AvalonBay is the new kid on the block in Queens AvalonBay Communities, based in Alexandria, Va., has begun construction of Avalon Riverview, a $102 million, 372-unit luxury high-rise apartment building on New York City's Queens West waterfront. The first move-ins are expected in second-quarter 2002. The community, which may eventually feature two other buildings, will include a 130-car parking garage and 10,000 sq. ft. of retail space.
The building will consist of 43 studios, 184 one-bedroom, 114 two-bedroom and 31 three-bedroom units. Avalon Riverview will include a half-acre landscaped deck, which will include a putting green, on the fourth floor.
Avalon Riverview is one of three communities that AvalonBay is currently building in the New York metropolitan area. The other two properties are located in New Rochelle, N.Y., and Edgewater, N.J.
In other New York multifamily news, New York-based Eastern Consolidated Properties Inc. arranged the $28.5 million, all-cash sale of 585 West End Avenue, a 16-story, 129-unit apartment building on Manhattan's Upper West Side. The buyer was 585 West End Avenue Realty LLC, and the seller was a family that owned the building for 45 years. The building, which was built in the 1920s, features a large lobby. Units on the higher floors offer river views.
AMLI, Northwestern hook up to create AMLI at Milton Park Chicago-based AMLI Residential has entered into a joint venture with Milwaukee-based Northwestern Mutual to develop AMLI at Milton Park, a $35 million, 461-unit complex in Alpharetta, Ga., a suburb of Atlanta. The first apartments are scheduled to be ready for occupancy in fourth-quarter 2001, with completion slated for fourth-quarter 2002.
The complex will feature 318 one-bedroom units and 143 two-bedroom units. The apartments will average 955 sq. ft. in size. Amenities will include a pool, fitness center and business center.
Under the terms of the joint venture, AMLI will receive 25% of the cash flow and sales proceeds until certain conditions are met. AMLI will then receive an increased portion of the cash flow and residual interest.
Broward County complex sold, and no recount is demanded SSR Realty Advisors, with headquarters in both White Plains, N.Y., and San Francisco, has sold The Lakes at Pembroke Apartments, a 296-unit luxury apartment complex in Broward County, Fla., to Chicago-based LaSalle Investment Management for $22.4 million. Boca Raton, Fla.-based RJS Realty Group represented the seller and was the sole broker in the sale.
The Lakes at Pembroke was built in 1991 by The Related Cos., New York. The gated complex features 10 two- and three-story buildings. Amenities include two clubhouses, two resort-style pools, car care center, covered parking and lake views.
Equity Residential says `adios' to four Arizona complexes Los Angeles-based CB Richard Ellis has negotiated the $81.1 million sale of four Arizona complexes owned by Chicago-based Equity Residential Property Trust. Sherman Oaks, Calif.-based Investors Management Trust bought two of the communities: Del Coronado Apartments, a 419-unit complex in Mesa, for $23.5 million; and Rancho Murietta, a 292-unit complex in Tempe. Meanwhile, Chicago-based Waterton Associates purchased La Valencia, a 361-unit community in Mesa, and Miami Lakes, Fla.-based J.I. Kislak Inc. bought Mission Palms, a 360-unit complex in Tucson, for $20.7 million.
JPI starts digging in the New Jersey dirt Irving, Texas-based JPI has begun construction on Jefferson at Aberdeen Station, a 290-unit apartment complex in Aberdeen, N.J. The community will open in fall 2001, while completion is slated for September 2002. Houston-based EDI Architecture Inc. designed the 14-acre complex, which will overlook the Mohingson Creek.
The community will offer one-and two-bedroom units, and the average unit size will be 1,022 sq. ft. Rents will range from $1,250 to $2,300 per month. The complex will feature a 5,600 sq. ft. clubhouse containing surround-sound theater, an exercise room, and business and conference centers.
Cambridge and APF fire up partnership with loans Chicago-based Cambridge Realty Capital Cos. has funded a $4 million permanent mortgage loan for Riverwood, a 60-unit assisted living facility in Tualatin, Ore. Riverwood was completed in 1999 and has an occupancy rate of 94%. The 10-year Fannie Mae-enhanced loan carries a fixed interest rate of 8% amortized over 25 years. The loan was completed as part of Cambridge's strategic alliance with New York-based American Property Financing Inc. (APF).
Cambridge has also closed a $2 million permanent mortgage loan for Mann House, a 25-unit assisted living facility in Atlanta. The loan was the first under the alliance with APF.