SOUTH BARRINGTON, ILL. — The LaSalle Group will open a 29,000-square-foot freestanding memory care community in the village of South Barrington, approximately 35 miles northwest of the Chicago Loop. Autumn Leaves of South Barrington located at the northeast corner of Higgins and Bartlett Road, will open in July. The $11.1 million memory care community will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia or memory impairment. The LaSalle Group has nine communities open or under construction in the suburbs of Chicago. Autumn Leaves of South Barrington is approximately one mile from the Arboretum of South Barrington shopping mall and five miles from St. Alexius Medical Center. The new community will offer free programs to the public including seminars,speakers, monthly Alzheimer’ssupport groups and respite care. Volunteer opportunities for the community will also be available.
Multifamily
LEBANON, N.J. — HFF has arranged the sale of Presidential Place, a multifamily property located at 701 Presidential Dr. in Lebanon. Pizzo & Pizzo sold the 150-unit property to Eagle Rock Multi-Family Property Fund for $38 million or $253,000 per unit. Constructed in 2011, the six-building community features a mix of one-, two- and three-bedroom units and a clubhouse with fitness center and swimming pool. At the time of sale, the property was 95 percent leased. Zac Pierce and Mark Thomson of HFF Philadelphia, along with Jose Cruz of HFF’s New Jersey office, arranged the off-market transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of 795 Flatbush Avenue in Brooklyn’s Flatbush neighborhood. Built in 1931, the three-story, 5,000-square-foot walk-up apartment building sold for $1.2 million. The property, which has 3,400 square feet of air rights, features four apartments and one commercial unit. Michael Kerwin of Rosewood Realty Group represented the buyer, 795 Flatbush Realty LLC, and the seller, Tanya And Angels LLC, in the transaction.
CARROLLTON, TEXAS — Dallas-based Amish Gupta Ventures plans to develop a 120,000-square-foot seniors housing facility on the northeast corner of the service road of Texas State Highway 121 and Creek Valley Boulevard in the Dallas suburb of Carrollton. The property will consist of two separate wings totaling 135 units and will sit on nearly 4.5 acres. Construction is scheduled to begin in late 2014. The first wing is planned to include 100 units in three stories with a mix of assisted living units and possibly some independent living units. The second wing will house 35 units with dedicated memory care services. Pre-leasing will begin in fall 2015, with residents moving into the facility in early spring 2016.
HOUSTON — Hunington Residential will construct a 352-unit community on an eight-acre site in Wolff Cos.’ Ten Oaks, an 82-acre mixed-use development in Houston’s Energy Corridor. The project will break ground during the third quarter of 2014 and deliver the first units by the summer of 2015. David Hightower, executive vice president of Wolff Cos., says, “The current office space construction in The Corridor translates into more than 25,000 new employees, which creates demand for approximately 5,000 new apartment units. Studies show that new entrants in the job market increasingly look for a residence that is within walking distance or a very short commute of their job. The Hunington Ten Oaks project’s proximity to the Medical Center West Campus, and large employers in Park Ten as well as other major employers in The Corridor, certainly meets that requirement.”
AUSTIN, TEXAS — Woodland Property Group has brokered the sale of a shovel-ready 6.3-acre tract of land with entitlements for a 168-unit garden-style apartment community. Located at 6500 Manchaca Road in the city's' South-Central submarket, the development will consist of seven three-story buildings and a two-story clubhouse. Blair Helgren with Woodland Property Group represented the seller, Whiddon Development Inc., and Brandon Miller with The Brandon Miller Group represented the buyer.
FRESNO, CALIF. – The 190-unit Willow Lakes Apartment Homes in Fresno has received a $6.6-million loan. The community is located at 190 N. Willow Ave. It was built in 1987. The three-year, interest-only loan was arranged by Lanford Tobe of Johnson Capital's Sacramento office. It was provided by Streamline Realty Funding under its bridge program. The non-recourse financing includes two one-year extension options. It represents 85 percent of the purchase price, with an interest rate in the low 5 percent-range.
CANTON, GA. — NorthMarq Capital has arranged a $24.2 million loan for the Lodge at Bridgemill, a 150-unit seniors independent living community in Canton, a northern suburb of Atlanta. Melissa Marcolini Quinn of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender for an undisclosed borrower.
COVINGTON, GA. — Dougherty Mortgage LLC has originated a $13.2 million HUD 223(f) loan to refinance Wellington Ridge, a 220-unit apartment community in Covington. Dougherty’s Minneapolis office arranged the 35-year loan with a 35-year amortization schedule on behalf of the borrower, Lochridge Newton LP.
WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, in partnership with Boston Financial Investment Management (BFIM) has acquired Watertown Crossing in Waterbury. Located near Route 8 and Interstate 84, the 108-unit affordable housing community comprises 18 residential townhome buildings with a mix of one-, two-, three- and four-bedroom townhome-style units. Following the acquisition from Tinman Realty, the community will undergo renovations that include in-unit upgrades to kitchens and baths; repaired siding; new windows, doors and roofing; as well as energy-efficient upgrades to the property’s HVAC systems. In addition to unit upgrades, Winn will complete site improvements, including the construction of a new 2,500-square-foot community clubhouse with a community kitchen, laundry facilities, fitness center and management office. WinnResidential, the property management arm of WinnCompanies, has managed the property since 2001 and the community continues to maintain nearly 100 percent occupancy. The project is receiving equity financing from BFIM and construction-to-permanent financing from the Connecticut Housing Finance Agency. Winn plans to begin construction immediately with completion slated for summer 2015. The Architectural Team is providing architectural services and Keith Construction is serving as general contractor for the redevelopment project.