Multifamily

Welltower Agrees to Acquire West Coast Seniors Housing Portfolio for $1.15B

by John Nelson August 2, 2016

TOLEDO, OHIO — Welltower Inc. (NYSE: HCN), a seniors housing and healthcare facility REIT, has entered into a definitive agreement to acquire a portfolio of properties on the West Coast operated by Vintage Senior Living for $1.15 billion. The transaction spans 2,590 units in 19 independent living, assisted living and memory care communities concentrated in Southern and Northern California and in the state of Washington. Welltower will transition management of these communities to Senior Resource Group (11 properties), Sunrise Senior Living (seven properties) and Silverado (one property), once the acquisition has been completed. “This acquisition reinforces our high-quality healthcare real estate portfolio and leading presence in two of the top U.S. metro markets,” says Tom DeRosa, CEO of Welltower. “Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation.” Vintage Senior Living will continue to operate its communities until the purchase has been completed. The transaction is expected to close in tranches beginning in September and will be subject to lenders’ approvals and customary regulatory approvals. “These properties are in attractive markets, including irreplaceable locations near San Francisco’s Golden Gate Park and Nob Hill, with a …

August 2, 2016

Features Industrial Multifamily Office Retail Top Stories

Ten-X: Office, Apartment, Retail Sectors Drive Acquisition Prices Higher in July

by Haisten Willis August 2, 2016

IRVINE and SILICON VALLEY, CALIF. — Commercial real estate valuations increased by 1.1 percent in July, marking the strongest monthly increase this year and a 5.2 gain over last year, according to the latest Ten-X Nowcast. Ten-X, an online real estate transaction marketplace, uses Google Trends data, its own proprietary transaction data and investor surveys to forecast commercial real estate pricing trends. “The recent string of monthly increases confirms that overall pricing of commercial real estate remains on the upswing following the weakness seen earlier this year,” says Ten-X chief economist Peter Muoio. “That said, we are noticing distinct differences across the five major property sectors, with each telling its own story.” The office, apartment and retail sectors all saw monthly increases in July. The office sector posted the strongest gain for the second consecutive month, rising 4.8 percent from June and 7.6 percent above its level from one year ago. This was the best year-over-year gain for any of the commercial sectors since January. The multifamily sector, which has posted steady gains this year, increased 1.1 percent in July from the previous month and is 6.8 percent above last year’s level. “The apartment sector is unencumbered by technology-driven shifts …

August 2, 2016

Multifamily Texas

M&M Arranges Sale of 20-Unit Apartment Building in Dallas

by Haisten Willis August 1, 2016

DALLAS — Marcus & Millichap has arranged the sale of The Trails, a 20-unit apartment property located in Dallas. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, an out-of-state private equity firm. The all-cash transaction closed 20 days after receipt of contract. The Trails is a Class B multifamily asset located at 4335 Cedar Springs Road in the Oak Lawn submarket of Dallas. Originally constructed in 1966 and renovated in 2001, the asset is situated on a 21,600-sqaure-foot lot. The property features upgraded units throughout, stackable washer/dryer connections, a swimming pool and gated entry.

August 1, 2016

Midwest Multifamily Wisconsin

Boston Capital Invests in 90-Unit Apartment Project in Milwaukee

by Christina Cannon August 1, 2016

MILWAUKEE — Boston Capital has invested in the construction of a 90-unit apartment community in Milwaukee. Cardinal Capital Management is the general partner in the development. The Germania will feature 44 tax credit units and 46 market rate units. Tenants of the tax credit units must earn 60 percent or less of the area’s median income. The apartments will be located in an eight-story, vacant building that was constructed in 1896 and is listed on the National Register of Historic Places. The project will also include 8,500 square feet of ground-floor commercial space. The Germania will provide 38 one-bedroom units and 52 two-bedroom units ranging from 446 square feet to 1,210 square feet. Unit amenities will include washers and dryers, central air conditioning and dishwashers. Community amenities will include a leasing office, community room with kitchen, fitness center and storage lockers. The Germania will be built with tax credit equity from the Low Income Housing Tax Credit program, as well as federal and state historic tax credit programs.

August 1, 2016

Loans Louisiana Southeast Student Housing

CBRE Arranges $48M Construction Loan for Student Housing Community Near LSU

by John Nelson August 1, 2016

BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.

August 1, 2016

Affordable Housing Louisiana Seniors Housing Southeast

Community Development Completes Affordable Housing Facility in Baton Rouge

by John Nelson August 1, 2016

BATON ROUGE, LA. — Community Development Inc. has opened Cypress Springs, a 144-unit affordable seniors housing community in Baton Rouge. WNC, a California-based real estate investor, provided $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development. Cypress Springs includes three buildings with 76 one-bedroom units and 68 two-bedroom units.

August 1, 2016

Florida Multifamily Southeast

KeyBank Arranges $13.5M Loan for Apartment Community in Jacksonville

by John Nelson August 1, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $13.5 million Fannie Mae loan for Caroline Square, a 356-unit apartment community in Jacksonville. The property was originally built in 1974. Tom Peloquin of KeyBank Real Estate Capital arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

August 1, 2016

Florida Loans Multifamily Southeast

NorthMarq Arranges $3.5M Loan for Apartment Community in Lakeland

by John Nelson August 1, 2016

LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.

August 1, 2016

California Multifamily Western

Stos Partners Acquires 22,000 SF Mixed-Use Property in San Diego for $6M

by Nellie Day July 29, 2016

SAN DIEGO — Stos Partners has acquired a 22,000-square-foot mixed-use property located at 560 Carlsbad Village Drive and 2975 Roosevelt St. in Carlsbad Village section of San Diego. At the time of sale, the three-story property was 90 percent leased to PAON, a local restaurant and wine bar, and a variety of retail and office tenants. The property also features two residential penthouses. Barry Hendler of Cushman & Wakefield represented the buyer and the seller, a private company, in the deal.

July 29, 2016

Multifamily New York Northeast

The Rosenblum Companies Breaks Ground on $23M Mixed-Use Residential Project in New York

by Amy Works July 29, 2016

TROY, N.Y. — The Rosenblum Companies has broken ground at 501 Broadway in Troy for the development of a $23 million mixed-use loft apartment project. The historic renovation of the former Troy Record newspaper building and the construction of a complementary new addition will bring 101 new apartments and ground-floor retail space to downtown Troy. Construction is slated to take 18 months. Redmark Realty is handling the leasing of the retail space.

July 29, 2016

Newer Posts

Older Posts