CHICAGO — CBRE has negotiated the sale of a 14,378-square-foot development site at 863 N. Orleans St. in Chicago’s River North neighborhood for $4.2 million. Tom Svoboda of CBRE represented the seller, BlitzLake. The buyer, Draper and Kramer Inc., plans to build a multifamily project at the transit-oriented development site.
ZANESVILLE, OHIO — Fairfield Homes Inc., in partnership with Muskingum Behavioral Health, has opened Pearl House Zanesville in Zanesville, about 50 miles east of Columbus. The property features 34 units for individuals and families recovering from drug or alcohol addiction. Residents receive support services, treatment and a full-time case worker provided through Muskingum Behavioral Health. Amenities include outdoor recreational spaces and a community room. Rent is based on income. Gorsuch Construction was the general contractor.
CHICAGO — Kiser Group has arranged the sale of an 18-unit multifamily property at 7224 N. Rockwell St. in Chicago’s Rogers Park neighborhood for $2.7 million. The property has been partially renovated and houses four dorm units for the Hebrew Theological College. The building comprises a mix of one-, two- and three-bedroom units. Danny Logarakis of Kiser brokered the sale. The buyer, a local investor, also recently purchased another building nearby with 40 units.
WASHINGTON, D.C. — Redbrick LMD has received a $142.5 million construction loan for the development of The Douglass, a 750-unit residential project in Washington, D.C.’s Bridge District. Brian Gould of Chatham Financial arranged the loan through Citizens Bank on behalf of Redbrick. The Douglass will feature 40,000 square feet of retail space, and about 80 of the apartments will be reserved as affordable housing. The Douglass will be the first building constructed in the Bridge District, which comprises eight acres. Upon completion, the 2.5 million-square-foot project will be developed as a mixed-use neighborhood with a focus on sustainability and wellness. The Douglass is designed to target net zero carbon from operations and to meet or exceed International Future Living Institute (IFLI) and LEED Platinum standards.
HUNTSVILLE, ALA. — Doster Construction Co., in partnership with Chicago-based developer Heartland Real Estate Partners, has completed the development of Constellation, an apartment community located in downtown Huntsville. Designed by Chicago-based Built Form Architects, Constellation features 219 luxury units in studio, one-, two- and three-bedroom layouts. Construction on the development, which is now open for leasing, began in late 2020. Rental rates at Constellation range from $1,117 to $3,709 per month, according to Apartments.com.
SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of SeventyOne15 McDowell, an apartment property in Scottsdale. The asset traded for $150 million, or $547,445 per unit. The buyer and seller were not disclosed. Completed in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool and spa, private cabanas, a rooftop lounge with fire pits, two-story fitness center, direct-access parking garage, rooftop deck, electric charging stations and 24-hour parcel package concierge. Alliance Residential developed the property. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
LOS ANGELES — South Bay Partners has completed construction of The Variel of Woodland Hills, a luxury independent living, assisted living and memory care community in the Woodland Hills neighborhood of Los Angeles. The property features 215 independent living units, 94 assisted living units and 27 memory care units. Momentum Senior Living is the operator. VTBS Architects designed the buildings, while Rodrigo Vargas Design handled the interiors. W.E. O’Neil Construction was the general contractor. The site is located near Warner Tennis Center, grocery stores and Kaiser Permanente Woodland Hills Medical Center, a 264-bed hospital. The project was originally announced in 2018, and construction began just before the COVID-19 pandemic hit in early 2020.
DALLAS — Two locally based firms, De La Vega Development and StreetLights Residential, have broken ground on Phase I of The Central, a 27-acre mixed-use project located at the corner of North Haskell Avenue and the North Central Expressway. The initial phase comprises a park within the center of the site, development of which will be led by De La Vega, and The Oliver, an apartment building that StreetLights will develop in partnership with Mitsui Fudosan America. Both pieces of the project are slated for December 2023 completions. Units at The Oliver will come in studio, one- and two-bedroom floor plans, and amenities will include a pool, fitness center, coworking space, resident lounge and a dog park. Additional plans for The Central ultimately call for more than 4 million square feet of office, residential and retail/restaurant space, as well as dedicated open green spaces and event areas. Steve Williamson of Transwestern arranged the land sale between De La Vega Development and Streetlights Residential.
SAN ANTONIO — Locally based investment firm The Lynd Group has acquired Parc 410, a 344-unit apartment community in San Antonio’s Leon Valley submarket. Built in 1985, the garden-style property offers one- and two-bedroom units with an average size of 716 square feet. Amenities include two pools, a clubhouse, fitness center, outdoor grilling and picnic areas, a dog park and a basketball court. As part of a $6 million capital improvement program, Lynd will install package lockers and a children’s playground, as well as upgrade unit interiors and other common areas.
TAMPA, FLA. — Alliance Residential Co. has acquired a 12-acre property located at 5105 W. Tyson Ave. in Tampa for $15. 8 million. Mark Eilers and Ed Miller of Colliers brokered the sale on behalf of the undisclosed seller. The Arizona-based developer plans to use the site for the development of Broadstone Westshore, a 325-unit luxury apartment community. To be developed in partnership with Santander Bank, Broadstone Westshore will comprise apartments ranging in size from 593 to 1,520 square feet, as well as a clubhouse, pool, fitness center, dog park and wash station, podcast studio, business center and media lounge. Construction is scheduled to begin within the next few weeks, with the first units expected to be ready in April 2024.
