NEW YORK CITY — Marcus & Millichap has brokered the $19 million sale of Perch Harlem, a 34-unit apartment building located at 542 West 153rd St. in the Hamilton Heights neighborhood of Manhattan. Eric Anton, Justin Natalizio and Christopher Warner of Marcus & Millichap represented the seller, a joint venture between Taurus Investment Holding and Synapse Development Group. The team also represented the buyer, the Olnick Organization.
COLLEGE STATION, TEXAS — A joint venture between Texla Housing Partners and a private equity real estate fund advised by Crow Holdings Capital has acquired University Trails, a 828-bed student housing community serving students at Texas A&M University in College Station. The property offers one-, two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, hot tub, sand volleyball court, basketball court, two fitness centers and a 24-hour study lounge and cafe. The joint venture plans to renovate the community’s interior, exterior and office/clubhouse building. A timeline for renovations was not announced. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank brokered the transaction.
SEATTLE — Landmark Properties has acquired the 11-parcel land assemblage in Seattle’s University District. A group of undisclosed sellers sold the fee-simple assemblage, which was rezoned for greater density and taller buildings in 2017, for $39 million, or $950 per square foot. In 2021, Landmark Properties plans to begin construction on The Standard at Seattle, a three-building purpose-built student housing property with approximately 1,600 beds at the site, which spans nearly an acre from 4202 to 4238 12th Ave. NE. The site is situated three blocks from the University of Washington and across the street from the future U-District Light Rail Station. Upon completion, The Standard at Seattle will feature two 25-story towers and a seven-story mid-rise building. The 500,000-square-foot property will offer a variety of floor plans and approximately 8,500 square feet of ground-level retail space. The project is slated to be delivered in one phase by fall 2023. Additionally, Landmark plans to preserve the existing Canterbury Apartments, a 16-unit co-op multifamily building on Brooklyn Avenue NE. Tim McKay, Dan Chhan and Sam Wayne of Colliers International represented the sellers for a portion of the transaction, specifically for eight of the 11 parcels.
LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.
REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.
NEW YORK CITY — New Senior Investment Group Inc. (NYSE: SNR), a New York-based seniors housing REIT, has agreed to sell its entire assisted living and memory care portfolio for $385 million. The portfolio comprises 28 properties across 14 states totaling 2,840 units. The deal will leave the company with 102 independent living properties and one continuing care retirement community.
ISSAQUAH, WASH. — Shelter Holdings has completed the disposition of Issaquah Terrace, a garden-style apartment community located at 906 NE Lilac St. in Issaquah, about 17 miles east of Seattle. An undisclosed buyer acquired the property for $125 million. Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace features 298 units in a mix of apartments and townhomes. Community amenities include onsite fitness center, swimming pool and barbecue facilities. Shelter Holdings developed the property in 2015. Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne of Colliers International handled the off-market transaction.
DALY CITY, CALIF. — Greystone has provided a $44 million loan for the acquisition of a 207-unit seniors housing property in Daly City, just south of San Francisco. Cary Tremper of Greystone originated the Freddie Mac loan. Senior Resource Group and its partners acquired the asset, formerly known as Monarch Village, now named Peninsula Del Rey. The four-story property was built between 2008 and 2011 and offers independent living and assisted living residences. Senior Resource Group has operated the community since 2012. The company develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon and Washington comprising 5,852 units. The seller was not disclosed.
BREWSTER, MASS. — Walker & Dunlop has provided a $28.3 million bridge loan for the acquisition of Pleasant Bay, a 25-acre seniors housing campus in the Cape Cod town of Brewster. The campus comprises The Woodlands at Pleasant Bay, a 59-unit assisted living community, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. Point Group Care operates the community. The specific borrower was not disclosed. The financing will cover approximately 90 percent of the acquisition costs, and the borrower plans to conduct renovations at the property. Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan.. Joshua Rosen structured the debt using Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy.
HOUSTON — JLL has arranged the sale and financing of Alexan Enclave, a 354-unit apartment community located in the Energy Corridor area of Houston. Built in 2014, the mid-rise property consists of two four-story buildings and a six-story parking garage. Units average 909 square feet and feature open-concept floor plans and high-end finishes, including high ceilings, stainless steel appliances, granite countertops and hardwood cabinetry. Amenities include a pool, covered outdoor kitchen, dog park, pet wash station, a resident clubhouse and a business center. Todd Marix, Chris Curry and Bailey Crowell of JLL represented the sellers, Trammell Crow Residential and Cigna Investment Management. Cameron Cureton and Matt Kafka of JLL arranged acquisition financing for the transaction on behalf of the buyer, F&B Capital.