Envy Apartment

RICHMOND, Va. and WASHINGTON , July 26, 2016 /PRNewswire/ --  McCann Realty Partners ("McCann") and its joint venture partner , Artemis Real Estate Partners , announced the acquisition of Hickory Creek, a 294- unit apartment community located in Richmond, VA .  Built in 1984, the three-story garden-style property is located at 2344 Hickory Creek Drive in the West End of Henrico County.  The property is located just south of West Broad Street off Tuckernuck and Mayland Drive between Gaskins Road and Parham Road. The location provides excellent access to I-64, one of the main thoroughfares in the Richmond area with close proximity to employment and retail destinations, including West Broad Village , Short Pump , and the numerous retail options along West Broad Street . Hickory Creek has large floorplans and mature trees across approximately 20 acres. The property will be managed by Pegasus Residential. ...

The long retail spine of Sydney Road, Brunswick, just north of Melbourne's CBD, was once a prosperous trading outpost on the way to the goldfields. These days it's a bohemian mix of variety stores, op shops, halal butchers and Lebanese bakeries. Take a side street to the west, however, and a different picture emerges. Sandwiched between Sydney Road and the Upfield train line is an area undergoing rapid and widespread transformation. Light industry is fast being replaced by mid- rise apartment buildings , their inhabitants attracted by the short commute into town and cheaper prices than in the city's south-east. The quality of these units is, on the whole, depressingly bad; think poor ventilation and bedrooms that "borrow" natural light (a weasel word for being dark and windowless). The occasional jazzy façade tries feebly to make up for otherwise cheap construction amid a chorus of greys. At ground level, carpark roller doors alternate with mean pocket garden...

Boston, MA  LIHC Investment Group, one of the nation’s largest owners of affordable housing, has donated its ownership stake in the Close Building to Just-A- Start Corporation , a community development corporation focused on the preservation and expansion of affordable housing opportunities in Cambridge and nearby communities. “Just-A-Start has been an invaluable partner in the Close Building, and under their stewardship the property will be preserved and maintained as affordable housing for tenants and the community for generations to come,” said Andrew Gendron, principal, LIHC Investment Group. “Quality, affordable housing is the foundation of healthy neighborhoods and this donation will allow Just-A-Start to continue and expand its mission in a very tight housing market .” “This generous donation assures the preservation of this property as affordable housing,” said Deborah Ruhe, executive director of Just-A-Start. “We will leverage this donation to support renovations and upgra...

The realty group beat out more than 20 offers to secure the 294-unit complex on Hickory Creek Drive . A local buyer has picked up nearly 300 apartments in Henrico, where two other decades-old rental communities are under contract. McCann Realty Partners beat out nearly two dozen local and out-of-town offers on Hickory Creek, a 294-unit, 32-year-old complex of one- and two-bedroom apartments at 2344 Hickory Creek Drive . The Henrico-based firm, based less than a mile away, purchased the 20-acre property along Tuckernuck Drive, between West Broad Street and Mayland Drive, for $28.55 million. The sale closed June 27 , according to county records. McCann president Matt Akin and vice president Thomas Upson said the property’s proximity to their office, as well as to Innsbrook, was appealing to the firm, whose portfolio of rental properties is primarily out-of-state. Akin said Hickory Creek is “close by; it’s in a neighborhood we obviously know. It’s a mid-‘80s product that needs a lar...

See more of the story When Lee Stotts was born in 1968, his parents took him to the cleaners. They brought their newborn straight from the hospital to Edina Cleaners , the family’s longtime business in Edina’s Morningside neighborhood, before they even took him home. “This was my playground,” Stotts, now 49, said. “This is where I spent my entire life. I’ve lived and breathed this company, this location, my entire life.” But now Stotts, in the wake of his father’s death last year and facing slower business , has decided to sell the building to a developer who wants to build a five-story mixed-use structure there. The plans are creating tension in the peaceful neighborhood, where neighbors are wary of the project’s height and density and worry it could set a precedent for more such development at 44th Street and France Avenue. Bob Kearney, who moved to Morningside 30 years ago , said he realizes that “it’s not going to be 1950s Morningside here forever.” “But everybody is also aware tha...

