TODAY’S DEALS: Behringer Harvard, Legacy Partners Break Ground in Denver
Work begins on a luxury Denver asset; Transwestern brokers the sale of 1,476 units in two weeks; and Essex Realty brokers the sale of a new construction for $5.7 million.
Denver—Behringer Harvard and Legacy Partners have broken ground on a new luxury community on the north side of downtown Denver. Tentatively called 21 Lawrence, the new apartment development will bring 212 units to the Arapahoe Square/Ballpark area. The five-story residential podium will be wrapped around a two-level parking facility, with one parking level below grade. Completion is expected in the fall of 2014. KTGY Group is the architect.
“We are pleased to work with Legacy Partners, the project’s developer, on this exciting community that is a prime example of our core, urban-infill strategy in Denver,” says Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. “Residents will be able to walk to downtown employment, restaurants and retail—or to a Colorado Rockies baseball game.”
“21 Lawrence will meet the growing demand for luxury in-town living in Denver’s fast-emerging north downtown neighborhoods that are increasingly popular with young professionals looking for an urban living experience,” adds Spencer Stuart, senior managing director with Legacy Partners.
Amenities at the asset will include a swimming pool with deck, a fitness center, Wi-Fi lounge, business center with individual offices, a screening and gaming room, and a roof-top terrace with an outdoor kitchen. Residents will also have access to a bicycle tune-up shop and recharging stations for cars.
Transwestern brokers sale of 1,476 units in two weeks
Houston—Transwestern has sold three Houston multifamily communities totaling 1,476 units within a 14-day period. The assets include:
- The Mills, a 708-unit community purchased by a local investor. C-III Realty Service was the seller.
- Portofino Landing, a 464-unit community acquired by a private syndicator. The seller was Blue Valley Apartments Inc.
- Deer Creek, a 304-unit asset picked up by Eureka Holdings and sold by Tritex Real Estate Advisors II Inc.
“We continue to see strong interest in the Houston multifamily market from local, national and international investors as Houston becomes widely recognized as a gateway city poised for continued growth,” says Transwestern’s Ed Cummins, senior vice president of multifamily services.
Essex Realty Brokers the sale of new construction for $5.7B
Skokie, Ill.—Essex Realty Group Inc. announced the sale of 8253-57 Skokie Boulevard (Boulevard Place), a new construction, multifamily elevator building located in Skokie, Illinois, approximately 15 miles north of Chicago’s Central Business District. The property consists of 31 residential units, 2,996 square feet of retail space, and 55 parking spaces (43 garage, 12 exterior).
Boulevard Place is situated on U.S. Route 41 (Skokie Boulevard), three miles south of the Westfield Old Orchard Mall and three blocks north of the Illinois Science & Technology Park. The property’s convenient location offers easy access to the Edens Expressway (I-94) and the new CTA Oakton-Skokie Yellow Line station one block south at the corner of Oakton Street and Skokie Boulevard.
The Subject Property consists of a unit mix of one bedroom/one bath, four one bedroom/one and a half bath, two one bedroom/two baths, three two bedrooms/two baths, 15 two bedrooms/two baths, five two bedrooms/two baths, one two bedrooms/two and a half baths and two retail units.
Matt Welke, Jason Fishleder and Doug Fisher of Essex were the brokers in the transaction. The price was approximately $5.7 million.