We’ve had old schools and hospitals and even breweries successfully converted into apartments, so why not an ice cream factory? Atlanta-based Wood Partners announced June 15 that is has acquired the former site of Brigham’s Ice Cream Co. in the Boston suburb of Arlington City and will convert the 85,000 square feet of office and warehouse space into a 116-unit mid-rise rental community. According to a press release on the deal, the property will feature 18 studio units, 35 one-bedroom units and 63 two-bedroom units, with 15 percent of units reserved for families earning 70 percent or less of area median income. Planned amenities include a clubhouse, cyber café, fitness center, and an exclusive outdoor area with built-in grills and seating areas, with no mention yet of an ice cream bar. Wood Partners scored the 4-acre site from Cambridge Savings bank for $5.6 million, and has now made three acquisitions in the greater Boston market over the past 18 months, which makes for a pretty nice triple scoop.
San Francisco-based modular builder ZETA Communities broke ground this week on Tierra Del Sol, an affordable, net zero energy, 22-unit community in Sacramento, Calif. Since ZETA factory builds its units for assembly on-site, the term “groundbreaking” sounds a bit off, but who needs to get semantic when you’re talking about a possible 70 percent reduction in construction time and a projected savings of $2,000 per year per occupant in utility billing? ZETA plans to meet net zero energy consumption goals with more efficient water and space heating and cooling and lighting; the use of EnergyStar appliances and low water usage fixtures; by incorporating recycled and sustainable finishes; and by implementing energy production with the use of solar panels.
Heading to Chi Town
When Riverstone Residential Group jumps into a market, they jump in a big way, if the Dallas-based fee management firm’s expansion into the downtown Chicago market this week is any indication. Riverstone announced June 15 that they’ve signed on to manage One Superior Place, the 809-unit high-rise in Chicago’s River North neighborhood that was recently purchased by Hartz Mountain Industries. According to a press release announcing the deal, One Superior Place will bolster Riverstone’s growing central division, led by division president Stephanie Brock. “Riverstone is thrilled to have earned the opportunity to enhance our portfolio with One Superior Place,” said Riverstone Residential Group president Terry Danner. “We have experience in the Chicago market and with high-rise urban assets in major metropolitan areas, and we appreciate that our client has entrusted us with this outstanding property.”