ALAMEDA, CALIF. — Calvera Partners has acquired a 52-unit apartment building, located at 430 and 450 Buena Vista Ave. in Alameda, from an undisclosed seller for $15.9 million. As the final acquisition for the company’s current discretionary investment fund, the purchase is part of the firm’s ongoing plan to reposition vintage multifamily properties in the Bay Area. Calvera plans to rebrand the three-story building, which was constructed in 1964, with new signage, refreshed landscaping and common areas, and comprehensive upgrades to individual units. Additionally, the property renovation will address deferred maintenance issues and structural improvements.
BOSTON — Simmons University has filed a 10-year plan with the city of Boston that outlines a series of campus upgrades, including the development of a 21-story, 1,100-bed residence hall on Avenue Louis Pasteur, according to reports by The Boston Globe. The newspaper notes that the school has been negotiating for at least a year with developers on a multi-phase plan that would include leasing its residential campus and funneling proceeds into the development of the new residential tower. The residence hall is still in the concept phase, according to the university, but plans are in motion to soon begin renovations to its main building and Lefavour Hall.
ATLANTA — Middleburg has purchased three workforce housing properties in Atlanta. The assets include The Grove, a 220-unit community located at 5100 Welcome All Road; Park at Bouldercrest, a 438-unit complex situated at 26 Bouldercrest Lane SE; and Majestic Park, a 298-unit property located at 1991 Delowe Drive SW. The Grove and Park at Bouldercrest were vacant, and Majestic Park was 15 percent occupied at the time of the sale. Middleburg is planning to renovate all three properties to improve physical assets and communal amenities.In addition, Middleburg will also rebrand the properties, with The Grove becoming Vesta Red Oak, Park at Bouldercrest becoming Vesta Bouldercrest and Majestic Park becoming Vesta Adams Park. The acquisition and renovations of all three properties are estimated to cost $91 million. Middleburg will provide responsive community programs to its residents and engage the local community through job fairs, afterschool programs and continuing education for adults. Acquisition financing was provided through Middleburg Workforce Housing Fund, a fund that was created in January and is now closed following this transaction. Middleburg also acquired Vesta Derby Oaks in Louisville, Ky., through the fund. Middleburg has partnered with KeyBank Real Estate Capital Community Development Lending and Investment (CDLI) and …
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $10.7 million sale of Serenity Creek, a 90-unit apartment community in St. Petersburg. Serenity Creek is located at 4201 49th St., 20 miles southwest of downtown Tampa. The property was built in 1980 and was renovated in 2007. Serenity Creek offers one- and two-bedroom floor plans across seven two-story buildings. Community amenities include a swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and an on-site laundry center. Casey Babb, Luis Baez and Shawn Rupp of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
WAYNE, PA. — CA Senior Living LLC, the seniors housing arm of Chicago-based CA Ventures, has broken ground on Anthology of King of Prussia, a 192-unit community in Wayne, Pennsylvania, a northwestern suburb of Philadelphia. The 11-story building, which is slated for a late 2020 completion, will be located within the 122-acre The Village at Valley Forge mixed-use development. New York-based Perkins Eastman designed the property, which will consist of 97 independent living, 63 assisted living and 32 memory care residences. The independent and assisted living apartments range from 410-square-foot studios to 1,200-square-foot, two-bedroom units, all featuring modern kitchens with quartz countertops, tile backsplashes, stainless steel appliances, washers and dryers and walk-in closets in select units. Wellness amenities include a fitness center, indoor pool, physical therapy room and spa with salon services, while residents will also have access to walking paths and outdoor gathering spaces. Lancaster, Pennsylvania-based Wohlsen Construction Co. is serving as general contractor.
PHILADELPHIA — Counter Capital Management LLC, a joint venture between Connecticut-based Dalzell Capital Partners LLC and Florida-based Morning Calm Management, has acquired a 29-unit apartment building located at 1501 Locust St. in the Center City neighborhood of Philadelphia. The sales price was $19.1 million. The property was originally built in 1947 as a 10-story office building. In 2010, it was converted into a 29-unit apartment building with 5,000 square feet of commercial space. Units average 1,009 square feet and feature granite countertops, stainless steel appliances, European cabinetry and washers and dryers. The new ownership will invest in a capital improvement program that upgrades the lighting and paint jobs, as well as implements keyless entry systems and smart thermostats to each unit. The seller was not disclosed.
CONNECTICUT — Carnegie Capital has arranged an $8 million loan for the refinancing of a 90-bed skilled nursing facility in Connecticut. The loan includes funding for a capital expenditure project that will add 10 assisted living beds at the community. Further details on the name and location of the facility, as well as the lender, were not disclosed. J.D. Stettin of Carnegie Capital sourced and structured the loan with an interest rate of approximately 5.5 percent, a five-year term and flexible exit options. The transaction represents a loan-to-value ratio of 75 percent.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cambridge Oxford Apartments, an 84-unit multifamily asset in New Haven. The property was originally built between 1860 and 1926 and fully renovated in 2001 to feature hardwood floors, high ceilings and contemporary amenities. The location puts Cambridge Oxford Apartments close to Yale University’s campus and an array of retail and restaurant destinations. The buyer is an affiliate of Paredim Partners LLC. Additional terms of sale were not disclosed.
DANVILLE, CALIF. — Trammell Crow Residential (TCR) and Barings Real Estate Advisers are co-developing Alexan Downtown Danville, an apartment community located in Danville’s historic downtown district. Framing has commenced at the $90 million project, located at 375 Diablo Road, and completion is scheduled for summer 2020. Situated on 3.75 acres about 22 miles west of downtown Oakland, Alexan Downtown Danville will feature 144 apartments in a mix of one-, two- and three-bedroom apartments and townhomes, ranging in size from 500 square feet to 1,600 square feet. Community amenities will include a clubhouse with a lounge, conference room, business center, fitness center and package concierge. Outdoor amenities will include a resort-style swimming pool and spa, fire pit, outdoor kitchen, grill stations and dining area, a children’s play area, pet park and a vista overlooking the adjacent San Ramon Creek. Additionally, the property will feature private, gated subterranean parking with electric vehicle charging stations. The project team includes Wells Fargo as construction lender, LCA Architects as architect, Gates + Associates as landscape designer and Carlson, Barbee & Gibson as civil engineer.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance based in New York City, equity and advisory firm, has arranged a $51.9 million bridge-to-HUD loan for the acquisition of six skilled nursing facilities across California. The portfolio totals 678 beds, and the borrower is a national private investment group. Further details regarding the properties were not disclosed. The financing is a three-year bridge loan at 90 percent leverage. Harborview’s Jonathan Kutner and Eli Kutner originated the loan, which Robert Kellerman negotiated.