CHICAGO — Boston Capital will invest in the rehabilitation of Senior Suites of Norwood Park, an 84-unit development for seniors located in Chicago. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Chicago-based Senior Lifestyle Corp. is the developer. Senior Suites of Norwood Park will include the preservation and adaptive reuse of the Passionist Monastery. The multifamily community will feature a three-story building, which will include 10 studio units, 63 one-bedroom units and 11 two-bedroom units. Amenities include a central community room with scheduled events and activities, lounges on each floor, a fitness room, library/reading room, health/wellness office and a landscaped patio. Senior Suites of Norwood Park will be available to seniors earning 60 percent or less of the area median income.
Multifamily
ROCKLIN, SANTA CLARITA, CALIF. — American Realty Capital (ARC) has acquired two luxury senior living communities in Southern California for $104 million. The purchase includes the 159-unit Casa de Santa Fe in Rocklin and the 134-unit Summerhill Villa in Santa Clarita. Casa de Santa Fe was built in 2001 at 3201 Santa Fe Way, just 20 miles north of Sacramento. It is currently 98.7 percent occupied. The community contains two independent living, one assisted living and one memory care facility, in addition to a community clubhouse. Summerhill Villa was also built in 2001. The assisted living and memory care community is located at 24431 Lyons Ave., just 30 miles northwest of Downtown Los Angeles. It is 98.4 percent occupied. The CBRE National Senior Housing Group represented the seller, MBK Senior Living, in this transaction. ARC represented itself. MBK will continue to manage the communities.
CHARLOTTE, N.C. — Novare Group, Batson-Cook Development Co. and Grubb Properties, all Southeast-based companies, have started construction on SkyHouse Uptown at the corner of 10th and Church streets in Charlotte's Fourth Ward neighborhood. The 24-story luxury apartment tower will feature one-, two- and three-bedroom units with high-end finishes and floor-to-ceiling windows. Additionally the building with offer a clubhouse, fitness area and outdoor plaza, including a swimming pool, fireplaces, covered outdoor lounges and bird's eye views of the city. The project is designed to meet environmentally sustainable standards and obtain Energy Star certification. This development is the 11th in the SkyHouse program in the Southeast, which involves a joint venture between Novare Group and Baston-Cook Development Co., general contractor Batson-Cook Construction and architectural firm Smallwood, Reynolds, Stewart, Stewart. BBVA/Compass Bank is providing construction financing for the project, and NGI Investments LLC and Baston-Cook Development Co. are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of CB Richard Ellis' Atlanta office advised on financing, while Ryan Clutter, also of CBRE, represented the seller in the land transaction.
SANDY SPRINGS, GA. — A joint venture between Kaplan Residential and George S. Morgan Development Co. plans to break ground in June on One City Walk, a mid-rise, mixed-use apartment community in Sandy Springs, a suburb of Atlanta. The new community will be the focal point of the new Sandy Springs City Center. Located at the corner of Roswell and Hammond roads, the property will include 203 luxury apartment units, 8,000 square feet of retail space and an amenity deck, which will feature a swimming pool, tanning deck, grill station and bocce ball court. The property, which is slated for completion in August 2015, will also feature a dog park, fitness center, club room, business center and green space. Niles Bolton Associates is designing the property and its interior, Choate Construction is the community’s general contractor, Greystar is handling the property’s management and leasing responsibilities and Crim and Associates is leasing the property’s retail space.
NEW YORK CITY — Madison Realty Capital has arranged a $7.8 million loan for a three-story, 3,360-square-foot townhouse located at 152 West 13th St. in Manhattan’s Greenwich Village neighborhood. Built in 1899, the multifamily building features three units. The borrower plans to use the loan to convert the property into a luxury single-family townhouse. Once complete, the new single-family property will include an additional 1,183 square feet of livable space for a total of 4,543 square-feet.
DALLAS — A joint venture between Mill Creek Residential and AEW Capital Management LP has acquired Lakewood on the Trail, a 352-unit multifamily property in Dallas. The garden-style community offers one- and two-bedroom apartments, as well as three pools, a fitness center, clubhouse, outdoor kitchen and covered parking. Located at 101 N. Brookside Drive, the community is in close proximity to Lakewood Country Club, Lakewood Village Shopping Center and the major thoroughfares of I-30 and U.S. Highway 75. Mill Creek Residential is also developing the Avenue H Apartments in the nearby Knox neighborhood, and the acquisition of Lakewood on the Trail is part of the company’s “buy where we build” strategy.
BUDA, TEXAS — HFF has brokered the sale of Silverado Crossing, a 300-unit multifamily property in the Austin suburb of Buda. The complex, which was constructed in 2013, is located at 1480 Cabelas Drive, just west of I-35. The community includes one-, two- and three-bedroom units averaging 852 square feet each, plus amenities including a swimming pool, fitness center, movie theater and sand volleyball court. Sean Sorrell of HFF represented the seller, JCI Residential, in the transaction. The Meagher Family Trust acquired the asset free and clear of debt.
HURST, TEXAS — Marcus & Millichap has brokered the sale of Gables of Notting Hill Apartments, a 176-unit multifamily property in the Fort Worth suburb of Hurst. Constructed in 1968, the garden-style complex is located at 601 Brown Trail, in proximity to the Bell Helicopter plant, a major area employer. The community offers one-, two- and three-bedroom residences, as well as two laundry facilities and two swimming pools. Al Silva of Marcus & Millichap represented the seller, Notting Hill Partners LP, and also secured the buyer, a Texas-based limited liability company. The property, which was 90 percent occupied at the time of the sale, attracted eight offers during a three-week marketing period.
CASSELBERRY, FLA. — CBRE has brokered the $40 million sale of the Harbor at Lake Howell, a 408-unit apartment community in Casselberry, about 13 miles north of Orlando. The apartment community features two swimming pools, a fitness center, tennis court and a private boat ramp for the onsite Lake Howell, a 450-acre recreational lake. The property was built in 1991 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. The Atlanta-based buyer plans to implement a value-add strategy for the property to increase rents.
COLUMBIA, S.C. — Marcus & Millichap has arranged the $5.3 million sale of Chimneys at Brookfield, a 259-unit apartment community located at 7501 Brookfield Road in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta and Charleston, S.C., offices represented the seller, a limited liability company, in the transaction. Chimneys at Brookfield features fully equipped kitchens and one-, two- and three-bedroom plans. The community, which was built in 1974, was 73 percent occupied at the time of sale.