NOVATO, CALIF. — Oakmont Senior Living has opened Oakmont of Novato in the San Francisco suburb of Novato. Oakmont of Novato is the third Oakmont Senior Living community to be built and opened during the 2020 pandemic. The 72,614-square-foot community sits on nearly three acres and features 49 assisted living and 36 memory care apartments. Oakmont of Novato is close to shopping, fine dining, and arts and entertainment.
Like many industries, the U.S. affordable housing sector has undergone a sea change stemming from the COVID-19 pandemic. Processes and protocols have changed for affordable housing professionals, some perhaps permanently. Closings are conducted virtually and some of the front-end work such as appraisals and subsidy applications look completely different than a year ago. The “new normal” that industry professionals are navigating has had a few stops and starts since March, but the sector is now in a place of relative comfort, and that’s led to investment sales picking up, according to Kevin Morris, senior director of Colliers International’s Affordable Housing Services team. “By trial and error, we’ve had to figure out systems and programs to do business,” said Morris, who is based in Fort Lauderdale, Florida. “We’ve gone through these couple of stages, and now we’re at a point where we can implement and have implemented systems and programs that will take us through this particular pandemic. We’re transacting now, and so in that regard it is kind of back to normal.” Morris was one of six panelists that comprised the broker and lender panel at Affordable Housing Southeast, a webinar hosted by Southeast Real Estate Business magazine. Kyle Shoemaker, …
PHOENIX — California-based Shefflin Properties has completed the disposition of Dunlap Falls, an apartment property located in Phoenix. California-based Tides Equities acquired the asset for $40.5 million. Located at 3333 W. Dunlap Ave., Dunlap Falls features 288 two- and three-bedroom apartments with patios or balconies, walk-in closets and central air and heating. Community amenities include a swimming pool and spa, large clubhouse, leasing center, covered parking and gated access. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal.
RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for the construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement that one of the fastest-growing segments of homeless adults is seniors,” says Karen Hansberger, IEHP’s chief medical officer. “Seniors coming out of skilled nursing facilities many times have no safe place to call their home.”
WASHINGTON, D.C. — Berkadia has provided a $250 million Freddie Mac loan for the refinancing of Meridian at Mt. Vernon Triangle, a 783-unit apartment complex in Washington, D.C. The loan features 10 years of interest-only payments. The property offers studio, one- and two-bedroom floor plans, which feature full-size washers and dryers. Communal amenities include underground parking, a fitness center, rooftop pool with sundeck, outdoor lounge and a grilling area. The 14-story community is located at 425 L St. NW, one mile east of downtown D.C. J. Tyler Blue and Paul Wallace of Berkadia originated the loan on behalf of the undisclosed borrower.
SMYRNA, GA. — Cushman & Wakefield has arranged the $68.2 million sale of The Eddy at Riverview Landing, a 310-unit multifamily community in Smyrna. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, bike storage, walking trails, dog park and a car charging station. The property is situated along the Chattahoochee River at 6255 Riverview Road SE, 10 miles west of downtown Atlanta. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the seller, Prestwick Cos., in the transaction. JEM Holdings acquired the asset.
VIRGINIA BEACH, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. The buyer plans to make capital improvements at the 186-unit property. The acquisition and renovation have a total capitalization of approximately $22 million. Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room and amenity spaces such as a fitness center, hair salon and walking paths. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. The seller was not disclosed.
FISHERS, IND. — Mortgage banking company Merchants Capital has provided $11 million for the construction of SouthPointe Village, a 62-unit affordable housing community in Fishers, a suburb of Indianapolis. Located at 11144 Lantern Road, the project will be available for renters who earn 50 to 80 percent of the area median income. In addition to the 30-month loan, there are $1.2 million in low-income housing tax credits, enabling the development to be constructed with rents lower than market value. Rents at SouthPointe Village will range from $650 to $950 per month for a one-bedroom unit and $760 to $1,100 per month for two-bedroom units. Additionally, 25 percent of units will be set aside for the developmentally disabled, with the help of local organizations such as Janus Development Services, Outside the Box, Opportunities for Positive Growth and Insights Consulting. Merchants provided the construction loan on behalf of RealAmerica Cos.
BRUNSWICK AND NILES, OHIO — United Church Homes, an Ohio-based nonprofit provider of senior living residential and healthcare services, has acquired two active adult communities in Northeast Ohio for an undisclosed price. Harbor Woods Living at Brunswick and Harbor Woods Living at Niles were each built in 2016. The four-story, rental properties consist of 127 units each and cater to active adults over age 55. Amenities include a fitness center, salon, library, game room and gathering spaces. Harbor Woods Living was the seller. United Church Homes says the acquisition is aligned with its strategy of expanding its portfolio of market-priced housing for middle-income, older adults.
COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Whispering Creek, a $5 million apartment community in Columbus. The property is located at 2960 Gooden Way and features 188 units. Floor plans range from one-bedroom to four-bedroom units. Amenities include a business center, dog park, fitness center, laundry facility, play area and barbecue grills. The development is situated near Hoover Park and the Scioto Country Club on the Scioto River. Monthly rents start at $811.
