Multifamily

NHI Buys Three Seniors Housing Communities Near Portland for $36.6M

by Nellie Day September 7, 2016

MCMINNVILLE, ORE. — National Health Investors (NYSE: NHI) has purchased the entire portfolio of FirCrest Community Living for $36.6 million. The transaction included three seniors housing communities, all located in McMinnville, approximately 35 miles southwest of Portland. The three facilities are located within four miles of each other and feature a total of 134 units and 181 beds. The facilities were constructed in 2008, 2014 and 2015, and offer memory care, assisted living and independent living care services. Evans Senior Investments represented the seller the transaction, which included FirCrest Community, Maple Valley and Cherrywood Memory Care. The purchase price equates to $272,388 per unit. NHI immediately leased all three communities to Chancellor Health Care. The lease term is for 15 years with an annual lease rate of 7.5 percent plus annual fixed escalators. With the three new communities, NHI now leases seven seniors housing communities to Chancellor. NHI, a publicly traded healthcare REIT based in Tennessee, funded the acquisition with its revolving credit facility.

September 7, 2016

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $3.9M Construction Loan for Affordable Housing Community in Cincinnati

by Amy Works September 7, 2016

CINCINNATI — KeyBank has provided a $3.9 million construction loan for the Sheakley Center for Youth in Cincinnati. The property will consist of a shelter unit and a housing unit. The shelter unit will contain 27,708 square feet of commercial space, including a day shelter, a 28-bed night shelter and street outreach offices and social services rooms, while the housing unit will include 39 studio and one-bedroom apartments. Greg Kiger of KeyBank’s Community Development Lending and Investment team arranged the financing for the undisclosed borrower.

September 7, 2016

Kentucky Multifamily Southeast

Miller-Valentine Group Breaks Ground on Apartment Community in Lexington

by John Nelson September 7, 2016

LEXINGTON, KY. — National developer Miller-Valentine Group has begun construction on WaterStone at Hamburg, a 264-unit apartment community in Lexington. Located near the intersection of Man O’ War and Polo Club boulevards, the upscale apartment community will be situated adjacent to Hamburg Place, the largest shopping and dining area in central Kentucky spanning more than 2 million square feet of retail space. The first units are expected to deliver during the first quarter of 2017. Rents start at $990 per month for a one-bedroom apartment, $1,175 for a two-bedroom apartment and $1,365 for a three-bedroom apartment. Units at WaterStone at Hamburg will feature wood-plank flooring, private balconies and patios, laundry rooms, under mount sinks, dark wood cabinets, stainless steel appliances, quartz countertops and freestanding kitchen islands. Community amenities will include a heated saltwater pool, colonnade and porch lounge areas and an entertainment area including a bar, TV, grills, fire pit and two courtyards with additional grilling stations. A 5,500-square-foot clubhouse will feature a large reception room with a fireplace, coffee bar, TV lounge/media room, billiards room, kitchen area with two large islands for entertaining and a fitness center including a private yoga room. The community will also feature a private …

September 7, 2016

Multifamily Southeast Virginia

Federal Capital Partners Buys Apartment Community in Metro D.C. for $60.5M

by John Nelson September 7, 2016

WOODBRIDGE, VA. — Federal Capital Partners (FCP) has purchased Windsor at Potomac Vista, a three-story, garden-style apartment community located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from an undisclosed seller for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Potomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two playgrounds. Apartment interiors feature full-size washers and dryers, laminate hardwood floors, new cabinets and countertops, walk-in closets and breakfast bars. Walter Coker and Brian Crivella of HFF represented the seller in the transaction.

September 7, 2016

Multifamily New York Northeast Top Stories

AvalonBay Sells 504-Unit Multifamily Community in New York City Suburb for $147M

by Haisten Willis September 7, 2016

NANUET, N.Y. — AvalonBay Communities Inc. (NYSE: AVB) has sold eaves Nanuet, a 504-unit multifamily community in the New York City suburb of Nanuet, for $147 million. A joint venture between Harbor Group International LLC and Azure Partners LLC purchased the asset free and clear of existing debt. The community is situated on 54 acres at 100 Avalon Gardens Drive. HFF represented AvalonBay in the transaction. The property is located near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway. Nanuet’s Metro North train station and park and ride lot are also located nearby. The 97 percent-leased community includes 64 buildings with a mix of one-, two- and three-bedroom apartments averaging 1,208 square feet. Apartments feature loft spaces, gas fireplaces, closet and attic storage, in-unit washers and dryers, direct-access personal garages, and patios/balconies. Community amenities include an outdoor swimming pool with sun deck, two tennis courts, grilling areas, two playgrounds, clubhouse, fitness center, yoga room, indoor basketball and racquetball courts, and a resident lounge with a fireplace and business center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Robert Borny led the HFF investment sales team representing the seller. “Demand for well-located, value-add multifamily housing continues to …

