Joint venture to offer high living in Jersey A joint venture of Hoboken, N.J.-based Applied Development Co. and Starwood Heller LLC - a joint venture of Edgewater, N.J.-based G. Heller Enterprises Inc. and Greenwich, Conn.-based Starwood Opportunity Fund IV LP - is developing 333 River Street, a $100 million, 526-unit luxury apartment tower in Hoboken, N.J. The 13-story building, which will have 600,000 sq. ft. of residential space, will also contain 60,000 sq. ft. of ground-level retail space.
Sitting on two acres, it will be located on the city's riverfront. Construction of the project began in January 1999 and is slated to last 18 months. Leasing will begin in December.
The building will also offer studio, one-, two- and three-bedroom floor plans. Amenities will include a 24-hour concierge, health club, three-story enclosed parking garage, two landscaped rooftop parks, and indoor and outdoor children's play areas. Washington, D.C.-based AFL-CIO Housing Investment Trust is providing the financing for the project.
Time Equities buys San Antonio apartments New York-based Time Equities Inc. has purchased Villages of Hampton Cove, a 380-unit, 314,000 sq. ft. apartment complex in San Antonio, for an undisclosed price. The seller was Austin, Texas-based S.A. Expo Ltd. Dallas-based Skyline Properties Inc. will manage the community.
Built in 1996, the 14-acre complex is 10 minutes away from the San Antonio Medical Center and other corporate campuses located near Interstate 10. Amenities include two swimming pools.
Magellan and Fifield planning Chicago condos Magellan Development Group and Fifield Realty Corp., both based in Chicago, are planning Admiral's Pointe, a $42 million, 171-unit luxury condominium tower in Chicago's River North neighborhood. Magellan and Fifield will also oversee sales and construction, respectively.
Groundbreaking for the 25-story building, to be located one block east of the Chicago River, is slated for this spring, with occupancy scheduled for fall 2001. The building will feature one- and two-bedroom floor plans. The units will range from 640 sq. ft. to 1,315 sq. ft and will be priced from $150,000 to $525,000.
Amenities will include an exercise room, dry-cleaning services, a 24-hour doorman and a five-story, 171-car garage. The ground floor will have 8,500 sq. ft. of retail space. Magellan is also developing two other condominium towers in the area - 630 North State Parkway and The Farallon Condominiums.
AMLI acquires Lewisville, Texas, apartments Chicago-based Capri Capital has arranged an $18.8 million acquisition loan for Chicago-based AMLI Residential Properties Trust to purchase the newly named AMLI at Oakbend Apartment Homes, a 426-unit complex in Lewisville, Texas. The seller of the property was Dallas-based JPI. The loan, which has a 30-year amortization schedule and a fixed interest rate of 7.8%, was provided through Fannie Mae DUS funding.
The 21.4-acre property consists of 26 three-story buildings and offers two- and three-bedroom floor plans. Built in 1997, the complex has a 6,900 sq. ft. clubhouse, two swimming pools and a fitness center.
Georgia apartments to be converted to condos Macon, Ga.-based LandSouth has purchased Bentley Place, an apartment complex in Tucker, Ga., that will be converted into a 117-unit condominium development, for $8.1 million. The seller was Atlanta-based Roberts Properties. Atlanta-based Morris & Raper Realtors Inc. will oversee sales and marketing for the complex, which was built in 1994. The units went on sale in November 1999, and owners can begin moving in this month.
Upgrades to the property, which should be complete by mid-year, will include recarpeting. The units, which will come in one- and two-bedroom floor plans, will range from 700 sq. ft. to 1,083 sq. ft. and will be priced from $75,000 to $140,000.