Multifamily/Seniors Housing Beat

Conrad hopes to show luxury to the Show-Me State Clayton, Mo.-based Conrad Properties Corp. has opened Clayton on the Park, a 23-story, mixed-use complex in St. Louis that features 115 luxury apartments. The 275,000 sq. ft., $40 million property also has 98 hotel suites and a 7,000 sq. ft. restaurant on its ground level.

Clayton on the Park has one-, two- and three-bedroom apartments, which range in size from 740 sq. ft. to 1,810 sq. ft. Rents will vary from $1,000 to $3,350 per month. More than 60% of the apartments have been leased. Amenities include valet parking, dry-cleaning services, in-unit floor-to-ceiling bay windows and a fitness complex featuring personal trainers and nutritionists.

A fall of wheeling and dealing for Charles E. Smith Alexandria, Va.-based Charles E. Smith Residential Realty Inc. has sold Orleans Village, an 851-unit multifamily complex in Alexandria, to Rochester, N.Y.-based Home Properties for $67.4 million. The REIT then used the funds from that sale to purchase two newly developed apartment communities, one in Alexandria, Va., and the other in Fort Lauderdale, Fla., for a total of $58 million.

Charles E. Smith built Orleans Village, which is designed to resemble old New Orleans, during the late 1960s and the early 1970s, and has owned the property since that time. The complex, which offers one-, two- and three-bedroom units, has 499 apartments and 352 townhomes. Rents average $954 per month, while the average unit size is 1,040 sq. ft.

Amenities include private gardens, hardwood floors and an Olympic-sized pool. Home Properties plans to spend $7.3 million during the next three years on various upgrades.

Charles E. Smith's two new communities are 2201 Wilson Boulevard, a 219-unit, 10-story complex in Arlington, and New River Village, a 240-unit, six-story complex in Fort Lauderdale. Both properties were acquired under purchase contracts that were executed in 1998. Wilson Boulevard and New River Village have occupancy rates of 97% and 82%, respectively.

Construction of The Strand starts in butterfly ballot land Miami-based American Land Housing Group has begun construction of The Strand, a $56 million mixed-use project in West Palm Beach, Fla., that will feature 275 luxury apartments. Completion of the 15-story, twin-tower community is slated for mid-2002. Cleveland-based Dorsky Hodgson + Partners is the architect of the project.

The complex will have 14,000 sq. ft. of ground-floor retail space and parking for 422 cars. Other amenities will include a 10,000 sq. ft. health club, a pool and a spa.

AvalonBay hopes its new complex is king in Queens Alexandria, Va.-based AvalonBay Communities Inc. has begun construction on Avalon Riverview I, a 32-story, 372-unit apartment complex in the Queens borough of New York. Completion of the $102.5 million project is slated for fourth-quarter 2002, with initial occupancy scheduled for second-quarter 2002.

The average rent at the complex is expected to be about $2,960 per month. Avalon Riverview I will have one-, two- and three-bedroom units, with such amenities as wood floors, private balconies or bay windows, 24-hour concierge service and a half-acre landscaped deck on the fourth floor.

LaSalle Investment purchases units in shadows of San Diego LaSalle Investment Management, a member of the Chicago-based Jones Lang LaSalle group, has purchased Shadowridge Woodbend Apartments, a 240-unit complex in Vista, Calif., near San Diego, on behalf of a pension fund client. CT Realty Group was the seller. Terms of the transaction were not disclosed.

Shadowridge Woodbend was built in 1987 and features 16 two-story buildings. The property was 98% occupied at the time of the sale, and is located eight miles from the Pacific Ocean. The community a resort-style pool and sundeck.

Somerville primes Boston complexes for condo makeover Somerville Building Associates LLC, an affiliate of Florham, N.J.-based Kushner Cos., has acquired a portfolio of seven apartment complexes in the greater Boston area for $10 million. The company plans to convert the units to condominiums and has already begun to make improvements. The seller was Somerville, Mass.-based Grandview Realty.

All seven of the properties are located near Harvard Square and Inman Square in Cambridge. The complexes have a variety of floorplans, including 1,200 sq. ft. units with three bedrooms and two bathrooms. One of the properties, 82 Munroe Street, was built in 1890 as the Grandview Hotel.

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