WILLOW PARK, TEXAS — Olympus Property has acquired The Village at Crown Park, a 258-unit apartment community in Willow Park, located about 25 miles west of Fort Worth. Built in 2015, the Class A property includes 50 townhomes and features two pools, outdoor grilling areas, a children’s play area, basketball and volleyball courts, fitness center, movie theater and a game room. The seller was not disclosed.
ORLANDO, FLA. — ARA Newmark has brokered the $65.8 million sale of GrandeVille at Jubilee Park, a 330-unit apartment community in Orlando. Patrick Dufour, Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, LeCesse Development Corp. Cortland Partners LLC acquired the asset and will manage the community, renaming it Cortland Jubilee Park. Constructed in 2015, the community features a pool with sundeck, outdoor kitchen, community dog park, fitness center and a clubhouse with a pub and a game room.
SEATTLE — Columbia Pacific Advisors, a Seattle-based investment firm, has agreed to acquire Vancouver, Wash.-based seniors housing owner-operator Hawthorn Retirement Group for an undisclosed price. Hawthorn owns, develops and operates communities located across 20 U.S. states and two Canadian provinces. Hawthorn currently operates 55 communities, with another 24 communities under construction or in pre-development. In addition to the real estate portfolio, the acquisition will include Hawthorn’s management and construction businesses. The principal owners of Hawthorn — Bart Colson, Brad Colson, Norm Brenden and Pat Kennedy — have all known and worked with Columbia Pacific co-founder Dan Baty for many years. Bill Colson and Dan Baty were the primary owners of Holiday Retirement prior to its sale to Fortress Investment Group in 2007. Bart Colson and Brad Colson are Bill’s sons, and Bart was Holiday’s COO for 10 years prior to the sale to Fortress. Norm Brenden and Pat Kennedy were also high-ranking executives at Holiday. “We are buying what we believe to be one of the best senior living companies ahead of a huge and quickly approaching demographic trend of an aging U.S. population,” said Alex Washburn, managing partner and co-founder of Columbia Pacific Advisors. “The Hawthorn platform consists of …
REXBURG, IDAHO — Greystone has provided a $28.2 million Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a student housing property in Rexburg. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the loan for the undisclosed borrower. The loan carries a 10-year term, fixed rate and five years of interest-only payments. Built in 2014, the 154-unit property serves the Brigham Young University-Idaho population with 1,024 student beds. On-site amenities include a private gym, theater, music rooms and community-sponsored activities, such as pizza parties and game nights.
LA MESA, CALIF. — Pathfinder Partners has partnered with San Diego-based Silvergate Development to acquire a 4.1-acre former convent and seniors housing community in La Mesa for an undisclosed price. The partnership plans to develop Little Flower Haven, a 130-unit apartment community on the site. Development plans include preserving portions of the 1930s-era mission-style property, including the existing bell tower and chapel. Once complete, the property will feature 68 one-bedroom/one-bath units, 55 two-bedroom/two-bath apartments and seven studio units. Each unit will feature stainless steel appliances, in-unit washer/dryers, central heat and air conditioning, new flooring and solid-surface countertops. On-site amenities will include a recreation room with kitchen, fitness facility, exterior decks, pool and spa, barbecues, electric vehicle charging stations, bike lockers, resident storage areas, covered parking and dog park. Construction is slated to begin this fall. Austin Dias of Duhs Commercial represented the buyer, while Eric Knowles of Kidder Mathews represented the undisclosed seller in the deal.
LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financing for the acquisition of a 17.5-acre development site located on Riverbank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, use the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Englewood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acquisition price.
CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to Dougherty.
More apartments are being rented in Southern Connecticut, which is benefiting multifamily properties in the Fairfield County/New Haven region in several important ways. For New Haven, this means the return of rent growth. In Fairfield County, the added demand for rentals continues to support new development. An improved outlook for both markets has also positively influenced investment activity. In 2017, multifamily operators in the New Haven metropolitan area had one of their best years since the recession, thanks to improvements on multiple fronts. Appeal for apartments has generated the second-highest net absorption level so far this decade. Demand increased in the city itself, where Yale University and Yale New Haven Hospital offer numerous employment opportunities, as well as in the surrounding greater New Haven suburbs. Absorption of rental units surpassed that of deliveries by a multiple of three, facilitating a major drop in vacancy. The metro’s overall vacancy rate at the end of the first quarter was 4.7 percent, 270 basis points below where it was just two years ago. Equally important, healthier demand has also aided rent values. Monthly effective rates started to rise in 2017 after retreating in 2015 and 2016, with rent growth nearing 6 percent year over …
CEDAR HILL, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged a $42.5 million construction and permanent financing loan for Aspire at Preston Trails, an apartment community that will be located in the Dallas metro of Cedar Hill. The property will feature 299 market-rate units across nine garden-style buildings. Mason Joseph placed the loan, which features a fixed interest rate for the 22-month construction period and subsequent 40-year term, through HUD’s 221(d)(4) program, on behalf of the developers, Covenant Development LLC and Stewart Residential LLC. Humphreys & Partners is serving as architect for the project and Jordan Foster Construction is serving as general contractor. The property broke ground in early July.
DENVER — A joint venture between RedPeak Properties and Allstate Investments has sold 1600 Glenarm Place, a mixed-use, high-rise property located on the 16th Street Mall in downtown Denver. Northland Investment Corp. acquired the property, along with a 0.77-acre land parcel at 14th Street and Glenarm Place, for an undisclosed price. Constructed in 1967 as an office tower known as the Security Life Building, the property was converted into a multifamily property in 2006 by RedPeak Properties. The 31-story building features 333 apartments in studio, one-bedroom, two-bedroom and penthouse layouts, and 29,000 square feet of commercial space, including frontage along Denver’s 16th Street pedestrian mall. On-site amenities include an outdoor terrace with barbecue grills and fireplace, fitness center, demonstration kitchen, cyber lounge, conference room, movie theater, game room, resident library, reading room, valet parking, 24-hour concierge service and room service from Earl’s Restaurant on the property’s ground floor. Jordan Robbins, Jeff Haag and Anna Stevens of HFF represented the seller in the transaction.
