Multifamily

ARA Newmark Arranges Sale of 200-Unit Student Housing Community in Waco

by Katie Sloan March 9, 2016

WACO, TEXAS — ARA Newmark has arranged the sale of The Hype, a 200-unit student housing community located near Baylor University in Waco. Community amenities of the 430-bed property include a resort-style swimming pool and hot tub, cabanas, water and sand volleyball courts, an outdoor theater, gas grills, an outdoor fire pit, a 24-hour fitness center, an off leash dog park and a five-acre play scape with hammocks and an organic garden. Ryan Lang of ARA Newmark represented the undisclosed seller in the transaction.

March 9, 2016

Midwest Multifamily Seniors Housing Wisconsin

Blueprint Arranges $6.5M Sale of Assisted Living Community Near Milwaukee

by Christina Cannon March 9, 2016

WEST ALLIS, WIS. — Blueprint Healthcare Real Estate Advisors, a brokerage based in Chicago, has arranged the $6.5 million sale of Lamplight Inn of West Allis, a 118-unit assisted living community in the Milwaukee suburb of West Allis. The seller was a private ownership group looking to divest non-core assets. The buyer is a publicly traded REIT, which will continue leasing the property to the current operator. None of the specific companies involved in the transaction were disclosed. The purchase price equates to approximately $55,000 per unit. Ben Firestone and Jacob Gehl led the Blueprint team, supported by Mike Segal and Mario Wilson.

March 9, 2016

Multifamily Texas

HFF Arranges Financing for 148-Unit Apartment Community in Temple

by Katie Sloan March 9, 2016

TEMPLE, TEXAS — HFF has arranged financing for Chappell Creek Village, a 148-unit, garden-style apartment community in Temple. Cortney Cole and Scott Galloway of HFF worked on behalf of the borrower, Chappell Hill Equity III Ltd., to place the 10-year, 3.86 percent fixed-rate loan with a life insurance lender. Chappell Creek Village is situated on the north side of Ira Young Drive, and offers one-, two- and three-bedroom units in 12 two- and three-story apartment buildings totaling 147,220 rentable square feet. Community amenities include a swimming pool, fitness center, business center and on-site laundry facilities.

March 9, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $41M in Financing for Residential Property in New York

by Amy Works March 9, 2016

RIVERDALE, N.Y. — Meridian Capital Group has arranged a $36 million underlying cooperative loan and a $5 million line of credit for The Whitehall, a cooperative property located at 3333 Henry Hudson Blvd. in Riverdale, for Whitehall Tenants Corp. The 15-year loan, provided by a New York-based commercial bank, features a 3.7 percent fixed rate and interest-only payments for the initial 10-year term. Constructed in 1970, the 22-story property features 432 residential units, 21 office spaces, a health club and spa, indoor swimming pool, 496-car garage and 24-hour concierge. Allan Lieberman of Meridian Capital negotiated the transaction.

March 9, 2016

Multifamily Northeast Pennsylvania

CCIC to Develop 67-Unit Strata II at City Center Lehigh Valley in Pennsylvania

by Amy Works March 9, 2016

ALLENTOWN, PA. — City Center Investment Corp. (CCIC) is developing Strata II, a 67-unit residential complex at City Center Lehigh Valley, a mixed-used development in downtown Allentown. Designed by WRT with engineering work by T&M Associates, the five-story, 100,000-square-foot building will feature one- and two-bedroom market-rate apartment units and a variety of amenities, including a game room, movie theater and private courtyard. Additionally, the project will feature eight arts-related retail spaces on the first floor, including a co-op gallery. Slated to open in spring 2017, the $23 million residential property will join the 170-unit Strata Flats residential property that opened in July 2015. The project team includes Cityline Construction as project manager of the building’s commercial portion; T&M Associates as engineer; and Harkins Builders as general contractor.

March 9, 2016

Multifamily Seniors Housing Washington Western

Historic Tacoma Seniors Housing Community Announces Three-Phase Expansion

by Nellie Day March 9, 2016

TACOMA, WASH. — Franke Tobey Jones, a 20-acre, 90-year-old, nonprofit continuing care retirement community in the Point Defiance neighborhood of Tacoma, has announced a three-phase expansion. The community currently serves 190 residents with independent living, assisted living, memory care and skilled nursing services. The nonprofit also operates the Point Defiance Ruston Senior Center, a Senior University Program and the M.J. Wicks Family Wellness center. Between its projects, Franke Tobey Jones provides continuing education, fitness classes and social events to residents and non-residents alike. Initial plans for the community’s expansion include three phases over the next five to eight years. Phase I will include a new health center, memory care community and independent living apartments featuring views of the Puget Sound. Phase II will include new independent living apartment building with an enhanced wellness center, auditorium, bistro, game room, lounge, business/computer room, library and rooftop deck. The building is meant for aging in place, allowing for assisted living services to be delivered without relocation. Phase III will include a renovation of the historic original building and another building on the campus. When all three phases are complete, Franke Tobey Jones will be able to house over 280 seniors with a full spectrum …

March 9, 2016

Arizona Multifamily Western

Sycamore Square Apartments in Mesa Sells for $10M

by Nellie Day March 8, 2016

MESA, ARIZ. — T&D Alder Creek Equity has purchased the 120-unit Sycamore Square Apartments in Mesa for $10 million. The community is located at 1120 S. Sycamore. It is currently 94 percent occupied. Sycamore Square was built in 1978. The seller was RND6 LLC. Brett Polachek and Jim Crews of Cushman & Wakefield executed the transaction.

March 8, 2016

Arizona Multifamily Seniors Housing Western

Mainstreet Buys Plot in Phoenix Medical Park for $1.7M to Develop Assisted Living Community

by Nellie Day March 8, 2016

PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location. When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017. Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017. Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet. Bob Neil and Sam Pollina with Realty Executives represented the buyer.

March 8, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital, USAA Real Estate Co. Acquire Mixed-Use Property in Manhattan

by Amy Works March 8, 2016

NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.

March 8, 2016

Mixed-Use Multifamily New Jersey Northeast Office Retail

Redwood Realty Negotiates $5.4M Sale of Mixed-Use Property in New Jersey

by Amy Works March 8, 2016

HASBROUCK HEIGHTS, N.J. — Redwood Realty Advisors has brokered the sale of a mixed-use property located at 192 Boulevard in Hasbrouck Heights. An undisclosed buyer acquired the asset for $5.4 million in a 1031 exchange. The property features 32 apartments and 10 commercial spaces. Thomas McConnell, Kevin McCrann, Steven Matovski and Saul Ramirez brokered the transaction. The name of the seller was not released.

March 8, 2016

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