Monday, December 21, 2015

Sangamon Terrace Apartments, A New-Construction Affordable Senior Housing Community, Opens Amid Englewood Revitalization in Chicago, IL

                                          

Sangamon Terrace Apartments, Englewood Neighborhood,
Chicago, IL
CHICAGO, IL –  Evergreen Real Estate Services has announced the recent completion of Sangamon Terrace Apartments, a new four-story building providing 24 units of affordable senior housing near 63rd and Halsted streets in Chicago’s Englewood neighborhood.

Sangamon Terrace marks a significant investment in new senior housing construction for the neighborhood and is the nation’s last new-construction housing mixed-finance HUD 202 project.

Located at 6145 S. Sangamon Terrace, the $8.8 million Sangamon Terrace development received $4.3 million through the Department of Housing and Urban Development’s (HUD) Section 202 program, which was created in 1959 to finance the development and preservation of supportive housing for low-income seniors.

Although Section 202 still provides rental assistance to residents of existing communities, funding for new construction has not been available since 2012.

The Sangamon Terrace project team included Chicago-based firms Harley Ellis Devereaux as project architect, The Richman Group Affordable Housing Corp. as tax credit syndicator, Citi Community Capital as construction lender and Joseph J. Duffy Co. as general contractor.

For a complete copy of the company’s news release, please contact:    

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519


Passco Companies Acquires $52 Million Luxury Apartment Community in thriving Scottsdale, AZ Market


Luxe Scottsdale Apartments,  8444 East Indian School Road, Downtown Scottsdale, AZ

Gary Goodman
 SCOTTSDALE, AZ – Passco Companies, LLC has acquired a premier core 218-unit multifamily community for $52.525 million in Scottsdale, Arizona, which it is naming “Luxe Scottsdale.”


 The community, built with an urban design, condominium finishes, and state-of-the art community amenities, was recently developed by the seller, Atlanta-based Wood Partners, according to Gary Goodman, Senior Vice President, Acquisitions for Passco Companies. 

“Luxe Scottsdale’s location at 8444 E. Indian School Road in the coveted Downtown Scottsdale submarket, provides a long-term competitive advantage, high barriers to entry for future multifamily product, and immediate access to Downtown Scottsdale’s upscale retail, vibrant restaurants, nightlife and an expanding hub of dynamic employment,” explains Goodman.

Wood Partners developed the asset as its first of four developments in Arizona. 

For a complete copy of the company’s news release, please contact:    

Jenn Quader
Managing Director
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940 / c: (949) 554-3932




American Realty Advisors Acquires High Street Retail/Mixed-Use Asset in Santa Monica, CA

  
Criterion on the Promenade, Santa Monica, CA

LOS ANGELES, CA – American Realty Advisors announced the acquisition of the Criterion on the Promenade, a high-street retail/mixed-use asset located in Santa Monica, CA. 

The seller, Criterion Santa Monica, LLC, a joint venture between Metropolitan Pacific Capital and an opportunistic commingled fund managed by Clarion Partners, was represented by Christopher Hoffman and Rikki Keating of Eastdil Secured.

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Criterion, which is located on the southeast corner of Arizona Avenue and Third Street Promenade in the heart of Downtown Santa Monica’s upscale retail and entertainment district, has 150 feet of frontage on the Third Street Promenade and 150 feet of frontage on Arizona Avenue, just three blocks from Santa Monica beach.  

American’s acquisition includes 30,046 sf of retail, 22,935 sf of office, and 32 studio and one-bedroom residential units.  Major tenants include Victoria’s Secret, Brookstone, and WeWork, a leading provider of co-working office space.

Originally consisting of a movie theater built in the 1920s, Criterion was gut-renovated in the 1980s for construction of a multiplex theater, and the historic fa├žade was kept intact while the structure was extended to the east. The property was completely renovated again in 2015. 

The Third Street Promenade is currently one of the top retail streets in the country, averaging 40,000 pedestrians per day. 

For a complete copy of the company’s news release, please contact:    

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940



RealtyTrac Reports Median Home Prices 15 Percent Higher in Zips with Low Risk Than Zips with High Risk


Daren Blomquist
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its second annual Manmade Environmental Hazards Housing Risk Report, which shows 25 million U.S. homes are in zip codes at high risk or very high risk for manmade environmental hazards — representing 38 percent of the 64 million homes in all zip codes analyzed.

The combined estimated market value of the 25 million homes in high risk or very high risk zip codes was $6.9 trillion as of November.

 “Buying a home in an area with low risk of manmade environmental hazards may not just be a good idea for health and safety reasons; it may also be good for financial reasons,” said Daren Blomquist, vice president at RealtyTrac.

“Across the country, home prices in high risk zip codes were lower on average, and appreciation over the last 10 years slower when compared to home prices and 10-year appreciation in low risk zip codes.”

For a complete copy of the company’s news release, please contact:    

Jennifer von Pohlmann
Sr. Data PR Manager
Office: 949.502.8300 ext 139