TODAY’S DEALS: CBRE Sells 231 Units in Providence Community
CBRE handles the transaction of 231 units in Providence, R.I.; Inland Fund purchases Illinois residential development; and Cassidy Turley BRE Commercial completes sale transaction at $50,000 per unit.
Providence, R.I.—CB Richard Ellis’ Multi-Housing Group has closed the transaction of 231 rental units in The 903 Residences, a 330-unit mid-rise luxury condominium building in Providence, R.I. Boston-based WinnCompanies sold the stake in the asset to Core Investments/SMC Corporation. The rental units were 98 percent occupied at the time of sale. The price was undisclosed.
“We are extremely pleased to have facilitated this transaction on behalf of the WinnCompanies,” says Paul Donahue, senior vice president and partner at CBRE.
The 903 Residences were built in 2005 and are located in downtown Providence. Units feature nine-foot ceilings, loft-style layouts in select units, balconies, and washers and dryers. Community amenities include a garage parking, a clubhouse and a great room, a resort-style swimming pool and sun deck, and a state of the art fitness center, business center and media room.
Oak Brook, Ill.—Inland Opportunity Fund LLC has acquired, through Inland Opportunity Hinsdale Hamptons LLC, the Hamptons of Hinsdale development in Hinsdale, Ill. Inland purchased the asset, which is still under construction, from Citizen’s Financial Bank, one of the project’s original lenders. The partially completed project will continue with original plans for the construction of 93 condominiums, 26 townhomes and three single-family residences.
“We have acquired this project because we believe in the viability of the existing plan,” says Lupe Griffin, vice president of asset management for Inland. “As the new owner, we have partnered with an affiliate of Grosvenor, an internationally recognized real estate investment firm, in order to ensure the completion of what we believe will be a very successful project.”
The infrastructure and site improvement work is close to complete on the 12.4-acre site. The first four-unit townhome is 95 percent complete, and there is a 23-unit condo under construction. Foundation work for two other condos has already been completed.
Cassidy Turley BRE completes sale for $50K per unit
Phoenix–Cassidy Turley BRE Commercial completed a sales transaction for Mission Palm apartments, 6131 N. 16th Street in Phoenix. Clear Sky Resolution Properties L.P. purchased the 125-unit complex for $6.25 million, or $50,000 per unit. The seller was Tempe-based Mission Palms, L.L.C.
Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley BRE Commercial’s Multi Housing Investment Group executed the sales transaction on behalf both parties.