TUSCON, ARIZ. — Taylor Street Advisors has directed the sale of Saratoga Apartments, a student housing property located at 901 N. First St. in Tucson. The property is situated about 1.3 miles west of the University of Arizona. An undisclosed buyer acquired the asset for $2.4 million, or $87,500 per unit. The Class B student housing property features 16 two-bedroom units and 12 one-bedroom units. The new ownership plans to renovate the property.
YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured loan for the refinancing of Adira at Riverside, a 120-bed skilled nursing facility in Yonkers, located north of New York City. Built in 2000, the property offers short-term rehabilitation, occupational, physical and speech therapy services, as well as amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, long-term skilled nursing care, dedicated Alzheimer’s and dementia care services. Fred Levine of Greystone originated the financing. Shia Fishman of Capital Stack Advisors arranged the loan on behalf of the borrower, L&A RE Acquisition LLC.
HAMDEN, CONN. — Northeast Private Client Group (NEPCG) has brokered the sale of Willow Woods Apartments, a 52-unit multifamily asset in Hamden, located outside of New Haven. The sales price was $6.4 million, or approximately $126,000 per unit. The property was built in 1973 and features one-, two- and three-bedroom residences with flat- and townhouse-style configurations. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented the buyer and seller, both of which requested anonymity, in the deal.
DENVER — Mill Creek Residential has completed the disposition of Modera Cap Hill, a multifamily property located in Denver’s Capitol Hill neighborhood. The name of the buyer and acquisition price were not released. Located at 1200 Grant St., Modera Cap Hill feature 197 studio, one- and two-bedroom floor plans averaging 782 square feet. Units feature private patios or balconies, high ceilings and premium finishes. Community amenities include a fitness studio and yoga room, pet spa, bike storage, electric car charging stations, controlled-access garage parking, rooftop lounge and sundeck, and an elevated pool deck with Rocky Mountain views. The property was built in 2019. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.
PHOENIX — NorthMarq’s Phoenix office has brokered the sale of Glen Arbor Apartments, a multifamily property located at 2250 W. Glendale Ave. in Phoenix. An affiliate of APRA Capital acquired the asset for $11.3 million. Built in 1973 and expanded in 2018, Glen Arbor features 87 apartments in a mix of studio, one-, and two-bedroom units. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of NorthMarq represented the undisclosed seller in the deal. Additionally, NorthMarq’s Phoenix team of Brandon Harrington, Bryan Mummaw and Tyler Woodard secured $10.1 million in acquisition financing for the buyer.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mag & May, a 240-unit apartment community located within the Magnolia Urban Village development in Fort Worth. Built on two acres in 2019, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, clubroom and courtyards. Drew Kile, Michael Ware, Taylor Hill, Joey Tumminello and Will Balthrope of IPA represented the seller, Hudgins Cos., in the transaction. The team also procured the buyer, New York-based Abacus Capital Group.
ODESSA, TEXAS — New York City-based Dwight Capital has provided an $18.5 million HUD loan for the refinancing of Brady Station Apartments, a 262-unit multifamily asset located in the West Texas city of Odessa. The property consists of 18 buildings and features amenities such as a pool, tennis court, dog park, playground and a putting green. Kevin Lifshitz and Jacob Gauptman of Dwight Capital originated the loan on behalf of the borrower, an affiliate of Iowa-based BH Equities LLC.
BOURBONNAIS, LINCOLN AND MARSEILLES, ILL. — Shopoff Realty Investments has purchased a three-property, 611-lot manufactured housing portfolio in North Central Illinois for an undisclosed price. The properties include Oak Creek Estates in Bourbonnais, Lincoln Terrace in Lincoln and Belle Aire in Marseilles. Shopoff says it plans to create value by streamlining operations across the three communities, making physical improvements where needed and addressing vacancies. Currently, there are 112 lots vacant across the properties. California-based Shopoff is a value-add real estate investor.
The seniors housing industry has had a rough ride through the COVID-19 pandemic. First-quarter occupancy clocked in at a record-low 78.8 percent, a drop of 870 basis points from the year prior, according to the National Investment Center for Seniors Housing & Care (NIC). But seniors housing is a needs-based product, and most industry professionals expect a strong rebound. As a result, new construction projects are starting to make a comeback in preparation for pent-up demand. That was the topic of discussion during “The Power Panel: CEOs Discuss the State of Development” at France Media’s InterFace Seniors Housing Development, Design & Finance conference, held virtually on April 20 and 21. Panelists included Marco Vakili of Alliance Residential; Keven Bennema of Charter Senior Living; moderator Kevin Kinigstein of Cox, Castle & Nicholson; Scott Stewart of Capitol Seniors Housing; and Torsten Hirche of Transforming Age. “The pandemic was a double whammy. Revenue is going down and expenses are going up,” said Stewart. “The good news is it wasn’t as bad as we thought. Fast forward to where we are today, we’re essentially at the same occupancy level as we were in March of 2020. That gave us the green light for developing.” …
SMYRNA, GA. — Atlanta-based real estate investment firm Branch Properties has executed the $96.5 million sale of Elevate West Village, a 313-unit, Class A apartment community located at 4520 Pine St. in Smyrna. The buyer of the property is GID. Elevate is the multifamily component of a larger community known as West Village, which includes a collection of retailers and restaurants. Branch is currently developing the fourth and final phase of the West Village project, a medical office build-to-suit for Northside Hospital. Elevate’s community amenities include a pool with a poolside yoga area, a courtyard featuring an outdoor bar with built-in grills, fitness center and a game room, as well as a number of micro offices and a conference room. Apartments range in size from 660-square-foot studios to nearly 1,500-square-foot apartments, with a parking garage comprising 470 spaces. Construction on Elevate began in April 2019, with the first residents moving in last July. Summit Contracting Group served as the general contractor. Other project partners included Crosby Design Group as the interior designer, Preston Partnership as the architect and Planners & Engineers Collaborative as the civil engineer.
