SEATTLE — Starboard Realty Advisors has purchased Madison View Apartments, a multifamily property located near the Capitol Hill neighborhood of Seattle, for an undisclosed price. Originally built in 1912 and renovated in 2018, the building features 56 units, including eight micro-units, with modern finishes, a community courtyard with fire pit and balconies with views of Lake Washington in select units. The renovations includes stainless steel appliances, quartz countertops, new cabinets, modern fixture, vinyl plank flooring, LED lighting and a bar top in most kitchens. Jerrid Anderson and Dylan Simon of Colliers International represented the undisclosed seller in the deal.
CHICAGO — Co-developers Brinshore Development and Michaels have broken ground on 4400 Grove, an 84-unit apartment building in Chicago’s Bronzeville neighborhood. The development will include a mix of affordable and market-rate units, as well as street-level retail space, a public plaza and landscaped park space. The city of Chicago provided $7.2 million in tax-increment financing and $1.9 million in low-income housing tax credits. U.S. Bancorp and the Chicago Housing Authority are also project partners. The affordable units will be restricted to households earning up to 60 percent of area median income. Pappageorge/Haymes served as the architect. McShane Construction and UJAMMA Construction are the general contractors. First move-ins are expected in spring 2020.
SAN DIEGO — Politics may slow down progress, but positive changes are on their way to the seniors housing industry and U.S. healthcare system, according to former Speaker of the House of Representatives Paul Ryan. Ryan’s comments during the opening general session Feb. 21 at the National Investment Center for Seniors Housing & Care (NIC) 2019 Spring Conference. The event drew nearly 1,700 seniors housing professionals to the Hilton San Diego Bayfront. Ryan, a Wisconsin Republican, gave a speech before sitting down for a discussion with moderator John Kelliher, managing director of Berkeley Resource Group. Ryan identified Kelliher as a long-time friend with a deep background in legislation, law and the military. The event was Ryan’s first speech since retiring from his political office six weeks prior. “We’ve got a lot of work to do because we are not ready for the baby boomer generation,” Ryan said regarding seniors housing. Ryan identified the top political challenges facing the seniors housing industry as healthcare reform, immigration reform and entitlements such as Medicare, Medicaid and Social Security. Facing the labor shortage Ryan said low unemployment is good for the economy as a whole, but creates struggles for business owners who simply can’t …
Chad Thomas Hagwood, senior managing director and Southeast regional manager at Hunt Real Estate Capital, believes times are changing. Hagwood asserts a change in perception is what originally made multifamily such a popular investment years ago. He believes another change is necessary to address our nation’s housing and affordability crises. Hagwood sees manufactured housing as being a partial solution to these challenges. Like the broader multifamily market, this specialty product has suffered from an image problem in the past. While lenders have been willing, borrowers haven’t always been sold on the product. Hagwood is confident that the industry will come around, however, as increased competition leads to creativity — and an opportunity may be staring investors right in the face. Watch the video to hear more about Hagwood’s predictions for 2019.
GREENSBORO, N.C. — Hunt Real Estate Capital has provided a total of $21 million in acquisition and renovation financing for Village 1373, a 332-unit apartment complex in Greensboro. The asset consists of 17 two-story buildings that were built in 1987 and 1996. RJ Guttroff of Hunt Real Estate Capital said the undisclosed borrow plans to rebrand the property and implement more than $4 million worth of upgrades. Interior upgrades will include granite countertops, new cabinets, stainless steel appliances, wood-vinyl plank flooring, painting and new fixtures. Exterior improvements will include new signage, security gate, landscaping, replacing and painting exterior siding, replacing sliding glass doors and windows, asphalt repairs, roof access repairs and amenity upgrades to the fitness center, clubhouse and pool area, including the addition of a dining area with grills. The property was 90 percent occupied at the time of sale.
TUSCALOOSA, FLA. — Castle Lanterra Properties has sold Heights at Skyland, a 304-unit apartment property in Tuscaloosa, for $20.7 million to an undisclosed buyer. The property was developed in two phases in 1975 and 1991. The asset offers one- and two-bedroom floor plans and amenities such as a dog park, breakfast bar, coffee bar, picnic area, fitness center, swimming pool, playground, clubhouse, tennis court and a volleyball court. Heights at Skyland is situated about four miles south of the University of Alabama and about six miles south of downtown Tuscaloosa.
IRVING, TEXAS — JPI has begun construction of Jefferson Texas Plaza, a 282-unit multifamily community that will be located within Irving’s Las Colinas district. The property will feature a resort-style pool, private parking garages, fitness and yoga studio, a dog park and a two-story clubhouse with a coffee bar. The community will also offer proximity to a variety of restaurant and entertainment options, including Alamo Drafthouse Cinema and Toyota Music Factory. Construction is scheduled to begin during the first quarter and to be complete by the fourth quarter of 2020. Jefferson Texas Plaza will be JPI’s 10th community in Irving, where the company is based.
ATASCOCITA, TEXAS — A partnership between Dallas-based MedCore Partners and Houston-based TNRG has broken ground on Fountainwood at Lake Houston, a 200,000-square-foot seniors housing community in Atascocita, a northeastern suburb of Houston. The property will offer 98 independent living units, 68 assisted living residences and 24 memory care apartments. California-based Integral Senior Living will manage the community. The opening is slated for August 2020.
COLLEGE STATION, TEXAS — HFF has arranged a $27.5 million loan for the refinancing of 100 Park at Century Square, a 249-unit multifamily community in College Station. The property is located near Texas A&M University within the 60-acre Century Square mixed-use development. Floor plans consist of studio, one- and two-bedroom units and amenities include a pool, fitness center and an outdoor lounge. Colby Mueck, Timothy Joyce, Stephen Skok and Stuart Hepler of HFF arranged the loan on behalf of the borrower, a joint venture between Houston-based Midway Cos. and Chicago-based Harrison Street, through an affiliate of Granite Point Mortgage Trust Inc.
COLORADO SPRINGS, COLO. — Civitas Senior Living, a senior living management company, and StoneCreek Real Estate Partners, a senior living developer, have announced plans for StoneCreek of Flying Horse, an upscale senior living community in Colorado Springs. This will be the fifth collaboration between the two companies. The 115,000-square-foot project will feature nine detached villas and 16 flats for independent living, 73 assisted living apartments, and 16 memory care residences. The community will be located in the master-planned Flying Horse neighborhood near the United States Air Force Academy with views of Pikes Peak. The official groundbreaking for StoneCreek of Flying Horse is scheduled for March 2019, with construction expected to begin April 1. Completion is anticipated in either late spring or early summer of 2020. This community is a joint venture for the two companies, with StoneCreek Real Estate Partners as the developer and Civitas Senior Living as the management company. Other project partners include D2 Architecture, Brinkmann Constructors and Senior By Design will provide the interior and exterior design.