LOS ANGELES — Advanced Real Estate has purchased Canvas LA, a multifamily property along 110 Freeway in downtown Los Angeles, for $62 million. Canvas LA offers 210 apartments; a resort-style pool with cabanas; large gym with separate cardio studio; game room; conference and office space; screening room; and sky deck with fire pit. Advanced Real Estate plans to lightly renovate the asset, which underwent a $3 million renovation in 2018. Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia and Kip Malo of JLL Capital Markets brokered the sale. Advanced procured a $39.9 million Freddie Mac loan at a fixed rate for seven years with full-term interest-only payments for the acquisition. Kevin MacKenzie, Greg Brown and Charlie Vorsheck of JLL Capitla Markets arranged the financing. The seller was not disclosed.
SAN FRANCISCO — San Francisco State University (SFSU) has completed West Grove Commons, a 700-bed residence hall located on the university’s campus in San Francisco. The 120,000-square-foot community features a cluster format wherein groups of 35 students occupy triple rooms with a dedicated lounge and all-gender bathroom facilities. The six-story project was funded by a California Affordable Student Housing grant and the community will offer beds with a 25 percent reduction in room fees compared to SFSU’s standard rates. The project also includes a second 50,000-square-foot building, which will feature a dining commons and student health and wellbeing center. The development team for the project included general contractor McCarthy Building Cos. and EHDD Architecture.
GRAND RAPIDS, MICH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 374-unit continuing care retirement community in Grand Rapids for an undisclosed price. Samaritas, a Michigan-based nonprofit owner and operator, selected Blueprint to negotiate the disposition. Since its original construction in 1977, the 40-acre community has grown to include 24 independent living cottages, 148 independent living apartments, 17 assisted living units, a 60-unit memory care community and a 125-bed skilled nursing and long-term care facility. The buyer was Optalis Healthcare, a post-acute rehabilitation and long-term care provider across Michigan and Ohio. StoryPoint Group, another Michigan-based senior living provider, will manage the independent living community on the campus, formerly known as The Terraces.
PLANO, TEXAS — A partnership between two investment firms, Los Angeles-based TruAmerica Multifamily and Ohio-based Spoke Real Estate Capital, has purchased Sheridan Park at Spring Creek Apartments, a 300-unit property in Plano. The sales price was $50.3 million. The property offers one-, two- and three-bedroom units that feature private patios/backyards and washer and dryer connections. Amenities include a fitness center, two pool areas and a resident lounge. Greg Toro and Rob Key of JLL represented the partnership and the undisclosed seller in the deal. Brandon Smith and Annie Rice, also with JLL, arranged an undisclosed amount of acquisition financing for the deal.
WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.
MANOR, TEXAS — Tampa-based investment firm American Landmark Apartments has acquired Alta Blue Goose, a 300-unit multifamily community in Manor, a northeastern suburb of Austin. Built in 2023, the community offers studio, one-, two- and three-bedroom units and amenities such as private work offices and conference rooms, a pool, fitness center and a clubroom. American Landmark plans to rebrand the property as EightyOne 10 Blue Goose. The seller was not disclosed, but Alta is the brand of Atlanta-based multifamily developer Wood Partners.
FORT WORTH, TEXAS — A partnership between Thrive Senior Living and Orison Holdings has broken ground on Encore at Heritage-Glen, a 75-unit seniors housing project that will be located in the Alliance submarket of North Fort Worth. Arrive Architecture Group designed the property, which will feature 50 assisted living units and 25 memory care units. The groundbreaking of Encore at Heritage-Glen follows closely behind the announcement of the International at Aventura, Thrive Senior Living’s latest development in Florida.
TALLAHASSEE, FLA. — A joint venture partnership between Portman, 908 Group, Canyon Partners Real Estate and PTM Partners has broken ground on The Hall, a 674-bed student housing development located near Florida State University in Tallahassee. The property is scheduled for completion in spring 2026. The development site is located within a Qualified Opportunity Zone across from Legacy Hall, the future home of the university’s FSU College of Business. The community will offer 191 units across two mid-rise buildings. Shared amenities will include a rooftop swimming pool and a high-end fitness center. The development will also feature 7,689 square feet of ground floor retail space and 452 parking spaces. The joint venture recently secured $73.3 million in construction financing from Pacific Life Insurance Co. for the project. TSB Capital Advisors acted as financial advisor to Portman and 908 Group in the deal. The development team for The Hall includes general contractor Favergray.
ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.
JERSEY CITY, N.J. — JLL has arranged $152 million in construction financing for 35 Cottage Street, a 588-unit apartment tower that will be located in the Journal Square neighborhood of Jersey City. The development will also house a synagogue, preschool and a dedicated party hall, the latter of which will be a first for this submarket, according to the project team. Thomas Didio Jr. and Michael Mataras of JLL arranged the senior loan portion of the financing package through Centennial Bank and the mezzanine portion through an undisclosed private lender. The borrower is New York-based Namdar Realty Group. Details on floor plans, amenities and a construction timelines were not disclosed.