Chicago Firm Buys Two Student Housing Assets
Chicago — Campus Acquisitions, a Chicago-based firm focused on student housing development, has acquired two student housing projects for undisclosed amounts in South Carolina and Texas.
One of the projects is Sterling by the River Apartments in West Columbia, S.C. The 170-unit property consists of 472 beds in 12 buildings and was built in 2007. The seller was Houston-based Dinerstein Cos.
The other project, Bishop’s Square, is located in San Marcos, Texas. The development was built in 2002 and consists of 315 beds. The seller was Austin-based Falcon Southwest.
Mammoth Mixed-Use Complex Under Way in Iowa
Ankeny, Iowa — DRA Properties has formed a partnership with Capital Growth Madison Marquette to build the retail component for the Prairie Trail development. The mixed-use project will include 2,500 multifamily and single- family units.
Construction has begun on various portions of the 1,000-acre project, and 152 single-family homes have already been built. The property was once a World War II ordnance plant and then an experimental dairy farm owned by Iowa State University. DRA partnered with the city in July 2005 to create Prairie Trail, buying the land for $23.6 million and agreeing to pay another $25 million for infrastructure for the large project.
In addition to residential units and 500,000 square feet of retail space, the development will also include 80 acres of office space, a hotel, 200 acres of parks and walking trails, and civic buildings such as a police headquarters, a school, and a 50,000-square-foot library.
Equity Unloads Maine Apartments
Portland, Maine — Equity Residential has sold three apartment communities here for $35.1 million. The buyer was Resource Real Estate, a Philadelphia-based investment group. The Chicago-based real estate investment trust’s move to sell the 309-unit portfolio is part of its strategy to focus on core markets.
The largest of the three properties is Tamarlane, a 115-unit complex on 19 acres. One- and two-bedroom units make up the apartment mix. The remaining two assets are the 90-unit Coach Lantern and the 104-unit Foxcroft.
Resource Real Estate owns and manages properties valued in excess of $1.5 billion, including 9,000 apartments and 1.3 million square feet of commercial space. According to the company’s Web site, Resource Real Estate is presently focused on securing income-generating multifamily in growing markets, with a deal size generally from $10 million to $60 million.
Century-Old Building Makes Way for Condos
New York City — John DeLorenzo and Bro., a 100-yearold metalwork shop in the SoHo neighborhood, has been sold here for an undisclosed amount by a developer, who also was not named, according to the New York Times. The owner said that the one-story building on Grand Street sold for more than the business ever made in total. The property is expected to make way for a luxury condominium project.
Lane Rehabs in Austin
Austin, Texas — Lane Strategic Investment, LLC, has acquired the Savannah Apartments here. The community will now be known as Acacia Cliffs Apartment Homes. The seller was Falcon Southwest Development Co. The 290-unit development was built in 1974 and consists of one- and two-bedroom apartments. Lane has begun its $3.7 million renovation, with completion expected in spring of 2010. Lane Management, LLC, will manage the community throughout the process.
Planned improvements include updated exteriors, interiors, and amenities.
Current amenities include a pool, a fitness center, an activity room, a clubhouse, a business center, and a picnic area with barbecues.
Unsold Condos Acquired in Orlando
Orlando — Commercial Alliance Group has purchased 31 condominium units that never sold in the Palm Coast Resort’s 72-unit Waterways South building. The condos were built by Centex Homes in 2007. The firm will offer the units for sale. Some may be rental units.
NYC Firm Buys N.C. Complex
Spring Lake, N.C. — American Exchange Corp., based in New York City, has acquired a 115-unit multifamily property here for $16.9 million. The seller was Miller/Player & Associates, a Greenville, S.C., developer.
Village on the Lake sits on roughly 30 acres outside Fayetteville. It was completed in 2006 and is 94 percent occupied.
Bristol Building Nashville Project
Nashville — Bristol Development Group has started construction on a pair of apartment buildings in the Midtown area aimed at employees at Baptist Hospital and Vanderbilt University, reported The Tennessean.
The developer, based in Franklin, Tenn., is tackling a 1.4-acre site for 1700 Midtown, a 170-unit complex. The $27 million project is expected to be completed in summer 2009.
The development will consist of two four-story buildings with studio, one-bedroom, and two-bedroom apartments. Units will be 550 square feet to 1,225 square feet, and rents are estimated to be $950 to $1,900 a month.
The complex will feature a 227-space garage and a fitness center. It will also have a green room for recycling refuse and a courtyard with an outdoor fireplace.
“It would be sort of for Gen Y, Gen X people who work at Baptist, downtown, Vanderbilt, or West End,” said Charles Carlisle, Bristol’s CEO. “We think there’s some great opportunities in that area because there hasn’t been any apartments done there in a while.”
Shea Completes Apartments in Orange County
Irvine, Calif. — Shea Properties, based in Aliso Viejo, Calif., has completed its new 177-unit apartment community here.
The Calypso was named for its Caribbean Islands vibe. Amenities include a pool and spas, common areas with wireless Internet access, a clubhouse with plasma TVs, a lounge, gaming tables, and a fitness center.
Investments in Orange County apartment buildings look sunny, according to research by Marcus & Millichap. The market “will remain one of the tightest in the nation again this year,” thanks to continuing demand amid relatively little new construction. However, the report forecasts that the vacancy rate will rise during 2008, which will slow rent growth.
Fund Manager Acquires Complex and Land
Crested Butte, Colo. — Hudson Realty Capital, a real estate fund manager based in New York City, has acquired a 44-unit apartment complex and nearly two acres of adjacent developable land here.
The firm paid $6.1 million, which included predevelopment costs.
The Marcellina is the only apartment building in this small community.
“Hudson continues to be proactive in seizing quality investment opportunities in the current market, and this transaction reflects that policy,” said Spencer Garfield, managing director of Hudson Realty Capital. “We were able to purchase the property at below-market value due to some litigation associated with the acquisition.”