CLEVELAND — Marcus & Millichap has arranged the sale of The Esmond in Cleveland for an undisclosed price. The 24-unit apartment building is located at 4806 Euclid Ave. in the Midtown neighborhood. John Eisenmann, who built the renowned Cleveland Arcade, originally constructed the building in 1898. The building has historically been a popular residence for artists, musicians and other creative professionals. William Koontz, Charles Gagliano, Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer who plans to renovate the units. Lease-up will begin this summer.
HEBER CITY, UTAH — CBRE has secured an undisclosed amount of refinancing for Wasatch Commons Apartments, a 224-unit multifamily community located in Heber City. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the undisclosed owner. The property consists of 106 newly renovated one-, two- and three-bedroom units. Residences include walk-in closets, window coverings, private balconies/patios, air conditioning and in-unit washers and dryers. Community amenities include covered parking, a playground, barbecue areas, a heated swimming pool, a hot tub, clubhouse, 24-hour fitness room and guest parking.
CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Bryant Park, a 345-unit apartment community in Charlotte’s FreeMoreWest neighborhood, just west of Uptown. The community will offer a mix of studio, one-, two- and three-bedroom units. Community amenities will include a 24-hour fitness center with yoga studio, coworking space, pool with sundeck, electric car charging stations, bike storage, 24-hour package and dry-cleaning pick-up and a pet spa with a grooming station. The project is Alliance’s first in Charlotte and second in North Carolina. Construction is slated to begin immediately, and the first units are expected to deliver in summer 2019.
NEWPORT NEWS, VA. — HFF has secured an $18.8 million loan for the acquisition of Meadow View Townhomes, a 400-unit apartment community located at 4801 Marshall Ave. in Newport News, a town in Virginia’s Hampton Roads region. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, fixed-rate loan through Freddie Mac’s Capital Markets Execution program on behalf of the borrower, a joint venture between Brick Lane and Red Starr Investments. The 77-building property includes a mix of one- to four-bedroom units. The property, which was fully renovated in 2017, features a clubhouse, playground and on-site parking.
GERMANTOWN, TENN. — Confluent Senior Living, in partnership with Harbor Retirement Associates (HRA), is set to begin construction of HarborChase of Germantown, an assisted living and memory care community in the east Memphis suburb of Germantown. The 114,450-square-foot community will feature 86 assisted living units and 37 memory care units in a three-story building. It is scheduled to open in summer 2019. Rosemann & Associates is serving as the architect on the project, and Catamount Construction is the general contractor. Vero Beach, Fla.-based HRA will operate the community upon completion. Confluent Senior Living is a subsidiary of Denver-based real estate investment firm Confluent Development. This is the third project by the Confluent and HRA partnership. The companies also have several land parcels under contract in nearby Cordova with plans for a second seniors housing community in the Memphis area.
The future of seniors housing is dependent on collaboration and cooperation between all the stakeholders in the industry, particularly operators and “senior care enablers,” according to Brian Jurutka, president and CEO of the National Investment Center for Seniors Housing & Care (NIC). The comments came during a question-and-answer session moderated by Mary Ann Donaghy, NIC’s chief marketing and communications officer, at the organization’s Spring Investment Forum, held March 7 to 9 in Dallas. NIC is a Maryland-based nonprofit association that provides data metrics on the seniors housing industry. Examples of senior care enablers include healthcare systems, home health providers, software companies and others who provide care outside of the standard offerings of a seniors housing community. “Historically we have been more focused on the real estate piece,” says Jurutka. “However, one of the components we think is important is that instead of seniors going to healthcare, healthcare will come to seniors. What that means is there are opportunities for value to be created for seniors housing communities.” Examples of such collaborations in action could include: Bringing home health aides into independent living communities to slow the transition to assisted living. Bringing rehabilitation and therapy providers into assisted living communities to …
There’s no question that the San Antonio multifamily market has had the reputation of being the steady tortoise in a race against the more nimble Texas hares of Houston, Dallas and Austin. We all know how the fable ends — the hare, confident of an easy win, takes a nap while the tortoise secures victory. Could 2018 be the year that our “slow and steady” hero finds its place at the top of the Texas market performance? As it stands, the Alamo City is enjoying an apartment occupancy rate of 92.1 percent, which is flat on a year-over-year basis. But given the amount of new supply that entered the market in 2017 — a cycle-high 7,230 units — that’s a remarkable number. We ended 2017 with an average rent of $1.14 per square foot, which is flat compared to third-quarter figures, but that number still represents 3.64 percent growth from the $1.10 average from the fourth quarter of 2016. So what does it mean for the market’s immediate future? The San Antonio construction pipeline continues to be a focal point and as things progressed, there have been some surprises. While 2017 marked the cyclical peak for deliveries, and there has …
NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.
SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Edge and The Lodge, two student housing properties totaling 1,249 beds near Texas State University (TXST) in San Marcos. The properties span 431 units and are located within a mile of TXST’s campus. Both feature amenities such as shuttle service to campus, fitness centers, pools, study rooms, salon services, sport courts, game rooms and dog parks. 29SC will invest more than $4 million in capital upgrades to both properties’ unit interiors and communal amenities. The seller and sales price were not disclosed.
ALEXANDRIA, VA. — Perseus TDC, in partnership with Four Points LLC, has started construction on a multifamily redevelopment at 200 Stovall St. in Alexandria, roughly eight miles south of Washington, D.C. Perseus TDC is a joint venture formed in 2017 between Perseus Realty LLC and Transwestern Development Co. The site currently houses a vacant, 610,000-square-foot office building, which the joint venture will convert into a 520-unit apartment community with 25,000 square feet of ground-floor retail. The project will offer a mix of studio, one- and two-bedroom units and will feature a three-story fitness facility, sports bar, coworking lounge and more than 10,000 square feet of rooftop amenities including a pool, lounge, fireplace and dining area. Atlanta-based Cooper Carry is the architect for the project, and London-based Balfour Beatty PLC is the general contractor. Boston-based ELV Associates is the majority equity partner. The first units at the development are expected to deliver in the fourth quarter of 2019. The building is located within Hoffman Town Center, which is home to restaurant, retail and entertainment options, as well as the National Science Foundation headquarters. Across the street from the project, a planned 1 million-square-foot, Wegmans-anchored mixed-use development is scheduled to break ground in …