LAS VEGAS — Haven Realty Capital has completed the disposition of Mountain Vista, an apartment community located in Las Vegas. An undisclosed buyer acquired the property for $17.7 million. Located at 3950 S. Mountain Vista St., the community features 178 apartments in a mix of one-, two- and three-bedroom layouts. Units offer walk-in closets, balconies, storage space and high-speed internet access. The two-story property was built in 1979. Community amenities include a business center, breakfast/coffee concierge, grills, fitness center, laundry facilities, pool and a picnic area. Taylor Smith and Carl Sims of Cushman & Wakefield represented the seller in the deal.
CASPER, WYO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 120-bed skilled nursing facility in the Central Wyoming city of Casper. A New York-based owner of more than 150 facilities sold the property to a national owner-operator. The price and name of the facility were not disclosed. The asset was positioned as a value-add opportunity. At the time of sale, in-place cash flow was negative, with occupancy in multiple year-over-year decline. However, the facility was well maintained with strong historical operational performance. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.
PHOENIX — Fore Property has purchased of the former O’Neil Printing facility, located at 366 N. Second Ave. in downtown Phoenix, for $9.3 million. The development site consists of 2.6 acres with three sides of street frontage. The buyer plans to develop a high-end, mixed-use project on the site. Totaling 285,000 square feet, the seven-story development will feature 323 apartments in a mix of studio, one- and two-bedroom layouts, as well as ground-floor retail and restaurant space, a rooftop deck with views of Phoenix, a pool and fitness center. Construction is slated to begin the first quarter of 2020, with completion scheduled for mid-2022. Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors represented the buyer in the deal. The name of the seller was not released.
SPRING, TEXAS — Cypressbrook Development Co. has broken ground on Ariza Gosling, a 316-unit multifamily project that will be situated on 12.1 acres in the northern Houston suburb of Spring. The property will feature a pool, fitness center, game room, business center, dog park and walking trails. An expected construction completion date was not provided, but it is anticipated to coincide with the arrival of more than 5,000 new jobs in the nearby Springwoods Village development. Arroyo Energy Investors recently announced its relocation to Springwoods Village, the first office lease executed at the new property.
CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital has acquired The Palm on South Padre, a 299-unit apartment community in Corpus Christi. Built in 1973, the property features one-, two- and three-bedroom units and amenities such as two pools, dog park and outdoor grilling areas. ClearWorth will implement a value-add program that will deliver new flooring, cabinetry, backsplashes, lighting and plumbing to unit interiors, as well as upgraded signage and landscaping.
RALEIGH, N.C. — Cambridge Village Optimal Living has broken ground on The Cambridge at Brier Creek, a 205-unit active adult community in Raleigh. A sales office is scheduled to open in March 2020 in advance of a planned opening in late summer 2021. Phase I of the project is located on 6.4 acres of the 12.5-acre site, and will include the community’s publicly available wellness center, Cambridge Fitness. The property is five miles from the Raleigh-Durham International Airport and will be located across the street from WakeMed’s Brier Creek Emergency Care Unit. The developer plans to partner with WakeMed to provide physical, occupational and speech therapy at the community.
MARIETTA, GA. — Wilkinson Corp. and Torchlight Investors have acquired The Arbors at East Cobb, a 454-unit apartment community in Marietta. The value-add property offers one-, two- and three-bedroom floor plans. The Arbors, previously known as The Crawford at East Cobb, was originally built in 1975. The new ownership plans to upgrade the interiors and exteriors of the property. Communal amenities include two swimming pools, a sports court, tennis court, outdoor lounge with fireplace, fitness center with yoga and spinning studio, pet care center, cybercafé and a business center. Cushman & Wakefield represented the undisclosed sellers in the transaction.
NEW JERSEY — Gebroe-Hammer Associates, a New Jersey-based firm, has brokered the $300 million sale of a multifamily portfolio with over 1,800 units in the Northeast Essex and Bergen counties of New Jersey. The portfolio comprises 134 buildings that primarily offer one- and two-bedroom layouts, as well as some duplex-style options. Ken Uranowitz, Joseph Brecher, Greg Pine, Debbie Pomerantz and Tim Blashford of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was a local investor.
NEW YORK CITY — Amerant Bank has provided a $47 million acquisition loan for a 15-story multifamily and retail building in Manhattan. The residential portion of the property offers a mix of one- and two-bedroom apartments, while the retail portion is leased to boutique tenants. The loan was provided to a partnership between Ashkenazy Acquisition Corp, and Black Spruce Management. Additional terms of the loan were undisclosed.
COLUMBUS, IND. — Leo Brown Group has started construction of Traditions of Columbus, a 129-unit independent living, assisted living and memory care community. Located in Columbus, about 45 miles south of Indianapolis, the community will sit on 17 acres. Traditions Management, a wholly owned management company of Leo Brown Group, will run the operations. Leo Brown Group is headquartered in Indianapolis and has developed more than 15 seniors housing communities in the Midwest totaling more than 2,000 units.