LACEY, WASH. — Shelter Resources has acquired the 164-unit College Glen Apartments in Lacey for $19.3 million. The community is located at 4870 55th Lane SE. It was built in1996. College Glen is a low-income housing tax credit property. The community contains a playground, community center and indoor sports court. The seller was College Glen Apartments LP. Kidder Mathews brokered the transaction.
ALBANY, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided $38.5 million in financing for the construction of an affordable housing community in Albany. The 76-unit development, which will be called Ida Yarbrough Homes, will set aside 12 apartments for households at risk of homelessness. The borrower is Ida Yarbrough Phase II LLC, an entity owned by the Albany Housing Authority. Keybank provided $18.1 million in equity through the Low Income Housing Tax Credit program. In addition, Keybank also provided a $17.2 million construction loan and a $3.2 million Freddie Mac first mortgage loan. John Berry, Jen Seamons, Victoria O’Brien and Joe Eicheldinger of Keybank’s CDLI group, and Jeff Rodman of the Commercial Mortgage Group arranged the financing.
EVERETT, WASH. — Evans Senior Investments (ESI) has arranged the sale of Garden Court Retirement Community, a 148-unit independent living and assisted living property in Everett. A national private equity firm acquired the property from an independent owner-operator for $50.5 million, or approximately $341,000 per unit. Built in 2002, Garden Court Retirement Community is located 13 miles north of Seattle between the downtown areas of Everett and Lynwood. At the time of sale the community averaged 95 percent occupancy. The buyer will bring Artēgan on as operator.
LITTLETON, COLO. — Zocalo Community Development is preparing to open Vita, a 159-unit active adult community in the Denver suburb of Littleton. KTGY Architecture + Planning designed the community, which is restricted to residents over 55 years of age. The developer is seeking LEED Gold certification. The community features a variety of mixed-use features, including walking/biking trails, art galleries, antique shops, specialty shops, clothing boutiques, restaurants and bars. It is also located one block from an RTD Light Rail station, providing easy access to downtown Denver and the airport. Zocalo, a Denver-based developer, expects to open Vita in May.
SAN MARCOS, TEXAS — CBRE has brokered the sale of Dakota Ranch, a 316-bed student housing community located roughly one mile from Texas State University in San Marcos. Built in 2002, the property offers one-, two- and three-bedroom units ranging in size from 523 to 1,111 square feet. Amenities include a pool, fitness center, outdoor kitchen, volleyball court, a dog park and a business center. An affiliate of New York-based Alden Street Capital purchased the asset from an affiliate of Alex. Brown Realty for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE brokered the deal, and Benjamin Roelke of CBRE secured a seven-year loan through Fannie Mae for the acquisition.
WACO, TEXAS — Marcus & Millichap has closed the sale of Tinsley Place, a 214-unit multifamily community located approximately one mile from Baylor University’s campus in Waco. Built in 2015, the property consists of one-, two- and three-bedroom units ranging in size from 485 to 1,206 square feet and features a pool. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap represented the seller and procured the buyer, both of whom requested anonymity.
WACO, TEXAS — Wellington Realty has arranged the sale of West Campus Lofts, a student housing community located near Baylor University in Waco. The property, which offers 180 two- and three-bedroom units, was redeveloped in 2017. Shared amenities include a swimming pool with a cabana, 24-hour fitness center, game room and a study lounge. David Shaffer, Caleb Jones, Tammy Shaffer and William Hubbard of Wellington brokered the transaction. The buyer, seller and sales price were not disclosed.
ANN ARBOR, MICH. — Berkadia has arranged the sale of The Courtyards Apartments in Ann Arbor for an undisclosed price. The 896-bed student housing property features 320 units ranging from one- to four-bedroom floor plans. Amenities include a game room, movie theater, fitness center, picnic area, study room and bike storage. The property is situated near the University of Michigan’s North Campus. Kevin Larimer and Greg Gonzalez of Berkadia represented the seller, Chicago-based Kensington Realty Advisors Inc. Harrison Street Real Estate Capital LLC purchased the asset.
ELMHURST, ILL. — The Opus Group has broken ground on a luxury apartment property in Elmhurst, a suburb of Chicago. The project will feature 164 residential units and more than 7,600 square feet of retail space. The transit-oriented development is located at 100 N. Addison St. Amenities will include a fitness center, yoga room, clubroom, pool, pet spa and work-from-home suites. Completion is slated for spring 2019. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer. Hartshorne Plunkard Architecture is the design architect and ESG Architects is the interior designer. The project is a joint venture with Principal Real Estate Investors.
SAVANNAH, GA. — Capital One Multifamily Finance has provided a $19.3 million Fannie Mae loan for the acquisition of The Blake, a 270-bed student housing community located less than a half-mile from the Savannah College of Art and Design in Savannah. Tim Smits of Capital One originated the 10-year loan with four years of interest-only payments and a 30-year amortization schedule on behalf of the buyer, Maryland-based Hopkins Holding. The seller, which developed the property in 2016, was a joint venture between Campus Works, Kaplan Residential and McKinney Fund & Co. The Blake features a clubhouse, covered outdoor patio, a 5,000-square-foot pool terrace and a lounge with cabanas.
