ST. LOUIS — KAI Design & Build will soon begin construction of the second phase of Cambridge Heights, a three-phase, $45 million mixed-income housing community located in St. Louis. Phase II, which will cost $15 million and commence in June, will consist of 102 rental units, 72 of which will be designated as affordable housing. This phase, along with the 20 for-sale homes that make up Phase III of the project, is scheduled for completion in fall 2009. The first phase, which was completed in June 2007, includes a playground and 20 buildings containing 121 residential units, as well as a management/community facility. Community amenities will include two playgrounds, a community meeting space, a computer center and secure resident parking. St. Louis-based Cochran Redevelopment Partners is developing the project in partnership with various city, state and national government housing organizations. KAI is serving as construction manager, general contractor and project architect. Cambridge Heights replaces a distressed 500-unit housing project that was ordered to be demolished by the Department of Housing and Urban Development.
Multifamily
ROCKY HILL, CONN. — Renovations have begun on The Glenbrook at Rocky Hill, a garden-style apartment community in Rocky Hill. The community includes 400 one-, two- and three-bedroom residents set on 40-plus acres within close proximity to Interstate 91. Renovations include new kitchens, bathrooms, balconies and common areas, as well as new landscaping, walking paths, exterior siding and energy-efficient windows and sliders.
AUSTIN, TEXAS — Transwestern Realty Finance Partners LLC has closed a $6.5 million mezzanine construction for the development of Residences at Oak Hill. The Class A apartment complex, which is located on U.S. 71 in the Southwest Hills area of Austin, comprises 276 units. McShane Corp. is the project’s sponsor.
COLUMBIA, S.C. — Jupiter, Fla.-based Asset Development Management has acquired Riverview Apartments, a 220-unit multifamily complex in northwest Columbia, from Virginia Beach, Va.-based Sterling Partners, for $12 million. Property features include a clubhouse, a fitness center, a swimming pool and tennis courts. The complex is located at 4501 Bentley Dr., near the University of South Carolina. Steve Mack and Jim Sewell of Hilton Head, S.C.-based Coastal Apartment Advisors were the sole brokers and exclusively represented the seller.
NEW YORK CITY — The GLC Group is constructing Nforth, a ground-up residential community in the Williamsburg neighborhood of Brooklyn, New York City. Designed by Karl Fisher with interior design by Andres Escobar, the four-story building contains 37 units. Units range in size from a 480-square-foot studio to a 1,286-square-foot two-bedroom unit. Prices for the residences begin at $375,000. Occupancy is slated for this fall. The Developers Group is the exclusive marketing and sales agent for the project.
PASSAIC, N.J. — Robert Squires of The Kislak Company has completed the $4.11 million sale of 37-47 Westervelt Place, a 43-unit apartment complex in Passaic. The five-story facility is located off Main Ave, and includes newly renovated units. Squires represented the seller, OSBF LLC, and the buyer, 37-47 Westervelt Place LLC, in the disposition.
BEAVERTON, ORE. — Red Mortgage Capital Inc., the mortgage-banking arm of RED CAPITAL GROUP, has provided $10.64 million in Fannie Mae DUS, fixed-rate financing to Portland, Ore.-based The Randall Group Inc. for Elmonica Court Apartments, which is located at 1248 SW Kiley Way in Beaverton. Built in 1997, the community consists of 12 three-story apartment buildings offering a total of 144 one-, two- and three-bedroom units. Unit amenities include full-size washers/dryers, large closets and a patio/balcony with extra storage space. Community amenities include a swimming pool and a garden with sitting areas.
PLANO, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has closed the sale of a three-property, 1,043-unit Class A multifamily portfolio located within Legacy Town Center in Plano. UDR Inc. purchased the portfolio, which includes Legacy Village, Lakeside at Legacy Village and Acqua, from GE Asset Management and Columbus Realty Partners Ltd. for an undisclosed amount. Bill Miller and Roberto Casas of HFF led the investment sales team on behalf of the seller.
NEW BRAUNFELS, TEXAS — Chad Ricks of Love Funding has secured $11.2 million in construction financing for La Sierra Apartments, a 152-unit community in New Braunfels. The 135,600-square-foot complex is located less than 1 mile off of Interstate 35. Terms of the deal include a fixed-rate interest of 6.15 percent and a 40-year amortization.
HOOVER, ALA. — Birmingham, Ala.-based Dominion Partners, in a joint venture with St. Vincent’s Health Systems, has broken ground on Somerby at St. Vincent’s One Nineteen, a 208-unit, 9-acre retirement community in Hoover, located on the campus of the hospital system’s One Nineteen Health and Wellness Center. The project will be comprised of 136 independent living apartments, 48 assisted living residences and 24 memory care residences. Additional amenities include a restaurant, a casual dining café, a meeting and conference center, a library, a chapel, a movie theater, a game room, a beauty salon and a barbershop.