WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 6700 Park Ave. in West New York. A private investor sold the 16,000-square-foot property for $2.9 million. The building features 18 apartment units and one commercial storefront. Andrew Zuckerman of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
RALEIGH, N.C. — Williams Realty & Building Co., in conjunction with Kane Realty Corp. and capital partner Lionstone Investments, has received construction financing for the development of a high-rise mixed-use project in Raleigh’s central business district. Colby Mueck, Roger Edwards and Travis Anderson of HFF arranged the construction loan through New York Life Insurance Co. Other terms of the financing were not disclosed. The property is located at the southwest corner of West Peace and North West streets, next to the future 16-acre Devereux Meadows Park. The first phase of the project will include a 45,600-square-foot Publix store, 5,340 square feet of inline retail space, 417 multifamily units and a 735-space structured parking garage. The residential portion will include studio to three-bedroom units averaging 898 square feet. The development team expects to deliver the first phase in mid-2019. Future phases will include additional residential and retail space, along with office and hotel space.
KISSIMMEE, FLA. — CBRE has brokered the sale of Lugano, a newly constructed, 288-unit apartment community located at 3021 Savosa Ave. in Kissimmee, roughly 20 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and developer, Fore Property Co. Cortland Partners acquired the property for an undisclosed price. Constructed in 2017, the LEED Silver-certified community features a resort-style pool, 24/7 fitness center, spinning room, yoga room, clubhouse, fishing pond, dog park, car care center, business center and barbecue grills. Individual units average 1,025 square feet.
KENTWOOD, MICH. — Pathway to Living has acquired the former Elmcroft of Kentwood, an 81-unit seniors housing community in West Michigan. The property is located at 4352 Breton Road Southeast, about nine miles southeast of Grand Rapids. Elmcroft Senior Living was the seller. The purchase price was not disclosed. Pathway to Living will manage the 54,387-square-foot property and rename it Azpira Place of Breton. The company also plans to upgrade interiors, add additional wellness-focused spaces and reconfigure select units. When the work is complete, the property will feature 69 assisted living residences and 12 memory care residences.
OAK PARK, ILL. — Magnolia Capital has purchased Vantage Oak Park in Oak Park for an undisclosed price. Built in 2016, the 270-unit apartment building features a mix of studio, one- and two-bedroom units. Brian Eisendrath and Mike Bryant of CBRE arranged a 10-year Freddie Mac loan on behalf of Magnolia Capital for the acquisition. CBRE also brokered the sales transaction.
MANKATO, MINN. — Marcus & Millichap has arranged the sale of Hubbell Crossing in Mankato in southern Minnesota for $1.4 million. The 20-unit apartment building is located at 230 Hubbell Ave. Built in 1985, the property features two-bedroom units. Chris Collins, Dan Linnell, Josh Talberg and Mox Gunderson of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the private buyer.
COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing, as 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard. In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care facilities throughout the United States. Over the course of two weeks, 386 respondents completed the online survey. Out of the respondents, 62 percent were for-profit providers and 73 percent identified themselves as CEOs, CFOs or owners. The majority operated facilities with fewer than 250 units and all aspects of the continuum of care were represented. Generally, respondents reflected the belief that skilled nursing is going through trouble, with only 19 percent rating the outlook for the sector as “good” over the next three years. For comparison, 58 percent rated the assisted living outlook as “good,” and 55 percent said the same for continuing care retirement communities (CCRCs). Other major finds of the survey include that 82 percent of respondents cited a shortage of workers as a key concern over the …
KILLEEN, TEXAS — BMC Capital has arranged a $4.1 million loan for the refinancing of a 148-unit multifamily community in the central Texas city of Killeen. The 10-year loan features an interest rate of approximately 5 percent and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed agency relationship. The name of the property and borrower were also withheld.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 31 Ocean Parkway in Brooklyn’s Windsor Terrace neighborhood. Steven Frey of Frey Management acquired the property from Sentinel Real Estate Corp. for $33.7 million. Built in 1928, the 90,900-square-foot building features 84 apartment units. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the deal.
PHOENIX — Optima Inc., the developer and one of the original owners of the 592-unit Optima Sonoran Village, has acquired the luxury apartment community through a new partnership with Principal Real Estate Investors. The partnership acquired Optima Sonoran Village Phases I and II for $200 million from an existing Optima-sponsored venture. This new partnership also will develop Phase III of Optima Sonoran Village. Phase III, the final part of Optima’s vision for Sonoran Village, features a 176-apartment homes in a seven-story tower with a roof-deck amenity. Existing amenities include outdoor pools and spas, a dog park, walking paths and a 19,000-square-foot residents’ club that includes a fitness center, indoor pool and spa, steam rooms and saunas, indoor basketball court, racquetball court, party room and business center. Optima Sonoran Village also features floor-to-ceiling windows and outdoor terraces for each residence, as well as a vertical landscaping system.