September 7, 2016

Loans Midwest Multifamily Ohio

BGL Real Estate Advisors Completes $81M in Financing for Standard Building Renovations in Cleveland

by Amy Works September 6, 2016

CLEVELAND — BGL Real Estate Advisors has arranged the development financing for Weston Inc. The loans will be used toward the historical conversion of the Standard Building in downtown Cleveland. The $81 million financing consists of senior construction debt, subordinated bridge debt, municipal city and state agency debt, federal and state historic tax credit equity and Weston Inc. GP equity. The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank and Cleveland Development Advisors, as well as Ohio Water Development Authority and Ohio Development Services Agency, contributed capital to the transaction. Additionally, Piper Jaffray, Port of Cleveland, RSM US LLP and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication. Originally built in the 1920s for Standard Bank, the building will be converted from office space into market-rate apartments and first-floor retail space.

September 6, 2016

Midwest Multifamily Ohio

UMH Properties Acquires Two Housing Communities in Ohio for $2.9M

by Amy Works September 6, 2016

FREEHOLD, N.J. — Freehold-based UMH Properties has acquired two housing communities in Ohio for $2.9 million. The properties include 165 housing sites on approximately 71 acres. At the time of closing, the properties were approximately 64 percent occupied. The communities are part of a five-community portfolio, all located in Ohio, with a total purchase price of $17 million. The full portfolio contains a total of 821 sites on approximately 342 acres. UMH expects to close on the remaining communities before year-end.

September 6, 2016

Illinois Midwest Multifamily

Millennium Properties Negotiates $1.3M Sale of Apartment Building in Chicago

by Amy Works September 6, 2016

CHICAGO — Millennium Properties R/E has arranged the sale of a six-flat apartment building located at 5532 S. Kimbark Ave. in Chicago’s Hyde Park neighborhood. Antheus Capital acquired the property for $1.3 million. The 7,050-square-foot building features six two-bedroom, two-bath units, each with large living spaces and eat-in kitchens. At the time of sale, the building was fully leased. The name seller was not released. Brad Thompson of Millennium Properties arranged the transaction.

September 6, 2016

Multifamily New York Northeast

Sinatra & Co. Real Estate Acquires 410-Apartment Portfolio in Buffalo Suburbs for $24.3M

by Amy Works September 6, 2016

HAMBURG AND TONAWANDA, N.Y. — Sinatra & Co. Real Estate (SCRE) has acquired 410 apartments in Hamburg and Tonawanda for $24.3 million. The deal includes a $21 million three-property multifamily portfolio in Hamburg consisting of the 184-unit Lincoln Square Apartments at 4055 Knoll Drive, the 126-unit Washington Square Apartments at 5546 Scranton Road and 40-unit Colonial Court Apartments at 5045 Berg Road. The remaining 60 units, located in Tonawanda, were purchased for $3.3 million. The sellers were NOCO Energy Corp. and Liberatore Management Group. The transaction was funded through the refinance of a local SCRE portfolio that has undergone value-add renovations. Largo Financial Group helped secure the debt financing.

September 6, 2016

Multifamily Seniors Housing Washington Western

Prestige Care Acquires Six Seniors Housing Communities in Washington, Idaho

by Nellie Day September 6, 2016

VANCOUVER, WASH. — Prestige Care, a Vancouver-based operator of seniors housing communities in the West, has acquired six seniors housing communities in Washington and Idaho from industry pioneer Carl Campbell. The price was not disclosed. Prestige expects the sales to close this fall. The communities will be rebranded as: Prestige Senior Living at Colonial Vista, independent and assisted living, Wenatchee, Wash. Colonial Vista Post-Acute & Rehabilitation Center, skilled nursing, Wenatchee, Wash. Prestige Senior Living at East Wenatchee, independent and assisted living, East Wenatchee, Wash. Prestige Senior Living at Hearthstone, independent and assisted living, Ellensburg, Wash. Prestige Senior Living at Karcher Estates, independent and assisted living, Nampa, Idaho Karcher Post-Acute & Rehabilitation Center, skilled nursing, Nampa, Idaho

September 6, 2016

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