BOSTON — Cushman & Wakefield Senior Housing Capital Markets, acting as advisor to HCP Inc., has arranged the sale of a portfolio of seniors housing communities managed by Brookdale Senior Living. HCP agreed to sell the 17 Brookdale-managed properties to funds managed by affiliates of Apollo Global Management LLC (NYSE: APO) for $264 million. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, James Dooley and Sam Dylag.
SAYREVILLE, N.J. — Marcus & Millichap has negotiated the $1.1 million sale of a nine-unit apartment building in Sayreville. Located at 107 MacArthur Ave., the property was recently fully renovated, including all kitchens, bathrooms and windows. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
PLANO, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Legends at Ridgeview Ranch, a 480-unit multifamily community in Plano. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as two pools, grilling stations, a fitness center, basketball court, resident clubhouse, business center and a dog park. American Landmark will invest approximately $3.6 million in capital improvements to the unit interiors and certain amenity spaces. The seller of the property, which was 96 percent occupied at the time of sale, was not disclosed.
NORMAN, OKLA. — Minneapolis-based investment firm Timberland Partners has purchased The Renaissance at Norman, a 228-unit multifamily asset in Norman. Situated about three miles south of the University of Oklahoma, the property was built in 1999 and features one-, two- and three-bedroom units. Amenities include a fitness center with a yoga studio, resort-style pool, an outdoor kitchen and a clubhouse. Allan Murow of N&M Brokerage Services and Ed Fleming of Colliers International represented the undisclosed seller in the transaction, which marks Timberland Partner’s third acquisition in Oklahoma and seventh of the year.
DENHAM SPRINGS, LA. — Birmingham, Ala.-based Doster Construction Co. has completed the construction of Springs at Juban Crossings, a multifamily development located at 10077 Juban Crossing Blvd. in Denham Springs, about 17 miles east of Baton Rouge. Wisconsin-based Continental Properties is the developer. The townhome-style community features 272 units in a mix of studio, one-, two- and three-bedroom layouts with ground-level private entries. On-site amenities include a clubhouse, resort-style pool, 24-hour fitness center, business center, dog park and attached and detached garages.
FORT SMITH, ARK. — Vanguard Real Estate Advisors (Vanguard REA) has completed the sale of a two-property multifamily portfolio in Fort Smith. A Dallas-based private investor acquired the asset from Fort Smith-based Fairway FSM Properties LLC and Southbrook Properties of Fort Smith LLC for an undisclosed price. The portfolio includes the 128-unit Southbrooke Apartments and the 77-unit The Fairway at Fianna Hills. The properties are located less than two miles from each other. Jordan Cortez of Vanguard REA, along with Flake & Kelley Commercial, represented the sellers. Vanguard REA also helped procure the buyer in the deal.
PLAINFIELD, ILL. — Marcus & Millichap has brokered the sale of Lincolnshire Court Apartments in Plainfield for $7.5 million. The property consists of four buildings on South Wood Farm Road. Built in 2002, the property features balconies, in-unit washers and dryers, garage parking and off-street parking. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the California-based buyer.
FOUNTAIN VALLEY, CALIF. — Bend, Oregon-based Sunshine Retirement Living has announced plans for Park View Estates, a 100,000-square-foot assisted living and memory care community in Fountain Valley, located approximately 35 miles southeast of downtown Los Angeles. The property will sit on 3.5 acres and feature 150 units adjacent to Fountain Valley Regional Hospital and Medical Center. Construction is scheduled for completion in the first quarter of 2020. The memory care neighborhood will total 44 units, all located on the first floor. The assisted living neighborhood will total 106 units spread across the first and second floors. Lantz-Boggio Architects & Interior Designers designed the community. Sunshine Retirement Living is a family-owned seniors housing company with 21 retirement communities in 10 states.
COEUR D’ALENE, IDAHO — Radiant Senior Living has broken ground on a 16-unit expansion at The Renaissance at Coeur D’Alene, a seniors housing community in Coeur D’Alene, near the Washington border. The community is broken up into chateaus of 16 units each, making this the fifth such building on the property. The Renaissance does not specify a type of care for each unit but customizes for each resident’s needs. Radiant expects to complete the 7,300-square-foot chateau in January 2019. Glauser Construction is building the project. Radiant owns and operates 19 assisted living communities in Idaho, Oregon, Washington, Nevada, Colorado and Montana.
NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.