ROANOKE, TEXAS — Civitas Senior Living and LKP Ventures will develop Harvest Senior Living, an 83-unit assisted living and memory care community in Roanoke, a northern suburb of Fort Worth. The property will be situated on 5.2 acres along State Highway 114, span 67,000 square feet and offer resort-style amenities. The groundbreaking is slated to occur this spring.
SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL), a continuing care retirement community in San Francisco, has opened a preview center at its 190-unit Frank Residences expansion. The $140 million project will add 113 assisted living apartments and 77 memory care suites. The expansion includes 270,000 square feet of new construction, plus renovations to the community’s 362 skilled nursing units. The new units are slated for occupancy in late 2019. “SFCJL leadership embarked on this project because they saw there was a real need in the community for modern housing where older adults could receive higher levels of care,” says Staci Chang, director of marketing and communications. “With this expansion, we are creating an economically sustainable model that will be viable for generations to come and expanding our services to serve the needs and wants of a broader population of older adults and their families.” In addition to the new residential units, SFCJL is creating a “downtown” on campus with social and cultural activities, as well as medical services. Named Byer Square, the area will feature a primary, specialty and integrative health care clinic, along with a fitness and aquatics center, library, café, cinema, and a cultural and …
PHOENIX — JLL has negotiated the sale of Sanctuary on 22nd, a multifamily community located in Phoenix. Laguna Point Properties sold the property to a private investor for $31.8 million. Built in 1985, Sanctuary on 22nd features 266 apartments in a mix of one- and two-bedroom layouts with an average unit size of 788 square feet. Each unit features an oversized patio and full-size washer and dryer, while select units offer a fireplace. On-site amenities include two swimming pools, a modern fitness center, clubhouse and business center. John Cunningham and Charles Steele of JLL’s Multifamily Capital Markets represented the seller in the deal.
PENNSYLVANIA, NEW JERSEY, CONNECTICUT, WEST VIRGINIA AND MASSACHUSETTS — KeyBank has provided a $142.1 million acquisition loan for a 15-property, 2,147-bed skilled nursing portfolio. Six of the properties are in Pennsylvania, four in New Jersey, three in Connecticut, one in West Virginia and one in Massachusetts. The total purchase price was $204 million. Manhattan-based private real estate investment firm Next Healthcare Capital entered into a real estate partnership with Genesis Healthcare to acquire the portfolio from seniors housing REIT Welltower (NYSE: WELL). Genesis acquired a 46 percent ownership interest in the portfolio. Genesis will continue to operate the facilities under a new long-term, triple-net lease that includes a Genesis purchase option beginning in 2026, plus no rent escalators for the first five years. Seven additional Welltower-owned properties were sold to a third party and Genesis will no longer operate those facilities. Henry Alonso, Jonathan Slusher and John Randolph of KeyBank Real Estate Capital arranged the $142.1 million loan. Terms of the financing were undisclosed. — David Cohen
ATHENS, GA. — SunTrust Bank has provided $35 million in financing to support the development of Presbyterian Village Athens in Athens. The 70-acre continuing care retirement community (CCRC) will feature a total of 229 units. Development costs are estimated at $143 million. Presbyterian Homes of Georgia is developing the property, breaking ground in September 2018. The project is scheduled for completion in early 2021.
MIAMI — PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $100 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to include a resort-style, elevated pool deck, fitness center and spa, kids’ playroom, coworking space and resident lounge. The development will be situated at 218 N.W. Eighth St., about two miles north of downtown Miami.
ATLANTA — Cortland has acquired Domain at Phipps, a 319-unit apartment community situated near Phipps Plaza in Atlanta’s Buckhead district. Cortland will rebrand the property as Cortland at Phipps. The complex was 94 percent occupied at the time of the sale and offers amenities such as a pet play area, courtyard, dog grooming station, fitness center, swimming pool, grilling area and an outdoor yoga space. Atlanta-based Cortland now operates more than 11,000 apartment units in Atlanta. Jason Nettles and Megan Thompson of HFF arranged the sale. The sales price was not disclosed.
HOUSTON — Hines will develop The Preston, a 46-story residential tower in downtown Houston that will feature 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. Amenities will include a pool, cabanas, yoga lawn, fitness center, co-working office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. Construction is slated to begin in March and wrap up during the third quarter of 2022.
HOUSTON — Wood Partners, a local multifamily development and management firm, has broken ground on Alta Washington Avenue, a 204-unit apartment community in Houston. The property will be located near several employment hubs, including the CBD and Greenway Plaza, and will offer one- and two-bedroom floorplans. Amenities will include a pool, fitness center, outdoor grilling areas, game room, business center, dog park and sky lounge. Alta Washington Avenue is expected to open in winter 2020.
BUFFALO, N.Y. — KeyBank has provided a $5.4 million construction loan and $6.7 million in 9 percent tax credit equity for the construction of Elim Townhomes in Buffalo. The two-acre property will feature 30 townhome units, available to households earning 50 percent of the area median income. Additionally, six of the 30 units will be set aside for individuals and families with physical, hearing or vision impairments. The borrower was Belmont Housing Resources. Terms of the financing were not disclosed. Other investments in Elim Townhomes included $3.1 million in permanent financing from the New York State Housing Trust Fund and a $900,000 permanent, long-term HOME loan from the City of Buffalo.
