EVANSVILLE, IND. — Berkadia has brokered the sale of Woodbridge Place in Evansville for an undisclosed price. The 192-unit multifamily property, built in 1985, is located at 3550 Woodbridge Drive. The community was 97 percent occupied at the time of sale. Chris Bruzas and Alex Blagojevich of Berkadia’s Chicago office brokered the sale. Josh Finley of Berkadia’s Atlanta office secured acquisition financing on behalf of the buyer, Atlanta-based 4M Capital. The 12-year, fixed-rate loan features a 75 percent loan-to-value ratio. The seller was not disclosed.
CLINTON, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Pheasant Brook Apartments for $1.3 million. The 28-unit apartment property, built in 1986, is located at 820 Tecumseh Road in Clinton, about 21 miles southwest of Ann Arbor. The property features 14 one-bedroom units and 14 two-bedroom units. The sales price equates to $48,250 per unit. Buyer and seller information was not disclosed.
PHOENIX — TruAmerica Multifamily has purchased Covington Park, a garden-style apartment community located in Phoenix’s Northwest Corridor. An undisclosed seller sold the asset for $77.3 million. Built in 1999, Covington Park features 520 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, private balconies or patios, walk-in closets and washers/dryers. Community amenities include a three-acre community park, lighted basketball and volleyball courts, three swimming pools, a playground, newly renovated fitness center, dog park, resident clubhouse and package receiving lockers. Additionally, the property includes 105 detached garages. TruAmerica will implement a multi-million-dollar capital improvement program at the property that will include the renovation of all unit interiors and targeted exterior and amenity space upgrades. The buyer leveraged 10-year floating-rate financing through Freddie Mac’s Multifamily Green Advantage platform for the acquisition. Brian Eisendrath of CBRE Capital Markets arranged the financing. Tyler Anderson, Asher Gunter, Sean Cunningham and Matt Pesch of CBRE’s Arizona office represented the seller in the deal.
FARMINGTON, N.M. — Marcus & Millichap has brokered the sale of Cedar Ridge Inn, a skilled nursing facility located at 800 Saguaro Trail in Farmington. A private investor sold the asset to another private investor for an undisclosed price. Built in 2002 on 4.5 acres, the single-story, 39,232-square-foot facility features 101 beds for seniors. Prior to the sale, the seller reduced operating capacity to fully renovate the 10-unit short-term rehabilitation wing. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office represented the seller, while Rod Llanos of Marcus & Millichap’s Houston office represented the buyer in the deal. Matthew Reeves, also of Marcus & Millichap, assisted in the transaction.
BRIDGETON, N.J. — WinnCompanies, a Boston-based multifamily developer, has completed renovations of a 156-unit affordable housing community in Bridgeton, about 40 miles south of Philadelphia. The project, which was valued at $34 million, upgraded appliances and HVAC systems of every unit, replaced roofs on all residential buildings and constructed a new community building with a management office and gym.
MANALAPAN, N.J. — NAI Mertz has arranged the $5.2 million sale of thee office properties totaling approximately 78,000 square feet in Manalapan, roughly 30 miles east of Trenton. The three properties, 100, 200 and 300 Craig Road, are located within Century Office Park. The NAI Mertz team also executed leases with several tenants to the properties prior to the sale, increasing occupancy to 70 percent. Jonathan Klear and Fred Meyer of NAl Mertz represented the undisclosed seller in the transaction.
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Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …
One of the most crucial questions in today’s student housing development market is the question of location. A number of prominent companies have made the ability to be walkable to campus a big issue when it comes to a property’s resale value. Other developers, meanwhile, eschew walkable locations in favor of value for tenants. For a time, a big industry trend was amenity-laced properties located a few miles from campus, selling a lifestyle, and typically an oversized pool, in exchange for a slightly longer campus commute. More recently, a countertrend has emerged, with builders catering to students looking to walk across the street to class. “Beachfront property” is often the preferred term for developers of this mindset. Is close proximity still the dominant trend? A group of student housing developers and architects debated the topic during a panel discussion at the 11th annual InterFace Student Housing conference, held in April in Austin, Texas. David Senden, principal of KTGY Group Architecture + Planning, served as moderator and opened with a simple question: What exactly is urban infill, and what is cottage product? Todd Gaines, vice president of development at Austin-based Aspen Heights Partners, answered that his definition of urban infill is …
DAVIE, FLA. — JLL has arranged the $30.3 million sale of The Gardens of Nova, a 140-unit value-add multifamily community in Davie. The Gardens of Nova offers 16 garden-style buildings with two-bedroom floor plans averaging 1,173 square feet. Communal amenities include a business center, fitness center, coffee bar, swimming pool, outdoor kitchen and sun deck. The property is located at 6857 College Court, directly across the street from the 545-acre South Florida Education Center (SFEC). Maurice Habif, Simon Banke and Victor Garcia of JLL represented the seller, Grand Peaks Properties Inc., in the transaction. Robbins Property Associates purchased the asset.
CHARLOTTE, N.C. — Redwood Capital Group has purchased Lowrie, a 245-unit apartment complex in Charlotte’s Ballantyne neighborhood. The community offers amenities such as a saltwater swimming pool; grilling areas; dog-friendly rooftop lounge with outdoor TV; 3,000-square-foot fitness center with free weights, touch screen treadmills, stair climbers, recumbent bikes and Woodway self-propelled treadmill; yoga studio; and a 4,700-square-foot clubhouse with a catering kitchen, billiards, TV area, mail room and co-working business center. Ballantyne is a master-planned community 12 miles south of downtown Charlotte. The Bissell Cos. developed the area to include a top-rated golf course, more than 200 eateries and shops, and 16 miles of walking trails and bike paths. The sales price was not disclosed.