GRESHAM, ORE. — NBP Capital has completed the sale of The Groves, a multifamily property located in Gresham, a suburb of Portland. Abacus Capital Group acquired the community for $38.5 million. Located at 3500 NE 17th St., The Groves features 201 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include a swimming pool, community lounge with television, fitness center, barbecue area and playground. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, an affordable seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 units within its nationwide portfolio, this transaction is its first acquisition in the company’s hometown market of Orange County.
By Gabe Tovar, John Duvall and Kyle Tucker of NorthMarq The Kansas City multifamily market has proved it is more than resilient in the face of adversity. Throughout 2020, the market ranked consistently in the top 10 of 30 markets tracked by Yardi. It logged higher occupancies and rent growth, all while welcoming a record level of new supply. That stellar performance is likely to attract even more capital to the market in 2021. The story dominating the Kansas City market in recent years has been its booming development pipeline. Despite shutdowns and delays caused by the pandemic, developers delivered nearly 5,900 new units in 2020. That volume represents a record-high growth rate of 4.1 percent added to Kansas City’s market-rate inventory, compared with an annual average rate of 2 to 3 percent throughout the past decade. Looking ahead, that supply wave has crested, and the pipeline is shifting to the suburbs. NorthMarq forecasts completions over the next two years to average closer to 4,000 units with 70 to 75 percent of those opening across the suburban submarkets. In recent years, between 40 and 50 percent of total deliveries were concentrated in the urban core, so while this data supports …
SIMPSONVILLE, S.C. — Haven Realty Capital has acquired Harrison Landing Townes, a 166-unit townhome community in Simpsonville, for $30.6 million. Haven partnered with CenterSquare Investment Management to acquire the property. The homebuilder of the single-family rental community was not disclosed. Harrison Landing Townes is located on an 18-acre site at 106 McGuires Place, 21 miles southeast of downtown Greenville. Each of the two-story, 1,564-square-foot townhomes will feature three-bedrooms, two-and-a-half baths, an attached garage, vinyl plank floors, stainless steel appliances, granite countertops, tile backsplash and nine-foot ceilings on the first floor. Community amenities include a dog park, playground and a walking trail. The remaining homes will be acquired in phases from the homebuilder over the next 15 months. The project is expected to be fully stabilized by June 2022. Haven is acquiring the homes as the phases are being completed. The first phase is almost 100 percent occupied. CenterSquare Investment Management is a global investment manager based outside Philadelphia. Haven Realty Capital is a Los Angeles-based real estate investment and management firm.
KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Villagio of Kerrville, a 36-unit seniors housing community in Kerrville, approximately 65 miles northwest of San Antonio. The community is located near Kerrville’s primary retail corridor and less than three miles from two large hospitals — Peterson Regional Medical Center and the Kerrville State Hospital. New Haven Assisted Living & Memory Care, a regional Texas-based operator, was the buyer. The seller and price were not disclosed.
ALBUQUERQUE — NorthMarq has arranged the sale of a three-property apartment portfolio located in Northeast Albuquerque. Orange County, Calif.-based Laguna Point acquired the assets from Portland, Ore.-based PacifiCap Properties Group for an undisclosed price. Totaling 735 apartments, the portfolio includes Jefferson Crossing, Aztec Village and Arioso. The acquisition is the buyer’s seventh purchase in the market. Cynthia Meister of NorthMarq’s Albuquerque office and Trevor Koskovich, Bill Hahn, Jesse Hudson of NorthMarq’s Phoenix office brokered the sale. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix debt/equity team financed each acquisition for the buyer with Freddie Mac loans.
SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.
CAMBRIDGE, MASS. — The Massachusetts Institute of Technology (MIT) has submitted plans for a 690-bed residence hall for graduate students at 269-301 Vassar St. on the university’s campus in Cambridge, according to reports by development tracking platform Bldup. The university will develop the project with American Campus Communities, according to reports, in order to “allow MIT the financial flexibility and resources necessary to expand bed capacity and expedite capital renewal improvements.” Further details on the development were not announced.
WILLOW GROVE, PA. — College Town Communities will develop a 132-unit student housing development near the Penn State Abington campus in Willow Grove, a northern suburb of Philadelphia. The developer recently acquired the four-acre development site from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the land deal. The new development will offer fully furnished two-bedroom units alongside communal amenities including a clubhouse, fitness center, business center, café, media lounge and a resort-style pool. The groundbreaking is scheduled for spring.
WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.