NEW SMYRNA BEACH, FLA. — Chicago-based Dimucci Companies is building a $15 million, 60-unit luxury condominium property at Bouchelle Island in New Smyrna Beach, located along the Intercoastal Waterway. The five-building project will be delivered in three phases. Construction is slated to begin in the second quarter of 2008 and be completed in the first quarter of 2009. The project is the final phase of Bouchelle Island, a 572-unit condominium development situated around an 18-hole chip and putt golf course. Features include a community center, swimming pool and a 1,380-square-foot boardwalk with boat launch and 84 boat docks.
Multifamily
INDIANAPOLIS — The Indianapolis office of CB Richard Ellis (CBRE) has arranged the sale of The Bristol, a 211-unit apartment community located in Indianapolis. CBRE’s Multi-Housing Group, led by Steve LaMotte and Amy Burmeister, represented the seller, Flaherty & Collins. The property was acquired by a joint venture involving JCap Management and Alex Brown Realty for an undisclosed amount.
UNION CITY, N.J. — W Developers is currently constructing The Thread, a 14-story condominium community set on the Hudson Gold Coast in Union City. The multifamily facility features 150 residences ranging from one- to three-bedroom units. Amenities include a doorman, a children’s playroom and a landscaped outdoor plaza. Situated on top of the Lincoln Tunnel viaduct, the building is located within a block of the Park Avenue business and entertainment area. Prices for the units range from the $300s to the $800s. Delivery is slated for this fall.
BALLARD, WASH. — Alliance Residential has broken ground for the construction of Broadstone Ballard, a 163-unit luxury apartment community located at 1139 NW Market St. in Ballard. The two-building property features a mix of stacked flats and high-bay loft style units. This development is part of the company’s promise to invest more than $200 million in the Seattle apartment market.
KENT, WASH. — Beverly Hills, Calif.-based KW Multifamily Group has acquired James Street Crossing, a 300-unit apartment community located at 6248 S. 242nd Pl. in Kent. Chicago-based Equity Residential sold the property for an undisclosed price. Constructed in 1989, the property is located just down the street from the extremely successful Kent Station development. Kenny Dudunakis of Hendricks & Partners’ Seattle office brokered the transaction.
HOBOKEN, N.J. — Cushman & Wakefield has brokered the sale of 1000 Jefferson, a new 217-unit multifamily property in Hoboken. Set in the Gold Coast market, the property sits on a 1.84-acre block at 10th and Jefferson. The development features one- through three-bedroom units on five floors, one level of parking and four, 664-square-foot retail suites at grade level. Unique amenities include private pools, an outdoor fireplace and balconies. Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel of Cushman & Wakefield negotiated the transaction. An undisclosed real estate investment firm purchased the property for an undisclosed price from Tarragon Corp.
HOBOKEN, N.J. — Cushman & Wakefield has brokered the sale of 1000 Jefferson, a new 217-unit multifamily property in Hoboken. Set in the Gold Coast market, the property sits on a 1.84-acre block at 10th and Jefferson. The development features one- through three-bedroom units on five floors, one level of parking and four, 664-square-foot retail suites at grade level. Unique amenities include private pools, an outdoor fireplace and balconies. Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel of Cushman & Wakefield negotiated the transaction. An undisclosed real estate investment firm purchased the property for an undisclosed price from Tarragon Corp.
CHICAGO — Construction is advancing for AMLI 900, a 24-story apartment tower located at 900 S. Clark St. in the South Loop of Chicago. The building features 440 rental units comprising studio, one-, two- and three-bedroom units. Amenities include a fitness center with a yoga studio, bike storage, an Internet café, a top-floor party room, a rooftop deck with a fireplace and misting stations, and 274 parking spaces. The project is applying for LEED certification, and chose to implement a Breatheasy program that prohibits smoking inside and outside of the property as part of its certification. The property will be open for leasing in May, with first occupancies expected in June. The project is being developed by AMLI Residential.
SAN FRANCISCO — San Francisco-based Carmel Partners Inc. has completed three transactions in Northern California, Hawaii and Southern California. Carmel Partners Investment Fund II LP invested in the 205-unit Grosvenor Suites in San Francisco, the 857-unit Kukui Gardens in Honolulu and the four-property, 153-unit Westwood Collection in Los Angeles. Terms of the transactions were not disclosed.
SUMMERVILLE, S.C. — Atlanta-based Greentree Associates has acquired Oakbrook Village, a 192-unit, 13-acre garden-style multifamily property in Summerville, from Charleston, S.C.-based AHA Oakbrook LLC, for $18.5 million. Chris Yeagle of Southeast Apartment Partners’ Charleston office was the sole broker in the transaction.