SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired two seniors housing communities and two skilled nursing facilities in California’s Central Valley for approximately $34.4 million. The portfolio consists of 79 assisted living units and 293 skilled nursing beds, and is currently leased to affiliates of California-based Covenant Care LLC. The sellers included three related ownership groups. The names and specific locations of the communities were not disclosed. The existing leases have terms that expire in 2019, subject to two five-year extension options, and include CPI-based rent escalators. CareTrust funded the acquisition through its $400 million unsecured revolving credit facility. CareTrust is a publicly traded seniors housing and healthcare REIT based in San Clemente. It owns properties in 20 states.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Flats at Olmos, a 76-unit multifamily property located at 103 Jackson Keller Road in San Antonio. Mike Moffitt of Marcus & Millichap’s Austin office represented the seller and secured the purchaser, a regional private entity that plans to complete light interior and exterior enhancements. Flats at Olmos is located near the Alamo Quarry, Northstar Mall and the Uptown/Tobin Hill entertainment district. The property’s amenities include picnic areas, two pools and a laundry facility.
LOS ANGELES — Benchmark Contractors, a subsidiary of Morley Builders, has completed the construction of Blossom Plaza, located at the intersection of Broadway and College Street in downtown Los Angeles. Situated directly north of the Gold Line’s Chinatown Station, the plaza serves as the main pathway through Blossom’s Cultural Plaza and commercial arcade. Blossom features 237 apartment units in three five-story structures with 19,000 square feet of retail space over parking for 453 cars. Forest City developed the project, which Johnson Fair and Togawa Smith Martin designed. The project is targeting LEED Gold certification.
BATON ROUGE, LA. — RISE: A Real Estate Co. has acquired Oakbrook Apartments, a 462-bed student housing community located near Louisiana State University at 5075 Nicholson Drive in Baton Rouge. RISE plans to implement an extensive renovation to the exterior and interior of the 240-unit property, including a new dog park. According to Oakbrook Apartments’ website, the gated community features two swimming pools, a 24-hour fitness center, 24-hour computer lab, grilling areas, covered bus stop on Tiger Trails, clubhouse and on-site management and maintenance.
LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.
STATE COLLEGE, PA. — CA Student Living, a division of CA Ventures, and Liberty Mutual have commenced construction on RISE at State College, a 12-story grocery-anchored student housing development located at 532 E. College Ave. in State College. Located across from the Penn State University campus, the 575-bed project is scheduled for completion in summer 2018. The property will feature a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging in size from 400 to 1,500 square feet, a 16,500-square-foot Urban Market grocery store, and retail and amenity space on the first and second levels. Additionally, the project will feature a mix of graduate housing, professional residences and student housing. Leonard S. Fiore Inc. will serve as the project’s general contractor, with Boston-based Shepley Bulfinch as the architect of record.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 39-unit apartment property in Chicago’s Rogers Park neighborhood for $4.1 million. The property, located at 1914-24 W. Morse Ave., was built in 1929. The building is near the Chicago Transit Authority Red Line and is less than a mile from Loyola University and Lake Michigan. Matt Welke of Essex Realty represented the seller in the transaction, and Dough Fisher represented the buyer. Both parties were undisclosed.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.
LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.
NEW YORK CITY — A joint venture between Extell Development Co. and SMI USA, the US subsidiary of Shanghai Municipal Investment, has unveiled plans to develop Central Park Tower, a $3 billion residential and commercial tower in Manhattan. When complete, it will be the tallest residential building in the Western Hemisphere, according to the developers. The 131-story building will feature condos and retail space, including Nordstrom’s first full-line location in New York. The retail space will serve as Nordstrom’s flagship store and will be its second largest location. The seven-story store will total 285,000 square feet, according to Bloomberg. Central Park Tower will be located along Billionaire’s Row on 57th Street in Midtown Manhattan and is slated to open in 2019. “We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City and expect it to be a great success for Extell and SMI,” says Gary Barnett, founder and CEO of Extell Development Co. Adrian Smith + Gordon Gill Architecture, which designed the world’s tallest building, the Burj Khalifa in Dubai, and the future world’s tallest building, Kingdom Tower in Saudi Arabia, will serve as the architect …