Sons of Norway has agreed to sell its headquarters on West Lake Street in Uptown to Ryan Companies and Weidner Apartment Homes .   The transaction includes a 60,000-square-foot building and a large surface parking lot . No monetary details were included in the announcement.   Minneapolis-based Ryan and Weidner, which has an office in Minnetonka but is based in Kirkland, Washington, paid an undisclosed amount for the property.   “After an extensive process to ensure the highest and best use of our primary asset, the clear choice was to sell the property that has served us so well,” said Eivind J. Heiberg, CEO of Sons of Norway, in a statement. “Considering market conditions in the Uptown neighborhood and the challenges of an aging facility, it was time to make the most forward-thinking decision for the long-term health of our organization, employees and community.”   The fraternal life insurance company , which also operates as a No...

DOWNSIZERS unable to relocate might be sitting on hundreds of family-sized properties across the Bayside region . Despite new government incentives that allow downsizers aged 65 or over to inject $300,000 into superannuation if they sell their home, many are refusing to do so because the right stock is not available. Namely, single-level units. Branon Real Estate sales professional Cam Saba said many prospective downsizers in Bayside were in touch with him regularly. A DEVELOPING MARKET: Homeowners turn to redevelopment to realise value “I’m currently dealing with about 100 of them, trying to find them homes,” Mr Saba said. “If you consider how many might be dealing with other agents, there could be hundreds of homes ready to be listed across Bayside. “They’re willing to sell their large houses, but the stock they want (single-level units) isn’t there, and they all want to stay in the area.” Bayside resident Valerie Maniatis said she had been looking to downsize for around four ...

The Montclair Planning Board finished hearing one application and punted two more into September at its August 14 meeting .  But the application that wrapped up and was subsequently approved was a big leap in the board’s efforts at getting larger projects resolved , as it was local developer Steven Plofker ’s application for a five-story, 11- unit apartment building along North Willow Street that will incorporate the former Diva Lounge on Bloomfield Avenue as modest retail space .  The property is a lot merged several years ago. Holding up a rendering of developer Steven Plofker ’s proposed apartment/retail project for the corner of North Willow Street and Bloomfield Avenue at the August 14 Montclair Planning Board meeting , board member Martin Schwartz asks about possible changes to the details of the design. Professional planner Christine Nazzaro Cafone of the Red Bank- based Cafone Consulting Group testified on behalf of the relevance of the variances being requested, especia...

Is the cost of 16 new apartments too high for its Napa neighbors? City Council members found themselves divided in their answers on Tuesday, but scraped together just enough votes to keep alive a rental housing building planned for the edge of Old Town. Two months after the Planning Commission rejected the Bridgeview Apartments, a split council revived the project on a 3-2 vote despite concerns it would worsen parking and traffic on the narrow streets around Riverside Drive. The vote sets up a final decision by the council on approving the apartments, a move that will require finalizing an agreement with its developer to set aside three units for families earning less than the local median income and guarantee that other tenants can continue using federally funded Section 8 vouchers to pay their rent. Architect Stephen Cuddy , who is representing the landowner, Peter Dwares, predicted final approval could come to a vote May 2. Bridgeview would occupy the same 1.4-acre property w...

ROTTERDAM -- Plans to build a multi- faceted senior citizen community off Helderberg Avenue have been withdrawn by the developer in the face of opposition from residents and some Town Board members . Developer Lou Lecce pulled the application for the Whispering Pines senior complex at the end of a two- hour Town Board public hearing on the project Wednesday night . It was the second hearing in three weeks at which many Helderbeg Avenue neighbors spoke against the concept. "It's off the table. We're done," Lecce told the Town Board, after a series of verbal exchanges between Town Board members and the audience. Lecce said the project he proposed was a good one, but he didn't believe any new analyses he could present about traffic impacts or other issues would overcome the opposition of the crowd. "You were never going to convince this crowd of anything except what they wanted to believe," Lecce said. The developer said he still plans to buy the 96-...

SEMINOLE HEIGHTS — When Mary Myles became program manager of The Graham Home 25 years ago , 30 adults with special needs occupied 65 square-foot apartments. "It was tough on Mary when the place closed," said Gracepoint project manager Susan Morgan . "She'd be the one putting a bucket out when it leaked." Today, a partnership between Gracepoint and DDA Development has brought about a suitable replacement for the senior living facility . The Graham reopened last month and now Mary Myles sits in a corner office on the same property, overlooking a community garden and lush landscape. The 80 residents now occupy 646 square-foot apartments. No need for a bucket. "We wanted to create something better for them," Myles said. Gracepoint privately funded the project, the first affordable housing units Gracepoint built from the ground-up using low income housing tax credits and a loan from the state of Florida. "Mary had been making do with nothing,...