LEXINGTON, MINN. — Dominium has broken ground on Landings of Lexington, a 180-unit affordable housing property in Minnesota. The two-building property will include a clubhouse along Lovell Road and Lexington Avenue. Additional amenities include a fitness center, activity area for kids, storage lockers and outdoor obstacle course. Construction is slated for completion in spring 2020. Units will be restricted to residents earning up to 60 percent of the area median income.
OAK PARK, ILL. — 33 Realty has brokered the sale of a 79-unit condo building located at 932 W. Pleasant St. in Orland Park for $15.2 million. The Pleasant Court Condominium Association was the seller. The buyer, a family office looking to increase its holdings in suburban infill markets, plans to convert the building into rental apartment units and complete renovations. 33 Realty’s sister company, Cubed Construction, will complete the renovations, which are estimated to cost $3 million. Completion of the renovation project is slated for spring 2020. Drew Millard and John Meyer of 33 Realty represented the buyer in the sale.
MESA, ARIZ., AND SPRINGFIELD, ORE. — Walker & Dunlop has funded $39.3 million in financing for two seniors housing properties in Arizona and Oregon. Kevin Giusti, Michael Davis and Jeff Ringwald of Walker & Dunlop led the origination team for the transactions. The Walker & Dunlop team structured a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs, located at 2415 S. Signal Butte Road in Mesa. Owned Ahlstrom Investments and managed by Avista Senior Living, the facility offers assisted living and memory care units. Prior to the property’s full stabilization, Walker & Dunlop secured a 10-year, fixed-rate loan while recapitalizing the property owner’s equity. The team also arranged a $13.5 million refinance through Freddie Mac for The Rawlin at Riverbend Memory Care. The Freddie Mac loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of its equity while providing a 15-year, fixed-rate loan. The dedicated memory care facility is located at 3491 Game Farm Road in Springfield.
CROMWELL, CONN. — Covenant Retirement Communities, a nonprofit, faith-based seniors housing owner-operator, will break ground Feb. 21 on a $48 million expansion at Covenant Village of Cromwell, located just south of Hartford. The community originally opened in 1964. The expansion project will add 54 new apartments and a town center with three dining venues, lobbies, a game room, art studio, wellness center and event center. Approximately 87 percent of the units have already been pre-sold. The development team for the expansion includes general contractor C.E. Floyd Co., architecture firm THW Design, landscape architect Milone & Macbroom, project manager JFW Inc. and law firm Dowley & Associates. Construction is scheduled to begin in March with an anticipated completion in the fall of 2020. A ministry of the Evangelical Covenant Church, Covenant Retirement Communities serves 5,000 residents at 16 retirement communities throughout the United States.
CLEAR LAKE CITY, TEXAS — Houston-based Keener Investments has acquired Terrace Villas, a 150-unit multifamily property in Clear Lake City, about 25 miles southeast of Houston. The garden-style property features one-, two- and three-bedroom units averaging 831 square feet per residence. Amenities include a pool, business center, playground, clubhouse and a coffee bar. Keener will upgrade the property’s unit interiors and amenity spaces. The seller was not disclosed. Warren Hitchcock of NorthMarq Capital arranged a bridge loan of an unspecified amount for the acquisition through a life company on behalf of Keener Investments.
AUSTELL, GA. — FCP has acquired Chroma Park, a 210-unit, garden-style apartment complex in Austell, for $29.5 million. The property is situated at 2105 Mesa Valley Way, about 20 miles west of downtown Atlanta. Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors. Travis Presnell of Cushman & Wakefield represented the undisclosed seller in the transaction.
ORLANDO, FLA. — HFF has arranged $28.9 million in equity financing for the development of Radius Apartments in Orlando. The 13-story, 389-unit community will be situated two blocks north of Lake Eola and less than a mile north of downtown Orlando. HFF worked on behalf of an affiliate of Banner Real Estate Group to arrange $14.9 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue-chip life company. The building is slated for completion in 2020 and will feature 12 stories of residential space situated above street-facing retail space on the first floor, an adjacent six-story parking garage and a public courtyard. The roof of the parking garage will be utilized as an amenity deck that will include a pool, cabanas, outdoor kitchen, dining and grilling area, bar and sun shelf.
BEAVERCREEK, OHIO — Project partners Confluent Senior Living and Harbor Retirement Associates (HRA) have opened HarborChase of Beavercreek, a 110-unit seniors housing property in Beavercreek, a suburb of Dayton. Located at 4175 Indian Ripple Road, the property includes 64 assisted living units and 46 memory care apartments. Community amenities include a bar and lounge, beauty salon, library, fitness center, game room, putting green and concierge services. The project team included Eppstein Uhen Architects and The Douglas Company as general contractor.
CHICAGO — Interra Realty has negotiated the $8.2 million sale of a 43-unit apartment building located at 820-26 W. Cuyler Ave. in Chicago’s Buena Park neighborhood. Built in 1921, the property features 23 studios and 20 one-bedroom units. The building was 95 percent occupied at the time of sale. Joe Smazal of Interra represented the seller, a limited liability company controlled by Chicago-based Mo2 Properties. Smazal, along with associate Harrison Pinkus, represented the private local buyer, which purchased the property through a 1031 tax-deferred exchange.
RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.