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Multifamily News

New condominium and resort project valued at $140 million With construction starting in July on private condominium homes and hotelrooms, Miami-based Carnival Hotels and Resorts and Dallas-based PatriotAmerican Hospitality are developing The Grand Bay Resort Condominium Hotel, a$140 million, 14-story community located in Key Biscayne, Fla. Featuring 227residences with a mix of studio, one-, two- and three-bedroom units rangingfrom 480 to 1,932 sq. ft., Grand Bay will have all the amenities of a luxuryhome community blended with the service of a world-class resort. Unit pricesvary from $190,000 to $700,000-plus.

In addition to condominiums, Grand Bay will offer 250 luxury hotel rooms in aresort atmosphere that includes 20,000 sq. ft. of meeting space and a 7,500sq. ft. ballroom with seating for 500 people. Completion is scheduled forJanuary 2000.

L.J. Melody arranges financing in excess of $74.43 million Houston-based L.J. Melody & Co., a national commercial mortgage banking firm,has arranged financing for eight apartment complexes located in Texas,Florida and California encompassing 1,387 units with more than $74.43 millionin loans. The largest loan was $41.1 million for Alicante at Aliso Viejo, a428-unit luxury apartment community located in Orange County, Calif. Thesmallest loan was $1.45 million for Cedar Creek Condominiums, a 67-unitproperty in College Station, Texas, that has 30% of its units leased bystudents and an overall occupancy rate of 94%.

Security Capital Atlantic starts Cameron Promenade Adjacent to the Orlando Naval Training Center, Atlanta-based Security CapitalAtlantic has started Cameron Promenade, a $14 million, 212-unit Class-Aapartment community. With a completion date set for August of this year,Cameron Promenade consists of 112 one-bedrooms, 80 two-bedrooms and 20 three-bedrooms. Unit sizes range from 595 to 1,234 sq. ft. with monthly rentsbetween $620 and $995 per month.

Fugleberg Koch was the architect and ContraVest is serving as general contractor for the project. Both are based in Orlando, Fla.

CB Commercial agrees to market $58.83 million portfolio The Phoenix office of CB Commercial Real Estate Group has been selected byWalton Street Capital of Chicago to market a $58.83 million portfolio ofthree Class-A properties containing 1,235 units located in Phoenix and Tempe,Ariz. A letter of agreement to market the portfolio was signed in February.The portfolio includes Rancho Mirage, a 856-unit, $40.2 million gatedcommunity located in Phoenix, with apartments averaging 856 sq. ft. andmedian rents of $581 per month. Also, The Links is a $10.83 million gatedcomplex with 207 units adjacent to a community golf course also in thePhoenix market. Rental rates average $627 per month with units averaging 845sq. ft. per residence. In Tempe, LaQuinta Apartments, a $7.8 million,172-unit complex, is the smallest of the properties with rents averaging $615per month and a median size of 865 sq. ft. per unit.

Windsor Residential Cos. starts $273.8 million in properties Dallas-based Windsor Residential Cos., a national developer of multifamilyproperties, has launched a $273.8 million, 3,414-unit development program inNorthern California, Houston and Orlando, Fla. The company has acquired someof the best locations in these markets where new zoning is very difficult toget . Windsor started development on 10 properties within the three areasduring the first and second quarters this year, with completion scheduled forfall 1999.

In the February issue of NREI's Multifamily News department, we reported thatHendricks & Partners brokered the largest apartment deal in Las Vegas historyat $53.7 million. However, Marcus & Millichap actually brokered a portfolioof three properties for $66.23 million in the Las Vegas market last November.

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