Multifamily

LCB Acquires Two Seniors Housing Communities in Massachusetts, Connecticut

by Alex Patton October 15, 2019

NORTH CHELMSFORD, MASS, AND ROCKY HILL, CONN. — LCB Senior Living LLC has acquired Brookdale North Chelmsford in Massachusetts and Brookdale Rocky Hill in Connecticut. The community in North Chelmsford, located approximately 30 miles northwest of Boston, will be renamed The Residence at Freeman Lake. The 73-unit community was built in 1996 and offers assisted living and memory care services. The community in Rocky Hill, approximately 10 miles south of Hartford, will be renamed The Residence at Ferry Park. The 73-unit community was built in 1997 and offers assisted living and memory care services. Both communities will undergo renovations over the next 12 to 18 months. The sales price was undisclosed.

October 15, 2019

Development Midwest Minnesota Multifamily

307-Unit City Club Apartments Opens in Downtown Minneapolis

by Kristin Harlow October 15, 2019

MINNEAPOLIS — The 307-unit City Club Apartments has opened in downtown Minneapolis. The 17-story apartment building features a sky park with a rooftop pool, outdoor movie theater, bark park and lounge seating. The project has no parking and was designed for young professionals. The majority of the units are designated as affordable for residents earning between $45,000 and $65,000 annually. The project included the preservation of the adjacent Handicraft Guild Building, which was built in 1907. The building has been converted into Eleven Artisans, a 3,500-square-foot, two-story brewery and restaurant. City Club Apartments is an owner, developer and manager of apartment communities with a portfolio of approximately 10,000 units in 30 communities and $2 billion in real estate assets. The company has $500 million under development in Cincinnati, Cleveland, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and the East Coast.

October 15, 2019

Development Florida Multifamily Southeast Top Stories

Kolter Group Buys Development Site in St. Petersburg for 35-Story Residential Tower

by Jeff Shaw October 15, 2019

ST PETERSBURG, FLA. — Real estate developer The Kolter Group has acquired the 1.7-acre parking lot of the Hilton St. Petersburg Bayfront Hotel, with plans to construct a 35-story residential tower on the site.

October 15, 2019

Acquisitions Multifamily Texas

Capstone Arranges Sale of 319-Site Manufactured Housing Asset in San Antonio

by Taylor Williams October 15, 2019

SAN ANTONIO — Orlando-based Capstone Manufactured Housing has arranged the sale of Crescent Place, a 319-site manufactured housing asset located on 60 acres in San Antonio. Amenities include a swimming pool, clubhouse, basketball court, playground and a dog park. Ian Hilpl, Kevan Enger and Brian Hummell of Capstone represented the seller, a private investor, in the sale.

October 15, 2019

Acquisitions Multifamily Texas

Cantrell Partners Brokers Sale of 153-Unit Antiqua Village Apartment Property in Fort Worth

by Taylor Williams October 15, 2019

FORT WORTH, TEXAS — Cantrell Co. & Partners has brokered the sale of Antiqua Village, a 152-unit multifamily community in southeast Fort Worth. The property was 93.5 percent occupied at the time of sale. Sam Pettigrew of Cantrell represented the seller, Republic Village LP. The buyer of record is M&D Antiqua Village LLC, a Texas-based entity.

October 15, 2019

Acquisitions Multifamily Nevada Seniors Housing Western

Healthcare Transactions Group Arranges Sale of 160-Bed Skilled Nursing Facility in Las Vegas

by Amy Works October 14, 2019

LAS VEGAS — Healthcare Transactions Group has arranged the sale of Kindred Transitional Care and Rehabilitation – Spring Valley, a 160-bed skilled nursing facility in Las Vegas. Constructed in 2015, Kindred Spring Valley is a two-story, 90,244-square-foot building. The property is next to Spring Valley Medical Center, a 292-bed acute care hospital. Mark Davis of Healthcare Transactions Group served as advisor to Kindred Healthcare. The buyer was Capital Senior Ventures, which already has a portfolio of skilled nursing properties in the Southwest. Sapphire Healthcare Management will operate the asset. The sales price was not disclosed. Kindred announced in 2016 that it was divesting of all its skilled nursing facilities to focus on other areas of its business.

October 14, 2019

Development Multifamily Texas

Caydon Opens $200M Drewery Place Multifamily Property in Houston

by Taylor Williams October 14, 2019

HOUSTON — Caydon, an Australian development firm, has opened Drewery Place, a $200 million multifamily community in Houston. The property features 357 units in micro, studio, junior, one-bedroom and two-bedroom formats. Amenities include a pool, fitness center, dog park, conference room and whiskey bar. Drewery Place represents the first phase of Laneways, Caydon’s mixed-use development that is inspired by the streets of Melbourne.

October 14, 2019

Acquisitions Multifamily Texas

One Real Estate Buys 200-Unit Mira Vista Apartments in Austin

by Taylor Williams October 14, 2019

AUSTIN, TEXAS — Miami-based One Real Estate Investment has purchased Mira Vista Apartments, a 200-unit multifamily community in Austin’s Windsor Hills neighborhood. The community was built in 1983 and was 97 percent occupied at the time of sale. Mira Vista is a garden-style community composed of 32 one-bedroom units and 168 two-bedroom units ranging from 650 square feet to 960 square feet. Amenities include a pool, clubhouse, community grill area, courtyard, playground, sauna, pool with sundeck and a resident business center with internet access. Brad Williamson of Berkadia secured a $15.1 million fixed-rate acquisition loan that carries a 3.24 percent interest rate and five years of interest-only payments for the deal. Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia delivered a publicly traded REIT as an equity partner for One Real Estate.

October 14, 2019

Acquisitions Multifamily Texas

Rastegar Property Acquires 36-Unit Multifamily Asset in Austin

by Taylor Williams October 14, 2019

AUSTIN, TEXAS — Locally based investment firm Rastegar Property has acquired a 36-unit multifamily community located at 902 Romeria Drive in the Brentwood area of Austin. Units at the property average 490 square feet. Rastegar plans to fully renovate the property with new flooring, tile, cabinets, countertops, stainless steel appliances, interior and exterior paint, windows, siding, roofs, landscaping and covered parking.

October 14, 2019

Loans Multifamily New York Northeast

JLL Secures $119M in Fannie Mae Financing for Two Manhattan Multifamily Properties

by Alex Patton October 14, 2019

NEW YORK CITY — JLL has secured two Fannie Mae loans totaling $119 million to finance two apartment properties in Manhattan. On the Upper West Side, 33 West End Apartments offers 211 units in studio, one- and two-bedroom floor plans along with 7,191 square feet of ground-floor retail space. In Chelsea, Port 10 Apartments features 89 units in studio, one-, two- and three-bedroom floor plans. The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million. C.W. Early of JLL arranged the fixed-rate, long-term loans for the borrower and original developer of the properties, Atlantic Development Group.

October 14, 2019

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