TULSA AND CUSHING, OKLA. — Plains Commercial has arranged the sale of three skilled nursing facilities totaling 243 beds in Tulsa and Cushing, Oklahoma. Two of the buildings were built in the 1960s and 1970s and had undergone extensive renovations in recent years. The third was built in 1997. The seller was a locally based seniors housing operator, and the buyer is one of the largest skilled nursing operators in the state. Both parties requested anonymity. Daniel Morris of Plains Commercial handled the transaction.
GRESHAM, ORE. — Trion Properties has completed the disposition of Edison Apartments, a multifamily community located at 1833 6th St. in Gresham, the largest suburb of Portland. An undisclosed buyer acquired the property for $19.5 million. Completed in 2020, Edison Apartments features 64 units with in-unit washers/dryers, stainless steel appliances, granite countertops, air conditioning, modern wooden blinds, large windows and storage units. Community amenities include onsite parking, a communal picnic area, children’s playground, landscaped grounds and video surveillance. Jordan Carter, Tyler Linn and Clay Newton of Kidder Mathews represented the seller in the transaction.
Property tax systems vary from state to state across the country, with differing procedures in each assessor’s jurisdiction. Complicating things further, the personalities of assessors and their staff influence the way they interact with property owners or their agents. It is the responsibility of the property owner or their agent to learn and adapt to the procedures and behaviors at work in their assessor’s offices. However, there are universal pre-emptive steps that property owners in any jurisdiction can take to combat excessive valuations. These property-specific action items and best practices can significantly increase the chances of a successful valuation protest. 1. Document Property Financial Statements In most appraisal systems, income-producing apartment property will be valued using the income approach. Arguably the most important pieces of information the apartment owner can present in protesting assessed values are the property’s rent rolls and profit-and-loss statements. The timely preparation and completion of these documents prior to a protest is essential to any discussion of fair market value. Key line items such as potential gross income, vacancy and collection loss, and net operating income can assist in negotiating lower assessed values. Market rent, in-place rents and occupancy are key indicators on a rent roll …
WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.
NEW ALBANY, MISS. — Marcus & Millichap has brokered the sale of The Gardens Apartments, an 80-unit community in New Albany. David Dorris and Bryan Sisk of Marcus & Millichap represented the undisclosed seller and procured the New York City-based buyer. Built in 2004, The Gardens offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, playground, grill, picnic area, pet care and laundry facilities. Located at 910 Kings Creed Road on 5.6 acres, the property is situated 35.5 miles from the University of Mississippi in Oxford.
MANHATTAN BEACH, CALIF. — California-based investment firm Magma Equities has acquired a portfolio of 1,361 multifamily units that are located across various major markets in Texas from Houston-based Hilltop Residential. The sales price was not disclosed, nor were the specific names and locations of the properties. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. The deal represents Magma Equities’ initial foray into the Houston and San Antonio multifamily markets and boosts the firm’s holdings in Dallas-Fort Worth to more than 2,000 units.
KATY, TEXAS — Berkadia has arranged the sale of Boardwalk Lofts, a 319-unit apartment community in the western Houston suburb of Katy. Developed by Houston-based Sueba USA in 2021, Boardwalk Lofts offers one-, two- and three-bedroom units ranging in size from 520 to 1,914 square feet. Units feature stainless steel appliances, brushed nickel hardware, granite countertops, wood-style flooring and patios/balconies. Amenities include two pools, an outdoor kitchen with gas grills, business center, fitness center, coffee bar, walking trails and valet trash service. Jeffrey Skipworth, Kyle Whitney, Joey Rippel, Chris Young, Chris Curry and Todd Marix of Berkadia represented Sueba USA in the sale. The buyer and sales price were not disclosed.
CHICAGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of four seniors housing communities in Texas, one in each of the four major markets (Dallas, Houston, Austin and San Antonio), for $52 million. The portfolio totals 315 skilled nursing beds and 24 assisted living beds. All facilities were constructed between 2017 and 2018 and feature resort-style amenities with therapy and rehabilitation gyms. The buyer and seller were not disclosed.
SOUTHGATE, MICH. — Friedman Real Estate has brokered the sale of Southgate Tower in Southgate, a southwest suburb of Detroit. The sales price was undisclosed. Rising 14 stories and constructed in the early 1970s, Southgate Tower is a former bank office building that now sits vacant. The buyer, Southgate Tower LLC, plans to undertake a massive redevelopment project. Upon full buildout, the project will consist of 201 apartment units. The construction timeline is 24 to 30 months. Friedman’s Andrew Ledger represented the buyer in the transaction. The seller was undisclosed.
KANSAS CITY, MO. — Dwight Capital has provided a $27.2 million HUD 221(d)(4) loan for the construction of The Apartments at Westport Commons in Kansas City. The 138-unit apartment project will be built on the site once occupied by Westport High School. The school closed in 2010 and the site was placed on the National Register of Historic Places in 2015. Kansas City Public Schools Repurposing Initiative acquired the site. Locally based Brain Group and Mercier Street are the developers. Amenities will include a clubhouse, leasing office, business center, fitness center, dog park, cinema, community rooms, concierge services and 24,000 square feet of commercial space. The project will utilize state and federal historic tax credits in addition to the debt financing from Dwight. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property will qualify as green or energy-efficient housing under the LEED program. Steven Hunt of Dwight originated the loan.