INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Notch at Nora, a 186-unit luxury apartment complex in Indianapolis. The sales price was undisclosed. The recently completed development is located at the corner of 86th Street and Westfield Boulevard. Amenities include a pool, dog park, fitness center, grilling area and direct access to the Monon Trail. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, locally based TWG Development. Becovic Management was the buyer.
CHICAGO — SVN | Chicago Commercial has arranged the sale of a portfolio of multifamily units in Chicago’s West Rogers Park neighborhood for $10 million. The portfolio consists of eight contiguous buildings located at 6705-37 N. California Ave. with 94 units. Jeffrey Baasch of SVN represented the seller. An out-of-state private family fund was the buyer.
ROUND ROCK, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on The James on Grand Avenue, a 275-unit affordable housing project in the northern Austin suburb of Round Rock. All of the property’s units will be reserved for renters earning 60 percent or less of the area median income. The James on Grand Avenue will feature one-, two-, three- and four-bedroom units and amenities such as a pool, business center children’s play area and a fitness center. Residents will also have access to services such as first-time homebuyer programs, financial literacy training and after school care. Leasing is expected to begin next August, with full completion scheduled for June 2023. NRP Group is developing the project in partnership with Capital Area Housing Finance Corp.
EAGLE LAKE, TEXAS — Provider Nexion Health has opened Eagle’s Landing, a memory care community within its Arbor Hills Rehabilitation and Healthcare Center in Eagle Lake, approximately 70 miles west of Houston. The asset offers 20 units. The Arbor Hills Rehabilitation and Healthcare Center was one of nine Texas facilities that Nexion Health took over the operations of in December 2020.
NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. The property, the name and location of which were not released, was built in the last 20 years with multiple renovations since. ESI represented the seller, an independent owner-operator that sought to exit the long-term care industry. The buyer was an East Coast-based owner-operator of skilled nursing communities that wanted to grow its presence in New Jersey.
BOSTON — Developer MG2 Group is nearing completion of 319 & Park, a 38-unit apartment project in East Boston. The luxury rental community will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, slab cabinetry and hardwood flooring. Private outdoor spaces will also be available in select units. Elevated Cos. is leasing the property. Full completion is slated for early 2022.
LA PUENTE, CALIF. — RAAM Construction has completed the construction of Arboleda Apartments, an affordable seniors housing development in La Puente, approximately 20 miles east of Los Angeles. Development costs for the 74-unit, 71,499-square-foot property are estimated at $29 million. Of the total apartments, 38 are fully ADA-accessible units. “The need for affordable housing has grown in recent years due to rising home prices and an overall housing shortage, and the COVID-19 pandemic has exacerbated that need immensely,” says Richard Lara, president and CEO of RAAM Construction. RAAM worked closely with Meta Housing Corporation, a developer of affordable housing communities for families and seniors, along with AMJ Construction Management Inc. and Y&M Architects to deliver the new residences for qualified low-income seniors. The apartments replace four detached family homes on the site.
HILLSBORO, ORE. — Senior Living Investment Brokerage has negotiated the sale of HOLI Senior Living, a 72-unit assisted living and memory care community in Hillsboro, a suburb of Portland. The community was built in 2019, totaling 39,460 square feet on 2.1 acres. The seller was a local developer and operator, with this being its only seniors housing asset. A private equity firm from Texas bought the property for $15.5 million and installed a Pacific Northwest-based operator. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. “HOLI Senior Living is a well-built new community located in the western suburbs of Portland,” says Punzel. “The lease-up has been excellent throughout COVID and the new owners plan to continue to build on its reputation in the marketplace.”
Marcus & Millichap Negotiates Sale of 38-Unit Brooks Square Apartments in Spokane Valley, Washington
SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Brooks Square, a multifamily property located in Spokane Valley. The asset traded for $4.5 million. The names of the seller and buyer were not released. Located at 10211 E. Main Ave., Brooks Square features 38 apartments in a mix of 26 one-bedroom units and 12 two-bedroom units. Community amenities include a clubhouse, laundry room, covered parking and pool. The property was built in 1972 and fully occupied at the time of sale. The transaction also included a parcel of land adjacent to the apartment complex that currently has a three-bedroom house. The buyer plans to develop the parcel into additional apartment units. Georgie Christensen-Riley and Joshua Reynolds of Marcus & Millichap’s Portland, Ore., office represented the seller and buyer in the deal. Joel Deis, also of Marcus & Millichap, assisted in the closing.
MINNEAPOLIS — D2 Capital Advisors has arranged an $11.5 million bridge loan for LH44, a 36-unit multifamily property located at 2618 W. 44th St. in Minneapolis. The luxury community is located in the Linden Hills neighborhood and features direct access to Lake Harriet. The property was 72 percent occupied at the time of loan closing. Jack Cortese and David Frankel of D2 arranged the loan with a New York-based debt fund. The loan proceeds provided cash-out to the borrowers, while also fully retiring the existing construction debt. The borrower has retained Josh Talberg of JLL to market the property for sale.