Multifamily

IPA Brokers Sale of 296-Unit Apartment Property in Houston

by Christina Cannon July 7, 2016

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 296-unit apartment property in Houston, for an undisclosed price. Retreat at Cypress Station, located at 18200 Westfield Place Drive, features amenities such as a swimming pool, clubhouse, playground, fitness center, business center and picnic area. The undisclosed buyer plans to renovate the property and complete unit renovations such as new vinyl plank flooring, stainless steel appliances, hardware fixtures and lighting. Retreat at Cypress Station was built in 2004. Will Balthrope, Drew Kile, Jennifer Campbell and Jeffrey Fript of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer.

July 7, 2016

CBRE Arranges $6.7M Loan for 120-Unit Apartment Complex in Irving, Texas

by Christina Cannon July 7, 2016

IRVING, TEXAS — CBRE Group Inc. has arranged a $6.7 million refinancing loan for Rochelle Plaza, a 120-unit apartment complex in Irving, approximately 10 miles northwest of Dallas. The fixed-rate, non-recourse loan features a 35-year term and was placed with HUD’s section 223(f) program. The Class B Rochelle Plaza was built in 1978. The complex offers 40 one-bedroom units, 64 two-bedroom units and 16 three-bedroom units. Rochelle Plaza Associates Ltd. was the borrower and plans to use the funds to rehabilitate the property. Chad Ricks and Jeff Shaw of CBRE originated the loan.

July 7, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $2M Acquisition Loan for Apartment Property in St. Paul

by Christina Cannon July 7, 2016

ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $2 million Fannie Mae loan for the acquisition of Minnehaha Apartments. Located in St. Paul, Minnehaha Apartments features 39 units. The complex includes all three-story buildings and was constructed in 1962. The loan features a 15-year term and 30-year amortization schedule. Minnehaha Flats LLC is the borrower.

July 7, 2016

Multifamily New York Northeast

La Mesa Verde Apartments Acquires Six-Building Apartment Portfolio in Queens for $72M

by Amy Works July 7, 2016

NEW YORK CITY — La Mesa Verde Apartments LLC has acquired a six-building multifamily portfolio in the Jackson Heights section of Queens. BRG Queens LLC sold the portfolio for $72 million. Built in 1927, the buildings are located at 3419-34-47 90th St. and 3418-34-46 91st St. Totaling 191,808 square feet, the portfolio features 324 residential units. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the deal.

July 7, 2016

Loans Multifamily South Carolina Southeast

KeyBank Arranges $10M Acquisition Loan for Apartment Community in South Carolina

by John Nelson July 7, 2016

SIMPSONVILLE, S.C. — KeyBank Real Estate Capital has arranged a $10 million Fannie Mae loan for The Lexington Place Apartment Homes in Simpsonville. Built in 2000, the 144-unit apartment community is situated on 10.3 acres. Timothy DeWispelaere of KeyBank’s commercial mortgage group arranged the 10-year, non-recourse loan on behalf of the undisclosed borrower.

July 7, 2016

Features Multifamily Seniors Housing Top Stories

NIC: Seniors Housing Occupancy, New Construction Sag Slightly in Second Quarter

by Jeff Shaw July 7, 2016

ANNAPOLIS, Md. — The average occupancy rate for independent living and assisted living properties in the second quarter of 2016 dropped to 89.7 percent, as new inventory outpaced absorption of units, according to a quarterly report from the National Investment Center for Seniors Housing & Care (NIC). The occupancy rate represents a decrease of 30 basis points from the prior quarter, and brings average occupancy back down to where it was a year ago. During the past three years, occupancy has averaged 89.8 percent. As of the second quarter of 2016, occupancy was 2.8 percentage points above its cyclical low of 86.9 percent during the first quarter of 2010. The skilled nursing sector saw the same drop of 30 basis points to 87.1 percent. Despite the lower occupancy rate the second quarter, annual asking rents for independent living and assisted living continued to grow, increasing 3.2 percent. This is an increase of 10 basis points over the first-quarter growth rate and 80 basis points over the previous year. It’s the highest rate since the second quarter of 2008, NIC reports. In skilled nursing, the asking rent growth stayed flat at 2.8 percent. Annual absorption for independent living and assisted living …

