Roseland opens phase two of N.J. development Short Hills, N.J.-based Roseland Property Co. has opened Riverbend at Port Imperial, part of a $2 billion community situated along the Hudson River in West New York, N.J. Initially, Riverbend will offer 516 units; however, when completed in an estimated three years, the $170 million complex will contain 1,032 units.
Riverbend will contain one-, two- and three-bedroom apartments. The complex will feature a controlled-access garage with assigned parking.
The entire development, called Port Imperial, will have a total of 6,500 luxury apartments, condominiums and townhomes.
The community will also contain 2 million sq. ft. of commercial space.
JPI builds apartments in warm California sun Irving, Texas-based JPI plans to build Jefferson at Town Center, a 561-unit luxury apartment complex in Valencia, Calif., which is a master-planned development in Santa Clarita, Calif. Irvine, Calif.-based Thomas P. Cox Architects designed the community, which is located approximately 35 miles north of Los Angeles. The first apartments will open in October; the entire complex will be finished in March 2002.
The Jefferson at Town Center will offer one-, two- and three-bedroom apartments that will range in size from 710 sq. ft. to 1,370 sq. ft. Rents will range from about $1,050 per month to $2,100 per month. Amenities include two resort-style pools.
Jupiter buys 12 Southeastern apartment complexes Chicago-based Jupiter Realty Corp. has acquired a 12-community multifamily portfolio for $32 million from Atlanta-based Lend Lease Real Estate Investments Inc. The portfolio totals 1,902 units and consists of garden apartments in South Carolina and Georgia. R. Pender Murphy of Charlotte, N.C.-based Berkeley Capital Advisors LLC and John C. Brown of Atlanta-based Apartment Realty Advisors brokered the sale for Lend Lease.
The complexes include the 100-unit Hidden Park, the 200-unit Bradford Grove and the 100-unit Quail Pointe, all in Spartanburg, S.C.; the 308-unit Grove Station in Greenville, S.C.; the 96-unit Willow Glen in Rock Hill, S.C.; the 100-unit Ashley Chase in Sumter, S.C.; the 144-unit Magnolia Trace in Florence, S.C.; the 64-unit Moss Grove in Conway S.C.; the 144-unit Summerwalk in Myrtle Beach, S.C.; the 310-unit Indigo Pointe and the 208-unit Live Oak Plantation, both in Savannah, Ga.; and the 128-unit Merritt Landing in Brunswick, Ga.
Transworld provides $11.2 million in equity financing Houston-based Transworld Properties Inc. has provided $11.2 million of equity financing for West Village, a mixed-use development in Dallas that will feature 178 luxury apartments and lofts. Phoenix Property Co. and Urban Partners Inc., both Dallas-based, are the developers of the project, which should be complete by spring 2001.
The luxury apartment will feature one-, two- and three-bedroom floor plans; one- and two-bedroom lofts will also be available. Rents will range from $900 per month to $3,800 per month. The 220,000 sq. ft. of residential space will be accompanied by a 122,000 sq. ft. retail area, with such stores as Gap and Banana Republic.
CB Richard Ellis negotiates sale of Arizona apartments The Phoenix office of Los Angeles-based CB Richard Ellis has negotiated the $43.4 million sale of Galleria Palms, a 568-unit apartment complex in Tempe, Ariz. Chicago-based Heitman Capital Management bought the complex; Phoenix-based Magellan Corps. sold it. CB Richard Ellis was the only broker involved in the sale.
Galleria Palms was built in 1997 and had a 96% occupancy rate when the sale closed. Amenities include an indoor basketball court, fitness center and in-unit washers and dryers.
Patrician provides $13.5 million refinancing loan The Patrician Financial Co. of Bethesda, Md., has provided a $13.5 million loan to refinance Saratoga Apartments, a 276-unit complex in Rolling Meadows, Ill. The interest rate on the loan was 8% for 35 years with a 35-year amortization. The loan was funded under the U.S. Department of Housing and Urban Development's (HUD) Section 223 (a)(7) Mortgage Insurance Program.
Waterton buys apartments in Texas and Midwest Chicago-based Waterton Associates LLC has acquired three apartment communities in Texas and the Midwest for more than $60 million. The complexes total 1,192 units.
The communities involved in the sale were the 336-unit Autumnwood Apartments in Dallas; the 480-unit Windemere Park in Ann Arbor, Mich.; and the 376-unit Beachwood in Harrison Township, Mich. o
Bellmarc to manage exclusive Manhattan condo complexes New York-based Bellmarc Property Management has been appointed property manager of two Manhattan condominium complexes: 15 E. 69th St. and 300 West End Avenue.
Built in 1926, the 17-story 15 E. 69th St. occupies the former Westbury Hotel building. Recently converted into 47 condominiums, the two-, three-, four- and five-bedroom floor plans will range from 1,566 sq. ft. to 4,500 sq. ft. The average sale price of the units is $3.2 million. Amenities include a concierge staff, a temperature-controlled wine closet and a catering kitchen.
Completed in 1909, 300 West End Avenue was converted to a cooperative residence in 1961.