NEW YORK CITY — Architecture and design firm DXA Studio has completed 280 St. Marks, a 31-unit condominium project in the Prospect Heights neighborhood of Brooklyn. Located at 280 St. Marks Ave., the 80,000-square-foot building includes a suite of community-focused amenity spaces, including a rooftop terrace and public garden. Units include white oak floors with walnut accents and Olympian Danby stone counters.
CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP) has sold 5th Street Place, a 200-unit apartment community in Charlottesville, to Raia Capital Management for $44 million. The asset was delivered in summer 2018 and was 93 percent occupied at the time of the sale. Amenities include a clubhouse, fitness center, yoga studio, pool and grilling areas. Kris Mikkelsen, Chris Doerr and Will Harvey of Walker & Dunlop represented DRP in the transaction.
SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.
CHICAGO — A venture between The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corp. has acquired River City, a 449-unit residential condominium building in the South Loop neighborhood of Chicago. The new owner plans to convert the serpentine-shaped building into apartment units as well as upgrade the lobby, common areas and commercial components of the property. The renovation work is scheduled to begin early this year. New residents are expected to begin occupying the apartments in March. Monthly rental rates have yet to be announced. Devon Grace Interiors is designing the apartments, while Luxury Living Chicago Realty will market and lease the property. The River City Condo Association was the seller. The transaction is the largest condo deconversion in Chicago history, according to the buyers. Maverick Commercial Mortgage arranged $93.8 million in acquisition financing through Silverpeak Argentic. The nonrecourse loan has an initial term of three years.
CHICAGO — Meridian Capital Group has arranged a $37 million CMBS loan for the refinancing of a 46-property multifamily portfolio in Chicago. The portfolio includes a total of 835 units. Many of the assets include ground-floor commercial space. Seth Grossman and Sarah Kuebler of Meridian arranged the 10-year loan on behalf of the borrower, a Chicago-based private REIT. The lender was not disclosed.
NORMAL, ILL. — Marcus & Millichap has arranged the $9.2 million sale of Heartland Village Apartments near Illinois State University in Normal. The student housing property includes 288 beds within 144 units. Amenities include a clubhouse, fitness center and outdoor pool. All units are fully furnished. Eric Bell and Jordan Callaway of Marcus & Millichap represented the seller. Bell also represented the out-of-state buyer.
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Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M
HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …
NEW YORK CITY — Brax Realty has brokered the $4.7 million sale of a 15-unit apartment building in the Hell’s Kitchen neighborhood of Manhattan. Located at 340 W. 48th St., the property consists of 14 studio and a single one-bedroom apartment. Of the 15 units, six were vacant at the time of sale. Alan Stenson of Brax Realty represented the seller, 340 W. 48th Street LLC, in the transaction. The seller had owned the property for 44 years. The buyer was undisclosed.
PHILADELPHIA — Gebroe-Hammer has negotiated the $4.5 million sale of a 22-unit apartment building in the Francisville neighborhood of Philadelphia. Located at 909 Corinthian Ave., the five-story property consists of a mix of one- and two-bedroom apartments. Joseph Gehler and Eli Rosen of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was also undisclosed.
HOUSTON —New York City-based Meridian Capital Group has arranged a $51.6 million acquisition loan for Lakeview Apartments and Estates, two multifamily properties in Houston totaling 566 units. Both properties offer resort-style pools, fitness centers and nearby jogging trails. Zev Karpel of Meridian Capital Group arranged the loan, which featured a 12-year term, a 4.89 percent interest rate and a 30-year amortization schedule, through Capital One on behalf of the borrower, Marlin Spring Investments.