Multifamily

Ventas to Acquire Independent Living Property in Manhattan for $194M in Sale-Leaseback with Brookdale

by Taylor Williams August 20, 2018

NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …

August 20, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $134.3M Sale of Multifamily Portfolio in Mobile

by Camren Skelton August 17, 2018

MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets were constructed between 1951 and 1982. Community amenities across the portfolio include pools, fitness centers, laundry facilities, playgrounds and tennis courts.

August 17, 2018

Acquisitions Multifamily Southeast

Investors Management Group Acquires Multifamily Community in Tampa for $40M

by Camren Skelton August 17, 2018

TAMPA, FLA. — Investors Management Group (IMG) has acquired Pavillions at Ballast Point, a 276-unit apartment community located at 6306 S. MacDill Ave. in south Tampa, for $40 million. Craig Brown and Will Matthews of Colliers International arranged the transaction on behalf of the seller, Pavillion Management Group. IMG is the first entity to purchase the asset since it was built in 1990. The California-based company plans to implement extensive interior and exterior renovations at the property and rebrand it as Solis at Ballast Point. The community includes 19 buildings with a mix of one- and two-bedroom units. Community amenities include a pool, clubhouse, covered parking and picnic areas.

August 17, 2018

Acquisitions Georgia Multifamily Southeast

CBRE Brokers Sale of 680-Unit Apartment Community in Metro Atlanta

by Camren Skelton August 17, 2018

MARIETTA, GA. — CBRE has brokered the sale of The Grandstand, a 680-unit apartment community located at 3500 Windcliff Drive S.E. in Marietta, roughly 20 miles northwest of Atlanta. Shea Campbell of CBRE arranged the transaction on behalf of the seller, Castlegate Property Group. The name of the buyer and purchase price were not disclosed. Constructed in 1986, The Grandstand features a newly renovated leasing office with a business center and coffee lounge, two pools, a fitness center, playground and lighted tennis courts.

August 17, 2018

California Development Multifamily Western

Majestic Realty Breaks Ground on Multifamily Component of 110-Acre Mixed-Use Development in Inland Empire

by Amy Works August 17, 2018

REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Summit Apartments, the multifamily component of its 110-acre mixed-use development in Redlands. The property represents the company’s first multifamily project. Located on the northwest quadrant of the Foothill and San Bernardino freeways, the apartment complex will comprise 17 three-story buildings offering a total of 281 garden-style, walk-up apartments. The apartments are available in a mix of one-, two- and three-bedroom layouts, ranging in size from 666 square feet to 1,256 square feet. On-site amenities will include a 4,400-square-foot clubhouse, resort-style swimming pool, gym, dedicated mailroom, dog park and Wi-Fi service throughout the entire 10.5-acre complex. Apartment units are slated for occupancy in July 2019, with the completion of the entire project scheduled for late 2019. Summit Apartments is located within Mountain Grove, Majestic’s 460,000-square-foot retail and entertainment shopping center that opened in 2015, and adjacent to the company’s 520,000-square-foot Citrus Plaza shopping center, which opened in 2005. Combined, the properties offer nearly 1.2 million square feet of retail, restaurant and entertainment, including 24 Hour Fitness, Kohl’s, Banana Republic, Barnes & Noble, Bed Bath & Beyond, buybuy Baby, Chipotle, Cost Plus World Market, Gap, Habit Burger, Harkins, Hobby Lobby, Justice, Petco, …

August 17, 2018

Acquisitions California Multifamily Western

IREA Negotiates $6.8M Sale of Apartment Building in North Hollywood

by Amy Works August 17, 2018

LOS ANGELES — IREA has arranged the sale of an apartment building located at 5543 Case Ave. in Los Angeles’ North Hollywood district. A private individual sold the property to an undisclosed buyer for $6.8 million, or $381,000 per unit. The property features 18 apartments within walking distance to the North Hollywood Metro Red Line Station. On-site amenities include two outdoor resident lounges and a secured and gated dog-walk area. Within the last 12 months, the property underwent renovations including new exterior paint, front door, mailboxes, landscaping, signage, laundry room and LED lighting. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the seller in the deal.

August 17, 2018

Development Illinois Midwest Multifamily Student Housing

Capstone, Harrison Street to Develop Student Housing Community at University of Chicago

by Kristin Harlow August 17, 2018

CHICAGO — Capstone Development Partners LLC and Harrison Street Real Estate Capital LLC are developing an on-campus student housing and dining community at the University of Chicago. Capstone On-Campus Management will manage the property in shared governance with the university. Known as Woodlawn Residential Commons, the development will house approximately 1,200 undergraduate students and resident staff. The project will also include a dining commons that will be operated by the university and its dining services provider. Elkus Manfredi Architects is the project architect and Turner Construction Co. is the contractor. The development is slated to open in time for the 2020-2021 school year.

August 17, 2018

Acquisitions Illinois Midwest Multifamily

SVN Brokers $9.5M Sale of Two Multifamily Buildings in Chicago

by Kristin Harlow August 17, 2018

CHICAGO — SVN | Chicago Commercial has brokered the sale of two multifamily buildings in Chicago’s Beverly neighborhood for $9.5 million. The properties, which total 110 units, are located at 10206-30 S. Walden Parkway and 10500 S. Walden Parkway. Frank Micklin of SVN brokered the transaction on behalf of the undisclosed parties. The buyer completed a tax-deferred 1031 exchange.

August 17, 2018

Acquisitions Massachusetts Multifamily Northeast

Northeast Private Client Group Negotiates $2.6M Sale of Apartment Building Near Boston

by Taylor Williams August 17, 2018

REVERE, MASS. — Northeast Private Client Group has negotiated the $2.6 million sale of the Revere Beach Parkway Apartments in Revere. The property, which is located at 473 Revere Beach Parkway, consists of eight two-bedroom residential units. The sales price equates to $333,333 per unit at a capitalization rate of 5.9 percent based on current net operating income. Drew Kirkland and Francis Saenz of Northeast Private Group represented the seller, Boston-based Nine John Street LLC., in the transaction. The buyer was 7 Hills Living Community LLC.

August 17, 2018

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 1,331-Unit Multifamily Portfolio in Houston

by Taylor Williams August 16, 2018

HOUSTON — CBRE has negotiated the sale of a portfolio of three multifamily communities totaling 1,331 units in Houston. The properties, which had an average overall occupancy of 91 percent at the time of sale, are Westchase Estates, Westchase Grand and Westchase Preserve. Matt Phillips and Clint Duncan of CBRE represented the seller, a partnership between Ascension Commercial Real Estate and Moriah Group, in the transaction. Michael Thompson of CBRE arranged acquisition financing for the deal on behalf of the buyer, The Valcap Group LLC.

August 16, 2018

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