GDC Breaks Ground on Luxury Rental in Orlando

GDC breaks ground on a six-story luxury rental development; Baron Properties picks up a 380-asset in Houston; and HFF closes on the $39.3 million sale of an East Orange, N.J. apartment property to SDK Apartments.

NORA

Orlando—New York-based developer GDC Properties has started the construction of NORA, a six-story, 246-unit luxury rental development located at 899 North Orange Boulevard in Orlando’s North Quarter. The project is designed by Baker Barrios Architects and is expected to begin leasing in late 2013.

“Demand for rental apartments in Downtown Orlando is surging as young professionals look to reduce their commutes and live in a walkable, 24-hour urban environment,” says Adam Ginsburg, co-chairman of GDC Properties. “We look forward to providing hip and environmentally conscious homes to prospective renters.”

Eco-friendly property features include a rooftop photovoltaic system that will contribute towards its LEED certification requirements. The unit mix is comprised of one- and two-bedroom apartments that range in size from 691 to over 1,400 square feet in size. Amenities include a courtyard with a large pool and barbecue grilling areas. There will also be an adjacent 400-space parking garage with access to each of the building’s six floors, as well as bicycle storage. The retail component of the building should include a restaurant, gym and coffee shop.

Baron Properties picks up a 380-asset in Houston

AMLI Towne Square

Houston—AMLI has sold a 380-unit asset in Houston to Baron Properties in a deal brokered by ARA. The property, AMLI Towne Square, is located half of a mile east of downtown. It was 98 percent occupied at the time of sale.

“This is Baron Properties’ first Houston acquisition, and it was an excellent transaction for the buyer and seller; a true win-win deal,” says Matt Rotan, an ARA principal based in Houston. “AMLI Towne Square was built by TCR in 1999 and although it was at the top of the market at that time, it offered a significant exterior and interior upgrade play for Baron.”

HFF closes $39.3M sale of property to SDK Apartments

Gaia Park View

East Orange, N.J.—HFF announced that it has closed the sale of Gaia Park View, a 273-unit multi-housing community in East Orange, N.J.

HFF marketed the property on behalf of the seller, Gaia Real Estate Investments LLC. SDK Apartments purchased the asset for $39.3 million.

Gaia Park Apartments is located on a 3.82-acre site at 320 South Harrison Street in East Orange, close to the Garden State Parkway, Interstates 78 and 280, and the New Jersey Turnpike. The 20-story property is 98 percent leased and features studio, one-, two- and three-bedroom units. Community amenities include a swimming pool, fitness center and covered parking. Gaia Park Apartments is undergoing a renovation that includes adding a West Wing build-out with seven additional units, a new office, a larger laundry room and a community center.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, and directors Kevin O’Hearn and Jeffrey Julien.

“Gaia Park Apartments has an excellent location in Essex County; it’s one of the state’s most populated counties with nearly 800,000 residents, as well as being situated in a submarket with less than six percent vacancy,” said Cruz. “SDK purchased a very prominent asset in the submarket.”

Gaia Real Estate Holdings is a full-service investment, property management and brokerage company headquartered in New York, with offices in New Jersey, Texas and Tel Aviv.

Since the early 1990s, SDK Apartments has owned, developed and managed several office and residential projects, diversifying its portfolio to encompass some of the most dynamic and distinguished properties in the Eastern United States, specifically in New York, New Jersey and Pennsylvania.