American Properties Realty is on a hot streak in central Jersey. The 235-unit Jefferson marks the Iselin, N.J.-based developer’s third multifamily project in the area in five years. The $40 million garden-style community in Ewing, N.J., is comprised of 10 three-story buildings featuring two-bedroom condo units, roughly 1,600 square feet each.
The project was 35 percent sold before the models opened. The developer credits the popularity to offering affordable housing in a multifamily-resistant area. “There is not much affordable, new construction product in New Jersey, especially projects that are not age-restricted,” says Paul Csik, American Properties’ senior vice president for sales and marketing.
Csik says the $210,000 starting price is the project’s biggest incentive. “The buyers right now are attracted by financing and payments based on low interest rates,” he says. “Most of our buyers are putting 5 percent down. Despite what you hear in the news, competitive mortgages are available. What they are buying is very, very affordable mortgage payments.”
Architect Joseph Stevens, president of Glenside, Pa.-based J. Stevens and Associates Architect and Planners, says he wanted to ensure residents got their money’s worth. “We wanted to make these apartments feel like single-family homes,” he says. “We like to design a lot of corner units so there are not just windows on one side but on two sides.”
Stevens employed other tricks to make the units feel like single-family homes, such as additional storage, larger-than-standard windows, 9-foot ceilings, a generous master bathroom, and a laundry room instead of the more typical laundry closet. He also insisted on an open floor plan. “We don’t have a dark corridor space,” Stevens adds. “When you open the front door, you can see a window. It gives the units a very open feeling.”
VIRGINIA BEACH, VA. Bonaventure Realty Group broke ground on The Cascades, a mixed-use development offering 226 luxury units and 22,000 square feet of retail space. Select units will feature 9-foot ceilings, fireplaces, balconies or patios, and full-size washers and dryers. The Cascades also will include a clubhouse with a pool, theater room, 24-hour fitness center, and business center. Delivery is expected to begin December 2009.
BRADENTON, FLA. CORE Construction Florida completed Lake House at Waters Edge, an independent living facility developed by Florida Christian Homes Senior Housing. The 109-unit community provides one- and two-bedroom units, ranging from 600 square feet to 1,100 square feet, that feature wellequipped kitchens, large living facilities, and impact-resistant windows. The community also includes a restaurant that seats more than 200 people.
SEATTLE Alliance Residential Co. opened its newest apartment community, Broadstone Domaine. With more than 30 floor plans from which to choose, the 91-unit community offers studios, live/work lofts, and one-and two-bedroom apartments. Units feature floor-to-ceiling windows, Italian tile floors, oversized patios and decks, and stainless steel appliances. Residents can access private outdoor space, a fitness center, and lounge.
DALLAS Cadence McShane Construction Co. and PM Realty Group built The Heights at Park Lane, a residential portion of Harvest Partners’ 3 million-square-foot Park Lane mixed-use development to include retail, residential, entertainment, and hotel space in the city’s Midtown area. The Heights at Park Lane features three luxury buildings: The Tower, a 20-story high-rise; The Flats, a 15-story high-rise, and The Lofts, a threestory
low-rise. All 325 units offer spacious floor plans, luxury amenities, and views of the Dallas skyline.
FRISCO, TEXAS Post Properties opened Post Sierra at Frisco Bridges, an apartment community offering 269 units and 30,000 square feet of retail space. Ranging from 600 square feet to 1,300 square feet, units feature granite countertops and stainless steel appliances, while select units offer built-in ovens with microwaves and master baths with separate showers. Community amenities include a pool, fitness center, and Internet café. —Amber V. Smith