BEND, ORE. — Security Properties and a university endowment have purchased Seasons at Farmington, a multifamily community located in Bend’s Old Farm District. An undisclosed seller sold the property for $45.5 million. The property features 228 apartments in a mix of one- and two-bedroom layouts, swimming pool, clubhouse with lounging areas and a fitness center, dog park, and outdoor fire pit. This transaction is Security Properties’ first acquisition in Bend. Security Properties Residential, an affiliate of the buyer, will manage the community.
KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage units.
Big Rock, Kiawah Partners to Develop $125M Seniors Housing Community Near Charleston, South Carolina
KIAWAH ISLAND, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 million seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will be for residents ages 55 and older and will include independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. “There’s been exponential growth in the active senior population in the Charleston area,” says Richard Ackerman, senior managing partner at Big Rock. “We wanted to bring a state-of-the-art senior living experience to the Lowcountry.” The community will feature its own movie facility, multiple pools, a fitness center with a yoga studio, and multiple food and beverage options. “There are current Kiawah homeowners who are aging, who want to downsize and require higher degrees of service levels,” says Chris Randolph, partner at Kiawah Partners. “They don’t want to lose touch with their social circles by moving off the island. Senior living on Kiawah allows them to keep their ties to the island, and for many, to the Kiawah Island Club.” Kiawah Partners is the master developer …
SOUTH WINDSOR, CONN. — KeyBank has provided a $39.5 million Freddie Mac, first mortgage loan to refinance the existing debt of Tempo Evergreen Walk Apartments in South Windsor. The 200-unit, garden-style apartment complex was built in 2018 and is made up of nine, four-story residential buildings. Tom Peloquin of KeyBank arranged the fixed-rate, non-recourse loan with an 11-year term, three years of interest only payments and a 30-year amortization schedule for the undisclosed borrower.
BRIDGEWATER, N.J. — LCS has acquired Arbor Glen, a continuing care retirement community (CCRC) in Bridgewater, for an undisclosed price. Located southwest of New York City, the community sits on 23 acres and features 183 independent living units, 19 independent living villas, 23 assisted living units, 10 memory care units and 64 skilled nursing beds. LCS changed the community’s name to Laurel Circle and plans to implement an $8 million capital improvement plan at the property. The seller and former operator was Friends Retirement Concepts. Based in Des Moines, Iowa, LCS Real Estate currently has an ownership stake in 37 seniors housing communities nationwide.
SAN ANTONIO — A partnership between two California-based firms, AHV Communities and Bristol Group Inc., is underway on Pradera, a project in San Antonio that will deliver single-family homes exclusively for rent. The gated community will be located near the Alamo Ranch development on the city’s west side and feature 250 three- or four-bedroom residences with private front and backyards. The project will also deliver an amenity center with a clubhouse, community kitchen, pool, fitness center, a dog park and walking trails. Preleasing will begin during the third quarter and move-ins are expected to commence during the fourth quarter.
AUSTIN, TEXAS — An affiliate of Dallas-based developer RightQuest has broken ground on The Flats at ShadowGlen, a 248-unit apartment community situated on 12 acres on Austin’s east side. The property will offer one-, two- and three-bedroom units with rents ranging from $991 to $1,700 per month. Amenities will include a clubhouse with a media center, business center, pool, fitness center and a dog park. The first units are expected to be available for occupancy by summer 2019. Austin-based Journeyman Construction LLC is serving as general contractor for the project. San Antonio-based Mason Joseph Co. Inc. secured construction financing.
CHICAGO — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of Infinite Chicago, a 404-bed student housing community located in downtown Chicago. Stephen Skok of HFF arranged the financing on behalf of the borrower, CA Student Living, a division of CA Ventures. Loan terms were not disclosed, but the loan was used to repay an existing loan. Infinite Chicago, formerly known as the Gibbons/Steger office buildings, includes a pair of 18- and 19-story towers, originally constructed between 1910 and 1912. CA Student Living acquired the property in 2012 and completed the conversion of the buildings into student housing in 2014. Both Kendall College and School of the Art Institute of Chicago control master leases for a large portion of the beds at Infinite Chicago. The remaining tenant roster includes students from institutions such as DePaul University, Roosevelt University and Columbia College, among others. Shared amenities at the community include a landscaped rooftop with gas grills, fitness center, business center, group study rooms and an entertainment lounge. In addition, Infinite Chicago features 6,000 square feet of ground-floor retail leased to tenants such as Just Salad, 7-Eleven, BIBIBOP Asian Grill and Hero Coffee Bar.
DES PLAINES, ILL. — The Opus Group has begun construction of a 113-unit luxury apartment project in Des Plaines. Located at 1555 Ellinwood Ave., the transit-oriented development will feature 1,400 square feet of ground-floor retail space. The project is a joint venture with Berkshire Group. Amenities will include a fitness center, yoga studio, clubroom, dog spa, outdoor amenity deck and bike storage. One- and two-bedroom units will vary in size. The property is being constructed on the former Sim’s Bowl site, which closed in 2009 and demolished two years later, according to the Daily Herald. Opus Development Co. is the developer while Opus Design Build is the builder. Opus AE Group is the structural engineer and ESG Architects is the architect. Completion is slated for the second quarter of 2019.
FORT WORTH, TEXAS — Greysteel has arranged the sale of Midtown Crossing, a 208-unit apartment property in Fort Worth. Built in 1984, the property consists of one- and two-bedroom units averaging 829 square feet per unit. Amenities include a pool and outdoor picnic areas with grills. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.