OAK CREEK, WIS. — National Health Investors Inc. (NHI) has agreed to finance the development of Ignite Medical Resort Oak Creek, a 144-bed skilled nursing facility just south of Milwaukee in Oak Creek. NHI’s commitment totals $25.4 million. Construction on the facility is underway, with an expected completion of second-quarter 2020. A tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts will operate the community once completed. A 12-year lease term begins post-construction with two 10-year renewals and a 2 percent annual escalator. In addition, there is a $2 million earn-out based on the operator meeting certain operating metrics in 2024 and 2025.
INDIANAPOLIS — JVM Realty Corp. (JVM) has completed the renovation of the common areas at Circa Apartments, a 265-unit luxury apartment community that it owns in downtown Indianapolis. The new features at Circa include an expanded pet park, a new pet washing station, automated package room, upgraded fitness center and co-working lounge. The renovation also included a redesigned clubhouse and new furniture for the pool and resident lounge. Holt Construction was the contractor for the project and Laura Braucher of Studio 5 Interiors Inc. was the designer.
WARREN, MICH. — SunTrust Banks Inc. has originated a $16.3 million bridge loan for the acquisition of Hoover Square in Warren, a suburb of Detroit. The 342-unit multifamily property, built in 1965, features one- and two-bedroom units. The asset is 90 percent occupied. Evan Hom of SunTrust originated the two-year, floating-rate loan on behalf of the Michigan-based borrower.
SAN ANTONIO — Koontz Corp., a San Antonio-based developer, has broken ground on Palmetto Pointe, a 328-unit apartment community in San Antonio. The community will be situated on 15.2 acres on the northwest side near the city’s two largest private employers, USAA and South Texas Medical Center. Floor plans call for one- and two-bedroom units. Koontz aims to complete the entire 13-building complex in approximately 24 months. The leasing office and clubhouse are expected to open in July 2019, when the first units become available for occupancy.
HOUSTON — New York City-based Arel Capital has completed the $10 million renovation of Bayou on the Bend, a 242-unit high-rise multifamily property in Houston. The project upgraded 152 units that were damaged by Hurricane Harvey, as well as both the interior and exterior amenity spaces. Arel Capital acquired Bayou on the Bend in May 2017, three months before the storm. The property features one-, two- and three-bedroom units and amenities such as a pool, business center and a game room.
PLEASANTON, CALIF. — Levin Johnston of Marcus & Millichap has directed the sale of Vista Del Sol, a multifamily property located at 2451-2529 Santa Rita Road in downtown Pleasanton. A private LLC sold the property to a local investor for $24.25 million. Situated on 3.4 acres, Vista Del Sol features 73 apartments, 50 of which were recently remodeled. The property underwent a $1.4 million capital improvement campaign consisting of extensive exterior and interior upgrades, including a remodeled clubhouse, updated gym and outdoor pool/barbecue area, and new signage. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the deal.
BROOMFIELD, COLO. — HFF has arranged $21.4 million in financing for The Avenues Crofton Park, a 90-unit independent living community in the Denver suburb of Broomfield. Developed by McBroom Co. and managed by The Avenues Co., The Avenues Crofton Park features 70 rental apartment homes and 20 cottages. The HFF team led by Leon McBroom secured a 10-year, fixed-rate loan through Freddie Mac’s CME Program. HFF will also service the loan. The community was 98 percent occupied at closing. The planned use of the funds was not disclosed.
FORT LAUDERDALE, FLA. — Wood Partners has opened Bask, an apartment community located near Port Everglades at 1919 S.E. 10th Ave. in Fort Lauderdale. Bask is an eight-story, 310-unit complex featuring one- and two-bedroom floor plans. Amenities include a community demonstration kitchen, office space, fitness room, yoga room, pet spa and outdoor TV lounge.
CHANDLER, ARIZ. — Greystar GP II, an entity formed by Charleston, S.C.-based Greystar, has acquired River Ranch, a multifamily property located at 6152 W. Oakland St. in Chandler. PHX Oakland 2010, a company formed by San Mateo, Calif.-based Acacia Capital Corp., sold the property for $32 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. River Ranch is a two-story, 11-building, garden-style complex that features 188 units in a mix of one- and two-bedroom floor plans, averaging 742 square feet. Built in 1986, the property has undergone $2.5 million of capital improvements over the last seven years, including washers/dryers installed in all units, roof replacement, exterior paint and new black appliance packages in 31 units.
MILWAUKEE — Berkadia has arranged the sale of Avenir Apartments on Jefferson in Milwaukee for $22.7 million. The 104-unit apartment community includes 7,045 square feet of retail space. Located at 1437 N. Jefferson St., the property features studio, one- and two-bedroom floor plans. Ralph DePasquale, Alex Blagojevich and Parker Stewart of Berkadia represented the seller, an entity managed by Wangard Partners. Weidner Apartment Homes purchased the asset.