IRVINE, CA – Sanderson J. Ray Development announced ground breaking on The Westerly, a new Class-A luxury apartment development located on the southwest corner of Main St. and Jamboree Rd. in Irvine, California. The development marks Sanderson J. Ray’s first large-scale luxury apartment complex.

The Westerly is located on a 5-acre high profile parcel in the Irvine Business Complex.

The completed project will include 388 modern luxury apartment units with a rooftop deck lounge and access to private community pools. Some of the features include a rooftop sunning pool, outdoor lounges, and a private resident’s lounge with full bar. The gated building features a tree-lined entry featuring upscale landscaping and countless styled retreats.

Timothy R. Hawthorne, Founder and Principal of Hawk Holdings, a Newport Beach-based real estate advisory firm, acted as the capital advisor to Sanderson J. Ray Development on the overall transaction structure. Hawk was also responsible for securing the equity partner. The capitalization structure met Sanderson J. Ray Development’s objective in holding a legacy asset long term. The construction and permanent financing was provided through Quadrant Real Estate Advisors.

“We are extremely excited to develop such a unique residential project in the market,” commented Michael Ray of Sanderson J. Ray Development. “Tim Hawthorne was an instrumental partner in getting the project capitalized and funded successfully.”

Dallas Texas-based Streetlights Residential is general contractor and co-developer with Sanderson J. Ray Development. StreetLights Residential was founded as a design-driven, vertically integrated development firm with a focus on multifamily apartment homes and mixed used developments.

Architects Orange was the chief architect on the project. Construction on the site officially started in November of 2016 and the project completion is estimated for January of 2019.

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NEW YORK, NY – The NHP Foundation-Urban Atlantic Fund announced the acquisition of four apartment complexes, Exchange Place Tower Apartments, Countryside Apartments, and Flanders West Apartments in Connecticut.

These senior properties are located in the Waterbury region west of Hartford, Connecticut. The 404 units consist primarily of studios and one-bedrooms, with a few two bedroom units. All properties benefit from a Project-Based Section 8 Housing Help Payment (HAP) contract for 100% of units.

Launched in June 2012, the $50 million equity Fund, made to address the growing shortage of American affordable housing, brought together three national leaders in the development of affordable real estate: PNC Bank N.A., Urban Atlantic, and The NHP Foundation.

The Fund’s mission is to identify and preserve affordable housing developments that are both sound investments and vital components of the social fabric in their broader communities. Since the Fund’s inception, six properties totaling over 850 units in Maryland and Ohio have been bought. The addition of the Connecticut properties will bring the total to ten properties and over 1,200 units.

“This type of portfolio acquisition is very well suited for the Fund as an intermediary buyer as it combines the financial capacity and development expertise of both partners,” said Mecky Adnani, Sr. Vice-President, NHPF. “We are proud of this collaboration that enables us to preserve the long term affordability and viability of these properties for their intended senior community.”

“The portfolio boasts complexes with different locations ranging from walkable urban to a more country setting,” continued Adnani.  “The properties are part of a portfolio of buildings originally developed by John Errichetti, a prominent real estate developer in the Waterbury area, prior to his passing in 2001.”  The portfolio was owned and managed by Beacon Communities since 2007 in conjunction with the New Boston Fund.

According to John Nunnery, senior vice president and manager of preservation at PNC Bank, the equity investor in the Fund, “The acquisition of these three properties supports PNC’s commitment to strengthening communities and preserving affordable housing.”  Recapitalizations are expected to take up to three years to complete.

Exchange Place Tower Apartments – Located at 44 Center Street, Waterbury, CT, Exchange Place Tower was built in 1983 and includes 145 one-bedroom and five two bedroom units within the 11 tale building. Exchange Place is located in an urban area in the city’s historic district, making it easily accessible to retailers, cafes, St. Mary’s Hospital and local University of Connecticut campus. It is located less than a mile away from the MTA rail station which provides access to New York City.

