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.
BALTIMORE — Greater Baltimore AHC has received $30 million in financing for the renovation of its 301-unit MonteVerde, an affordable housing complex located in the Park Heights community of Baltimore. The funding, which was obtained from state bonds, housing tax credits and a conventional loan, will allow an upgrade to the kitchen and bath area of each apartment. Further renovations include a new complex entrance with added security features and new HVAC upgrades. The project is already underway, with Baltimore-based The Michael Group serving as general contractor with the help of the local architect Hord Coplan Macht.
SWANSEA, ILL. — Swansea-based Holland Construction Services is building the Cambridge House of Swansea, a 103-unit supportive living facility for seniors in Swansea. The three-story property includes 87,461 square feet of space in three wings that surround a core area. Amenities at the property include an exercise room, television and library area, convenience shop, and kitchen. The $8.1 million project is currently underway.
NEW YORK CITY — Construction is advancing for Alexander Plaza, a 25-story residential tower located at 315 E. 46th St. on the east side of Midtown Manhattan, New York City. The building will contain 52 residences in a mix of one-, two and three-bedroom units. Designed by Sydness Architects, the building features a chevron shape incorporating a triangular entry plaza; front and back glass façades that fold vertically inward; and a three-story, v-shaped crown. Residences feature floor-to-ceiling windows, and more than 11-foot tall ceilings; the penthouse unit features a rooftop terrace screened by a glass curtain wall that rises one story in the center and three stories at both sides. The building also features underground garage parking, a fitness center, storage space and a residents' lounge off of the lobby. Alexander Plaza is being developed by Continental Finance Corp. Completion is scheduled for 2010.
NEW YORK CITY — New York City-based Anbau Enterprises has acquired a 55,000-square-foot development site, located at 124 W. 23rd St. in New York City, for $19 million. The developer plans to build a 16-story residential condominium tower on the property. Initial plans call for 34 residences ranging in size from 600-square-foot studios to 2,400-square-foot penthouses. The building will feature a 24-hour doorman and concierge, a community garden, a recreation area, storage facilities and 4,000 square feet of ground-floor retail space. Anbau also plans to develop the project with sustainability in mind, going beyond the current LEED points system. BKSK Architects has been selected to design the building, with Andres Escobar & Associates serving as interior designer. The developer has secured acquisition and construction financing through The Bank of New York Mellon. A construction timetable was not released.
UNIVERSAL CITY, TEXAS — The Houston office of Concierge Asset Management (CAM) has purchased Sunrise Canyon Apartments, a 208-unit apartment community located at 501 Sunrise Canyon Dr. in the San Antonio suburb of Universal City. The Class B, gated community contains a mix of one-, two- and three-bedroom units. Apartment sizes average 858 square feet and rents average $864 monthly. It was 88 percent occupied at the time of closing. The seller, Corpus Christi, Texas-based SRC Universal Partners, was represented by Bobby Bull and Matt Lockin of Transwestern’s Phoenix office, as well as Alan Grilliette of Transwestern’s San Antonio office. Financing was arranged by the Houston office of Capmark Finance through Freddie Mac. The 7-year, floating rate loan carries an initial interest rate of 4.45 percent with a built-in cap. CAM’s future plans include upgrading the property to Class A status. Sunrise Canyon marks the second San Antonio-area multifamily community the company has purchased in the past 3 months.
ARLINGTON, VA. — Trammell Crow Residential, in a joint venture with Prudential Real Estate Investors, will soon break ground on the 217-unit Alexan 24, located at 2400 24th Rd. South in Arlington. Bank of America has provided a $70 million loan for construction, and twenty of the units will be reserved as affordable housing. Amenities of the five-story property include a pool, fitness center and game room. Delivery is scheduled for third quarter 2010.
POMPANO BEACH, FLA. — Tal Frydman and Chad Bishop of Marcus & Millichap’s Fort Lauderdale, Fla., office represented both parties in a Pompano Beach private investor’s sale of the 180-unit Banyan Village East to a Miami-based management company for $7.67 million. The property, located at 1880 N.E. 48th St. in Pompano Beach, has 147 vacant units. The buyer plans to rent the unsold condos as apartments.
LISLE, ILL. — Rosemont, Ill.-based Opus North Corp. has broken ground on Arboretum Landmark, a 391-unit multifamily community located at 450 Warrenville Rd. in Lisle. The five-story community, which will include one-, two- and three-bedroom units, is slated for completion in late 2009. Amenities at the property will include a fitness center, club room with demonstration kitchen, internet café, and media screening room with stadium-style seating. Situated within the Corporetum Office Campus, Arboretum Landmark will be within walking distance of more than 3 million square feet of office space and will be surrounded by the Morton Arboretum, a 1,700-acre site dedicated to the planting and conservation of trees. In addition to the apartment community, Opus North may develop a 150,000-square-foot office complex on the site.
CHICAGO — Essex Realty Group has brokered the sale of a 22-unit walk-up property located at 5235 S. Drexel in Chicago. Situated within the Hyde Park neighborhood, the property consists of 13 one-bedroom and nine two-bedroom units. The sales price was approximately $1.18 million. David Gross and Jon Morgan of Essex represented both the buyer and seller; Doug Imber, also of Essex, represented the buyer in the transaction.