Irving, Texas-based JPI has begun the second phase ofon Jefferson at Meridian, an apartment complex in Denver. The 276-unit second phase is scheduled to open in October, with completion of all the apartments slated for July 2001. The first phase of the complex, which contains 376 units, is expected to be complete this fall. Denver-based Paul T. Bergner Architects designed the project.
The second phase of Jefferson at Meridian will offer one-, two- and three-bedroom floorplans, with units ranging from 627 sq. ft. to 1,339 sq. ft. Rents will range from $750 to $1,900 per month. Amenities will include two swimming pools and an outdoor volleyball court. A clubhouse will feature a fitness center and a theater-style media room.
Jefferson at Meridian will be JPI's eighth complex in the metropolitan Denver market. The community will be located in the Meridian International Business Park, which is expected to contain approximately 10 million sq. ft. of office space when complete.
Tuckerman Group sells complex in gator country The Tuckerman Group of Purchase, N.Y., has sold 54 Magnolia, a 276-unit luxury apartment complex in Jacksonville, Fla., to Salt Lake City-based Property Reserve Inc. for $20 million. The community was one of five properties in The Tuckerman Group's Multi-Family Development Program I, an investment vehicle created in 1997 for three pension fund clients, which included the Los Angeles City Employees Retirement System, the City of Milwaukee Employee's Retirement System and BP America. The sale of 54 Magnolia was the final sale of the program.
Construction of 54 Magnolia began in April 1997 and took nearly three years to complete. The complex has 12 two- and three-story buildings.
The Multi-Family Development Program I financed the construction of five luxury apartment complexes. The sale of the properties began in March 1999 with the disposition of Aviara Apartments in Euless, Texas, and concluded this spring with the sale of 54 Magnolia. The program provided a total internal rate of return (IRR) of 26.7% to its investors.
Schenkman/Kushner begins N.J. community Schenkman/Kushner Affiliates, based in Bridgewater, N.J., has begun construction of Bey Lea Village, a 235-unit apartment complex in Tom's River, N.J. The community is slated to open in late summer.
The complex will offer two- and three-bedroom floorplans, with units ranging from 1,200 sq. ft. to 1,800 sq. ft. Rents will start at $950 per month. Amenities will include a pool, clubhouse and walking paths. Bey Lea Village is part of approximately 1,500 units that Schenkman/Kushner has either built, is building or is planning in Ocean City, N.J.
Waterton inks purchase of Printer's Square-based Waterton Associates has purchased Printer's Square, a 356-unit apartment complex in Chicago, for $40 million. Waterton plans to renovate the facility, which also contains 161,000 sq. ft. of commercial space. Planned improvements include upgrades to the lobby and hallways, and the addition of a fitness center and business room.
The average unit at Printer's Square is 880 sq. ft. in size. The complex contains one- and two-bedroom floorplans. Waterton plans to market the commercial space to technology companies.
Legg Mason arranges first mortgage loan Philadelphia-based Legg Mason Real Estate Services (LMRES) has arranged a $14.3 million first mortgage loan for the First Liz Portfolio, which consists of five apartment complexes totaling 838 units in Oklahoma City that are owned by First Liz LP. The financing was provided through New York-based Lehman Brothers. The 10-year loan has a 30-year amortization.
Fannie Mae unveils new mortgage product Washington, D.C.-based Fannie Mae has created the 5-50 Streamlined Mortgage, a new product designed to reduce the time and cost of financing apartment properties with five to 50 units. The mortgage will be available to borrowers through Fannie Mae's Delegated Underwriting and Servicing (DUS) lender network.
Fannie Mae claims the program will reduce transaction costs for third-party reports, streamline underwriting requirements and eliminate the borrower's out-of-pocket expenses.