Multifamily

IPA Brokers $88.6M Sale of Township Apartments in Redwood City, California

by Amy Works October 4, 2019

REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Township Apartments, a multifamily asset located in Redwood City. Nuveen Real Estate sold the property for $88.6 million, or $671,591 per unit or $735 per square foot. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal. Built in 2014 on 2.3 acres, Township Apartments features 132 units averaging 914 square feet, with equipped luxury finishes including quartz countertops and stainless steel appliances. Community amenities include a resort-style setting with communal gathering spaces.

October 4, 2019

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Buys Two Seniors Housing Assets in California’s Central Valley for $22.8M

by Amy Works October 4, 2019

MODESTO AND SACRAMENTO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two healthcare facilities in California’s Central Valley in a pair of off-market transactions. The two properties include Central Valley Post Acute, a 70-bed skilled nursing facility in Modesto, and Saint Claire’s Nursing Center and Saint Francis Senior Residence, a 99-bed skilled nursing and 72-unit assisted living campus in Sacramento. CareTrust leased both assets to Kalesta Healthcare LLC, an existing CareTrust tenant. In addition to operational and other changes being made at the two facilities, Kalesta has rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento campus as City Creek Post-Acute and Assisted Living. CareTrust’s total initial investment for the two assets was $22.8 million, inclusive of transaction costs. Scheduled cash rent for the first two years is approximately $3.9 million, with CPI-based escalators thereafter. CareTrust has also committed to provide a $1 million fund for capital expenditures to improve the City Creek facility. The Kalesta master lease has approximately 14 years remaining on the initial term, with two five-year renewal options. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

October 4, 2019

California Development Multifamily Western

VTBS Architects Tapped for 436-Unit Multifamily Project in Downtown Sacramento

by Amy Works October 4, 2019

SACRAMENTO, CALIF. — Van Tilburg, Banvard & Soderbergh (VTBS Architects) is working with Weidner Apartments Homes and Deacon Construction to develop Sacramento Commons, a multifamily project in downtown Sacramento. The development team has broken ground on the two mid-rise buildings. Upon completion, the project will feature 436 apartments in a mix of studio, one- and two-bedroom layouts, with ground-floor retail space for restaurants, stores and neighborhood services. Sacramento Commons will be the center of the area’s mega block, a four-square-block residential area between Fifth and Seventh streets and N and P streets. Construction is expected to take approximately 32 months.

October 4, 2019

Loans Midwest Multifamily ORIX Wisconsin

ORIX Provides $40M Construction Loan for 263-Unit Multifamily Development in Wisconsin

by Kristin Harlow October 4, 2019

MIDDLETON, WIS. — ORIX Real Estate Holdings (ORIX) has provided a $40 million construction loan for a 263-unit multifamily development in Middleton, a suburb of Madison. The project will also feature 31,000 square feet of ground-floor commercial space, including a food hall. The units will be standard one-floor apartments as well as two-story lofts. Completion is slated for February 2021. The borrower was not disclosed.

October 4, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Three Multifamily Sales Totaling $5.5M in Chicago

by Kristin Harlow October 4, 2019

CHICAGO — Interra Realty has brokered the sales of three multifamily properties in Chicago’s Edgewater and Rogers Park neighborhoods for a combined $5.5 million. Each of the properties, located at 5547 N. Lakewood Ave., 1619 W. Lunt Ave. and 7423 N. Rogers Ave., were fully occupied at the time of sale. In the first transaction, Interra’s Craig Martin represented the seller, the estate of Victoria Altman, as well as the buyer, a joint venture led by Joe Hayes and Mike Cavanaugh. In the second sale, Martin and Brian DiBasilio of Interra represented the private parties. In the third transaction, Martin represented the private buyer as well as the sellers, Gary and Bella Goland.

October 4, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

SLIB Brokers Sale of Two Seniors Housing Communities in Wilkes-Barre, Pennsylvania

by Alex Patton October 3, 2019

WILKES-BARRE, PA. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Little Flower Manor and St. Luke’s Villa, both in Wilkes-Barre, which is located approximately 100 miles north of Philadelphia. Little Flower Manor is a 133-bed skilled nursing facility with an attached 60-unit personal care building called St. Therese Residence. One mile away is St. Luke’s Villa, a 50-bed skilled nursing, 48-unit personal care, and 31-unit independent living community. The Diocese of Scranton sold the properties to a local nonprofit buyer for an undisclosed price. Toby Siefert and Ryan Saul of SLIB handled the transaction.

October 3, 2019

Acquisitions Multifamily Nevada Western

Green Leaf Partners Acquires 203-Unit Multifamily Asset in Sparks, Nevada

by Amy Works October 3, 2019

SPARKS, NEV. — Green Leaf Partners has purchased Waterstone at Kiley Ranch, an apartment community located in the Reno-Sparks area of Nevada. The asset is located at 815 Kiley Parkway within the 800-acre Kiley Ranch master-planned community. Initially developed as a for-sale condominium property in 2007, the community was later converted to 100 percent rental units. Waterstone at Kiley Ranch features 203 units in a mix of four floorplans featuring multi-story one- and two-bedroom apartments. The units include high-end amenities such as stainless steel appliances, granite countertops, full-size washer-dryer sets, high ceilings, premium finishes and direct-access garages. Aiman Noursoultanova of CBRE’s Reno office represented the seller in the deal. Troy Tegeler of CBRE Debt and Structured Finance assisted in financing the deal for the buyer, and Marc Ross of CBRE’s Sacramento office provided advisory assistance on the transaction.

October 3, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $61.6M Financing for Seniors Housing Expansion Project in Abington, Pennsylvania

by Alex Patton October 3, 2019

ABINGTON, PA. — HJ Sims has arranged $61.6 million in financing for an expansion project at Rydal Park, a continuing care retirement community in Abington, located approximately 10 miles north of Philadelphia. The expanded property will be rebranded as Rydal Waters, and will sit on 33 acres and comprise 84 two-bedroom cottages. The project also includes a clubhouse, and the location is walking distance to restaurants, a grocery store and a rail station. The financing for the expansion is a draw-down, bank-held, tax-exempt loan with three years of interest-only payments and a 30-year amortization schedule. Presby’s Inspired Life, an affiliate of HumanGood, operates the community. The first phase of construction is scheduled for completion in 2020.

October 3, 2019

Acquisitions Indiana Midwest Multifamily

Colliers Brokers Sale of 44-Unit Apartment Complex in Portage, Indiana

by Kristin Harlow October 3, 2019

PORTAGE, IND. — Colliers International has brokered the sale of Portage Park Apartments in Portage for an undisclosed price. Built in 2000, the 44-unit apartment complex is located at 3555 Ash St. The three-building property is 95 percent leased. Matt Jones of Colliers represented the undisclosed seller. Chicago-based Quinn Family LLC purchased the asset.

October 3, 2019

Acquisitions Multifamily Texas

Fogelman, DRA Acquire 390-Unit Apartment Community in Houston

by Taylor Williams October 3, 2019

HOUSTON — A joint venture between multifamily investment firm Fogelman Partners and New York-based DRA Advisors has acquired Retreat at Steeplechase, a 390-unit multifamily community in Houston. Built in 1998 on the city’s northwest side, the property offers one-, two- and three-bedroom units and amenities such as a pool and a clubhouse. The new ownership will implement a value-add program to the unit interiors, exteriors and amenity spaces of the property, which was 94 percent occupied at the time of sale.

October 3, 2019

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