Canadian Investor Snaps Up 16th Street Assemblage Planned for Luxury Apartments

VIZZDA—December 12^th, 2013 — Elliott Sud of Toronto, Canada and local multi-family developer, PB Bell Companies, have completed their acquisition of 6.18 acres of infill at the northwest corner of 16^th Street and Highland Avenue. The three commercial properties existing on the site—including the recently-closed Pugzie’s sandwich shop—are slated to be razed to make way for a 244-unit luxury apartment complex.

Scape Modern Living

The complex will be called Scape Modern Living and will comprise a single 5-story building with articulated facades, an amenity tower and resort-style pool. The complex with feature a mix of one-bedroom and two-bedroom units with nine foot ceilings. The sale price of $5,437,745 reflects per square foot cost basis of $20.25 or roughly $22,285 per planned unit. The buyers were able to secure an additional $30.65m in construction debt with US Bank to finance the transaction. The purchase comes nearly a year after M3 Companies and PB Bell began entitlement work on the site. Their plans called for 250-units in a similar lay-out to that which has been announced.

The sellers, James and Toni Pugliano, are members of the family for which Pugzie’s was named. They assembled the land on which the restaurant sits in six transactions dating to the early 1980s and culminating with the $1.25m acquisition of 4730 N 16^th Street in May of 2012. Their cash basis for the full assemblage, is roughly $2.3m, though transactions that predate affidavit requirements preclude specificity in that regard. Pugzie’s Restaurant closed in December of last year.

By:

Paul Dionne

Director of Analytics

Vizzda.com