July 7, 2016

Multifamily Seniors Housing Washington Western

Emerald Communities Completes $60M Expansion at CCRC Near Seattle

by Nellie Day July 6, 2016

REDMOND, WASH. — Emerald Communities has completed the $60 million expansion of Emerald Heights, a nonprofit continuing care retirement community in the Seattle suburb of Redmond. The expansion included a 43-unit independent living addition named Trailside, new health services clinic, full-continuum-of-care addition named The Corwin Center, fitness center, auditorium and new dining venue. Emerald Heights is located on 38 acres and is home to more than 550 seniors. The community opened in 1992. Emerald Communities is a nonprofit operator of continuing care retirement communities. Its second community, the 275-unit Heron’s Key, is currently under construction in Gig Harbor, another suburb of Seattle.

July 6, 2016

Colorado Multifamily Seniors Housing Western

Grace Healthcare Exits Western Markets with $15.3M Sale of Three Colorado Skilled Nursing Facilities

by Nellie Day July 6, 2016

PAONIA, GLENWOOD SPRINGS AND ROCKY FORD, COLO. — Seniors housing owner/operator Grace Healthcare has officially exited all Western U.S. states with the $15.3 million sale of its final three skilled nursing communities in Colorado. Evans Senior Investments negotiated the sale to an undisclosed California-based investor. The price equates to $67,700 per bed. The new owners will lease the properties to a new operator that already has a presence in Colorado. The three properties are Paonia Care and Rehab Center in Paonia, Grace Healthcare & Rehab in Glenwood Springs and Pioneer Health Care Center in Rocky Ford. Located on the Western Slope in Colorado, Paonia Care and Rehab Center is approximately 70 miles from the city of Grand Junction. The facility features 60 beds in a 16,424-square-foot, single-story building. Located 80 miles southwest of Aspen, Grace Health & Rehab is located on 1.5 acres and features 54 skilled nursing beds and 16 assisted living beds. Pioneer Health Care Center features 94 beds on 4.1 acres. The 36,842-square-foot community offers memory care and rehabilitative care. In June, Grace announced it had sold all its remaining California and Arizona properties in a $14.7 million deal, also negotiated by Evans Senior Investments.

July 6, 2016

Multifamily Texas

ARA Newmark Brokers Sale of 300-Unit Apartment Property in Austin for Fourth Time in Eight Years

by Christina Cannon July 6, 2016

AUSTIN — ARA Newmark has brokered the sale of a 300-unit apartment property in Austin. The Current, formerly known as Bluffs at Town Lake and Longhorn Station, was 93 percent occupied at the time of sale. Austin-based Thrive FP sold the asset to Avesta for an undisclosed price. This transaction is the fourth time in eight years that ARA Newmark has led the sale of the property. Constructed in 1974, the garden-style community offers studio, one- and two-bedroom units. Amenities at The Current include an indoor sports court, electric vehicle charging stations, a fitness center, swimming pool with grill and picnic area and sand volleyball court. Andrew Shih and James Young of ARA Newmark represented the seller in the transaction.

July 6, 2016

Multifamily New York Northeast

GFI Realty Brokers $21.5M Sale of Six Apartment Buildings in Queens

by Amy Works July 6, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of six contiguous walk-up apartment buildings located at 150-01 through 150-11 88th Ave. in the Jamaica section of Queens. Zara Realty acquired the properties for $21.5 million. Totaling 79,200 square feet, the four-story buildings feature 96 rent-stabilized apartments and eight storage units. Josh Orlander of GFI Realty represented the undisclosed seller, while Yosef Katz, also of GFI Realty, represented the buyer.

July 6, 2016

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