LOS ANGELES — New York-based The Related Companies has acquired a 308-unit senior-living building, which is located at 740 S. Olive St. in Los Angeles, for $56.5 million. Related plans to continue to operate the property as affordable housing for low-income seniors and to invest $9 million in a renovation/upgrade program for the building. Originally built in 1922 and rebuilt in 1979, the property offers 33 studios and 276 one-bedroom/one-bath units with monthly rents ranging from $980 to $1,083. Property amenities include security-card access, a spacious lobby with a furnished waiting area, lounge/dining area, a meeting room, a leasing office, a landscaped rooftop deck with shuffle board court, an open-air courtyard, laundry facilities and gated subterranean parking. Kitty Wallace of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.
THE WOODLANDS, TEXAS — Houston-based Bridgewood Property Co. has acquired a 2.66-acre land parcel, located at the corner of Grogan’s Mill Road and Lake Robbins Drive in The Woodlands, for the development of a senior residential community. The Village of The Woodlands will total approximately 250,000 square feet, and contain 188 independent and assisted living units. Building amenities include a dining room that overlooks The Woodlands Waterway, a living room, a library, a bridge room, a theater, a fitness center with an indoor swimming pool, a billiards room, a computer room and landscaped courtyards. Residences will come in a mix of studio, one-bedroom, one-bedroom plus study and two-bedroom units. All units will contain full kitchens, individual climate controls, and washers and dryers. Construction is slated to begin next spring, with completion expected by fall 2010.
MIAMI — Carlisle Development Group and Carrfour Supportive Housing have completed renovations to the Royalton, located at 131 S.E. 1st St. in Miami, turning the historic hotel into a 100-unit apartment complex. The property, which was built in 1923 and cost $18.5 million to renovate, will accommodate formerly-homeless citizens with fully-furnished apartments. Monthly rents range from $167 to $622 based on income. Amenities include wireless Internet, a computer lab and laundry facilities.
VILLA RICA, GA. — Damon Reed of Capmark’s Birmingham, Ala., office has arranged a $4.8 million fixed-rate loan for the acquisition of the 96-unit Arbor Bend Apartments. The complex, located at 200 Industrial Blvd. in Villa Rica, comprises six two-story buildings and features a swimming pool and a clubhouse. Capmark’s 7-year loan comes with a fixed interest rate during the first 6 years of the loan and a 30-year amortization schedule. The property is currently 95 percent occupied.
NEW ROCHELLE, N.Y. — The NDR Group has completed the $4 million rehabilitation of the MacLeay Apartments public housing community, located on Fifth Avenue in New Rochelle. NDR, formerly known as the New Rochelle Revitalization Corp., acquired the property from the state of New York in 1986 with the goal of privatizing the public housing community, while maintaining its status as affordable housing. Renovations to the three-building, 180-unit complex include a new parking plan, a reconfigured central plaza with site amenities, and the total renovation of all apartments, hallway and stairwells. It was also renamed Parkside Place. Layered financing for the project included a Community Block Grant, a Housing Development Action Grant, Mortgage Revenue Bonds and municipal bonds. NDR also provided financing for a community center that is primarily used as an after-school facility.
GALLUP, N.M. — Supportive Housing Coalition of New Mexico has developed Chuska Apartments, a green and affordable multifamily property in Gallup. Supported by Enterprise Rural and Native American Initiative, the property offers 30 fully subsidized, energy-efficient apartment homes. The units are available for families who earn 60 percent or less of the area median income. Community amenities include a community building, a playground, a community garden and a rock garden. The $8 million project was funded by low income housing tax credits and grants provided by Enterprise Green Communities, the Enterprise Support Housing initiative, city of Gallup, the state of New Mexico, the Annenberg Foundation, the New Mexico Mortgage Finance Authority and the U.S. Department of Housing and Urban Development. Santa Fe, N.M.-based Autotroph provided architectural services for the project.
SACRAMENTO, CALIF. — Hendricks & Partners has brokered the disposition and acquisition of Casa de Angelo, a 100-unit multifamily property in Sacramento. Located at 3151 Notre Dame, the property sold for $6.22 million. Steven Nelson and Al Inouye of Hendricks & Partners’ Sacramento office represented the undisclosed buyer in the transaction. The seller was also not disclosed.
LOS ANGELES — Earle Hyman of Marcus & Millichap’s Encino, Calif., office represented both parties in the sale and acquisition of The Chariton House Apartments in Los Angeles. The 21-unit apartment community sold for $2.8 million. Details of the seller and buyer were not released.
PEORIA, ILL. — Chicago-based Beacon Realty Capital has arranged $1.34 million in permanent FHA 202 fixed-rate debt for an apartment building in Peoria. The high leveraged, non-recourse loan includes a 35-year term, with a 35-year amortization schedule. Financing was arranged using Beacon’s correspondent FHA lender.
POMONA AND WHITTIER, CALIF. — W.E. O’Neil Construction Co. has broken ground for two campus projects in California. In Pomona, the company is constructing three three- and four-story residence halls for Cal Poly Pomona. Designed by Sasaki Architects, the 622-bed project will feature suites offering living areas, kitchenettes, bathrooms and private patios/balconies. At Rio Hondo Community College in Whittier, W.E. O’Neil Construction is renovating the campus’ Applied Technology complex, which includes four one-story building wings. The upgrades include seismic upgrades, construction of new restrooms, computer labs and classrooms, and new MEP systems for the Automotive Sciences wing.