NEWARK, CALIF. — Trion Properties has acquired The Meadows, an apartment community located in Newark, for $27.5 million. The name of the buyer was not released. Located at 35750 Bettencourt St., The Meadows features 84 apartment units in a mix of one-, two- and three-bedroom units, all with private patios or balconies and walk-in closets. Trion Properties has an extensive renovation and rebranding program planned for the property, which was built in 1966.
POWAY, CALIF. — Owner-operator Cadence Living and Sabra Health Care REIT have acquired Sunshine Care, a 32-acre seniors housing community in Poway, a suburb of San Diego. Now named Cadence at Poway Gardens, the property is situated near the Palomar Hospital. The community is known for its horticultural therapy program that grows more than 20,000 pounds of organic fruits and vegetables every year. “To be able to produce an in-house farm-to-table experience as an activity that brings staff, families and their loved ones together sets Cadence at Poway Gardens apart from other assisted living and memory care communities,” says Rob Leinbach, a principal with Cadence. “We look forward to the community’s partnership with Backyard Produce that provides excess food grown by our residents to those in the Poway community in need.” Cadence Living currently owns, operates and/or is developing communities throughout the South and West.
AMARILLO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Morton Place, a 168-unit community in Amarillo that also includes 116 storage units. The property features one- and two-bedroom units and amenities such as two pools, outdoor picnic areas, a fitness center and a business center. Paul Yazbeck, Jon Krebbs, Bryce Smith and Chibuzor Nnaji Jr. of TMG represented the Dallas-based seller in the transaction. The buyer was undisclosed.
DALLAS — Greysteel has brokered the sale of 2014 Bennett, a 50-unit multifamily community located in the Knox-Henderson area of Dallas. The property was built in 1971. Doug Banerjee and Andrew Mueller of Greysteel represented the undisclosed seller and procured the buyer, an out-of-state investor. Additional terms of sale were not disclosed.
NEW ROCHELLE, N.Y. — The Masonic Hall and Asylum Fund, a seniors housing owner-operator, has acquired the former College of New Rochelle campus just north of The Bronx for $32 million, according to reports from The Journal News. The college declared bankruptcy in September, and sister school Mercy College absorbed all the students, faculty and programs. Although specific plans for the future of the property were not disclosed, Masonic Hall and Asylum Fund operates Masonic Care Community, a seniors housing community in Utica.
ROCKFORD, ILL. — SVN Chicago Commercial has brokered the sale of Main Place Apartments, a 60-unit apartment building in Rockford, for $2.2 million. The property is located at 929-935 N. Main St. Reid Bennett and Cody Doran of SVN brokered the transaction. Becovic Management Group acquired the property from an undisclosed seller. Jerry Lumpkins of BMO Harris Bank originated acquisition financing. The deal marks the second time in five years that the asset has traded hands.
Georgia’s secondary and tertiary multifamily markets continue to demonstrate growing attraction as capital flows from investors leaving the Atlanta metro area in search of higher yield transactions. The greater Georgia market, which spans the state excluding the 29-county Atlanta metro area, has become a destination for investment due to growing capital inflows to the Southeast and cap rate compression in metro Atlanta. Multifamily transaction volume in the Southeast totaled $11.8 billion in second-quarter 2019, up 25 percent year-over-year, allowing more capital to enter Georgia’s secondary and tertiary markets. The trickle-down effect of investment into these markets, boosted by strong job growth and increasing renter households, works to promote a strong renter marketplace with increasing returns in the region. Georgia markets demonstrated tightening fundamentals and noticeable rent gains in recent years, particularly south of Atlanta, due to supply-side pressure and limited new deliveries. According to CoStar Group, metro Atlanta delivered nearly 11,000 units, up 15 percent year-over-year through the second quarter, while Georgia’s secondary and tertiary markets delivered roughly 2,200 in total, down 40 percent. Greater Georgia’s lack of supply has generated pent-up demand in multifamily, resulting in residents who are willing to pay more for higher value assets while landlords …
COLUMBUS, GA. — Columbus-based Trillium Capital Resources has arranged a refinancing package for four Class B and C apartment complexes and a store leased to Walgreens in the greater Columbus area. Scott Taccati of Trillium Capital arranged the approximately $19.7 million financing through a life insurance company on behalf of the borrower, a local real estate developer. The loan package for the apartments was underwritten with a fixed 3.4 percent interest rate and a 15-year amortization schedule. Three of the apartment communities are located in Columbus and one is located in nearby Phenix City, Ala., and the average age of the four communities is 30 years. The Walgreens loan was underwritten at a fixed 3.65 percent interest rate and a 15-year amortization schedule. The Walgreens property was constructed in 2011 in Columbus. Trilium Capital also recently arranged an approximately $26.8 million refinancing for a Class A multifamily complex located in the northern section of Pensacola, Fla. Taccati arranged the loan on behalf of the borrower, an undisclosed Phenix City-based developer, through a regional bank. The 10-year loan features a 3.15 percent interest rate.
SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willowcrest, an apartment property in West Seattle. Investco sold the property to Raymond Capital Advisors for $18.8 million, or $251,000 per unit. Built in 1988 on two acres, Willowcrest features 75 units in a mix of one- and two-bedroom apartments averaging approximately 780 square feet. All units have a wood-burning fireplace, full-size washer and dryer, and private patio or balcony. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in deal.
ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar, has broken ground on The Flynn, a 212-unit apartment building in Elmhurst. First move-ins are slated for January 2021. Situated at 183 N. Addison Ave., the eight-story development is less than three miles from interstates 290 and 294. Floor plans will range from 565 to 1,745 square feet. Amenities will include a sky deck terrace, clubroom, dog run, fitness center and bike lounge. This is LMC’s seventh community in the greater Chicago area, joining properties such as The Marlowe and The Emerson.
