IPA, Rockefeller Group to Develop Arizona Apartments

A JV begins a $57.5 million asset in Arizona; ARA brokers the sale of a community in Golden, Co.; and HFF closes the sale of an iconic six-property Chicagoland portfolio.

Liv Northgate

Gilbert, Ariz.—Investment Property Associates and The Rockefeller Group entered into a joint venture agreement to develop Liv Northgate, a 402-unit Class A community located in Gilbert, Ariz. The development should break ground in early 2013, with a project cost of approximately $57.5 million.

Situated on the northeast corner of Warner and Recker Roads, the site will comprise 24.7 acres and will complement The Rockefeller Group’s 155 acre mixed-use North Gateway project, which will accommodate 226,000 square feet of office space, 1.1 million square feet of industrial/flex and 12.2 acres of retail space.

Liv Northgate will be managed by IPA. The 402 garden-style, luxury apartment units will consist of two- and three-story buildings, a leasing office, clubhouse and recreational amenities, including two heated pools, sand volleyball, a 24/7 fitness center, dog park and gated access.

MIG Real Estate buys 196-unit community in Colorado

Canyon Point Cottages

Golden, Co.—MIG Real Estate has wrapped up its purchase of Canyon Point Cottages, a 196-unit townhouse style rental community located in Golden, Co., a city located on the western edge of the Denver metro area at the base of the Rocky Mountain foothills. ARA represented the original developer, Loup Development, in the transaction.

“This property offers a significant upside for the buyer,” says Shane Ozment, an ARA Denver-based principal. “The townhomes have had only light improvements and MIG plans to significantly renovate the homes. And, given the townhome-style layouts this property is also fit for a condo conversion exit strategy. Condo prices in Golden have averaged over $210,000 for the past 12 months which is a significant increase over the property’s sale price.”

Built in 1996, the property is comprised of two-story townhouses spread across 49 acres. In 1995, the City of Golden passed a law restricting new housing construction to just one percent of existing housing stock, a law that has effectively acted as a moratorium against new multifamily developments. As a result Canyon Point Cottages enjoys perpetual status as Golden’s newest market rate apartment community.

HFF closes sale of iconic six-property Chicagoland portfolio

Chicago—HFF announced today that it has closed the sale of the final property of a six-property, 1,292 unit multi-housing, senior housing and hotel portfolio in the Chicagoland area.

HFF marketed the property on behalf of the seller, IRMCO Properties & Management Corporation. The six properties were purchased in five separate transactions during 2011 and 2012.

Individual property and sale details are listed below:

Property                                          Address                                                       Unit Size

The Belden-Stratford                  2300 Lincoln Park West, Chicago             297 Units

Flamingo Apartments                  5500 South Shore Drive, Chicago             167 Units

The Seneca                                   200 East Chestnut, Chicago                        264 Units

Sovereign Apartments                1040 West Granville Avenue, Chicago    283 Units

Versailles Apartments                 5254 S. Dorchester Avenue, Chicago      96 Units

North Shore Retirement Hotel  1611 Chicago Avenue, Evanston               185 Units

The HFF team representing IRMCO Properties & Management Corporation was led by Executive Managing Director Matthew Lawton, Managing Directors Sean Fogarty, Marty O’Connell, Danny Kaufman, and Ryan Maconachy, Director Chad Lavender and Senior Managing Director Dan Peek.

IRMCO Properties & Management Corp. is recognized for its management of some of Chicago’s most renowned properties. These properties are located along Chicago’s famous lakefront, where IRMCO has established its reputation for operating hotels, apartment buildings and retirement communities since 1951.