LAS VEGAS — Northcap Multifamily has brokered the sale of Cypress Springs Apartments, located at 3651 N. Rancho Drive in Las Vegas. Oceanside Cypress Springs sold the property to an undisclosed buyer for $15 million. Built in 1994, the asset features 144 multifamily units. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller in the transaction.
ROCHESTER, N.Y. — WinnDevelopment has officially opened The Landmark at Sibley Square, an active adult community located at 250 East Main St. in Rochester. Designed for active residents 55 and older, the units are located on floors 7 and 8 of the 1.1 million-square-foot building. The Landmark features one- and two-bedroom units with amenities that include a 24-hour fitness center, community space with a kitchen and living room, a library and a dog park. The opening of The Landmark follows the completion of the 104-unit Spectra at Sibley Square apartments on floors 9-12 of the building. Floors 3-5 have recently been approved for workforce housing with construction scheduled to begin later this year.
BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, high-net-worth individuals and family offices. Boca Raton-based KA Real Estate, the private equity arm of Kayne Anderson Capital Advisors LP, has a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.
TAMPA, FLA. — American Landmark has acquired a four-property multifamily portfolio located in Florida, Georgia and South Carolina. In Florida, the Tampa-based multifamily owner and operator acquired Bella Apartment Homes, located at 3101 Segreto Lane in Kissimmee, roughly 22 miles south of Orlando. The 432-unit property was built in 2010 and was 96 percent occupied at the time of sale. American Landmark will rename the community The Aspect. In metro Atlanta, American Landmark acquired two properties: Arbor Terrace in Douglasville and Summerset in Conyers. The 300-unit Arbor Terrace, located at 1 Rocky Ridge Blvd., was built in 2003 and was 95 percent occupied at the time of sale. The community will be renamed One Rocky Ridge. Summerset, which will be renamed The Oxford, is located at 50 Greenleaf Road. The 240-unit property was constructed in 1999 and was 96 percent occupied at the time of sale. In Charleston, American Landmark acquired Arbor Village, a 240-unit community located at 10825 Dorchester Road. The community was built in 2014 and was 93 percent occupied at the time of sale. The name of the seller and sales price were not disclosed.
OAKLAND, CALIF. — CIT Group’s Real Estate Finance division was the sole lead arranger for a $107.5 million construction loan for Station on 12th, a 333-unit multifamily project in downtown Oakland. The borrower is a joint venture between a Brookfield-sponsored private real estate fund and The Martin Group, the developer and operating partner for the project.
SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility. The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care. The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company. Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property. JD Stettin of Carnegie Capital arranged the transaction.
ELK GROVE VILLAGE, ILL. — Wells Fargo has provided a $56.5 million loan for the acquisition of Willow Crossing in the northwest Chicago suburb of Elk Grove Village. The 579-unit multifamily property consists of 14 buildings. Amenities include two swimming pools, two playgrounds, a fitness center, clubhouse and business center. Matthew Schoenfeldt of HFF arranged the five-year loan on behalf of the borrower, The Marquette Companies. In addition to using the loan proceeds to acquire the property, the borrower plans to renovate the asset. Renovated units will feature new countertops, stainless steel appliances, walk-in closets and private balconies.
ANDERSON, IND. — UMH Properties Inc. (NYSE: UMH) has acquired two manufactured housing communities in Anderson, about 40 miles northeast of Indianapolis, for $20.5 million. All totaled, the properties feature 669 developed home sites on approximately 231 acres. The average occupancy rate is 91 percent. UMH is a public traded REIT that owns and operates 114 manufactured home communities with approximately 20,600 developed home sites.
BLUE ISLAND, ILL. — Kiser Group has brokered the $18.6 million sale of Blue Station Apartments in Blue Island, about 16 miles south of Chicago. The 345-unit apartment complex is located at 2130 W. 122nd St. The buyer, an undisclosed national portfolio owner, purchased the property from Kinzie Realty Corp. Kinzie assembled the apartments through multiple acquisitions. Community amenities include an on-site convenience store and daycare center. Lee Kiser and Matt Halper of Kiser brokered the transaction.
GARLAND, TEXAS — Walker & Dunlop has provided two bridge loans totaling $81.8 million for the acquisition and repositioning of Landmark at Lake Village North and Landmark at Lake Village East, two apartment communities in the Dallas metro of Garland. The garden-style properties total 848 and 321 units, respectively, and include amenities such as multiple pools, basketball and volleyball courts, dog parks, fitness centers and outdoor grilling areas. Alex Inman of Walker & Dunlop structured the loans on behalf of the owner, Madera Residential.
