Northland Investment makes a sizable northern purchase
Newton, Mass.-based Northland Investment Corp. has purchased Avalon Pavilions, a 932-unit luxury apartment complex in Manchester, Conn., for $81.5 million. Alexandria, Va.-based AvalonBay Communities Inc. was the seller. Northland represented itself in the transaction, and Los Angeles-based CB Richard Ellis represented AvalonBay.
Avalon Pavilions features one-, two- and three-bedroom units ranging in size from 688 sq. ft. to 1,246 sq. ft. Amenities include a pool, fitness center and covered parking. The complex is located next to the 963,000 sq. ft. Buckland Hills Mall and is near an additional 1.5 million sq. ft. of retail development.
The Coventry Apartments begin to rise in Texas
Dallas-based Western Properties has begun construction on The Coventry Apartments, a 240-unit apartment complex in Denton, Texas. Occupancy of the project is slated to begin in February 2002. McLean, Va.-based Reilly Mortgage Group provided a $12.6 million construction loan for the complex.
The Coventry Apartments will feature one-, two- and three-bedroom units. The apartments will range in size from 713 sq. ft. to 1,238 sq. ft., and rents from $620 per month to $1,025 per month. Amenities will include a pool and a clubhouse.
Chaparral Group seeks to bring a little Tranquility to Houston
The Chaparral Group Inc., Houston, has begun construction on The Club at Lake Tranquility, a $17 million, 212-unit luxury apartment complex in suburban Houston. Completion is slated for summer 2002. Clearwater, Fla.-based Midland Mortgage Investment Corp. provided $14.9 million in debt and equity financing.
The property will feature 92 two-bedroom/two-bathroom units, 76 one-bedroom/one-bathroom units and 44 three-bedroom/two-bathroom units ranging in size from 660 sq. ft. to 1,315 sq. ft. Amenities will include a massage room, business center and a pool with waterfalls. The complex also will contain a clubhouse featuring a billiard table, oversized sofas and chairs, and a 60-inch television with surround sound.
JPI digs into new suburban D.C. luxury apartment complex
Irving, Texas-based JPI has begun construction on Jefferson at Carlyle Mill, a 315-unit luxury apartment complex in Alexandria, Va. Leasing of the community is scheduled to begin in June 2002.
The one-, two- and three-bedroom units will vary in style. Some will follow a traditional apartment layout, while others will feature an open-loft style or two stories with a metal staircase. Amenities will include a parking garage with a tennis court and basketball court on the top level, a bike trail and a concierge. The complex also will feature parking for more than 500 vehicles.
Legacy and Equity join hands for Northwest apartments
A partnership of Foster City, Calif.-based Legacy Partners Residential Inc. and Chicago-based Equity Residential Properties Trust has begun construction on Bella Terra, a 235-unit luxury apartment complex in Mukilteo, Wash. The complex, slated for occupancy in spring 2002, will feature a combination of flats and townhomes. Amenities will include a clubhouse with a sauna, business center, conference room and fitness facility. Bella Terra will be located within the Harbour Pointe master-planned community.
Living La Vida Real: San Diego seniors complex under way
San Diego-based Senior Resource Group LLC has begun construction of La Vida Real, a $40 million, 342-unit seniors housing complex in Rancho San Diego, Calif. Completion is slated for fourth-quarter 2002. Senior Resource Group also will manage the complex, which will feature seven residential wings connected to a central pavilion building.
La Vida Real will feature a full-service retirement residence that will contain 208 independent-living apartments and 84 assisted-living units. The complex also will feature an Alzheimer's/dementia care facility that will contain 50 private and semi-private suites. Common-area amenities will include a restaurant, an Internet lounge, an on-site bank, a beauty/barber shop, a massage room, a garden courtyard, and guest suites for friends and family. The community also will offer on-site health care, 12-hour dining-room service, housekeeping and maintenance, scheduled transportation and electronic security systems.
M.L.P. to bring more affordable housing units to St. Louis area
St. Louis-based M.L.P. Investments LLC has begun construction of Lakewood Apartments, a 312-unit affordable housing apartment complex in Imperial, Mo. Completion of the complex is slated for December 2002.
Lakewood Apartments will feature two-bedroom/two-bathroom units and three-bedroom/two-bathroom units. All of the apartments will be rented as affordable units and will range in size from 930 sq. ft. to 1,131 sq. ft.
e-mail multifamily news to firstname.lastname@example.org