REBusinessOnline

Sunshine Starts Construction of 140-Unit Seniors Housing Community in New England

METHUEN, MASS. — Sunshine Retirement Living has broken ground on The Woods at Merrimack, a 140-unit seniors housing community in Methuen, approximately 30 miles north of Boston along the New Hampshire border. The 140,000-square-foot community will sit on 8.7 acres. Locke Mansion, built in 1913 on the site, will be preserved as part of the project. The development is scheduled to open in fall 2019. Partners on the project include Buildable Sites Development LLC and New Hampshire-based JSA …

Cushman & Wakefield Brokers $52.1M Sale of Multifamily Community in Metro Atlanta

DULUTH, GA. — Cushman & Wakefield has brokered the $52.1 million sale of The Marquis on Berkeley, a 323-unit apartment community in Duluth, approximately 30 miles northeast of Atlanta in Gwinnett County. Mike Kemether, Travis Presnell and Josh Goldfarb of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. A local private operator acquired the property. The Marquis on Berkeley includes a mix of one-, two- and three-bedroom floor plans. Community …

Colliers Arranges $39.5M Sale of Apartment Community in Richmond

RICHMOND, VA. — Colliers International has arranged the $39.5 million sale of Axis 147, a 290-unit apartment community in Richmond. Will Matthews, Carter Wood, Jason Hetherington and Bruce Milam of Colliers International arranged the transaction on behalf of the seller, a joint venture between Lincoln Property Co. and Ritz Banc Group. Capital Square 1031 acquired the asset. Axis 147 features a pool, playground, pet play area, sundeck and private balconies or

Civitas to Open Two Seniors Housing Communities in Greater Austin

AUSTIN, TEXAS — Fort Worth-based Civitas Senior Living plans to open Double Creek Assisted Living and Memory Care in Round Rock and Tech Ridge Oaks Assisted Living and Memory Care in North Austin. These two communities, which offer 92 and 86 units, respectively, are the result of a partnership between Civitas Senior Living and Senior by Design. Civitas acquired the properties in July. Each community offers dining options, a beauty salon, theater, therapy gym, landscaped courtyards and daily …

HFF Negotiates Sale of 308-Unit Multifamily Property in Fayetteville, Arkansas

FAYETTEVILLE, ARK. — HFF has arranged the sale of Uptown Fayetteville Apartments+Shops, a 308-unit apartment community in Fayetteville. The eight-building property is located at 3959 N. Steele Blvd., roughly four miles north of downtown Fayetteville and the University of Arkansas. Steven Hahn Jr., Roberto Casas and Greg Toro of HFF arranged the transaction on behalf of the seller, Specialized Real Estate Group. In addition, Brian Carlton of HFF arranged a 10-year, fixed-rate acquisition loan …

Champion Real Estate Co. Buys Two-Property Multifamily Portfolio in Glendale for $14.1M

GLENDALE, CALIF. — Champion Real Estate Co. has purchased a two-property apartment portfolio in Glendale. A private individual sold the portfolio for $14.1 million. The acquisition includes a 36-unit community located at 348 W. Chevy Chase Drive and a 26-unit community located at 1119-1123 E. Elk Ave. Champion South Glendale, a subsidiary of Champion, will immediately implement a $2.6 million comprehensive interior and exterior physical improvement and renovation program. The upgrade plan …

Seniors Housing Development Costs Dictate Market Entry, Says InterFace Panel

ATLANTA — The pace of seniors housing development has accelerated sharply in recent years. Approximately 396 seniors housing properties came online or opened in the top 100 metro areas in the country from the fourth quarter of 2016 to the fourth quarter of 2017, according to data from Plante Moran Living Forward, a senior living development consulting firm. During the two years prior, about 596 communities opened. What’s more, approximately 65 percent of those newly added properties were …

KeyBank Provides $98.4M in Financing for Two Affordable Housing Properties in Newark

NEWARK, N.J. — KeyBank has provided $98.4 million Fannie Mae loan for the acquisition and rehabilitation of two affordable housing properties in Newark. The properties are Garden Spires Apartments, a 544-unit affordable housing complex built in 1963 and Spruce Spires Apartments, a 112-unit subsidized housing property built in 1920. Dirk Falardeau and Kyle Kolesar of KeyBank arranged the financing for borrower, Omni New York LLC. The financing breaks down in the following manner: a $59 million …

Student Quarters Acquires 698-Bed Student Housing Community Near the University of Oklahoma

NORMAN, OKLA. — Student Quarters has acquired Millennium Student Apartments, a 698-bed student housing community located near the University of Oklahoma in Norman. The property offers studio, two-, four- and five-bedroom units with bed-to-bath parity. Each unit — which may be rented fully furnished — features a flat screen TV, keyless entry and a patio or balcony. Shared amenities include a resort-style swimming pool, sun deck, hot tub, grilling areas, a gated pet park, study lounges, a …

Berkadia Completes $13.9M Sale, Secures $10.5M Financing for Apartment Asset in Northern Alabama

MUSCLE SHOALS, ALA. — Berkadia has arranged the $13.9 million sale of Arbor Village Apartments, a garden-style multifamily community in Muscle Shoals, a city in northern Alabama. David Oakley and David Wilson of Berkadia arranged the transaction on behalf of the seller, Engel Realty Co. In addition, Josh Finley of Berkadia secured a 10-year, $10.5 million acquisition loan on behalf of the buyer, Arbor Village Apartments LLC. The Fannie Mae loan features a fixed interest rate of 4.91 percent …

Content Partners