Today's Deals: Pollack Shores Breaks Ground on $40M Community in Orlando

Pollack Shores Real Estate Group breaks ground on a TOD in Orlando; CBRE completes the sale of a 344-unit high-rise in Chicago; and Tikijian sells a stabilized lakefront property in the Indianapolis metro.

Steel House Apartments

Orlando, Fla.—Pollack Shores Real Estate Group broke group on a $40 million multifamily development in Orlando, Fla., on Tuesday, December 6. The project, Steel House Apartments, will have 326 luxury one- and two-bedroom apartments upon completion.

“We are proud to cap off a successful 2011 with the Steel House groundbreaking,” says Steven Shores, president, Pollack Shores. “Steel House is indicative of the leading edge projects we will begin construction on in the coming months.”

The transit oriented community is being built on a redeveloped brownfield located near the Lynx Central Station and future SunRail. The top floor of the four-story development will feature a clubroom with skyline views of the city. Additional amenities include a pool, fountains, fitness center, business center and gallery space.

First occupancy is slated for the fall of 2012, with full completion set for February 2013.

CBRE sells luxury Chicago high-rise

1212 South Michigan

Chicago—CBRE’s Chicago Multi-Housing Investment Properties Group has represented DV Urban Realty Partners 1 LP in the sale of 1212 South Michigan, a 30-story, 344-unit luxury high-rise located in Chicago’s South Loop. CH South Michigan Apartment LLC, a member of the Miami-based Crescent Heights group of companies, picked up the asset for an undisclosed amount. CBRE’s Debt & Equity Finance group also secured a 70 percent loan-to-purchase, five-year fixed rate first mortgage through Freddie Mac to finance the transaction.

1212 South Michigan was built in 1981 and received extensive renovations in 2002-2003. The sale also included 217 parking spaces and 2,929 square feet of first-floor commercial space. Community amenities include an indoor pool and jacuzzi, fitness center, business center, and resident lounge.

CBRE’s John Jaeger, Daniel Cohen and Carrie Houck represented the seller in the transaction. Peter Marino, John Clifford and Elizabeth Henry with CBRE’s Capital Markets Debt & Equity Finance represented the buyer in securing financing.

Tikijian sells stabilized lakefront property in Indianapolis metro

Harbour Town

Noblesville, Ind.—Tikijian Associates announced the sale of Harbour Town Apartments, a 104-unit community located on Morse Reservoir just north of Indianapolis in Noblesville, Ind.

Tikijian Associates represented the owner, RPD Catalyst in the transaction. Los Angeles-based RPD Catalyst acquired Harbour Town Apartments in 2009, completed numerous improvements and stabilized operations prior to their sale of the property. Harbour Town is the only apartment community in the Indianapolis metro area situated on a lake of sufficient size to allow unrestricted horsepower for boating, water skiing and wake boarding.

Tikijian Associates began marketing Harbour Town this year in early summer and EMK Property Investors of Greenwood, Ind. was selected as the buyer from a group of bidders following the July 29th bid deadline.

EMK invests in value-add multifamily communities in Indiana, Ohio and Kentucky, along with other emerging markets throughout the U.S.The acquisition of Harbour Town brings EMK’s partners’ holdings to nearly 1,300 units.

EMK has engaged Indianapolis-based Barrett & Stokely to oversee management of the property. The following exterior and interior capital improvements are planned at the property:new exterior color scheme and signage, improved landscaping, the addition of a playground, bark park and non-motorized water sports, updating of the fitness center, new model/leasing office and select units will be upgraded with new cabinets, countertops, appliances and plumbing/light fixtures as an overall repositioning of the property.

EMK’s acquisition of Harbour Town was financed through First Internet Bank of Indiana.

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