BEDFORD, OHIO — Greystone’s Real Estate Advisors group has arranged the sale of Woodside Village, a 211-unit assisted living and memory care community in the Cleveland suburb of Bedford, for $6.5 million. Pritok Capital purchased the property from a public healthcare REIT. MB Financial served as the lender on the transaction. Woodside Village was built in 1988 and sits on 20 acres. The facility is 164,920 square feet.
NASHVILLE, TENN. — Love Funding has closed a $19.7 million construction loan through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program for the construction of The Paddock at Grandview in Nashville. The new 240-unit affordable housing community will feature residences reserved for families earning 60 percent or less of area median income. Bruce Gerhart of Love Funding secured the non-recourse loan, which features a 40-year amortization schedule beginning when construction ends. Funding was also provided by 4 percent Low Income Housing Tax Credits (LIHTC) and HOME funds on behalf of the borrower, LDG Development.
MOBILE, ALA. — Moran & Co. Southeast has brokered the $12.8 million sale of Cimarron Ridge, a 248-unit apartment community located at 6427 Grelot Road in Mobile. The property’s average unit size is 695 square feet and residences feature white appliances, vaulted ceilings, walk-in closets, patios and balconies, wood cabinets and fireplaces in select units. Community amenities include two swimming pools, a gazebo with a picnic area, children’s play area, clubhouse with a fitness center and in-building laundry facilities. Atlanta-based Alexander Property Group purchased the asset from Atlanta-based Kaufman Realty Group. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.
There are a lot of ways to increase and unlock value in lower-quality seniors housing, according to the June 2016 Seniors Housing Market Trend Report from Greystone Real Estate Advisors. According to Senior Care Investor’s annual report, Class A properties reaped $248,500 per unit for assisted living and $243,300 per unit for independent living communities in 2015. Class B properties, comparatively, earned only $138,300 per unit for assisted living and $72,900 per unit for independent living. In 2015, approximately 60 percent of assisted living properties sold were Class B, while 40 percent were Class A. In independent living, approximately one-third of the properties sold were Class A, while two-thirds were Class B. In Greystone’s report, the writers distinguish three different factors — physical location, asset quality and operational performance — that set Class A and Class B properties apart. The report outlines five ways to boost value if a property is lacking in one of those measures. 1. Add amenities — Location is extremely important when it comes to the value of an asset, the report suggests. Since this factor is out of the owner’s control when disposing of a property, owners should focus on increasing the quality of the …
DALLAS — Marcus & Millichap has negotiated the sale of Sedona Ridge, a 317-unit apartment community in Dallas. Built in 1983, the apartment complex is located at 11100 Walnut Hill Lane, near its intersection with I-635. Richland College, Texas Health Presbyterian Hospital and the global headquarters of Texas Instruments are nearby. Recent exterior improvements to Sedona Ridge include new signage, floodlighting, closed-circuit security cameras and additional parking spaces. Interior enhancements include brushed-nickel kitchen and bathroom fixtures and black appliance packages.
WEEHAWKEN, N.J. — Lennar has unveiled 1200 Avenue at Port Imperial, a boutique condominium project located on Weehawken’s Port Imperial waterfront. The seven-story development features 103 condominiums, a grand salon lobby, library lounge, media screening room, children’s playroom, fitness center and the Skyline Social Room, which offers lounge space, a catering kitchen, bar, multiple gathering areas with fireplaces, sound systems and televisions. Designed by Handel Architects, the building features a sleek glass interior with brick and metal panel accents, large windows and private balconies/terraces to maximize views of the Hudson River and Manhattan skyline. Ranging from 887 square feet to 3,139 square feet, the one- to three-bedroom residences are available for sale, starting at $759,000. 1200 Avenue at Port Imperial is the second building to open within Lennar’s Avenue Collection, a series of amenity-rich residential properties on the New Jersey Gold Coast.
WARMINSTER, PA. — J.G. Petrucci Co. is developing Jackson Station, an eight-building, 151-unit residential complex located at 375 Jacksonville Road in Warminster. Slated to open in spring 2017, the property will feature 74 one-bedroom and 77 two-bedroom apartments with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washers and dryers. Situated on 10 acres, the complex will also feature on-site surface parking, a fitness center, swimming pool and clubhouse. Minno & Wasko designed the project.
DETROIT — Image Capital LLC has purchased two out of three buildings belonging to the luxury Riverfront Towers property in Detroit for $79.5 million, according to Crain’s Detroit. Riverfront Tower Holding LLC was the seller. Tower 100, built in 1992, is 26 stories and contains 271 units. Tower 200, built in 1983, is 29 stories and contains 282 units. Tower 300, which was converted into 285 condominiums between 2005 and 2007, is not included in the sale. The property is situated on 11.7 acres and totals 571,831 square feet. Amenities include a fitness center, tennis and volleyball courts, a running track, indoor pool and spa, a dog run, jogging trails, a restaurant, picnic and grilling areas and a 722-space parking deck. Riverfront Towers offers a mix of one- and two-bedroom units that average 1,034 square feet. Apartment Management Professionals Residential will manage the property. Rick Vidrio and Rick Brace of Berkadia brokered the transaction.
CHICAGO — Harrison Street Real Estate Capital LLC, a private equity firm, has purchased the “Nellie Black” property at the former Children’s Memorial Hospital in the Lincoln Park neighborhood of Chicago. Harrison Street plans to partner with operator Belmont Village Senior Living to convert the property into a seniors housing facility named Belmont Village Lincoln Park. The new community will feature 160 assisted living and memory care units and will be part of the larger Lincoln Common mixed-use development. Co-developed by McCaffery Interests and Hines, when completed Lincoln Commons will consist of two 19-story luxury apartment buildings with a total of 540 units, up to 60 low-rise condominiums, and approximately 160,000 square feet of retail and commercial space. The developers plan to break ground on Belmont Village Lincoln Park in early 2017. The project is set for completion in 2018.
MERRILLVILLE, IND. — McShane Construction Co. has completed the construction of Merrillville Memory Care, a 48-unit memory care community in Merrillville, approximately 40 miles southeast of Chicago. Dete Development hired McShane on behalf of Whiteco Industries, the land owner. The 33,760-square-foot, single-story complex is located on a nine-acre site.