DENVER — A 20-unit apartment building in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 4353-4373 Clay St. Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
WELLESLEY AND NEEDHAM, MASS. — CBRE/New England has arranged the sale of Phillips Park, an age-restricted apartment community in Wellesley and Webster Green, an apartment community in Needham. TrueNorth Capital Partners acquired Phillips Park for $15 million and Webster Green for $25.5 million. Built in 1894 and rehabilitated in 1988, the 49-unit Phillips Park features six one-bedroom units and 43 two-bedroom units, which are restricted to households 55 years of age or older. Built in 1985, the 76-unit Webster Green features two one-bedroom units and 74 two-bedroom units. CBRE/NE represented the undisclosed seller and procured the buyer in the transaction.
HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.
STOCKBRIDGE, GA. — Omega Communities has unveiled plans for Lake Vista at Eagle’s Landing, a 150-unit continuing care retirement community (CCRC) in Stockbridge, approximately 20 miles southeast of Atlanta. Construction on the $45 million project is scheduled to begin in the fourth quarter of 2016 on a 10-acre plot. The CCRC will be located adjacent to Eagle’s Landing First Baptist Church. The new development is part of the church’s plan to create a “ministry village” on its property, which will include the Pregnancy Resource Center of Henry County, Eagle’s Landing Christian Counseling Center and Uniting Hope for Children, a foster and adoption ministry. Partners on the project include Greenbrier Development, Greenbrier Senior Living and three: living architecture. The developers expect to open the CCRC in the fourth quarter of 2017. Omega, a faith-based, luxury CCRC developer based in Alabama, currently has three other communities under development, all of which are in Florida.
CHARLOTTE, N.C. — Eller Capital Partners and its affiliate, PEG Capital Management, have sold the 220-unit Forest at Chasewood Apartments in Charlotte for $12.8 million. Eller Capital sold the asset to a private, out-of-state investor. The property was built in 1985 at 1600 Chasewood Drive off of Monroe Road. The Forest at Chasewood is the second Charlotte apartment community that Eller Capital Partners has sold recently. In August 2015, the Chapel Hill-based multifamily investor and operator sold Laurel Walk Apartments on Providence Road.
VANCOUVER, WASH. — The 198-unit Meadows at Cascade Park Apartments in Vancouver has sold to a California-based firm for $35.2 million. The community is located at 13314 SE 19th St. The sale represented a price per unit of $164,141, or $163 per square foot. This is one of the three highest sales per square foot that Vancouver has experienced in the past 12 months, according to HFO Investment Real Estate, which represented the seller. A Canadian investment firm with numerous Portland/Vancouver-area holdings sold the asset. The value-add acquisition allowed the buyer to enter the Washington market.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has completed the sale of two properties with a total value of $508 million. The first sale is the leased fee interest in 885 Third Ave. in Manhattan, also known as “The Lipstick Building,” for a gross sales price of $453 million, or $713 per square foot. The deal was originally announced in October. A partnership between Ceruzzi Properties and Shanhai Municipal Investment USA is the buyer, according to the Commercial Observer, a New York-based publication covering commercial real estate transactions. SL Green acquired the leased fee interest in 885 Third Ave. in a joint venture in 2007 at a gross asset valuation of $317 million and fully consolidated its position in 2010 at a valuation of $352 million. As part of the transaction, SL Green will retain a preferred equity position. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to SL Green of approximately $45 million. The second sale is the company’s 90 percent stake in the residential condominium at 248-252 Bedford Ave., a 72-unit multifamily building in Williamsburg, Brooklyn, at a gross asset valuation of $55 …
New Jersey and New York City employers have been expanding their ranks this year, allowing New Jersey residents to recognize new opportunities as economic growth in both areas continues to pick up steam. In Northern New Jersey, employment growth continues to follow a positive course as companies in New York City are attracted to the region’s lower operating costs and highly educated workforce. This year, companies are on track to add 29,000 employees, representing a year-over-year expansion of 1.4 percent. This will be the largest gain in jobs created since 2000. Job creation has been highest in the leisure and hospitality industry, as well as education and health services sectors, where 12,200 new jobs were created in the first half of the year. Newly employed professionals in search of affordable housing are opting for rentals in Northern New Jersey, where average rents can be half the cost of the greater New York City area. As a result of this growing demand for Northern New Jersey rentals, developers have expanded the pipeline of multifamily projects to more than 12,000 apartments with completions scheduled through 2017. Developers are on track to deliver over 7,900 apartments this year, representing the widest pipeline and …
HIGHLANDS RANCH, COLO. — Erickson Senior Living has completed the Phase II expansion of Wind Crest, a continuing care retirement community (CCRC) in the Denver suburb of Highlands Ranch. Texas-based design firm studioSIX5 started the project with Erickson in 2012, adding a second neighborhood and spreading out amenities rather than concentrating them in a central community area. Erickson is a Baltimore-based owner/operator of CCRCs. The company manages eight communities totaling 5,787 units, according to June numbers from the American Seniors Housing Association.
MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in the Westlake District of Middletown. The 650-unit portfolio sold for $92.5 million, or $142,000 per unit. The portfolio includes Madison Chestnut Hill, which was built in 1986 and features 314 apartments, and the 336-unit Madison Northwoods, which was also built in 1986. Both properties offer a variety of community amenities, including clubhouses, billiards rooms, libraries, tennis courts, swimming pools and fitness centers. Victor Nolletti, Steve Witten, Still Hunter and Eric Pentore of IPA represented the seller, Chestnut Hill and Northwoods Apartments Associates LLC, and procured the buyer, Gateway Realty Holdings LTD.
