up property located at 4659 N. Manor within Chicago’s Ravenswood Manor neighborhood. The 20-unit multifamily community houses one studio and 19 one-bedroom units. Doug Imber and Doug Fisher of Essex were the sales brokers in the transaction. The sales price was approximately $1.38 million.
ALHAMBRA, CALIF. — An undisclosed buyer has acquired 1206 North Stoneman, a 16-unit multifamily property in Alhambra. Built in 1963, the property sold for $3.18 million or $159.97 per square foot. The property is located at 1206 N. Stoneman Ave. Priscilla Nee of Marcus & Millichap represented the undisclosed seller in the transaction.
DESOTO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $4.6 million in joint venture equity financing for the construction of Wintergreen Manor Seniors Housing Complex in DeSoto. The project will include moderate-density, single-story structures with garages and carport. It will also feature an 8,000-square-foot amenity center that will include a 50-seat movie theater, an exercise room, an indoor spa, a beauty salon and massage room, a health center, a business center, a general store, a dining area with a kitchen, a game room, an arts and crafts room, and a great room with a fireplace and seating. The outside area will contain a pool, a picnic area with gas barbecue grills, waterscapes and irrigated landscaping. Todd McNeill of MCA arranged the financing on behalf of a single-asset entity controlled by Dallas-based Colonial Properties. Colonial and its equity partner have agreed to develop 30 senior housing projects throughout the Southwest.
SOUTHLAKE, TEXAS — Dallas-based Faulkner Design Group has completed the interior design for Watermere at Southlake, a senior housing community located in the Dallas suburb of Southlake. The project will feature 152 luxury condominiums and 85 villas. Condos will be available with one, two or three bedrooms, and will range from 1,000 to 2,000 square feet in size. Villas will contain two bedrooms, and will range in size from 2,000 to 3,000 square feet. Some villas will also include bonus rooms, studies, lofts and attached two-car garages. The community will also provide assisted living and memory care for residents. Amenities at Watermere at Southlake will include a 36,000-square-foot community center. It will contain restaurants, a bank, a movie theater, an indoor swimming pool, a health spa, a hair salon, a concierge, a convenience store, a library with wireless Internet access and card rooms. The project is being developed by Dallas-based South Bay Partners, with Bedford, Texas-based Galier.Tolson.French Design Associates serving as project architect. Integrated Real Estate Group is providing general contracting services.
ORLANDO, FLA. — Lane Florida has broken ground on the 183-unit Montage, a 19-story apartment community located at 101 Lake Ave. in Orlando. The property features 8,000 square feet of ground-level retail space and will be built to silver LEED standards. Amenities include a rooftop 24-hour fitness center, club room and pool. The building, which is expected to deliver in late spring 2010, was designed by Houston-based EDI Architects.