SACRAMENTO — San Diego-based MG Properties Group has purchased Landing at College Square, an apartment community in Sacramento. The acquisition price was not released. Built in 2016, Landing at College Square features 270 apartments. Marc Ross of CBRE represented the undisclosed seller in the deal. MG Properties Group assumed the existing Freddie Mac loan, which Brian Eisendrath and Cameron Chalfant of CBRE coordinated.
CHELSEA, MASS. — Local developer Broadway Capital Inc. will convert a recently closed nursing home into a 33-unit apartment building in Chelsea, a northern suburb of Boston. Located at 932 Broadway, the property was previously called Chelsea Skilled Nursing & Rehabilitation and offered 82 beds and skilled nursing services. Six of the units in the new apartment building will be reserved for renters earning 80 percent or less of the area median income. Broadway is investing $5 million in the repositioning and will also utilize a portion of the building for its new headquarters. Construction is slated for completion in November.
MIDDLETOWN, DEL. — Capano Residential, is a subsidiary of Capano Management, has opened The Reserve at Westown, a 264-unit luxury apartment community in Middletown, located approximately 30 miles northwest of Dover. The community offers farmhouse-inspired residential units in one-, two- and three-bedroom floor plans and amenities including a fitness facility, library and pool.
BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.
DALLAS — Matthews Real Estate Investment Services has brokered the sale of Beacon Hill Apartments, a 396-unit multifamily community in Dallas that has since been rebranded as The Edison. Built in 1984 and remodeled in 2003, the community features one- and two-bedroom units and amenities including three pools, a racquetball court, clubroom and two laundry rooms. Pacific Team Management sold the asset to locally based investment firm WindMass Capital, which will upgrade the unit interiors, for an undisclosed price. Dan McQuaid of Matthews handled the transaction. The property was 80 percent occupied at the time of sale.
GRAND PRAIRIE, TEXAS — SevenSeas Holdings LLC has acquired Terraces on the Parkway, a 296-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. The property offers one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling stations, fitness center, dog park and a children’s play area. Dougherty Mortgage LLC arranged an undisclosed amount of Fannie Mae acquisition financing for the deal. The loan, which carried a 12-year term and a 30-year amortization schedule, was secured through a partnership with Old Capital Lending.
HOUSTON AND PASADENA, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two commercial loans totaling $9 million in the Houston area. In the first transaction, Jamie Safier of LMI Capital placed a $2.6 million, 10-year loan for the refinancing of a 50-unit multifamily asset located in the eastern suburb of Pasadena. In the second deal, Adam Pike of LMI Capital arranged a $6.4 million acquisition loan for a 105,000-square-foot office building in west Houston. The property names and borrowers were not disclosed.
OKLAHOMA CITY — Developer HarborChase has completed HarborChase of South Oklahoma City, an upscale seniors housing community. The property offers assisted living and memory care services, as well as respite stays. Amenities include a full-service bistro, exhibition kitchen, bar and cocktail lounge, fitness and wellness center and a fine dining restaurant. Residents have already begun moving into the building.
CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of two assisted living communities in California. The first community totals 49 beds in Riverside County. A local owner seeking to grow its portfolio paid $5 million for the property. The second property was a 15-unit boutique community in Orange County. A local buyer interested in entering the seniors housing market paid $3.3 million for the asset. Both sellers were family owner-operators looking to retire. Jim Hazzard, and Cindy Hazzard handled the transaction process in both sales. The specific names and locations of the communities were not disclosed.
PROSPECT, KY. — Civitas Senior Living has opened the doors at The Grand Senior Living in Prospect, a suburb of Louisville. The property totals 191,832 square feet near Norton Commons, a massive mixed-use development with restaurants, retail services, annual festivals and single-family homes. The development was completed approximately 10 years ago on 600 acres of vacant farmland. The Grand features 91 independent living, 62 personal care and 24 memory care residences. Guttman Properties, based in nearby Cincinnati, developed The Grand, which Civitas is operating.
