PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $6.4 million sale of a four-building, 56-unit multifamily portfolio in Plainfield. The properties include 1003 Park Ave., 122-124 E. 7th St., 128 E. 7th St. and 138 E. 7th St. Adam Zweibel of Gebroe-Hammer represented the seller, Plainfield MF LLC., in the transaction. The buyer was undisclosed.
ST. LOUIS — Ridgehouse Capital has acquired PW Shoe Loft Apartments in midtown St. Louis for $8.4 million. The property features 34 lofts and is located at 3433 Locust St. adjacent to St. Louis University. The property is fully occupied. Bobby Mills, Mike Hanrahan and Paul Hilton of Cushman & Wakefield represented the seller, PW Shoe Lofts LP.
SAN ANTONIO — Los Angeles-based investment and management firm Gelt Inc. has purchased two adjacent multifamily properties totaling 588 units in north San Antonio. Melia is a 300-unit community located at 3431 Oakdale St. that was built in 1976 and is 95 percent occupied. Barcelo is a 288-unit property located at 3501 Pin Oak Drive that was built in 1972 and is 94 percent occupied. Both communities feature pools, fitness centers, outdoor grilling stations and business centers. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the seller, FPA Multifamily LLC, in the transaction, which marks Gelt’s first commercial acquisition in Texas.
KATY, TEXAS — Fort Worth-based investment firm Olympus Property has acquired Vista at Grand Crossing, a multifamily community located in the western Houston suburb of Katy. Built in 2015, the Class A property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coffee bar, hiking and biking trails, bocce court, a tanning salon and a dog park. The property has since been rebranded Olympus Grand Crossing. The seller was not disclosed.
POOLER, GA. — JLL has brokered the $49.8 million sale of Two Addison Place, a 325-unit apartment community in Pooler, roughly 14 miles west of Savannah. David Gutting, Derrick Bloom, Jim Sewell and Andrew Howard of JLL arranged the transaction on behalf of the seller, New York-based Wharton Realty, which originally acquired the property in 2016. Montgomery, Ala.-based B&M Management Co. LLC purchased the asset. Two Addison Place includes a mix of one-, two- and three-bedroom apartment units. The gated community is located less than five miles from the Tanger Outlets and features a saltwater pool, dog park, fitness center with a yoga room and a cyber café.
LOS ANGELES — Lion Real Estate Group has received $35 million in financing for EastView Apartments, a newly constructed Class A multifamily property located at 327 N. Boylston St. near downtown Los Angeles. Marc Schillinger and Peter Berges of HFF arranged the 12-year, fixed-rate loan with an insurance company for the borrower. The property features 121 units in a mix of studio, one- and two-bedroom layouts, ranging from 555 square feet to 1,267 square feet. On-site amenities include a fifth-floor sky deck with fire pit, grills and dining tables; co-working lounge with refreshment bar and large-screen television; swimming pool with hot tub and lounge; fitness center; secured parking; bike share program; and electric car charging stations.
SAN MARCOS, CALIF. — Lancaster Pollard has arranged $400 million in financing for Plum Healthcare Group, a San Marcos-based skilled nursing operator. The bridge-to-HUD loan refinances Plum’s previous corporate term loan credit facility on a portfolio of 27 skilled nursing facilities throughout California. “Redesigning our capital structure for the emerging market is a key tenet of our strategic plan, which is focused on further enhancing our industry-leading clinical and patient outcomes, and aligning our business to capitalize on developing long-term growth opportunities in the healthcare space,” says Naveed Hakim, chief financial officer of Plum Healthcare Group. The Lancaster Pollard team of Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple served as the syndication agent on the transaction. Credit Suisse served as the lender. “Completing this refinancing with Lancaster Pollard and Credit Suisse accomplishes a key step towards creating a unique, sustainable capital structure that will give us the flexibility and enhanced capital output to execute on our vision,” adds Hakim.
GOLDEN, COLO. — Confluence Cos. is set to break ground on a 107-unit residence hall for undergraduate students on land adjacent to the Colorado School of Mines in Golden. A timeline for development has yet to be announced. Blaylock Van served as sole placement agent on $44.3 million in bond financing for the project. The financing provides staged funding during the construction period and is secured by a leasehold mortgage on the improvements. In this deal, the owner of the land parcel sold it to the state of Colorado on behalf of the Colorado School of Mines, then leased it back through a long-term ground lease and will commence construction this month on the residence hall.
ANNAPOLIS, Md. — Average occupancy for seniors housing properties throughout the United States has fallen to 87.9 percent in the second quarter of 2018, according to the National Investment Center for Seniors Housing & Care (NIC). The rate is the lowest since first-quarter 2010, when it hit 86.9 percent. Assisted living occupancy, already at record lows, also fell further to 85.2 percent. The industry-wide occupancy slide represents a 40 basis-point drop over the previous quarter, an 80 basis-point drop over the year prior, and a 230 basis-point drop from its recent high of 90.2 percent in fourth-quarter 2014. NIC, an Annapolis-based, nonprofit data and analytics firm serving the seniors housing industry, tracks occupancy data using the top 31 primary metropolitan U.S. markets. Transaction data is representative of all U.S. seniors housing property transactions of $2.5 million and above. The silver lining of the low occupancy numbers, according to NIC’s data, is that absorption and rent growth are still positive — 2.4 percent and 2.7 percent, respectively. However, inventory growth was 3.3 percent in the quarter, meaning supply continues to outpace the demand. “The occupancy rate for assisted living was the lowest since NIC began to report the data in late …
NEW YORK CITY — Dane Real Estate has negotiated the $17 million sale of the Paul Robeson Houses, a two-building residential portfolio located in Central Harlem. The Paul Robeson Houses are comprised of two residential buildings with a total of 80 residential units. The buildings are both Section 8 properties. Dane Real Estate represented the undisclosed seller in the transaction. LIHC Investment Group purchased the portfolio.
