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Multifamily/Seniors Housing Beat

Applied Development to build towers in Sinatra's hometown

A joint venture between Applied Development Co. and Panepinto Properties, both of Hoboken, N.J., plans to develop HarborSpire, a $140 million, 862-unit apartment complex in Hoboken. The community, which will be on the Hudson River waterfront, will consist of a 55-story tower containing 445 units and a 50-story tower containing 417 units. Construction of the 55-story building will start in November, with completion slated for March 2003. Construction of the second tower will begin once the first one is substantially complete.

HarborSpire will feature studio, one-, two- and three-bedroom units ranging in size from 600 sq. ft. to 1,650 sq. ft. Monthly rents will range from $1,600 to $4,000. Amenities will include 24-hour concierge service, a pool, an indoor basketball court, and indoor and outdoor children's play areas. The complex also will contain 20,000 sq. ft. of retail space.

Berkshire gives the gift of refinance to California units

Boston-based Berkshire Mortgage Finance has funded an $88 million permanent loan to refinance two Southern California apartment complexes. An affiliate of Brentwood, Calif.-based Douglas Emmett Realty Advisors owns the properties. The five-year loan, which carries a fixed interest rate of less than 6%, provides $63 million for The Shores, located in Santa Monica, and $25 million for 555 Barrington, located in Brentwood.

The 532-unit Shores, built in 1967, features two 17-story buildings, both of which are on the beach. The 111-unit 555 Barrington, completed in 1989, features a Mediterranean garden courtyard and a two-story fountain.

Down by the creek: Shea builds Northern California units

Shea Properties of Aliso Viejo, Calif., has begun construction of Acacia on Santa Rosa Creek, a $44 million, 277-unit apartment complex in Santa Rosa, Calif. Shea broke ground on the project in April, and completion is slated for September 2002.

The complex will offer eight floor plans, ranging from 630 sq. ft. to 1,271 sq. ft. One-, two- and three-bedroom units will be available. Amenities will include a pool, a spa and a business center.

Building from coast to coast: How JPI spent its summer

JPI of Irving, Texas, has begun construction on Jefferson at Marymoor, a 230-unit luxury apartment complex in Redmond, Wash. The first phase of the community will open in January 2002, with completion slated for December 2002.

The community will feature one-, two- and three-bedroom units, ranging in size from 690 sq. ft. to 1,439 sq. ft. Monthly rents will range from $1,069 to $2,230. Community amenities will include a resort-style pool and spa, a business center and a playground.

In other JPI news, the company has begun construction of Jefferson at Young Circle, a 232-unit apartment community in Hollywood, Fla. The complex will open in September, with completion slated for May 2002. Jefferson at Young Circle will feature one-, two- and three-bedroom units, with monthly rents ranging form $950 to $1,500. Amenities will at the complex include a coffee bar and fitness facility.

Summit Management lassos Ohio seniors complex

Summit Management Co. of Akron, Ohio, has purchased Chapel Hill Towers, a 402-unit seniors housing apartment complex in Akron, for $13.5 million. Cleveland-based Forest City Residential was the seller. The Dietz Organization, Birmingham, Mich., represented both parties in the deal.

The 20-acre Chapel Hill Towers was built in 1970 and features two, six-story buildings. The complex offers one-, two- and three-bedroom units. Chapel Hill also will include a pool and picnic area.

Kensington/Marquette welcomes complex to its family

Kensington/Marquette Partners LLC has purchased Mills Ponds Apartments, a 216-unit apartment complex in Naperville, Ill. Kensington/Marquette is based in Chicago. The seller was a group of private individuals from Naperville. Terms of the deal were not disclosed. Marquette Management will manage the property. Completed in 1988, the community features six, three-story buildings.

LandSouth nears the finish line with Georgia apartments

Macon, Ga.-based LandSouth is nearing the completion of Preston Park and Preston Creek, two new luxury apartment communities in Georgia. Completion of Preston Park, a 440-unit garden-style complex in Duluth, Ga., is slated for August. The community will feature one-, two- and three-bedroom units ranging in size from 900 sq. ft. to 1,500 sq. ft. Monthly rents will range from $725 to $1,200.

Preston Creek, a 260-unit complex in McDonough, Ga., is scheduled for completion in October. The community will offer one-, two- and three-bedroom units. Monthly rents will vary from $685 to $1,095. A large creek, with walking trails nearby, forms the eastern border of the property.

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