Countryside Apartments (I & II) – Countryside I and Countryside II were built in 1982-1983 with 55 and 54 units respectively, in 16 buildings. All units are one-bedroom with the exception of three two-bedroom units. Countryside I and Countryside II are located at 12 Wolf Hill Road, Wolcott, CT. The Countryside Apartments are located within close proximity to a large reservoir and City of Wolcott recreational area, that includes trails, fishing and swimming areas, sports courts and a pavilion.

Flanders West Apartments – Flanders West was built in 1978 and includes 51 efficiency and 94 one-bedroom units within two four-tale identical buildings. Located at 1 Darling Street, Southington, CT, 16 miles southwest of Hartford and 2 miles from the Southington Shopping Center.

“This acquisition affords us the opportunity to upgrade these properties and provide seniors what they are looking for in quality housing,” said Richard Burns. “We plot to improve and update the units for this population segment which is expected to grow 57% by 2040.”

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HOUSTON, TX – Just shy of its 102nd year as a downtown landmark, one of Houston’s most beloved buildings, the Texaco at 1111 Rusk Street, is welcoming guests again for the first time since 1989 as part of the Downtown Living Initiative. Under the stewardship of Provident Realty Advisors, the early skyscraper that cemented the city’s economic significance has been reborn as The Star. The multifamily milestone, managed and leased by Fein, celebrates the refined Renaissance Revival style and striking Beaux-Arts accents implemented by the New York architectural firm of Warren & Wetmore, which completed Manhattan’s Grand Central Terminal two years prior.

“There are so few opportunities to make something as magical as The Star,” said Provident Realty Advisors’ Kip Platt, the Development Partner. “We were fortunate to have found an iconic, pre-war building of this scale where a thoroughly modern makeover meshes so seamlessly with its timeless architecture.”

Encompassing 286 units, ranging from 730 to 1,730 square feet with irreplaceable architectural details and interior finishes typically associated with a high end condominium, The Star reactivates a key block in the heart of a neighborhood rejuvenated by the 2017 Huge Game. The exhaustive renovation adds to that progress with a refined living option and approximately 21,000 square feet of street front retail – 75% in final contract negotiations – within steps of two light rail lines, as well as new office, dining, entertainment and hotel offerings.

The launch delivers 207 one bedroom, one bath and 79 two bedroom, two bath homes along with chic and inviting ground floor reception areas. Forty percent of the units offer a powder bath, and a significant part of the one bedroom homes also feature a separate den or study. Unveiled public spaces include a hotel-style lobby lounge and a cozy and complimentary coffee and snack bar with cafe seating. Restored mosaic tile flooring and original decorative brass elevator surrounds are focal points of the lobby, which is staffed 24/7 by a concierge and free valet for leasing visitors, residents and their guests.

With 22 different floorplans, the design of each residence maximizes window placement, views and a myriad of unique attributes. Depending on the apartment location, the historic nature of the building has made a bonus mix of extras such as deep window ledges for seating or show, beamed ceilings over 11 feet in height and unusually large kitchens, living areas and bedrooms. The scale enhances some masters with dressing or flex space and gives guest or roommate accommodations the luxury of footage for a king bed.

Upgrades are evident throughout with no texture walls, wireless speakers, recessed lighting, solid core doors, wide plank hardwood floors, professional line KitchenAid stainless appliances, wine refrigerators, stainless farmhouse kitchen sinks, quartz counters with waterfall edges, oversized showers and closets and custom, 48-inch soft-close cabinetry.

Amenities debuting into summer include a resort-style courtyard with heated pool, cabanas, summer kitchen and gas grills; lower lobby level climate-controlled storage and media/theater room; second floor business center and a covered dog run with grooming station; and 16th level recreation area with two-tale, atrium-like foyer flowing into a state-of-the-art fitness center and expansive club room with commercial demonstration kitchen and event space, billiards and TV pods. From the foyer, a dramatic staircase will lead residents to the one-of-a-kind rooftop, where a covered lounge with TV and fireplace will open onto multiple, alfresco seating vignettes, framed by lush landscaping and trees and overlooking downtown Houston.

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