WESTLAKE VILLAGE, CALIF. — LTC Properties has completed the acquisition of two seniors housing communities located in Kentucky. An undisclosed seller sold the properties for $40 million. Opened in 2023, the properties together total 158 units and feature assisted living and memory care residences. Charter Senior Living manages the communities, the locations of which were not disclosed. California-based LTC plans to execute an additional $195 million in seniors housing operating portfolio acquisitions by mid-October and an additional $90 million by the end of the year.
KANSAS CITY, MO. — Berkadia has arranged the sale of Ashton Court, a 41-unit multifamily property built in 1960, and Ashton Place, a 37-unit community constructed in 1961, in Kansas City. Michael Spero, Niko Vrentas and Simon Rodewald of Berkadia represented the seller, Shawnee, Kan.-based Landmark Realty. Kansas City-based G1 Real Estate was the buyer. Additionally, the Berkadia team negotiated the sale of The Marseilles Apartments, a 28-unit property in Fairway, Kan. A private Missouri-based partnership sold the asset to Northfield, Ill.-based QMR Partners LLC. Built in 1971, the community offers a mix of studio, one- and two-bedroom units as well as a swimming pool and structured parking garage.
JACKSON, MICH. — The McDaniel Apartments at Andy’s Place II has opened in Jackson, about 37 miles west of Ann Arbor. The project marks a major expansion of Michigan’s first Permanent Recovery Supportive Housing initiative. The development adds 26 affordable housing units and vital recovery services to serve expectant families overcoming opioid addiction. The new phase is named in honor of Mark McDaniel, president and CEO of Cinnaire. Andy’s Place, established in 2020, was the first in Michigan to directly link long-term housing with recovery services. Andy’s Place II, now The McDaniel Apartments, focuses on keeping families together through recovery. Unlike the first phase, which primarily serves treatment court referrals, this phase is open to families applying directly. Residents will have access to peer recovery coaching; onsite behavioral health services; a resource center and community room; and outdoor gathering spaces, picnic areas and a tot lot. These features are designed to reduce relapse, prevent family separation and help residents develop the skills needed for long-term recovery and independence. The McDaniel Apartments was made possible through a collaboration among local, state and private-sector partners, including Cinnaire, Huntington Bank, Comerica, Fifth Third Bank, Michigan State Housing Development Authority and various community-based organizations. …
MOORESTOWN, N.J. — Pennrose has completed Residences at Harper, a 76-unit affordable housing project in Moorestown, located in Southern New Jersey’s Burlington County. Units come in one-, two- and three-bedroom floor plans and are reserved for households earning between 30 and 60 percent of the area median income. Several residences will be specifically earmarked for formerly homeless residents or those with certain disabilities. Amenities will include a community room, fitness center, playground and a laundry room.
AUSTIN, TEXAS — Newmark has brokered the sale of Veranda, a 362-unit apartment community located at 7205 E. Ben White Blvd. in downtown Austin. Completed in 2024, the garden-style property offers one-, two- and three-bedroom apartments and townhomes with an average size of 802 square feet. Amenities include a pool, outdoor grilling and dining areas, a game room and a fitness center. Patton Jones and Andrew Dickson represented the seller, Wayfinder Real Estate, in the transaction. Adam Randall and John Westby-Gibson, also with Newmark, arranged acquisition financing on behalf of the buyer, a partnership between Missio Capital and Bow River Capital.
FORT WORTH, TEXAS — Locally based owner-operator Trademark Property Co. has broken ground on Westbend Residences, a 321-unit multifamily project that will be located in Fort Worth’s University District. The site spans 3.5 acres within Trademark’s Westbend mixed-use development that fronts the Clear Fork Trinity River. Units will come in one-, two- and three-bedroom floor plans, and a few penthouses will also be available on the top floor. Amenities will include two elevated resort-style pools, a fitness center and a dog spa, as well as 4,500 square feet of retail space. Construction is expected to be complete in early 2027.
TAMPA, FLA. — A joint venture between Harrison Street Asset Management and Core Spaces is set to break ground on Hub Tampa Fowler, a 1,195-bed student housing development located near the University of South Florida campus in Tampa. The community will be located within Rithm, a larger mixed-use development led by RD Management that will include hotels, entertainment and retail space. The project is scheduled for completion in 2027 and will offer units in a wide range of configurations across multiple price points, as well as expansive shared amenity spaces. Further details on the development were not released. QuadReal Property Group provided financing for the project. TSB Capital Advisors consulted on the joint venture and financing for the development. The project will mark the second for Harrison Street and Core Spaces in the Tampa market, following Hub Tampa, which was delivered in 2022.
EXTON, PA. — Hankin Group will undertake a $67 million expansion project at Eagleview Landing, its senior living community in Exton, roughly 30 miles west of Philadelphia. Upon completion, the expansion will add 117 independent living residences to the property, which currently consists of 107 assisted living and memory care units and 9,000 square feet of amenity space. The new building will also feature additional amenity space, including a fitness center, indoor pool, spa, theater, game rooms and golf simulator. Residents will also have access to a parking garage, landscaped courtyards and walking trails. Completion is scheduled for November 2026.
BETHESDA, MD. — Walker & Dunlop has provided a $156.6 million Fannie Mae loan for the refinancing of a five-property, 1,351-unit multifamily portfolio in the Sun Belt. Allan Edelson and Joe Tarantino of Walker & Dunlop originated the loan on behalf of the borrower, Boston Capital Real Estate Partners. The names and addresses of the properties were not disclosed, but the portfolio includes assets in North Carolina and Texas.
ATLANTA — Atlanta Beltline has issued a request for proposals (RFP) for new mixed-use development on a site along the Beltline’s Southside Trail. The 13.7-acre site is located at 356 University Ave. near the city’s historic Pittsburgh neighborhood that the Beltline purchased in 2023. Atlanta Beltline met with more than two dozen community groups since April 2024 to discuss future plans for the site. Based on the community feedback and the Beltline’s newly completed master plan, the RFP is seeking a mix of market-rate and affordable housing, as well as a mix of commercial and industrial uses. More specifically, the RFP calls for at least 30 percent of residential units reserved as permanently affordable (10 percent at or below 80 percent AMI, 20 percent at or below 50 percent AMI); a minimum of 30 percent of total floor area dedicated to light-industrial use; affordable commercial space (at least 20 percent at rents 30 percent below market for more than 10 years); a partnership with an arts, cultural or community organization for onsite programming; and accessible green spaces, ADA pathways and Beltline connectivity. To date, the Beltline has acquired nearly 90 acres preserved for residential and commercial affordability for both residents …