MCKINNEY, TEXAS — Chicago-based Draper & Kramer has acquired Adriatica Senior Living, a 121-unit community located in the northern Dallas suburb of McKinney. The property was built in 2017 and features one- and two-bedroom units that range in size from 806 to 1,370 square feet. Amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and a game room. The seller was not disclosed.
PORT WASHINGTON, N.Y. — A partnership between South Florida-based PEBB Enterprises and New York-based Sagamore Hill Partners has purchased Soundview Marketplace, a 188,109-square-foot shopping center located in the Long Island hamlet of Port Washington. The 11-acre property was built in phases between 1962 and 1977 and houses tenants such as T.J. Maxx, Target, Walgreens and Ace Hardware. John Bell, Jon Kleinberg and Patrick Heeg of Transwestern represented the undisclosed seller in the transaction.
SOMERSET, N.J. — JLL has brokered the sale of Avalon Somerset, a 384-unit apartment community in the Northern New Jersey community of Somerset. Built in 2013, the property features one-, two- and three-bedroom units with an average size of 1,016 square feet. Amenities include a pool, fitness center, resident lounge and a playground. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was a joint venture between Harbor Group International and Azure Partners. Jamie Leachman, Matthew Pizzolato, Amit Kakar and Thomas Didio Jr. of JLL arranged the financing on behalf of the new ownership. The loan was structured with a 10-year term and a floating interest rate.
GILBERT, ARIZ. — Salt Lake City-based TM Equities has purchased Watermark at Gilbert Place, an apartment property located at 4454 E. Ray Road in Gilbert. Watermark Residential sold the asset for $84.3 million. Watermark at Gateway Place features 25 two-story, wood-frame buildings with direct-access garages. The 250-unit property is a Big House design property, a concept created by Humphreys and Partners Architects, which features the privacy, space and convenience of a single-family home without mortgage and maintenance. Each one-, two- and three-bedroom apartment includes a private front door, gourmet bar-kitchen, granite countertops, walk-in closets, garden tub, in-unit washer and dryer, and private balcony or patio. Community amenities include a resort-style swimming pool, clubhouses, fire pits, gas grilling stations, dog park and a 24-hour fitness center. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale.
PORTLAND, ORE. — BPM Real Estate Group has completed the disposition of Sunset Summit, a multifamily community located in the West Hills neighborhood of Portland. Prime Residential acquired the property for $80.7 million, or $309,387 per unit. Situated on 31 acres, the 261-unit Sunset Summit was built in 1989 and renovated in 2014. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.
WESTMINSTER AND ANAHEIM, CALIF. — Advanced Real Estate has purchased a two-property apartment portfolio located in Westminster and Anaheim. The 245-unit transaction was valued at $72 million. The properties are The Edward, a 128-unit community in Westminster formerly known as Hollybrook, and The Lincoln on Grand, a 117-unit property in Anaheim formerly known as Rancho Vista. Built in the early 1970s, both properties offer garden-style apartments, swimming pools and fitness centers. The buyer plans to renovate both assets, including new roofs, windows, siding, landscape, hardscape, new cabinets, counter, fixtures and paint. Sean Deasy and Ryan Fitzpatrick of JLL’s Irvine office represented the undisclosed seller in the deal. Commercial Bank of California provided an acquisition loan for the buyer.
WICHITA, KAN. — Berkadia has arranged a $12.4 million Fannie Mae loan for the acquisition of Angel Fire/Southern Shores, a 138-unit multifamily property in Wichita. The complex is located at 3701 W. Angel St. and features two-, three- and four-bedroom floor plans. John Schorgl of Berkadia secured the financing on behalf of the borrower, Kansas City-based Worcester Investments. The 10-year loan features an interest rate under 3.5 percent, a 30-year amortization schedule and three years of interest-only payments.
With two approved vaccines to combat COVID-19, the end of the pandemic is visible on the horizon. However, some seniors housing experts say it may be the third quarter of 2021 before the sector starts to see the turnaround take hold. “We have a much clearer picture of what the post-COVID world will look like,” said Adam Heavenrich, managing director of Heavenrich & Company. “The COVID world of 2020 will hopefully look drastically different from the post-COVID world of 2021.” The comments came during a panel titled “Investment Update: Should Today’s Investor Buy, Sell or Hold?” during France Media’s InterFace Seniors Housing Investment, Development & Operations conference, held virtually in early December. Heavenrich moderated the panel, which included Kevin Carden, senior vice president of acquisitions, REDICO/American House; Joe Weisenburger, senior vice president and relationship manager, Welltower; Isaac Dole, founder and CEO, Birchwood Health Care Partners; and Curtis King, senior vice president, HJ Sims. King noted that, while the vaccine is certainly good news, turnaround properties and new construction can expect occupancy woes to continue for the near future. “We’re saying 2021 is still going to be a very tough year,” said King. “Pre-vaccination news, we were out there lending, looking …
ATLANTA — Wells Fargo Bank has provided two construction loans totaling $290 million for Midtown Union, a mixed-use development that broke ground last December in Midtown Atlanta. A joint venture between MetLife Investment Management and Granite Properties is developing a 26-story, 612,000-square-foot office building at the project that will serve as the future headquarters of Invesco. Wells Fargo provided the joint venture with a $210 million loan for the office building, for which general contractor Brasfield & Gorrie has completed seven stories. The office tower will feature 24,000 square feet of ground-level retail, a 12,000-square-foot terrace on the eighth floor, a fitness center and 14-foot floor-to-ceiling windows. Cooper Carry designed the building to also feature an HVAC system that features MERV 13 air filters and Needlepoint Bipolar Ionization technology to combat COVID-19. Additionally, a joint venture between MetLife Investment Management and StreetLights Residential received an $80 million loan for Midtown Union’s 18-story, 355-unit multifamily community adjacent to the office tower. Brasfield & Gorrie has completed 12 levels of the residential space and expects to deliver both buildings in the third quarter of 2022. The community will offer studio, one-, two- and three-bedroom floor plans. Communal amenities will include coworking space, …
MCLEAN, VA. AND WASHINGTON, D.C. — McLean-based Freddie Mac and Washington, D.C.-based Fannie Mae have extended their forbearance programs for multifamily borrowers that have been impacted by the COVID-19 pandemic. Under the programs, multifamily landlords whose properties are financed with a Freddie Mac or Fannie Mae loan can defer their loan payments by showing hardship as a consequence of COVID-19, and by gaining lender approval. The extension now runs through March 31, 2021. The programs also require landlords to suspend all evictions for renters during the forbearance period. The two government-sponsored enterprises (GSEs) had announced in June that the programs would expire at the end of 2020. Other tenant protections through the program include: Landlords must provide rent repayment flexibility and cannot require missed or late rents to be paid in one lump sum; Landlords cannot charge late fees or penalties for nonpayments; and Landlords must provide 30 days’ notice for the tenant to vacate during the repayment period. “We are still in the midst of the pandemic, and to continue to provide support for the multifamily market, we are providing additional time for borrowers to request a new or supplemental forbearance agreement,” says Debby Jenkins, executive vice president and head of …
