Multifamily

Sonata Starts Construction of Upscale Seniors Housing Community in Metro Orlando

by John Nelson January 19, 2016

WINTER GARDEN, FLA. — Sonata Senior Living, an Orlando-based owner and operator of senior living communities located in central Florida, has started construction of Sonata West. The luxury independent living and assisted living community will be located in the Orlando suburb of Winter Garden. The property will be located adjacent to Serenades by Sonata, a memory care community also owned and operated by Sonata. The community will feature 78 independent living units and 35 assisted living units in a 139,000-square-foot, two-story building. The community is scheduled for completion in early 2017. Development costs were not disclosed.

January 19, 2016

Illinois Midwest Multifamily Seniors Housing

William A. Randolph Breaks Ground on 100-Unit Seniors Housing Community in Chicago Suburb

by Christina Cannon January 18, 2016

LONG GROVE, ILL. — William A. Randolph Inc. has broken ground on Long Grove Senior Care, a project in Long Grove, approximately 35 miles northwest of Chicago. GART Partners selected William A. Randolph Inc. to serve as the general contractor for the two-story, 100-unit senior living community, which includes assisted living and memory care. The project will be situated on 10 acres and will feature a bistro, a pub and billiards room, outdoor patios, walking paths, gardens, a theater and a greenhouse.

January 18, 2016

Colorado Multifamily Seniors Housing Western

Arcapita, MorningStar Acquire Three Seniors Housing Communities in Colorado for $85M

by Nellie Day January 18, 2016

DENVER and COLORADO SPRINGS, COLO. — A joint venture of Arcapita, a global investment management firm, and MorningStar Senior Living, an owner/operator based in Denver, has acquired a three-community seniors housing portfolio in Denver and Colorado Springs for $85 million. The portfolio totals 196 units of assisted living and memory care. The communities were built in 2013 and 2014. The names of the communities were not disclosed. MorningStar will operate the communities. Arcapita, which is based in the small middle-eastern island country of Bahrain, plans on many more U.S. seniors housing acquisitions in the near future. The investment firm previously acquired, managed and sold a $1.5 billion seniors housing portfolio in the U.S. and U.K. Colorado was specifically targeted because its seniors population is projected to grow at twice the national average over the next five years, according to Martin Tan, Arcapita’s chief investment officer.

January 18, 2016

California Loans Multifamily Seniors Housing Western

CBRE Provides $32.3M Fannie Mae Loan for Seniors Housing Community in Chico

by Nellie Day January 18, 2016

CHICO, CALIF. — CBRE Multifamily Capital has originated a $32.3 million loan for The Terraces Senior Living, a 138-unit independent living and assisted living community in Chico, approximately 90 miles north of Sacramento. The community is part of a master planned age-restricted community. The borrower, California-based owner/operator Westmont Living, will use the money to convert assisted living units into memory care units. The non-recourse, 10-year, fixed-rate loan includes four and a half years of interest-only payments. CBRE secured the loan through its Fannie Mae program. Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

January 18, 2016

Multifamily New York Northeast

Forest City Realty Trust Sells Development Site in Brooklyn for $158M

by Amy Works January 18, 2016

NEW YORK CITY — Forest City Realty Trust has completed the disposition of a development site located at 625 Fulton St. in Brooklyn. Brooklyn-based Rabsky Group acquired the unencumbered site for $158 million, or approximately $255 per square foot. Forest City originally purchased the property in 1989, and the company demolished the existing 359,000-square-foot office building on the site, with plans to develop a residential tower. Rabsky Group has approximately 1,850 units in the pipeline in Brooklyn and 400 more planned in Queens. The company’s two largest current projects are a 398-unit rental building at 10 Montieth St. and a 777-unit rental property at 249 and 334 Wallabout St. in Brooklyn.

January 18, 2016

Multifamily New York Northeast

SGW Properties Completes $10M in Capital Improvements on Nine Brooklyn Properties

by Amy Works January 18, 2016

NEW YORK CITY — New York City-based SGW Properties has completed in excess of $10 million in capital improvements to nine multifamily properties in the East Flatbush and Crown Heights neighborhoods of Brooklyn. The capital improvement program included renovation and upgrades to roofs, sidewalks, brickwork, windows, boilers, lighting, intercom systems and plumbing.

January 18, 2016

Mixed-Use Multifamily New York Northeast Office

Cushman & Wakefield Arranges $2.5M Sale of Mixed-Use Property in Brooklyn

by Amy Works January 18, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 199 Malcolm X Blvd. in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset sold for $2.5 million, or $534 per square foot, in an all-cash transaction. The 4,836-square-foot, three-story building features five three-bedroom apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield represented the undisclosed seller in the transaction. The name of the buyer was not released.

January 18, 2016

Florida Multifamily Southeast

Franklin Street Brokers $10.7M Sale of Apartment Complex in Tampa

by John Nelson January 18, 2016

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $10.7 million sale of Cedar Cove Apartments in Tampa. The 180-unit apartment community is located at 8741 Grove Terrace. The buyer, Delaware-based Southeast Residential Recovery Fund VIII LLC, plans to renovate unit interiors and upgrade the site and common areas. Matt Kesterson and James Reed of Franklin Street’s Jacksonville office represented the buyer in the transaction. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street’s Tampa office represented the seller, Metis Brentwood LLC.

January 18, 2016

Kentucky Southeast Student Housing

PEP Buys Student Housing Community Near Western Kentucky University

by John Nelson January 18, 2016

BOWLING GREEN, KY. — Pierce Education Properties (PEP) has purchased a 756-bed, off-campus student housing community near the campus of Western Kentucky University in Bowling Green. The property, called College Suites, is a 216-unit community located just south of the campus. The garden-style brick project includes three- and four-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, private balconies, and a resort-style pool with sundeck and hot tub. Beginning in the spring, PEP will add large, flat-screen TVs in each unit. Community amenities include a 24-hour fitness center, basketball and volleyball courts, a stadium-seating movie theater, computer/media center, complimentary tanning beds and high-speed Internet. KeyBank Real Estate Capital provided acquisition financing on behalf of PEP.

January 18, 2016

Multifamily Texas

ARA Newmark Arranges Sale of Calais at Courtlandt Square in Houston

by Haisten Willis January 18, 2016

HOUSTON — ARA Newmark has arranged the sale of Calais at Courtlandt Square, a 356-unit, Class A property in Houston’s Midtown area. ARA Newmark’s David Mitchell represented the seller, Internacional Realty, in the sale to Venterra Living, which acquired the property for an undisclosed price. Calais at Courtlandt Square was 95 percent occupied at the time of the sale. Surrounding the apartments at 210 Louisiana St. are grocery, retail, nightlife spots and restaurants such as Reef, T’afia and Brennan’s of Houston. Based in San Antonio, Internacional Realty spans a group of companies whose disciplines include acquisitions and development, management and investment. Venterra specializes in the identification, finance, acquisition and management of multifamily communities in the Southern region.

January 18, 2016

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