Northeast

Universe Holdings Acquires Multifamily Property in Toms River, New Jersey, for $60M

by Taylor Williams June 28, 2021

TOMS RIVER, N.J. — Multifamily investment and management firm Universe Holdings has acquired Mariners Cove, a 225-unit townhome community in the coastal New Jersey city of Toms River, for $60 million. Built in 1972 and renovated in 2013, the waterfront property features two-bedroom units, about 90 percent of which offer water views. Amenities include a fitness center, playground and a pet play area, according to Apartments.com. Spencer Yablon of CBRE represented both Universe Holdings and the undisclosed seller in the transaction. Mariners Cove was 98 percent occupied at the time of sale.

June 28, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

CBRE Negotiates Sale of 140,913 SF Life Sciences Building in Philadelphia

by Taylor Williams June 28, 2021

PHILADELPHIA — CBRE has negotiated the sale of a 140,913-square-foot life sciences building located at 3701 Market St. in Philadelphia. Built in 2000, the property was leased to Penn Medicine and Drexel University at the time of sale. Robert Fahey, Jerry Kranzel, Bruer Kershner, Erin Hannan and Jack Corcoran of CBRE represented the seller, University City Science Center, in the transaction. Steven Doherty and Nick Harris of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, San Francisco-based GI Partners, which purchased the eight-story building for an undisclosed price.

June 28, 2021

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

Michaels Organization Buys 201-Unit Mixed-Income Housing Property in Springfield, Massachusetts

by Taylor Williams June 28, 2021

SPRINGFIELD, MASS. —The Michaels Organization has purchased Bergen Circle Apartments, a 201-unit mixed-income housing property in Springfield, located in the western part of the state. MassHousing provided Michaels with a $13.3 million construction loan along with a $7.9 million repair loan to fund a renovation program that will include HVAC upgrades, new flooring and appliances and new window installation. The community offers two-, three- and four-bedroom apartments, 118 of which are restricted to households earning up to 50 percent of the area median income (AMI). Fifty-two units restricted to those earning up to 80 percent of AMI. The remaining units are rented at market rates. The general contractor for the renovation program is Michaels Construction; the architect is Urban Practice.

June 28, 2021

Acquisitions Connecticut Northeast Retail

O,R&L Commercial Brokers Sale of 62,722 SF Retail Center in West Haven, Connecticut

by Taylor Williams June 28, 2021

WEST HAVEN, CONN. — O,R&L Commercial LLC has brokered the sale of Savin Rock Plaza, a 62,722-square-foot retail center in West Haven, located in the southern coastal part of the state. The sales price was $3 million. Phil Marshall of O,R&L represented the buyer, DeLaurentis Management Corp., which plans to implement a capital improvement program, in the transaction. The seller was not disclosed.

June 28, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $12.4M Loan for Refinancing of Multifamily Asset in The Bronx

by Taylor Williams June 28, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $12.4 million loan for the refinancing of a 36-unit multifamily building in The Bronx. Eli Weisblum of Ariel Property Advisors led the debt placement for the newly constructed building. The borrower and direct lender were not disclosed.

June 28, 2021

Acquisitions Company News Illinois Midwest New York Northeast Seniors Housing Top Stories

Ventas Agrees to Acquire Independent Living Owner New Senior Investment Group in $2.3B Deal, Including 103 Properties

by John Nelson June 28, 2021

CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …

June 28, 2021

Development Multifamily New Jersey Northeast

Fisher Development Begins Leasing 452-Unit Apartment Building in Jersey City

by Taylor Williams June 25, 2021

JERSEY CITY, N.J. — Fisher Development Associates has begun leasing the second rental tower in The Vantage Collection, a 45-story apartment building in downtown Jersey City that houses 452 luxury units. Units come in studio, one- and two-bedroom formats and are furnished with stainless steel appliances, quartz countertops and in-home washers and dryers. Communal indoor amenities include a sky lounge, fitness center with a yoga studio, children’s playroom, business center, coworking lounge, game room, lobby a coffee bar and package locker systems. Outdoor amenities include two pools, a basketball court, lawn, fire pits, 12-station BBQ area, outdoor children’s play area, outdoor fitness area and a bar with a lounge and tiered seating. S9 Architecture designed The Vantage Collection, which consists of 900 apartments across two towers. The Bozzuto Group has been tapped as the leasing and management agent for the property. Rents were initially priced at more than $2,000 per month for a studio unit, but special grand opening incentives are available for a limited time.

June 25, 2021

Acquisitions Multifamily Northeast Pennsylvania

Harbor Group International Buys Royal Athena Apartments Near Philadelphia for $59.5M

by Taylor Williams June 25, 2021

BALA CYNWYD, PA. — Affiliates of Harbor Group International (HGI) have acquired Royal Athena, a 275-unit waterfront apartment community in the Philadelphia suburb of Bala Cynwyd, for $59.5 million. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Erin Miller of Newmark brokered the deal, the seller in which was not disclosed. Henry Stimler, Ari Schwarbad and Bill Weber, also with Newmark, arranged acquisition financing on behalf of HGI.

June 25, 2021

Acquisitions Industrial New York Northeast

W. P. Carey Acquires New York Distribution Center for $45M in Sale-Leaseback Transaction

by Taylor Williams June 25, 2021

ROME, N.Y. — In a sale-leaseback transaction, W. P. Carey has acquired a 779,000-square-foot distribution center in Rome, about 40 miles northeast of Syracuse. The purchase price was $45 million. Orgill, an independent hardware distributor, occupies the newly constructed property, which is located near Interstate 90. Orgill uses the facility as its primary regional distribution center. W. P. Carey now owns four of Orgill’s seven U.S. distribution centers. The property is triple-net leased for a period of 26 years with fixed rent escalations.

June 25, 2021

Development Healthcare Massachusetts Northeast Office

Quaker Lane, Turnbridge to Develop 160,000 SF Flex Building in Metro Boston

by Taylor Williams June 25, 2021

MALDEN, MASS. — A partnership between regional developer Quaker Lane Capital and Turnbridge Equities will develop a 160,000-square-foot building that can support traditional office or life sciences users in Malden, a northern suburb of Boston. Global architecture firm Gensler is designing the nine-story facility, which will be located within an Opportunity Zone. Construction is expected to begin in the first half of 2022 and to be complete some time in 2023.

June 25, 2021

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