MARTINSBURG, W.VA. — Marcus & Millichap has negotiated the $9.6 million sale of Shenandoah Village, a 143-unit apartment complex in Martinsburg. The property was built in 1973 and offers one- and two-bedroom floor plans. Dana Newton and Mike Maxwell of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction.
SAN ANTONIO — Berkadia has brokered the sale of Brix at Terrell Hills, a 141-unit apartment property located in northeast San Antonio. Built in 1966 on 4.4 acres, Brix at Terrell Hills offers studio, one- and two-bedroom apartments averaging 800 square feet and amenities such as a pool, outdoor grilling area, business center and onsite laundry facilities. Will Caruth, Chris Ross and Cody Courtney of Berkadia represented the undisclosed seller in the transaction. The buyer was Austin-based Old Three Hundred Capital.
DALLAS — A joint venture between Realty Capital Partners (RCP) and Matteo Realty Partners has acquired the former Silverado Memory Care of Turtle Creek in Dallas. The property features 35 units housing 42 beds and is the only standalone memory care community in a six-mile radius, according to the buyers. The new ownership plans to remodel and reposition the asset over the next six months. The community was rebranded as Iris Memory Care of Turtle Creek, as Iris Senior Living is taking over management.
SAN MARCOS, TEXAS — Investcor Development and Integral Senior Living have begun construction on a 92-unit seniors housing project in San Marcos, located between Austin and San Antonio. The 72,500-square-foot community will offer assisted living and memory care services. Pi Architects is designing the community, a completion date for which was not disclosed.
WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …
AUSTELL, GA. — Castle Lanterra Properties (CLP) has acquired Premier Apartments, a 280-unit multifamily community in Austell. Built in 1972, Premier Apartments offers one-, two- and three-bedroom floor plans across 24 buildings. Communal amenities include tennis courts, a community lake, swimming pool and playgrounds. Premier Apartments is situated on 24 acres at 7200 Premier Lane, 11 miles west of downtown Atlanta. The seller and sales prices were not disclosed.
NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.
QUINCY, MASS. — WinnCompanies and NeighborWorks Housing Solutions have completed construction of The Watson, a 140-unit affordable housing project in the southern Boston suburb of Quincy. Project costs were approximately $44 million. The Watson features 86 apartments available to residents earning 110 percent or less than the area median income (AMI). Twenty eight residences will be rented to households earning 50 percent or less of AMI, and 26 units are reserved for market-rate housing. The Watson was developed at the site of a former shipyard and is close to being fully preleased.
EL PASO, TEXAS — Greysteel has brokered the sale of La Privada and Terrace Hill, two multifamily communities totaling 550 units in El Paso. La Privada is a 240-unit property that features one- and two-bedroom units with an average size of 703 square feet. Terrace Hill spans 310 units in studio, one- and two-bedroom formats, with an average unit size of 752 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller, a private investment firm, and procured the buyer, both of which requested anonymity.
AUSTIN, TEXAS — Starwood Capital Group, a Connecticut-based private investment firm, has acquired land in one of East Austin’s opportunity zones for the development of a 342-unit multifamily project. The garden-style property will be located at 500 U.S. Highway 183 S. within close proximity to Austin’s central business district (CBD), entertainment district and Austin-Bergstrom International Airport. Completion is slated for spring 2020.
