Home Properties gets its hands on New York apartment complex
Rochester, N.Y.-based Home Properties has purchased Windsor Village at Hauppauge, a 297-unit apartment complex in Hauppauge, N.Y., for $46.5 million. Boston-based General Investment & Development Co. was the seller. Cushman & Wakefield's Metropolitan Area Financial Services Group, based in East Rutherford, N.J., and The Apartment Group, an Atlanta-based company owned by Cushman & Wakefield, represented General Investment in the. Home Properties represented itself.
Windsor Village at Hauppauge, located east of New York City in Long Island, was 99% leased at the time of the transaction. The complex, which features one- and two-bedroom units, has maintained an average occupancy rate of more than 95% during each of the last 10 years. Amenities include a fitness center, a playground, an outdoor pool, and tennis and basketball courts.
Seaboard Properties purchases hometown apartment high rise
Stamford, Conn.-based Seaboard Properties has purchased The Biltmore, a 161-unit, 16-story apartment complex in Stamford, for $23.4 million. Equity Office Properties Trust, Chicago, was the seller. The Tri-State Investment Team of Los Angeles-based CB Richard Ellis represented both the buyer and the seller in the transaction. The team specializes in the sale of investment properties in suburban New York markets and second-tier markets in the eastern United States.
Built in 1989, the Biltmore is a Class-A apartment complex that features one- and two-bedroom units ranging in size from 547 sq. ft. to 1,003 sq. ft. The property was 99% occupied at the time of the deal. Amenities include a 3-story lobby, 24-hour security, on-site laundry facilities and a landscaped courtyard.
Bel Air, Md., extends a welcometo new affordable seniors housing
Park View at Bel Air, a 101-unit affordable seniors housing complex in Bel Air, Md., has opened. The Shelter Group, Baltimore, is the owner and developer of the complex. Financing for the community was provided through a loan from Atlanta-based SunTrust Bank, a loan and tax credits from the State of Maryland Department of Housing & Community Development, a loan from Harford County (Md.) and a loan from the Town of Bel Air. Washington, D.C.-based Fannie Mae provided equity for the project through a purchase of Low-Income Housing Tax Credits (LIHTCs) that was arranged by New York-based Lend Lease Real Estate Investments.
The 4-story Park View features 86 one-bedroom and 15 two-bedroom units, and contains a community room, a medical examination room, a beauty salon and a laundry room. Each unit includes a kitchen, wiring for cable television, wall-to-wall carpeting and individually controlled utilities. Applicants to Park View must be over 62 years of age with incomes at or below 60% of the area's median income.
In sunny, Post Properties continues its urban village craze
Atlanta-based Post Properties Inc. plans to open Post Paseo Colorado, a 387-unit apartment complex in downtown Pasadena, Calif., in spring 2002. The complex is the residential component of Paseo Colorado, a mixed-use, urban village that is a joint venture of Post and TrizecHahn, Toronto. The village, which is expected to open by the end of 2001, will feature approximately 560,000 sq. ft. of retail space. Four stories of apartments will sit above two stories of retail space.
Post Paseo Colorado will feature one- and two-bedroom units, along with studios. More than 100 of the apartments will be lofts with brick walls, high ceilings, concrete floors and oversized windows.
HRI gets to work on renovation of historic St. Louis building
St. Louis-based Historic Restoration Inc. (HRI) has begun the $47 million conversion of the historic Merchandise Mart building in downtown St. Louis into a mixed-use project that will feature 213 loft apartments and street-level retail space. Approximately 85 of the apartments will be designated as affordable housing units. Financing for the project has been provided in part by tax-exempt bonds, Low-Income Housing Tax Credits (LIHTCs), and federal and state historic renovation tax credits. St. Louis-based Clayco Construction is the general contractor. Completion is slated for late 2002.
Built in 1880, the 7-story, 340,000 sq. ft. Merchandise Mart building was designed in a Romanesque Revival style and was designated a city landmark in 1979. Five years later, the building was added to the National Register of Historic Places.