Bristol, CT Apartment Portfolio Sells for $3.75 Million

Bradley Balletto

BRIDGEPORT, CT, Aug. 13, 2014 –- Investment sales broker Northeast Private Client Group has announced the sale of 45 Hawthorne Street and 288 Pine Street, a 56-unit multifamily portfolio in Bristol, CT. 

Bradley Balletto, the firm’s regional manager for Connecticut, represented the seller and the buyer in the $3,750,000 transaction, which closed on August 7. 

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Balletto.  “With our extensive experience in the Connecticut market, we were able to match two of our long-term clients in a deal that accomplished important objectives for both of them.”

The Hawthorne Street property comprises 32 apartment units in a quiet residential location, while the Pine Street property comprises 24 apartment units in a similar area.  Both properties are elevator buildings with ample off-street parking and tenant-paid utilities.

Edward Jordan

The seller, Pine Bristol LLC & Hawthorne Bristol LLC of Lenox, MA, was a long-time owner capitalizing on the current strength of the multifamily investment sales market. 

  The buyer, MPT Partners LLC of Torrington, CT, purchased the two-building portfolio as an IRS 1031-exchange strategy for a price that equates to nearly $67,000 per unit, which represents a capitalization rate of 7.4% on the current net operating income. 

“Once again, successful transactions start with relationships,” said Edward Jordan, JD, CCIM, Northeast Private Client Group's managing director.  “With our regional brokerage platform, we successfully connected this Massachusetts seller with the right Connecticut buyer to get the deal done.”

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

Randy Savicky

Founder/CEO

Strategy+Communications

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Foxford Communities Opens Wimbledon Estates in Lake Bluff, IL

Wimbledon Estates home, Lake Bluff, IL

CHICAGO, IL – Hinsdale,Ill.-based Foxford Communities has announced the grand opening of Wimbledon Estates, an exclusive community of seven custom-built homes on one-acre lots in Lake Bluff.

Construction has already begun on a 5,000-square-foot French Provincial-style home set for completion by November of this year.

 Located off of Green Bay Road, just over a mile from downtown Lake Bluff, Wimbledon Estates is nestled in a quaint cul-de-sac surrounded by mature trees.

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

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

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

Jersey City, NJ Mayor and Concord Hospitality Commence Construction on Hyatt House Hotel

City and Concorn Hospitality officials sign a beam
for planned construction of Hyatt House Hotel, Jersey City, NJ

Jersey City, NJ  Mayor Steven M. Fulop

JERSEY CITY, NJ— Concord Hospitality Enterprises and Jersey City Mayor Steven Fulop began construction on a 258-room Hyatt House hotel in the Exchange Place district of Jersey City, part of a public/private revitalization effort that will bring 350 construction jobs, and 80 permanent and 60 part time hotel jobs to New York's Hudson River neighbor. 

“That Jersey City continues to attract the interest of prominent international brands, such as Hyatt, and well respected developers like Concord Hospitality who are willing to make substantial investments in our community is a testament to our location as a destination, the quality of our workforce, and our City’s commitment to grow our tax base by attracting new business,” said Mayor Fulop.

 “Concord Hospitality is taking great care to transform the state’s oldest bank building into a new hotel, which speaks to their thoughtful and respectful approach to the projects they undertake.  Today, with the signing of a support beam, Concord and Hyatt become part of the very foundation of Jersey City’s thriving economic redevelopment.”

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

Lauralee Dobbins                                                     

Sr. Vice President                                          

Daly Gray, Inc.                                                           

703-435-6293                                                             

Lauralee@dalygray.com

Crown Group Awarded Industry’s Top Design Award for Green Square Project in Sydney, Australia

SYDNEY, AUSTRALIA  - A Sydney-based property developer has won a prestigious industry design award for its innovative mixed-use development at Sydney’s new Green Square precinct in Zetland.

Crown Group was awarded Best Concept Design for its 301-303 Botany Road Zetland development at the 20th Annual Urban Development Institute of Australia (UDIA) NSW hosted Austral Bricks Awards for Excellence, held at Star Casino in Sydney on Friday night.

 Crown Group CEO Iwan Sunito said the prestigious UDIA NSW Concept design award recognised the company’s dedication and hard work to create an innovative design concept for the important site.

 Designed by Koichi Takada Architects, the building’s curved form provides a smooth transition to the plaza and public domain spaces. 

"Our Green Square site is a unique opportunity for Crown Group to create a world-class development with architectural significance,” Mr Sunito said.

 “The project draws on Crown Group's 18 years' experience developing residential property in Sydney and will showcase the world's best in innovative residential design.

“It will be a landmark building within the new Green Square Town Centre.”

 Located at 301-303 Botany Road, a short distance from Green Square train station, Crown Group’s project is located within the new Green Square town centre, a major new residential, retail and cultural hub – which sits at the heart of a broader $8 billion redevelopment of Green Square.

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

Hwee Peng Yeo

Vice President, Asia Markets

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai

Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190

1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111

Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

www.GlodowNead.com

Lifescapes International Completes One-Acre Rooftop Deck with Las Vegas Flair at Lyon Communities’ New Apartment Community ‘The Marke’

Julie Brinkerhoff-Jacobs

Orange County, CA– Suburban apartment communities have never had the feel of a Las Vegas pool party setting – until now. 

Lifescapes International, landscape architectural firm and the creative force behind popular destinations such as the Wynn Resort’s Encore Beach Club, Tao Beach at the Venetian and Station Casino’s Red Rock Resort in Las Vegas, has completed a one-acre rooftop design that creates a Las Vegas level of excitement at The Marke, a new apartment community in Orange County developed by Lyon Communities.

The recently completed rooftop at The Marke incorporates a variety of Las Vegas style amenities, including fire pits, a resort-style saltwater pool and spa, a bar, an outdoor theater, and private cabanas, as well as two clubhouses, one of which includes a two-lane bowling alley, a full bar/restaurant area, and gaming. 

  The second clubhouse is dedicated to an elite training facility that features Ryan Capretta of Proactive Sports Performance.

Frank Suryan Jr.

According to Julie Brinkerhoff-Jacobs, president of Lifescapes International, her firm was selected as the landscape architect for The Marke, in part, based on its tremendous depth of experience in Las Vegas, which includes 12 of the most notable destination resorts on the Strip and many others throughout the city.

“In one of our first meetings, Lyon Communities’ Chairman and Chief Executive Officer Frank Suryan, Jr. said to me, ‘Some things that happen in Las Vegas shouldn’t stay in Las Vegas.’  

"So we set out to design and deliver an environment that is as fun and as entertaining as the successful young professionals who are moving into The Marke,” Brinkerhoff-Jacobs explains.

The Marke Apartments, Santa Ana, CA

            “We recognize that beautiful and creative outdoor spaces aren’t just about having a great look, but are also about generating a vibrant energy.  At The Marke, we’ve delivered a true nightlife and entertainment vibe,” she adds. 

            The Marke apartment community is itself a cutting-edge, five-story, 300-unit luxury apartment community designed to transcend the area’s more typical offerings by bringing an entirely new level of millennial and empty-nester luxury to its residents. 

 Additional information is available at www.lifescapesintl.com.

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

 Lexi Astfalk

Jr. Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

lastfalk@browermillercole.com