SPOKANE, WASH. — The Wolff Company has started construction of Revel Spokane, a 132-unit independent living community in Spokane. The development is slated to open in 2018. This project is the seventh senior living community developed by Wolff since 2016. The Arizona-based private equity firm intends to invest $300 million to $400 million annually in the development of independent living communities, in addition to purchasing existing communities.
LAS VEGAS — LivCor has purchased a two-property multifamily portfolio in Las Vegas for $115 million. The portfolio includes the 350-unit Broadstone Talavera and the 324-unit Broadstone Flamingo West. Broadstone Talavera features a fitness center, two pools and a spa. It is situated near restaurants and retail outlets, and is less than eight miles from the Las Vegas Strip. Broadstone Flamingo West features a fitness center, two pools and a dog park area. It is situated near some of the largest employers in the area, and less than seven miles from the Strip. JLL’s Capital Markets team executed the transaction on behalf of the seller, a partnership between AEW Capital Management and Alliance Residential Co. AEW worked on behalf of one of its separate account clients.
DENVER — NexMetro Communities and Trez Capital have partnered to develop five of NexMetro’s Avilla Homes communities in a deal worth more than $100 million. The communities will debut in 2018 in Denver, Phoenix and Dallas. NexMetro Communities is a developer of luxury leased housing communities, while Trez Capital is a private non-bank lender. NexMetro, which currently has more than 2,600 units either built, under construction or under contract, has already closed on two of the initial five Class A projects with Trez. This endeavor was inspired by the National Multifamily Housing Council’s announcement that about 4 million new apartments will be needed by 2030 to keep up with demand.
DENVER — Griffis Residential has acquired The Huron, a new 296-unit apartment community in downtown Denver, for $100 million. The Class A+ community is located at 2975 Huron St. The Huron is situated just blocks from Coors Field in the Union Station North neighborhood. The property is also a few blocks from Union Station and a recently announced mixed-use development, which will include a Rockies Hall of Fame, outdoor public gathering area, hotel and office space. The Huron was built in 2016. Property amenities include a lounge with a tech bar, three theater screening rooms, a fitness center, controlled access and concierge service. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan represented the seller, Edwards Cos., in this transaction.
SOUTHPORT, CONN. — Maplewood Senior Living has started construction of Maplewood at Southport, a 98-unit assisted living and memory care community in Southport, located between Hartford and New York City. Maplewood is building the 93,000-square-foot community on a 27-acre plot. Stein Troost Architecture of Norwalk is the architectural firm on the project. Milone & McBroom of Cheshire will serve as the landscape architects, with Landtech of Westport as civil engineers and KBE Building Corporation of Farmington as the construction manager. The project is scheduled to open in 2019. Based in nearby Westport, Maplewood currently owns and operates 15 communities in Connecticut, Massachusetts and Ohio. The company is expanding to New Jersey and has a high-profile project under construction on the Upper East Side of Manhattan.
PORTLAND, MAINE — Lancaster Pollard has arranged $15.3 million in bridge financing for Portland Center for Assisted Living, an 85-unit assisted living and memory care community in Portland. The borrower is First Atlantic Healthcare Corp., which sought to refinance existing debt. The financing will also fund repairs and reserves for the property, which was built in 1964. Aaron Becker led the transaction for Lancaster Pollard.
MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of English Manor for $3 million. The 37-unit apartment building is located on English Street in Maplewood, about 20 miles east of Minneapolis. The property features 21 one-bedroom units and 16 two-bedroom units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Both were private investors.
ENGLEWOOD, COLO. — CA Senior Living LLC, the seniors housing investment and development division of Chicago-based CA Ventures, has started construction of Atria Englewood, a 130-unit seniors housing community in the Denver suburb of Englewood. Atria Senior Living will operate the seven-story community, which will offer a mix of assisted living and memory care apartments. The property is scheduled to open in summer 2019. When complete, Atria Englewood will offer a total of 106 assisted living apartments, with floor plans ranging from 380 to 1,200 square feet. The remaining 24 apartments will be for memory care. Atria Englewood represents CA Senior Living’s plans to build infill, mid-rise seniors housing near major metros.
RENTON, WASH. — KeyBank’s Commercial Mortgage Group has arranged $49.1 million in financing for the 359-unit Regency Woods Apartment Homes in Renton. The community is located at 1650 Eagle Ridge Drive South. Regency Woods was built between 1967 and 1969. It was renovated in 2010. The seven-year loan features a 30-year amortization schedule. It was used to refinance existing debt. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the loan.
SUN CITY WEST, ARIZ. — Holliday Fenoglio Fowler,L.P. (HFF) has arranged the sale of The Heritage Tradition, a 303-unit seniors housing community located within the Del Webb master-planned community of Sun City West, just northwest of Phoenix. Senior Resource Group LLC acquired the property for an undisclosed price, and will also operate the community. The seller was not disclosed. The Heritage Tradition features 227 independent living apartments, 35 independent living cottages and 41 assisted living units. The property was completed in three phases between 2000 and 2006, and has undergone $3.8 million in capital improvements since 2013. In addition to negotiating the sale, HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company. The HFF investment advisory team included Ryan Maconachy, Chad Lavender and Ryan Fitzpatrick. HFF’s debt placement team consisted of Sarah Anderson.
