Multifamily

NKF Negotiates Sale of 302-Unit Rivera Apartment Community in San Antonio

by Taylor Williams January 14, 2020

SAN ANTONIO — Newmark Knight Frank (NFK) has negotiated the sale of Rivera, a 302-unit apartment community located along San Antonio’s Broadway Corridor between downtown and the Pearl District. Built in 2017, the property features a pool, fitness center, rooftop lounge, business center, a dog park and ground-floor retail space. Patton Jones and Matt Michelson of NKF represented the seller, Austin-based Cypress Real Estate Advisors. The buyer was Houston-based investment and management firm Barvin.

January 14, 2020

Arizona Development Multifamily Seniors Housing Western

Watermark Opens Hacienda at the Canyon Seniors Housing Asset in Tucson

by Amy Works January 14, 2020

TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley and Westwood Village (Los Angeles).

January 14, 2020

Acquisitions Multifamily Oregon Western

Kidder Mathews Brokers $12M Sale of The Astoria Apartments in Portland, Oregon

by Amy Works January 14, 2020

PORTLAND, ORE. — Kidder Mathews has arranged the sale of The Astoria, a multifamily property located at 1913 NE 73rd Ave. in Portland. West Valley Properties sold the asset to J.E.M.S. Corp. for $12 million. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller and buyer in the deal. Located in Portland’s Rose City Park neighborhood, The Astoria features 68 courtyard-style apartments on more than 2.5 acres. Built in 1950, the property underwent extensive renovations over the last 10 years.

January 14, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Fundamental Advisors Sells 53-Story Continuing Care Retirement Community in Chicago

by Kristin Harlow January 14, 2020

CHICAGO — Fundamental Advisors has sold The Clare, a 53-story, 338-unit continuing care retirement community in downtown Chicago, to LCS for an undisclosed price. Fundamental partnered with Senior Care Development and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center and augmented programs and services for residents. Additionally, Life Care Services, the management arm of LCS, was brought in to operate the community. During the years since the acquisition, occupancy increased from 34 percent to 98 percent. Located at 55 E. Pearson St. within the Gold Coast neighborhood, The Clare was developed in 2008 and features 248 independent living units, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.

January 14, 2020

Affordable Housing Development Illinois Midwest Multifamily

McShane Breaks Ground on 72-Unit Affordable Housing Project in Maywood, Illinois

by Kristin Harlow January 14, 2020

MAYWOOD, ILL. — McShane Construction Co. has broken ground on a 72-unit affordable housing project on behalf of developer Interfaith Housing Development Corp. in Maywood, about 11 miles west of Chicago. Situated on South Fifth Avenue, the property will be known as Fifth Avenue Apartments. Plans also call for 4,000 square feet of retail space on the ground floor. Designed to achieve National Green Building Standard’s Bronze Level, the property will include a high-performance HVAC system, efficient insulation and LED lighting. Completion is slated for February 2021. HED is the project architect.

January 14, 2020

Acquisitions Multifamily Texas

Casoro Group Buys The Jax Apartment Community in San Antonio for $90M

by John Nelson January 13, 2020

SAN ANTONIO — Casoro Group, an Austin-based investment firm formerly known as The PPA Group, has purchased The Jax in San Antonio. The recently upgraded, 322-unit apartment community is located at 12222 Vance Jackson Road on the city’s northwest side. The purchase price was not disclosed, but Austin Business Journal reports the property traded for $90 million. Mark Brandenburg of JLL arranged a $35.5 million acquisition loan on behalf of Casoro. Nexbank provided the five-year, floating-rate loan. Units at The Jax feature a mix of one-, two- and three-bedroom floor plans ranging from 692 to 1,545 square feet. Community amenities include a swimming pool, courtyards with barbecue grills, children’s play area, 24-hour fitness center, clubhouse and a business center. CLEAR Property Management, an affiliate of Casoro, manages The Jax. The seller was not disclosed.

January 13, 2020

Acquisitions District of Columbia Multifamily Southeast

Nuveen Sells Woodley Apartments in Northwest D.C. for $180.3M

by Alex Tostado January 13, 2020

WASHINGTON, D.C. — Nuveen, the asset management unit of TIAA, has sold The Woodley, a 212-unit apartment community in Northwest Washington, D.C., for $180.3 million, according to The Washington Business Journal and land records from the D.C. Recorder of Deeds. Boston-based GID Real Estate Investments purchased the property located at 2700 Woodley Road NW for nearly $15 million less than what TIAA-CREF paid for The Woodley in 2014. The apartment complex features studio through three-bedroom units. Community amenities include a courtyard with reflecting pool, rooftop lounge and clubroom with kitchen, infinity pool, library and a fitness center. The Woodley is located adjacent to the Woodley Park Washington Metro station.

January 13, 2020

Development Georgia Loans Multifamily Southeast

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

Acquisitions Seniors Housing Texas

Ensign Group Buys 217-Unit Seniors Housing Community in San Antonio

by John Nelson January 13, 2020

SAN ANTONIO — The Ensign Group Inc. has purchased the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus located at 5000 Fawn Meadow in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and sales price were not disclosed. The acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.

January 13, 2020

Development Multifamily Student Housing Washington Western

Peak Campus, Blue Vista Buy Student Housing Development Site Near the University of Washington

by Amy Works January 13, 2020

SEATTLE — Peak Campus Development and investment partner Blue Vista Capital Management have acquired a development site located near the University of Washington in Seattle, with plans to construct a student housing community. The new project — titled Theory U District — is set to offer 500 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, a fitness room, package lockers and parking. University Christian Church (UCC), which previously owned the property, moved out last summer. According to a press release issued by UCC last year, proceeds from the sale will go into a foundation established by remaining UCC members. UCC already demolished the existing buildings, and vertical construction for Theory U District will commence later this year with a projected opening in fall 2022.

January 13, 2020

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