Multifamily

Aging-in-Place Technology Has Its Limits, Says a Reassuring InterFace Seniors Housing Panel

by Jeff Shaw November 27, 2019

PHILADELPHIA — Will today’s emerging aging-in-place technologies, designed to help the elderly remain in their own home for a longer period of time, lead to significantly reduced demand for seniors housing? The question was a hot topic at the InterFace Seniors Housing Northeast conference last Thursday in Philadelphia following a recent front-page article in The Wall Street Journal under the following headline: “Boomers Want to Stay Home. Senior Housing Now Faces Budding Glut.” The piece argues that aging-in-place technology poses a challenge to builders of senior living communities, particularly at a time when developers are adding new supply at a healthy clip and occupancy rates remain relatively stagnant. Nationwide, the occupancy rate for seniors housing (assisted living and independent living combined) was 88 percent in the third quarter of 2019, up 30 basis points from the prior quarter, but down from 90.2 percent in the fourth quarter of 2014, according to the National Investment Center for Seniors Housing & Care (NIC) based in Annapolis, Maryland. Seniors housing developers added 21,332 units in 2018, more than double the number added in 2014, The Journal reported based on NIC data. Venture capitalists and other companies are expected to invest about $1 billion this year …

November 27, 2019

Acquisitions Multifamily Southeast Virginia

LYND Buys Mayflower Apartments in Virginia Beach for $43M

by John Nelson November 27, 2019

VIRGINIA BEACH, VA. —San Antonio-based real estate service company LYND has acquired an apartment community in Virginia Beach for $43 million. Located at 205 34th St., the 16-story, 266-unit Mayflower Apartments is within a block of the Atlantic Ocean and less than a mile from downtown Virginia Beach. Mike Marshall of Newmark Knight Frank (NKF) represented the seller, Harbor Group International, a Norfolk-based real estate investment and management firm. LYND plans to spend over $3 million on capital improvements to both individual units and common areas, including Amazon package lockers, surfboard lockers and renovations to the fitness center. LYND management has been retained to oversee renovations and manage the building. Henry Stimler of NKF arranged a $33 million acquisition loan for LYND through Hunt Real Estate Capital, represented internally by Marc Suarez. The property has 3,140 square feet of ground-floor commercial space and a separate parcel with 11,915 square feet of freestanding retail and on-site and off-site parking. Built in 1950, the last renovations to the building were completed in 2010. The Mayflower currently has studio, one- and two-bedroom units and a penthouse floor. Community amenities include outdoor and indoor pools, a fitness center, restaurant, on-site clothes care center, concierge …

November 27, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Arranges $31.4M Sale of Apartment Complex in Cary

by John Nelson November 27, 2019

CARY, N.C. — CBRE and affiliate firm CBRE|Raleigh have arranged the $31.4 million sale of Amberwood at Lochmere, a 206-unit multifamily property located in Cary, seven miles west of downtown Raleigh. Inland Private Capital Corp., represented by CBRE|Raleigh’s Howard Jenkins and CBRE’s Kevin Kempf, sold the asset located at 100 Eclipse Drive. CBRE’s Nate Sittema and Kristen Reilley arranged a Freddie Mac loan for the sale on behalf of the buyer, an affiliate of The Beach Co., which plans to make capital improvements to the complex’s exterior and landscaping. Amberwood at Lochmere features one-, two- and three-bedroom apartments, and includes amenities such as a pool, clubhouse, grilling stations, fitness center, playground, tennis court, dog park and access to walking and hiking trails.

