As the industry eagerly anticipates the arrival of baby boomers, intergenerational housing models are emerging as an attractive alternative for a group that wants a different type of retirement experience. Developers, operators and owners are tweaking time-tested intergenerational arrangements and trying new approaches. Mixing different age groups has benefits for everyone involved, experts say. It’s natural, and the way families lived until we started to move so far apart. Many elders like being around young children or helping them, since their grandchildren may not live nearby. Adolescents bring energy to a retirement community, with the added benefit of being able to teach seniors how to use their smart phones. Young adults can serve as a labor pool for senior living properties. College-based or -affiliated life plan communities have been around for decades. But developers are fine-tuning the model at a number of new high-profile college projects now underway. Legacy Pointe at the University of Central Florida, Orlando, is currently under development by the nonprofit CCRC Development Corp. Greystone Communities will manage and market the property. Residents will be able to attend classes and participate in learning programs. Other types of developments with an intergenerational spin are being rolled out. There …
Multifamily
ALEXANDRIA, VA. — AHC Inc. will break ground on The Spire, a 113-unit affordable housing development situated on a two-acre plot in Alexandria owned by Episcopal Church of the Resurrection. The Spire will include one-, two- and three-bedroom apartments, including 12 fully accessible homes, that will serve households with incomes ranging from 40 percent to 60 percent of the area median income (AMI). The Spire will cost $48.3 million to develop and has received funds from a number of local state and national sources, including $23 million in tax credit equity from the Virginia Housing Development Authority (VHDA), a $9.9 million loan from the City of Alexandria, a $1.3 million loan from Virginia/National Housing Trust Funds, a $500,000 loan from the Federal Home Loan Bank of Atlanta, a $11.5 million first trust loan from Capital One/Freddie Mac and $500,000 funding from NeighborWorks America. The City of Alexandria also provided a $350,000 rental assistance grant to make 12 apartments deeply affordable, which targets households making 25 percent to 35 percent of the AMI. The ground breaking is slated to take place Tuesday, June 18 at 3:30 p.m.
ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of Alta Grande, a 314-unit apartment complex in Orlando that opened in May 2018. Lantower Residential acquired the property and will rebrand it as Lantower Grande Flats. The property was 98.4 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans spread across 10 three-story buildings. Community amenities include a fitness center with separate yoga studio, dog park, saltwater swimming pool, cabanas, media center/game room and an outdoor hammock garden. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, Atlanta-based Wood Partners, in the transaction. The sales price was not disclosed.
AUSTELL, GA. — Beach Investment Management, an affiliate of The Beach Co., has acquired Reserve at Sweetwater Creek, a 156-unit multifamily community in Austell, for $19 million. Reserve at Sweetwater Creek is located 15 miles west of downtown Atlanta and was built in 1988. The property offers one- and two-bedroom floor plans ranging from 650 to 1,000 square feet. Communal amenities include a swimming pool, outdoor kitchen, fitness center, tennis court, laundry facility and a cyber lounge. Beach plans to upgrade unit interiors, including installing stainless steel appliances, granite countertops and modern fixtures. Community upgrades will include new roofs throughout the property, conversion of the tennis court into an outdoor fitness center and a new gazebo with a grilling area. Darby Parker of The Beach Co. represented the buyer internally in the transaction. Nate Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Arcan Capital. Berkadia provided arranged acquisition financing on behalf of the buyer.
PLANO, TEXAS — CONTI Organization, a multifamily investment firm that specializes in value-add deals, has acquired Waterford on the Meadows, a 350-unit complex in Plano. Built on 22 acres in 1984, the garden-style property offers one- and two-bedroom units and amenities such as three pools, a volleyball court and onsite laundry facilities. The seller was California-based Steadfast Income REIT. CBRE brokered the transaction. With this acquisition, CONTI now owns 29 multifamily communities totaling 8,180 units in the metroplex and 40 properties in Texas.
IRVING, TEXAS — CBRE has brokered the sale of Hidden Village, a 176-unit apartment community in Irving. Chris Deuillet and Chandler Sims of CBRE represented the seller in the transaction. The buyer was EBEX Irving Apartments LLC, which acquired the asset for an undisclosed price. Hidden Village was 96 percent occupied at the time of sale. The gated community features a clubhouse, onsite laundry services, picnic areas and a playground.
KENT, WASH. — A joint venture between RISE Properties Trust and Aegon Real Assets US has acquired Bryson Square Apartments, a multifamily property located at 24006 108th Place SE in Kent, for $43.2 million. Built in 1988, the property features 198 apartments and is situated approximately two miles from Kent Station, an open-air lifestyle destination that features a Sounder commuter train station, 14-screen AMC theater and more than 15 restaurants and 30 retailers and servicers. Seattle-based Thrive Communities will manage the property. Berkadia brokered the transaction, which is the first joint venture between the companies. Including Bryson Square, RISE owns approximately 2,700 units across 15 multifamily properties in the Pacific Northwest.
Pinnacle Real Estate Negotiates $19.5M Sale of Lincoln Springs Apartments in Colorado Springs
by Amy Works
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Lincoln Springs Apartments, a multifamily property located in Colorado Springs. Monarch REI LLC acquired the property for $19.5 million. Located at 1770 S. Chelton Road, the value-add property features 180 apartment units. Mike Krebsback of Pinnacle Real Estate Advisors represented the buyer in the deal. The name of the seller was not released.
BAKERSFIELD, CALIF. — Bakersfield-based LandStone Cos. has completed the sale of Mira Sol Gardens, an apartment community located in Bakersfield. A Newport Beach, Calif.-based private investment group acquired the property for $22.5 million, or $197,500 per unit. Built in 2016, the property features 114 apartments in a mix of two- and three-bedroom floorplans with modernized interiors, attached two-car garages and water-saving, drought-resistant landscaping. The asset is situated on 11.4 acres on Gasol Court, Jerno Drive and Callado Lane in the Far Southwest submarket of Bakersfield. Mark Bonas of The Mogharebi Group and Michael Jordan of Kidder Mathews represented the seller in the transaction.
LITTLE FERRY, N.J. — NorthMarq Capital has provided $44.4 million in Freddie Mac loans for the refinancing of a three-property multifamily portfolio totaling 516 units in Little Ferry, located across from Upper Manhattan. The properties include Gilbert Manor, North Village I and North Village II. Robert Ranieri of NorthMarq’s White Plains, New York, office arranged the loans, which were structured with seven-year terms, two years of interest-only payments and 30-year amortization schedules on behalf of the undisclosed borrower.