THORNTON AND DENVER, COLO. — Alliance Residential Co. has closed on two new multifamily communities in Colorado. The properties include Broadstone Avena and TwentyOne|01 on Market. Located on the south side of East 104th Avenue in Thornton, Broadstone Avena offers 385 units in one-, two- and three-bedroom floorplans. Additionally, the property features a 5,200-square-foot recreation clubhouse/social lounge, a wireless cyber café with coffee bar, a multi-media theater with surround sound, a fully-equipped fitness center, a resort-style pool with tanning shelf and Splash Park, a heated spa, and picnic and barbeque areas. Located in the Ballpark neighborhood of Denver, TwentyOne|01 on Market will feature 52 new units in the rehabilitated section of the project and a new eight-story, 174-unit residential building, which will offer 6,673 square feet of ground-floor retail space.
Multifamily
CHARLOTTE, N.C.; JACKSONVILLE AND TAMPA, FLA. — Crescent Resources is developing three apartment complexes, as a part of its new upscale, environmentally friendly Circle brand, in Charlotte, Jacksonville and Tampa. Circle at South End, located in Charlotte, broke ground in November. The four-story, 360-unit apartment community will seek LEED certification upon completion and features one-, two- and three-bedroom units, ranging from 550 to 1,650 square feet. The community is adjacent to the new light rail station, and includes 8,000 square feet of street-level retail. Circle at Crosstown in Tampa and Circle at Bartram Park in Jacksonville broke ground this month. The three-story communities feature one-, two- and three-bedroom apartment homes, ranging from 780 to 1,300 square feet. A total of 300 residences are planned for Crosstown, and 336 units are planned for Bartram Park. Additional communities are slated to begin construction this year, including Circle at University Marketplace in Durham N.C.; Circle at Cool Springs in Nashville, Tenn.; and Circle at Stonelake in Austin, Texas.
CHARLOTTE, N.C.; JACKSONVILLE AND TAMPA, FLA. — Crescent Resources is developing three apartment complexes, as a part of its new upscale, environmentally friendly Circle brand, in Charlotte, Jacksonville and Tampa. Circle at South End, located in Charlotte, broke ground in November. The four-story, 360-unit apartment community will seek LEED certification upon completion and features one-, two- and three-bedroom units, ranging from 550 to 1,650 square feet. The community is adjacent to the new light rail station, and includes 8,000 square feet of street-level retail. Circle at Crosstown in Tampa and Circle at Bartram Park in Jacksonville broke ground this month. The three-story communities feature one-, two- and three-bedroom apartment homes, ranging from 780 to 1,300 square feet. A total of 300 residences are planned for Crosstown, and 336 units are planned for Bartram Park. Additional communities are slated to begin construction this year, including Circle at University Marketplace in Durham N.C.; Circle at Cool Springs in Nashville, Tenn.; and Circle at Stonelake in Austin, Texas.
FORT LAUDERDALE, FLA. — Carlisle Development Group and the Housing Authority of the City of Fort Lauderdale are developing Dixie Court Apartments I and II, a $25 million, 154-unit complex, located at 950 N.W. 4th St. The garden-style community consists of 66 one-bedroom, 60 two-bedroom and 28 three-bedroom units. Amenities include a clubhouse, computer lab, library, car care area, picnic pavilion and playground. Construction began this month and is projected for completion in March 2009.
FORT LAUDERDALE, FLA. — Carlisle Development Group and the Housing Authority of the City of Fort Lauderdale are developing Dixie Court Apartments I and II, a $25 million, 154-unit complex, located at 950 N.W. 4th St. The garden-style community consists of 66 one-bedroom, 60 two-bedroom and 28 three-bedroom units. Amenities include a clubhouse, computer lab, library, car care area, picnic pavilion and playground. Construction began this month and is projected for completion in March 2009.
ALLEN, TEXAS — GE Real Estate has partnered with BH Equities in an equity investment of $17.8 million for the acquisition of two adjacent multifamily properties located in Allen. The three-story Benton Pointe, a 456-unit property built in 2000, is located at 205 Benton Dr. Located at 505 Benton Dr., Lansbrook is a 288-unit, two-story complex built in 2002.
TOLEDO, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AERC) has sold its Toledo apartment portfolio. The portfolio totals 1,060 units and consists of four properties located in Toledo: The Cloisters, located at 5987 Thunder Hollow Dr.; Country Club, located at 1130 Pine Valley Rd.; Hawthorne Hills Apartments, located at 1817 Brownstone Blvd.; and The Woodlands, located at 2423 Cheyenne Blvd. The portfolio was sold to a privately held apartment company for an undisclosed amount that equates to a 7 percent capitalization rate. Marcus & Millichap assisted in negotiations.
TOLEDO, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AERC) has sold its Toledo apartment portfolio. The portfolio totals 1,060 units and consists of four properties located in Toledo: The Cloisters, located at 5987 Thunder Hollow Dr.; Country Club, located at 1130 Pine Valley Rd.; Hawthorne Hills Apartments, located at 1817 Brownstone Blvd.; and The Woodlands, located at 2423 Cheyenne Blvd. The portfolio was sold to a privately held apartment company for an undisclosed amount that equates to a 7 percent capitalization rate. Marcus & Millichap assisted in negotiations.
ST. LOUIS — St. Louis-based Paric Corp. has been selected to provide general contracting services for a $7.8 million senior housing development located on South Grand Boulevard in St. Louis. The three-story, 76,000-square-foot project will comprise 87 apartments, as well as ground-floor retail space. Community amenities will include a computer center, a multi-purpose room, a dining hall, an exercise room and a courtyard. The project is being developed by The Pyramid Companies.
GENEVA, ILL. — Chicago-based Dwinn-Shaffer & Co. has secured $16.3 million in permanent financing for Brittany Court Apartments, a 226-unit multifamily community located in Geneva. Situated on 15.58 acres, the property comprises 29 two-story buildings with a mix of one- and two-bedroom units. Amenities include a pool, a clubhouse and a maintenance garage. The loan carries a 10-year term, with 5 years interest only, and was arranged for the undisclosed borrower by Bill Etherton of Dwinn-Shaffer & Co.