November 27, 2019

California Development Hospitality Mixed-Use Multifamily Office Retail Top Stories Western

Republic Urban Properties, Principal Real Estate Plan $401M Gateway at Millbrae Station Mixed-Use Project in Bay Area

by Alex Patton November 27, 2019

MILLBRAE, CALIF. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae LLC, which will finance, construct and own the residential and office components of the project. “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much-needed affordable housing and jobs for the city of Millbrae and San Mateo County,” says Michael Van Every, president and CEO of Republic Urban Properties. The Millbrae BART Station and parking garage will remain open during construction, which is scheduled to begin on Wednesday, Dec. 4. “BART’s transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” says Bevan Dufty, …

November 27, 2019

Acquisitions California Multifamily Western

Trion Properties Purchases 84-Unit Multifamily Asset in Bay Area for $27.5M

by Amy Works November 27, 2019

NEWARK, CALIF. — Trion Properties has acquired The Meadows, an apartment community located in Newark, for $27.5 million. The name of the buyer was not released. Located at 35750 Bettencourt St., The Meadows features 84 apartment units in a mix of one-, two- and three-bedroom units, all with private patios or balconies and walk-in closets. Trion Properties has an extensive renovation and rebranding program planned for the property, which was built in 1966.

November 27, 2019

Acquisitions California Multifamily Seniors Housing Western

Cadence, Sabra Acquire Horticultural Seniors Housing Community in Poway, California

by Amy Works November 27, 2019

POWAY, CALIF. — Owner-operator Cadence Living and Sabra Health Care REIT have acquired Sunshine Care, a 32-acre seniors housing community in Poway, a suburb of San Diego. Now named Cadence at Poway Gardens, the property is situated near the Palomar Hospital. The community is known for its horticultural therapy program that grows more than 20,000 pounds of organic fruits and vegetables every year. “To be able to produce an in-house farm-to-table experience as an activity that brings staff, families and their loved ones together sets Cadence at Poway Gardens apart from other assisted living and memory care communities,” says Rob Leinbach, a principal with Cadence. “We look forward to the community’s partnership with Backyard Produce that provides excess food grown by our residents to those in the Poway community in need.” Cadence Living currently owns, operates and/or is developing communities throughout the South and West.

November 27, 2019

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 168-Unit Morton Place Community in Amarillo

by Taylor Williams November 27, 2019

AMARILLO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Morton Place, a 168-unit community in Amarillo that also includes 116 storage units. The property features one- and two-bedroom units and amenities such as two pools, outdoor picnic areas, a fitness center and a business center. Paul Yazbeck, Jon Krebbs, Bryce Smith and Chibuzor Nnaji Jr. of TMG represented the Dallas-based seller in the transaction. The buyer was undisclosed.

November 27, 2019

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 50-Unit Multifamily Asset in Knox-Henderson Area of Dallas

by Taylor Williams November 27, 2019

DALLAS — Greysteel has brokered the sale of 2014 Bennett, a 50-unit multifamily community located in the Knox-Henderson area of Dallas. The property was built in 1971. Doug Banerjee and Andrew Mueller of Greysteel represented the undisclosed seller and procured the buyer, an out-of-state investor. Additional terms of sale were not disclosed.

November 27, 2019

Multifamily New York Northeast Seniors Housing

Seniors Housing Operator Acquires Former College of New Rochelle Campus for $32M

by Alex Patton November 27, 2019

NEW ROCHELLE, N.Y. — The Masonic Hall and Asylum Fund, a seniors housing owner-operator, has acquired the former College of New Rochelle campus just north of The Bronx for $32 million, according to reports from The Journal News. The college declared bankruptcy in September, and sister school Mercy College absorbed all the students, faculty and programs. Although specific plans for the future of the property were not disclosed, Masonic Hall and Asylum Fund operates Masonic Care Community, a seniors housing community in Utica.

November 27, 2019

Acquisitions Illinois Midwest Multifamily

SVN Chicago Commercial Brokers $2.2M Sale of Apartment Building in Rockford, Illinois

by Kristin Harlow November 27, 2019

ROCKFORD, ILL. — SVN Chicago Commercial has brokered the sale of Main Place Apartments, a 60-unit apartment building in Rockford, for $2.2 million. The property is located at 929-935 N. Main St. Reid Bennett and Cody Doran of SVN brokered the transaction. Becovic Management Group acquired the property from an undisclosed seller. Jerry Lumpkins of BMO Harris Bank originated acquisition financing. The deal marks the second time in five years that the asset has traded hands.

November 27, 2019

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