HUNTSVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Lexington Center, a 40-unit assisted living facility in Huntsville, approximately 70 miles north of Houston. A local family owner-operator exiting the industry was the seller. An independent, Houston-based owner-operator bought the property for $3.4 million. The 35,686-square-foot community sits on 6.7 acres and was built in 2004. The Lexington Center’s occupancy rate was 83 percent at the time of sale. Matthew Alley of SLIB arranged the transaction.
JERSEY CITY, N.J. — Madison Realty Capital has provided a $168 million construction loan for Emerson Lofts, a 1,000-unit residential development project in Jersey City. The loan allows the borrower, Manhattan Building Co., to complete the first phase of the project and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail space, an approximately 24,000-square-foot community center, a public park and parking. Amenities will include a 28,000-square-foot outdoor roof deck with a pool and a fitness center and spa.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Tribecca Pointe, a 175-unit multifamily community in Hurst, located northeast of Fort Worth. Built in 1969, the property offers one-, two- and three-bedroom units and amenities such as a pool and a business center. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based investment firms that requested anonymity.
NORMAN, OKLA. — Denver Realty Group has purchased Broadmoor 24 and Plaza 24, a two-property, 165-unit multifamily portfolio located in Norman, a southern suburb of Oklahoma City. Both properties were built around 1970 and feature one- and two-bedroom units as well as pools and onsite laundry facilities. The seller and sales price were not disclosed. With this acquisition, Denver Realty Group now has a portfolio of 768 residential units in Oklahoma
NEWARK, DEL. — Greysteel has arranged the $24.7 million sale of The Vinings at Christiana, a 220–unit multifamily property in Newark, located approximately 40 miles southwest of Philadelphia. The property comprises a mix of one-, two- and three-bedroom units, 125 of which are reserved for tenants earning 60 percent or less of the area median income, while the remaining 95 are rented at market rates. Ari Firoozabadi and Henry Mathies of Greysteel represented the seller, Alden Torch Financial, in the transaction. The team also procured the buyer, CAPREIT.
AUSTIN, TEXAS — Transwestern Development Co. has acquired land across the street from the newly renovated Austin Community College campus for the development of a new multifamily project. The new community will feature 147 micro apartments and 3,600 square feet of ground-floor retail space. Construction is scheduled to begin in summer 2020 and to be complete in 2022. TDC is also developing Block 36, a micro-unit community between East Third and East Fourth streets in downtown Austin. Additionally, TDC completed The Indie, its first micro-unit project in Austin, in 2018.
WARRENVILLE, ILL. — McShane Construction Co. has been selected by Atlantic Residential to build a 259-unit multifamily community in Warrenville, a suburb of Chicago. Known as Everton Flats, the seven-building property will comprise sustainable features such as solar panels and LED lighting. Amenities will include a pool, grilling area, lounge and playground. Floor plans will range from studios to two-bedroom units. Completion is slated for summer 2021. HKM is the project architect.
SANDY AND LAYTON, UTAH, AND FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured a $140.3 million in Fannie Mae Credit Facility for Centerville, Utah-based Keller Investment Properties. The borrower will use the facility, which is expandable to additional properties, to refinance three multifamily assets in Utah and Arizona. The properties are Park at City Center in Sandy, Quail Cove Apartments in Layton and Woodcrest Apartments in Flagstaff. Brain Caudel of KBREC’s Commercial Mortgage Group and Devin Jolley of KBREC’s Income Property Group structured the financing.
CHICAGO — Interra Realty has brokered the sale of a 37-unit apartment property in Chicago’s West Rogers Park neighborhood for $4.3 million. Located at 6415-6425 N. Richmond St., the asset was 95 percent occupied at the time of sale. Built in 1937, the property features 24 one-bedroom units and 13 two-bedroom units. Joe Smazal of Interra represented both the private seller and private buyer. At $115,405 per unit, the sale was the largest multifamily sale in the neighborhood this year, according to CoStar Group.
PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT), a public, non-traded REIT sponsored by SmartStop Asset Management, has completed a freestanding memory care expansion in Portland. The project extends the offerings at Courtyard at Mt. Tabor, which already offered independent living and assisted living. The expansion adds a 16,000-square-foot building and 23 units. The 7.1-acre community now offers 309 total units. Known as The Pavilion, the memory care project was 38 percent pre-leased before opening. “The ideal seniors housing model is a continuum-of-care campus serving private-pay, middle-income seniors that allows residents to age in-place,” says John Strockis, president and chief investment officer of SSSHT. “We maintain a resident-focused perspective and understand the growing need to provide quality memory care in our communities. Courtyard at Mt. Tabor Pavilion delivers additional units to help offset that demand.” R&H Construction built the project, which Ankrom Moisan Architects designed. Construction took approximately 12 months. The operator is Integral Senior Living.