HARKER HEIGHTS, TEXAS — The Multifamily Group (TMG) has arranged the sale of Lions Run, an apartment community located in the central Texas city of Harker Heights. Built in the mid-1980s, the property features one- and two-bedroom units and amenities such as a pool, spa and outdoor grilling area. Paul Yazbeck and Will Clarke of TMG represented the Dallas-based seller and procured the buyer in the transaction.
WAUKESHA, WIS. — New Perspective Senior Living is developing a 173,000-square-foot facility in Waukesha. The new community will offer 94 independent living and assisted living apartments as well as 34 memory care apartments. An official groundbreaking ceremony will take place this spring, with completion slated for summer 2020. Amenities will include a two-story lobby and reception area, three dining venues, an indoor pool, wellness center, beauty salon, activity center, movie theater and dance hall. Residents can also take advantage of weekly housekeeping, activity transportation, on-site physical therapy and wellness services. For those requiring additional assistance, care will be available 24 hours per day.
LOS ANGELES — Bells and whistles may be a distracting way to get a prospective seniors housing resident’s attention, but Margaret Wylde, CEO of ProMatura Group, believes they can take away from the core purpose of providing a safe, welcoming environment for seniors. “We spend so much money in this industry on amenities that people will never use,” she said. “People want a place they can call home. A place they can live in. A place where they don’t have to hide their things. We can cut out some amenities and invest more in rentable space and give them a better home to live in.” Wylde made the comments during her keynote address at InterFace Seniors Housing West, held March 7 at the Omni Los Angeles. The audience for her address was nearly 300 seniors housing industry professionals. The latest data from Mississippi-based research firm ProMatura notes that amenities aren’t identified as a priority to seniors, though they can make their families feel optimistic about a facility. The actual residents are focused on the type of unit, floor plan and price. “Gardening areas, libraries — they don’t help,” said Wylde. “It’s not about how much we can cram in to entertain. …
WHITE HOUSE, TENN. — Graycliff Capital Partners LLC has acquired The Standard at White House, a 240-unit apartment community in White House. The Standard at White House offers one-, two- and three-bedroom floor plans ranging from 830 to 1,325 square feet. Amenities include a saltwater swimming pool, clubhouse, fitness center, courtyard and grilling stations. The property is located at 126 Madeline Way, about 26 miles north of downtown Nashville. The seller and sales price were not disclosed.
TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.
BOSTON AND LYNN, MASS. — CBRE has arranged a $62 million loan to refinance a 19-building apartment portfolio in Boston and Lynn. The assets consist of workforce housing with a combination of both market-rate and affordable apartments. John Kelly of CBRE secured financing on behalf of the owner, Helge Capital. The lender was undisclosed.
NEWTON, N.J. — Gebroe-Hammer Associates has brokered the $17.9 million sale of Landmark West Apartments, a 168-unit apartment community in Newton. Located at 100 Swartzwood Road, the 11-building community is comprised of one- and two-bedroom units. Stephen Tragash and Adam Zweibel of Gebroe-Hammer represented the seller, Newton West Limited, in the transaction. The buyer was a private investor.
SECANE, PA. — Marcus & Millichap has negotiated the $1.8 million sale of Ashland Terrace, a 27-unit multifamily building in Secane. Located at 711 Ashland Ave., the property consists of six, one-bedroom and 21, two-bedroom units. Clarke Talone, Andrew Townsend, Daniel Bernard and Ridge MacLaren of Marcus & Millichap’s Philadelphia office represented the seller, a private partnership, in the transaction. The buyer was a regional limited liability company.
GILBERT, ARIZ. — Dallas-based Leon Capital Group plans to develop Residences at SanTan Village, a multifamily community located north of SanTan Village Mall in Gilbert. Situated on 15.8 acres, the Residences at SanTan Village will feature 380 units in six three- and four-story buildings designed in a modern prairie style. Construction is slated to begin in summer 2019 with the first units available in early fall 2020. The property will feature a variety of floor plans with best-in-class interior finishes, including nine- to 10-foot ceilings, urban mudrooms, smart locks, walk-in showers, soaking tubs, granite countertops, stainless steel appliances, wood-plank vinyl flooring and private garages. On-site amenities will include a two-tiered, zero-edge resort pool with swim-up hospitality and entertainment area with televisions; poolside cabanas; and a two-story fitness and wellness center with Peloton bikes and an indoor/outdoor yoga garden. The property will also feature a 1,900-square-foot sky terrace with chef’s kitchen; resident’s club and sports bar with kitchen and a multi-screen television wall; a business and conference center; outdoor gaming garden with grilling stations; and on-site, fully furnished guest suites. The property will also be walking distance to Top Golf, Main Event and SanTan Village, a 500-acre, open-air development featuring 3 million …
CARSON, CALIF. — Arbor Realty Trust has funded a $2.8 million Freddie Mac Small Balance Loan (SBL) for Sky South Bay, a multifamily property located in Carson. Built in 2018, Sky South Bay features 13 apartments in a mix of studio-plus, one- and two-bedroom layouts with private patios or rooftop decks. Interior amenities include designer kitchens with quartz countertops and stainless steel appliances, central heating and air conditioning, in-unit washers/dryers and secure on-site parking. Eugene Yanovskiy of Arbor’s New York City office originated the loan.
