SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.
HOUSTON — Berkadia has added a new multifamily investment sales team to its Houston office with the hiring of Chris Curry, Todd Marix, Joey Rippel and Chris Young, all of whom are joining the company from JLL. The team works with a diverse client base, including institutions, private capital, developers, special servicers and government institutions across all multifamily asset classes. Berkadia’s hiring of a new Houston multifamily investment sales team from JLL follows the departure of a longstanding, eight-member team to Walker & Dunlop earlier this month.
SAN ANTONIO — Arizona-based PEM Real Estate Group has purchased Edge & Stone, a 335-unit, newly built apartment community in north-central San Antonio. The property sits on 22 acres and features studio, one- and two-bedroom units with quartz or granite countertops and private balconies or patios. Amenities include a pool with cabanas, outdoor grilling stations, fitness center and a dog park. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The duo also procured PEM Real Estate as the buyer.
AMARILLO, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a bridge loan of an undisclosed amount for the acquisition of a 415-unit multifamily property in Amarillo. Jamie Safier of MMCC arranged the nonrecourse, floating-rate loan. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. The direct lender and property name were also not disclosed.
TRUMBULL, CONN. — CBRE has negotiated the $82 million sale of The Royce at Trumbull, a 340-unit apartment community located in Connecticut’s Fairfield County. The property was built in 1998 and offers amenities such as a pool, fitness center, outdoor grilling areas, an indoor basketball court and an outdoor lounge. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, a joint venture between Paredim Partners and LEM Capital, in the transaction. The team also procured the buyer, Connecticut-based Sym Investments, which will implement a value-add program.
TAUNTON, MASS. — Cornerstone Realty Capital has arranged a $3.4 million acquisition loan for a 30-unit multifamily asset in Taunton, located south of Boston. The property was built in 1987 and offers an equal mix of one- and two-bedroom units. Patrick Brady of Cornerstone arranged the loan, which was structured with a fixed interest rate, 24 months of interest-only payments and a 30-year amortization schedule. The undisclosed borrower is planning a capital improvement program.
DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …
GLENDALE, ARIZ. — ACRES Capital Corp. has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, an apartment community located at North Cotton Lane and West Orangewood Avenue in Glendale. The borrower is Cavan Communities, which will develop the single-family rental community. Bungalows on Cotton Lane will offer 336 for-rent single-family homes; a swimming pool and heated spa; farmhouse-style clubhouse with a full kitchen; fitness center; car charging stations; gated entry; and 859 parking spaces. The homes will be a mix of 66 one-bedroom, one-bath units; 152 two-bedroom, two-bath units; and 118 three-bedroom, two-bath units, with an overall average unit size of 1,066 square feet. Unit amenities will include smart-home technology, premium finishes, stainless steel appliances and private patios and backyards. Jeremy Korer of Cushman & Wakefield arranged the financing.
PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price. Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5. Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital Markets represented the seller in the deal.
ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet of retail space. The mixed-use development will be located near Five Points MARTA station, Centennial Olympic Park, Mercedes-Benz Stadium and State Farm Arena. The Metropolitan will be Landmark’s fourth development in the Atlanta area since 2018. The Metropolitan will offer one- to five-bedroom units. Community amenities will include a clubhouse, outdoor pool, concierge service, 24-hour fitness center, golf simulator and café study lounge. Units will feature granite countertops and stainless steel appliances, as well as high-speed internet and cable. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital and Canyon Partners LLC, is bringing design, construction management and engineering expertise to the project. Landmark Urban Construction is the general contractor for the project, and CNNA Architects and W&A Engineering are also part of the development team. Landmark is a student …