SCHERERVILLE, IND. — Ryan Cos. has broken ground on a $40 million, 177-unit senior living development in Schererville. Clarendale of Schererville is slated to open in the spring of 2017. The 206,000-square-foot development will be constructed on a nine-acre site and will consist of 85 independent living units, 38 assisted living units and 54 memory care units. Apartments will range from 720 square feet to 1,300 square feet for the independent living units and 300 square feet to 890 square feet for the assisted living and memory care units. Amenities will include a craft room, movie theater room, bistro, pub and billiards room, library, wellness center, salon, fitness room, multipurpose room and a private patio with courtyard.
NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Bedford Courts LLC, a joint venture between BFC Partners and Slate Property Group, have unveiled plans for a 500,000-square-foot mixed-use development at the Bedford Union Armory in Brooklyn’s Crown Heights neighborhood. The development will bring hundreds of units of housing, a multi-sport recreational facility, community event space, office space and commercial space to Brooklyn. Planned in close coordination with community and local elected officials, the Bedford Union Armory project will activate the vacant building, which was built in 1903. Bedford Courts will develop the property on a long-term ground lease from the city into a 300-unit residential building and a commercial building with recreational, community and office space. Outfitted by Carmelo Anthony and The Carmelo Anthony Foundation, the recreational facility will feature basketball courts, a swimming pool and an indoor turf field. CAMBA, a Brooklyn-based non-profit organization, will operate and provide associated programming for the recreational facility and community event space.
HONOLULU — Kalākaua Gardens, an independent living, assisted living, skilled nursing and memory care community in Hawaii’s capital, is slated to open its doors in early 2016. Although the operator, Avalon Health Care Group, doesn’t specifically identify the property as a continuing care retirement community, it notes that Kalākaua Gardens will be the only community on the island offering all levels of care on one site. The luxury community will comprise 17 stories in Honolulu’s vibrant Ala Moana commercial district.
PHOENIX — Lancaster Pollard has provided a $9.5 million FHA loan for the refinancing of Sunshine Village, a 49-unit memory care community in Phoenix. The cottage-style community consists of seven single-story buildings. It was constructed in 1999 and renovated in 2013. The nonrecourse loan carries a 35-year term and fixed interest rate. The refinancing provides Sunshine Village with debt service savings as well as over $335,000 in funds for capital improvements. Jason Dopoulos led the transaction for Lancaster Pollard.
NEW YORK CITY — Icon Realty Management has sold two six-story, fully renovated apartment buildings in the East Village to a South Carolina-based investor for $20 million, or $1 million per unit. Located at 326-328 E. Fourth St., the properties feature two two-bedroom units, 15 three-bedroom units, one four-bedroom unit and two five bedroom apartments. Each apartment features hardwood floors, stainless steel appliances, oak-paneled walls, Carrera marble countertops, recessed lighting, marble bathrooms and exposed brick. Additionally, all units have self-contained heating and air conditioning systems and in-unit washers/dryers. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of Marcus & Millichap’s Manhattan office represented the seller, while Von Der Ahe, Koicim, Isdaner and Sean Lefkovits, also of Marcus & Millichap, procured the buyer in the transaction.
NEW YORK CITY — Avison Young has arranged the sale of Studio House, a 16-unit multifamily property located at 239 E. 77th St. on Manhattan’s Upper East Side. Hanna Graham Associates acquired the asset from Boris Lurie Art Foundation for $7.5 million, or $1,042 per square foot. Neil Helman and Eric Karmitz of Avison Young represented both the buyer and seller in the transaction.
AUBURN, MASS. — Kelleher & Sadowsky Associates has brokered the sale of Laurel Hill Apartment Complex, located at 11 Whitney Circle and 1-17 Temple St. in Auburn. Micozzi Management Inc. acquired the property from Laurel Hill Realty Inc. for $3.9 million. The property features 44 two-bedroom/one-bath units and was fully occupied at the time of closing. Donald Mancini and Will Kelleher of Kelleher & Sadowsky brokered the transaction.
ARLINGTON, TEXAS — SVN (formerly Sperry Van Ness) has arranged the sale of Olympic Club Apartments, a 305-unit garden-style community located at 504 Dudley Circle in Arlington. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller, a Colorado partnership. The team also procured the buyer, a local partnership. The new owner plans to upgrade the buildings’ interiors and amenities to compete with other complexes in the immediate area.
DALLAS — Marcus & Millichap has arranged the sale of Courtyard Condominiums, a 32-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, a limited liability company. Courtyard Condominiums is located at 6003 Ridgecrest Road in Dallas just off Hemlock Avenue. Situated on approximately 0.7 acres, the asset was built in 1983. The Class B apartment community has a unit mix of 14 one-bedroom/one-bath units and 18 two-bedroom/one-bath units. At the time of listing, the seller reported an occupancy of 94 percent.
ATLANTA — A joint venture between McShane Construction Co. and IBG Construction Services LLC has completed construction on Oasis at Scholar’s Landing, a 60-unit affordable assisted living community in Atlanta. The complex, made up of three- and four-story buildings, is located on a 2.1-acre site and totals 65,193 square feet. The joint venture built the property for the developer, Integral Group LLC. Along with 60 one-bedroom units, the complex incorporates a fitness center, hair salon, commercial kitchen and dining room, two activity rooms and a covered patio. The Georgia Department of Community Affairs’ low-income housing tax credit program and the Atlanta Housing Authority partially funded the project. Kitchen & Associates provided architectural services. McShane is a construction firm based in Rosemont, Ill. IBG is an Atlanta-based general contractor and a sister company of Integral Group, an Atlanta-based real estate developer.