DENVER – The 53-unit Governor’s Green apartment building in Denver has sold to a local private investment group for $7.6 million. The community is located at East 6th Ave. in the Governor’s Park area. The property was fully leased at the time of closing. The seller, a private, out-of-state investor, was represented by Justin Hunt, Andy Hellman and Robert Bratley of ARA.
Multifamily
MANSFIELD, TEXAS — Developer UDC Global will break ground in June on Rochester Springs Assisted Living and Memory Care, a seniors housing property in the Dallas/Fort Worth suburb of Mansfield. The $11.5 million facility, which will include 51 assisted living units and 44 memory care units, will occupy 73,073 square feet within the larger mixed-use campus located at the intersection of Matlock Road and East Broad Street. Dallas-based three: living architecture designed the project, which is slated for completion in June 2015.
LOUISVILLE, COLO. — AEW Capital Management has purchased the Balfour Senior Housing Portfolio for a reported $103.8 million. The portfolio features three Class A properties in Louisville that contain a total of 296 units. The Lodge, The Residences and the Balfour Retirement Community are situated on the east side of Colorado Highway 42 along Hecla Drive. The Lodge and The Residences are independent living communities, while the Balfour Retirement Community offers assisted living and skilled nursing. AEW acquired the property on behalf of AEW Senior Housing Investors II, L.P. Balfour was represented by HFF’s Ryan Maconachy, Chad Lavender and Campbell Roche. The team also arranged the acquisition financing for AEW through Cornerstone Real Estate Advisers. Balfour will continue to manage the community.
PORTLAND, ORE. – The 293-unit Russellville Park retirement community in Portland has received $49.3 million in financing. The senior housing community is located at 20 SE 103rd Ave. It contains 186 independent living, 91 assisted living and 16 memory care units. The average occupancy is 95 percent. Russellville Park features two buildings. Russellville East was built in 2004. The facility has undergone two major renovations, which added a new dining room, front lobby and wine bar. Russellville West was built in 2009. Russellville Park is managed and partially owned by Leisure Care Retirement Communities. The 10-year, fixed-rate loan contains a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was arranged by Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group.
MARIETTA, GA. — The Connor Group has purchased Parkside at Town Center, a 234-unit luxury apartment community in Marietta, a northern suburb of Atlanta, for $27.2 million. The asset is located just north of Kennesaw Mountain National Battlefield Park. The Connor Group purchased the community from Sterling Parkside Apartments NF LLC. The acquisition is The Connor Group’s fifth transaction in Atlanta in the past 12 months — the previous four were property sales.
MIAMI — CBRE has arranged a $31 million refinancing loan for the River Oak Apartments, a 199-unit multifamily property located along the Miami River at 1951 N.W. S. River Drive in Miami. The apartment community was built in 2011, and its amenity package features a riverwalk, theater, business center, fitness center, pool and spa, clubroom, gated access with a 24-hour surveillance system and covered parking with controlled access. Charles Foschini, Christopher Apone, Christian Lee, Robert Given and Gerard Yetming of CBRE arranged the 10-year loan through Redwood Commercial Mortgage Co., a division of California-based Redwood Trust, on behalf of the borrower, AP SC River Oaks LLC.
RALEIGH, N.C. — Multi Housing Advisors (MHA) has brokered the $12 million sale of Hidden Creek, a 200-unit apartment community located at 2038 Quail Forest Drive in north Raleigh. The apartment complex, built in 1980, includes a business center, fitness center, playground, swimming pool and laundry facilities. Marc Robinson and Jordan McCarley of MHA’s Charlotte, N.C., office represented the seller, AB Merion Hidden Creek LLC, an affiliate of Merion Realty Partners, in the transaction. The buyer was FortCap Chatsworth LLC, an affiliate of Virginia Beach, Va.-based FortCap Partners. MHA was the sole brokerage firm in the transaction.
GRINNELL, IOWA — Hubbell Realty Co.’s rehabilitation of two Spaulding Center buildings in suburban Des Moines was selected to receive an affordable housing tax credit award of $604,500 from the Iowa Finance Authority (IFA). Hubbell had been pursuing the funding sources to bring Spaulding Lofts, a 77-unit apartment community in Grinnell, to fruition. With the funding in place, construction on the development is slated to begin in the fall. The Spaulding Center was originally built in the 1870s and is the former home of Spaulding Manufacturing Co., an automobile manufacturer. The $12.5 million conversion of these facilities into Spaulding Lofts will result in the creation of 41 one-bedroom and 36 two-bedroom lofts.
LAWRENCE, KAN. — The BA Green / Weitz joint venture team has broken ground on two new Daisy Hill Residence Halls for the University of Kansas at 1600 Stewart Drive in Lawrence. The new $41 million residence halls will replace the 50-year-old McCollum Hall, which will be demolished following the completion of the new halls. The new buildings will feature a two-story common area and be flanked by two five-story residence towers with two- and four-person suites. The new residence halls are slated for a August 2015 opening. The University of Kansas Design Construction Management department in collaboration with KU Student Housing will manage the design and construction process along with project architect Treanor Architects.
CIRCLEVILLE, OHIO — Marcus & Millichap has arranged the $2 million sale of Twin Oaks Apartments, 60 apartment units and four retail spaces in Circleville, a southern suburb of Columbus, Ohio. The 61,208-square-foot property, built in 1978, is located at 935 S. Court St., about 30 minutes south of Columbus. A local group purchased the property. Michael Barron, Dan Burkons, Josh Wintermute, Jordan Marshall and Richard Lattro of the Barron, Burkons, Wintermute Group of Marcus & Millichap, as well as Mark Lovering and Brett Hatcher, also with the firm, marketed the property on behalf of the seller.