Pension fund buys high-rise in Seattle

The State Teachers Retirement System of Ohio has acquired M-Street, a mixed-use high-rise in Seattle, from a joint venture between Opus Northwest and Holland Development. The property was sold prior to its completion projected for this summer. The 17-story building is located in Seattle’s First Hill neighborhood, which is five blocks from the central business district. M-Street will include medical office space and 14,979 sq. ft. of retail space on the ground level. Community amenities will include a rooftop terrace, fitness center, pet-friendly play area and Internet lounge.

The Chicago Department of Housing has begun building Belle Plaine Commons, a five-story, $27.5 million condominium complex for seniors. Located on a seven-acre site in Chicago’s North Center community, Belle Plaine Commons will provide 92 condo units that will each have two bedrooms, two baths with either a balcony or patio. Amenities will include a community room, exercise room, library, open space areas and neighborhood park.

Chartwell Seniors Housing Real Estate Investment Trust, based in Ontario, Canada, has acquired a portfolio of four senior housing communities for approximately $42 million. The Canadian properties are Bankside Terrace, Terrace on the Square, Queen’s Square Terrace and Wellington Park Terrace. The housing communities contain a total of 382 suites, located in southwestern Ontario cities Kitchener, Waterloo, Cambridge and Guelph. The Hallman Family, a real estate owner and developer, developed and operated the properties.

Opus West Corp., in a joint venture with RED Group, has acquired a seven-acre land parcel in Tucson, Ariz for the development of Hermosa Village, a senior living apartment community. The community will contain 205 rental apartment homes that range from one to two bedrooms with the option of a den. The community will also include a movie theater, pool, Jacuzzi, computer lab, chapel, lounge and fitness center. On-site services will include daily meals, weekly housekeeping, a 24-hour staff and scheduled transportation. Hermosa Village is slated to be complete in May 2008. The developers did not disclose costs.

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