Landmark Buys Student Housing
Savoy, Ill.— University Fields, a 192-unit student housing property here, has sold for $11.5 million. The buyer was Landmark Residential, a Tampa, Fla.-based property management company.
The property consists of 16 threestory apartment buildings and a leasing office/clubhouse. It includes 192 units with 588 beds.
The community was built to house students at the University of Illinois at Urbana-Champaign in 2000. The community contains two-, three-, and four-bedroom apartments with an average unit size of 1,057 square feet.
Amenities include a swimming pool with a stereo system, a hot tub, a clubhouse, a tanning booth, a fitness center, basketball and sand volleyball courts, and a computer center.
Largest Construction Loan in '08 in NYC
New York City—The Carlyle Group, Extell Development Co., and RREEF have secured a $613 million construction loan for the development of two luxury residential buildings on Manhattan's Upper West Side. Deutsche Bank led the consortium of nine banks that provided the financing, which was arranged by Holliday Fenoglio Fowler, L.P.
The two buildings, known as Riverside South, are under construction and targeted for completion in the first half of 2010.
The 38-story building will have condos and rental units, while the 23-story building will be entirely luxury rental product. Carlyle and Extell purchased the 13-acre tract for $1.8 billion in 2005.
Redfern Acquires Tulsa Portfolio
Tulsa, Okla.—Redfern Family Trust has purchased a 1,552-unit portfolio located here for $53 million. The seller was Macco Properties.
The acquisition marked Redfern's first real estate transaction outside of California. The deal involves sizable apartment communities—the smallest complex consists of 216 units.
Mixed-Use CityCentre Planned in Houston
Houston—Locally based Midway Cos. recently unveiled plans for CityCentre, its 1.8-million-squarefoot mixed-use project here. CityCentre is spread across 37 acres at the intersection of Interstate 10 and the Sam Houston Parkway in the Memorial area.
The project's residential section will consist of 370 multifamily residential units, 250 urban apartment lofts, 35 brownstones, and 22 condominium-style penthouse residences atop a 245-room luxury hotel.
The project will also include 400,000 square feet of retail space, a 144,000-square-foot urban fitness facility, and 425,000 square feet of Class A office space.
Reverting to Rentals in Tampa
Tampa, Fla.—Altamonte Apartments has sold here for $13.7 million to Asset Development & Management Group.
The property is located in the north Tampa submarket and was originally purchased in 2006 for condominium conversion. The 232-unit community sits on 13 acres. Like many conversions purchased near the end of Florida's latest real estate boom, the development never sold any units, and the developer decided to fully revert back to rental apartments.
Phillips to Build in North Carolina
Cary, N.C.—Phillips Development & Realty, LLC, has plans to build a $20 million garden-style apartment community here. The firm closed on 13.2 acres for its Phillips Swift Creek apartment project.
The development will include 196 units ranging from one to three bedrooms. Amenities will include a 5,200-square-foot clubhouse, a gazebo, a pool, and a walking trail.
JV Buys Atlanta Properties
Atlanta—The Praedium Group and Audubon Communities Management have teamed to buy a seven-property multifamily portfolio in the Atlanta metro region for approximately $45 million. The seller was not disclosed.
It is the third joint venture acquisition made by Praedium and Audubon. The 938-unit portfolio consists of 156 buildings constructed between 1972 and 1999 and located in DeKalb, Fulton, Gwinnett, Henry, and Rockdale counties.
Mixed-Use Project Planned in Vail
Vail, Colo.—Solaris, a luxury mixed-use development, has sealed a $325 million deal for its construction here.
PB Capital and Vectra Bank are providing the first-mortgage construction loan. Och-Ziff Real Estate is providing the mezzanine loan. Developer Peter Knobel furnished some equity for the project, which will include 77 condominium units situated atop 70,000 square feet of commercial space and a large public plaza. The development will house an ice-skating rink, a bowling alley, and a movie theater that will include loveseatstyle seating and gourmet meals served before opening credits.
Transwestern's Bethesda office provided financing advisory services for Solaris.
Student Housing Planned in Los Angeles
Los Angeles—Developers Urban Partners, LLC, Real Estate Capital Partners, and Blackstone Real Estate Advisors have obtained funding totaling $167.5 million to build a new student housing project here.
University Gateway is planned as a 421-unit upscale mixed-use student housing development. It will be located across from the University of Southern California.
Wells Fargo's Merchant Banking Group provided the fully underwritten construction loan, while RCG Longview Equity Fund, L.P., supplied the equity for what will be an eightstory building on the corner of Figueroa Street and Jefferson Boulevard, not far from the heart of downtown.