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Multifamily

LCS Completes $154.5M Phase II Expansion of Seniors Housing Community Near Seattle

ISSAQUAH, WASH. — Life Care Services has completed the $154.5 million Phase II expansion of Timber Ridge at Talus, a continuing care retirement community in the Seattle Suburb of Issaquah. The project expanded the health center, which offers skilled nursing and rehabilitation services, and added 145 independent living units, an indoor swimming pool and 190-seat auditorium. The property now offers 329 total independent living units. The community is built on 10 acres within Talus, a..

April 27, 2017

Welbrook Nears Completion of 50-Bed Skilled Nursing Facility in New Mexico

LAS CRUCES, N.M. — Welbrook Senior Living expects to complete construction of 50-bed skilled nursing facility in Las Cruces, just north of El Paso, Texas, by the end of June. The property, which has not yet been named, will largely focus on short-stay rehabilitation. Partners on the funding, design and construction of the property include National Healthcare Development Inc., Northstar Commercial Partners, Lantz-Boggio Architects and Catamount Constructors. California-based Welbrook..

April 27, 2017

CBRE Brokers Sale of 143-Unit Apartment Community in Carrollton

CARROLLTON, TEXAS — CBRE has arranged the sale of Villas de la Colonia, a 143-unit multifamily community located at 1515 Metrocrest Drive in the Dallas-Fort Worth metro of Carrollton. Built in 1969, the community features a mix of one-, two- and three-bedroom units averaging 822 square feet per unit. Chris Deuillet of CBRE represented the seller, California-based Communidad Realty Partners, which sold the property to Aspire Ventures LLC, a Pennsylvania-based private equity firm. Villas de la..

April 27, 2017

Bellwether Enterprise Secures $37M Financing for Mixed-Use Property in NYC

NEW YORK CITY — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has secured $37 million in financing for The Larkspur, a mixed-use property in the Central Harlem neighborhood of Manhattan. The eight-story building includes 116 apartment units along with seven ground-floor commercial spaces. Bellwether provided a fixed-rate CMBS loan with a 12-year term through Fannie Mae. The terms of the financing..

April 27, 2017

WinnDevelopment to Build 140-Unit Multifamily Community in Metro Boston

QUINCY, MASS. — WinnDevelopment and nonprofit partner NeighborWorks Southern Mass are moving forward with plans to build a $44 million, 140-unit apartment community in Quincy. Known as The Watson on Howard, the project will be located on 1.7 acres and will feature the largest number of workforce units ever financed under MassHousing’s Workforce Housing Initiative, according to a release from WinnDevelopment. Amenities will include a gym, community room and courtyard.

April 27, 2017

BRP, CNY Group Break Ground on $407M Transit-Oriented Development in Queens

NEW YORK CITY — Developer BRP Cos. and general contractor CNY Group have broken ground on The Crossing at Jamaica Station, a $407 million, two-building development in downtown Jamaica in the Queens borough of New York City. The 669-unit affordable housing development will be situated at the Metropolitan Transit Authority’s (MTA) Jamaica Station, which features a link to AirTrain JFK, John F. Kennedy’s International Airport’s mass transit line. The Crossing will feature a..

April 27, 2017

Omaha’s Strong Apartment Fundamentals Draw National Attention of Investors

With an average occupancy rate of 96 percent at the end of 2016, coupled with a four percent growth in asking rental rates during 2016, Omaha’s apartment market continues to be a strong performer. According to apartment data research firm Reis, Omaha’s average asking rental rate has increased in every quarter for the past 23 quarters, and is expected to increase 3.6 percent in 2017. On the occupancy front, Reis expects the vacancy rate to finish 2017 slightly higher at 4.9 percent, which..

April 27, 2017

Emerald Communities to Add 42 Units to CCRC in Seattle Suburbs

REDMOND, WASH. — Emerald Communities, a nonprofit seniors housing operator, has announced plans to add a new neighborhood named The Courtyard to its Emerald Heights continuing care retirement community in the Seattle suburb of Redmond. The Courtyard will feature a three-level, 69,998-square-foot building atop a 34,107-square-foot parking structure. It will add 42 new units to the community, surrounding a pedestrian plaza that connects to the property’s existing nature..

April 26, 2017

NE Development to Break Ground on High-Rise Apartment at Legacy West in Plano

PLANO, TEXAS — NE Development will break ground tomorrow on LVL 29, a 29-story high-rise apartment tower located within the Legacy West development in the Dallas-Fort Worth metro of Plano. The property’s units will range from 600 to 3,800 square feet, and its amenities will include a seven-story parking deck, 24-hour fitness center, a pool and tanning deck and a lounge veranda. NE Development expects to deliver LVL 29, which was designed by Dallas-based Humphreys & Partners Architects..

April 26, 2017

KWA Completes 227-Unit Apartment Complex at Former Coca-Cola Bottling Plant in Fort Worth

FORT WORTH, TEXAS — KWA Construction has completed construction of HIGHPOINT Urban Living, a 400,000-square-foot, 227-unit apartment complex on the site of the former Coca-Cola bottling plant at 650 S. Main St. in Fort Worth’s Medical District. The property features a bike rental station, resort-style pool, cabanas and a fire pit, with one-bedroom units averaging 631 square feet and two-bedroom units averaging 1,257 square feet.  

April 26, 2017