HOUSTON— Toronto-based Milestone Apartments REIT purchased Villas at Shadow Creek , a 560-unit multifamily apartment community for $74.0 million The acquisition is expected to be accretive to the REIT. Villas at Shadow Creek, currently 95% occupied, is located in Pearland, Texas. The property was acquired through a direct negotiation with the seller.
BROOKLYN— The Kalikow Group, in a joint venture with Massey Knakal and RiverOak Investment Corp., LLC, acquired six-story apartment building at 68 Richardson Street in Brooklyn, NY from Dabby Investments for $17.5 million. The fully occupied, 32,500-square foot multi-family building consists of 24 apartments and is located in the Williamsburg neighborhood.
DENVER —The Picerne Group broke ground on a 180-unit multi-family community at Venue on 16th with construction is expected to be completed by late 2015. The 155,000-square-foot five-story apartment building located in City Park will wrap around a 243-space garage on the first level and a podium courtyard and pool on the second level. Colorado-based CFC Construction is the general contractor and JG Johnson is the architect.
CULVER CITY, Calif. — Trion Properties purchased a 28-unit muti-family community located at 4620 South Slauson Avenue in Culver City, CA for $6.8 million. Trion bought the property from an undisclosed seller in an off-market transaction. Los Angeles-based Trion plans to begin extensive capital improvements on both the interior and exterior of the property. Robert Narchi of Marcus & Millichap represented both the buyer and seller in the sale. Mitch Paskover from Continental Funding arranged the financing for the acquisition.
CHICAGO— Inland Real Estate Acquisitions, Inc. purchased Solana Apartments at the Crossing, a 384-unit, Class A multi-housing development located north of downtown Indianapolis. Milhaus, represented by HFF, sold the recently completed property for $60.5 million or $158,000 per unit. Solana Apartments at the Crossing was 95% leased at the time of the sale.
PORTLAND— Guardian Real Estate Services and Key Development Corporation secured financing totaling $71.75 million for the development of Block 67, a 21-story, 284-unit, Class A apartment building scheduled for completion in early 2016. Block 67 is located in Central Eastside and the Burnside Bridgehead development area.
HOUSTON —Guefen Development Co. plans to begin construction on a five-story, 256-unit apartment complex, Haven at Main, at 8700 South Main near Old Spanish Trail, just south of the Texas Medical Center. The complex will include one- and two-bedroom units ranging from 634 square feet to 1,274 square feet. Units will rent for between $1,225 and $1,375 for one-bedrooms , and two-bedrooms will have monthly rates from $1,650 to $1,825. The first tenants will take occupancy in November 2015.
RALEIGH—Lowe Enterprises Investors, on behalf of an undisclosed investment client, will move forward with developer Blue Ridge Realty on a mixed-use multifamily development in Raleigh, North Carolina. The Gramercy, a 203-unit apartment project is scheduled to break ground this fall. Wells Fargo provided a $26 million construction loan for The Gramercy. John Gaghan led the investment team for Lowe Enterprise Investors. Howard Brooks of Medalist Capital arranged financing for the development. J. Davis is the architect for the project and Choate Construction will serve as general contractor.