HARTFORD, CONN. — Chozick Realty has arranged the $14.3 million sale of Willington Oaks, a 128-unit student housing complex at the University of Connecticut in Hartford. The property includes 64 one-bedroom flats and 64 two-bedroom townhouses. Willington Oaks has recently undergone extensive updates including new boilers, roofs, windows, septic systems and connection to municipal water. The property routinely maintains occupancy close to 100 percent. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Willington Oaks LLC, in the transaction. The buyer was TC NY Associates LLC.
HARRINGTON PARK, N.J. — NAI James Hanson has brokered the $6.6 million sale of an office building in Harrington Park. Located at 200 Old Hook Road, the asset is the former headquarters of water service company United Water, which vacated the building in 2014. The property was constructed in 1977. Andrew Somple and Greg James of NAI James Hanson represented the seller, SUEZ Water, formerly United Water, in the transaction. Allegro Senior Living acquired the property and plans to reposition the property as a senior living facility. The location will be Allegro’s first facility in New Jersey. Allegro and joint venture partner, United Way, have received approvals to construct 83 independent living apartments and 92 assisted living units, of which 25 are memory care units.
YPSILANTI, MICH. — Greystone has provided an $11.2 million Fannie Mae loan for the refinancing of Ranches of Rosebrook in Ypsilanti. The 302-unit multifamily property features 650-square-foot two-bedroom units. Cary Belovicz of Greystone sourced the loan, while John Marr of Greystone originated the loan. Terms of financing were not disclosed.
LOS ANGELES — Holland Partner Group, as developer, and MVE+Partners, as architect, designer and planner, have completed the development of The Griffin and The Grace on Spring. The two 24-story residential towers are located at the intersection of Eight and Spring streets in downtown Los Angeles. The Griffin on Spring features 275 apartments above 9,000 square feet of ground-floor retail space, while The Grace on Spring consists of 300 units above 7,500 square feet of ground-floor retail space. Both towers include a mix of studio, one-, two- and three-bedroom apartments, as well as observatory rooftop lounges, a fitness center with separate yoga studio, business center, conference rooms, swimming pool, and entertainment lounge with kitchen, bar, media and billiards.
In 2018, Nashville continued experiencing unprecedented population growth. Major job announcements, rising home prices and income growth have led to a shift in renters-by-choice. This has continued to transform our urban core and has had an immense impact on various industries within the city. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2018. The median price per unit in Nashville increased by more than 14 percent from fourth-quarter 2017 to fourth-quarter 2018, reaching $145,000 compared to $117,000 in the Southeast and $162,000 across the nation. This comparison demonstrates how Nashville is a highly valued market in the Southeast but remains attractive from a pricing standpoint to national investors looking to acquire quality product. What was an increasingly concessionary environment in 2017 and 2018, the Nashville multifamily market will tighten throughout 2019. Large-scale job announcements like AllianceBernstein, Amazon and Ernst & Young will bring thousands of jobs to Middle Tennessee. These announcements will help ensure that the recent trend of high absorption will continue through the year. Demand in Nashville has been strong relative to the historical average, but supply has outperformed demand in the past year due to new construction of much-needed …
NAPLES, FLA. — KeyBank Real Estate Capital has provided a $34 million Freddie Mac acquisition loan for Waverley Place Apartments, a 300-unit affordable housing property in Naples. The asset consists of 40 two-story apartment buildings situated on 11 acres. A portion of the units will be reserved for individuals and families earning 80 percent of area median income. Fred Dockweiler of KeyBank’s Commercial Mortgage Group originated the non-recourse, fixed-rate loan with a seven-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.
COLUMBIA, S.C. — Financial Federal Bank has provided a $24.3 million Fannie Mae acquisition loan for Stadium Suites Apartments in Columbia. The 264-unit, 924-bed complex was built in 2004 and is situated three miles from the University of South Carolina campus. Amenities include a resort-style pool, clubhouse with fitness center, game room, study room, business center, basketball and volleyball courts and a dog park. Rick Wood and Jon Van Hoozer of Financial Federal Bank originated the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, a single-asset LLC that is a privately owned real estate investment company.
BEACON FALLS, CONN. — Institutional Property Advisors has arranged the $28.5 million sale of Beacon Mill Village, an eight-building, 188-unit multifamily property in Beacon Falls. Located at Two North Main St., the property was originally constructed between 1851 and 1911 as a mill. The buildings were converted to apartment units in 1988. Victor Nolletti, Eric Pentore of IPA and Was Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.
CANONSBURG, PA. — BHI and Contemporary Healthcare Capital have arranged $9.5 million in acquisition financing for a 118-bed skilled nursing facility. The property is located in Canonsburg, approximately 18 miles southwest of downtown Pittsburgh. The borrower is Townview Realty LLC. BHI provided a $7.9 million senior loan that includes a $600,000 line of credit. The lender also has guaranteed a $2.1 million earnout feature based on pre-determined performance metrics. Contemporary Healthcare provided the $1.6 million mezzanine portion of the financing. Proceeds of the loans were used for the acquisition and operation of the facility, as well as to pay customary closing costs. This was the first joint loan transaction between BHI and CHC.
SAN MARCOS, TEXAS — Z Modular LLC will construct Cheatham Street Flats, a 175-unit apartment community in the Central Texas city of San Marcos. The five-story property will offer studio, one-, two- and three-bedroom units with rents starting around $700 per month. The property will also house ground-level restaurant space and will be marketed to students at nearby Texas State University.