BAKERSFIELD, CALIF. — Cushman & Wakefield has arranged $11.6 million in construction financing for The Palms at San Lauren, a 68-unit assisted living and memory care community in Bakersfield. The borrower was a joint venture between development firm Blue Mountain Enterprises Inc. and regional operator Pragma Management. The project is the third development project by the partnership. Pragma will manage the community once completed. PNC provided the capital for the loan. The Palms at San Lauren will be situated on a 3.5-acre site and will feature 44 assisted living units and 24 memory care units in a single-story building. The community will be situated next to a newly constructed skilled nursing facility. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner, Sam Dylag and Alex Petrosian.
NEW YORK CITY — JLL Capital Markets has arranged $41.6 million in financing for the acquisition and renovation of a multifamily portfolio located across five locations in the Bronx. The borrower is Quality Communities, a partnership between Taconic Investment Partners and a client of Clarion Partners. Related Cos. sold the 12-building portfolio, which was 97 percent leased at the time of sale. Jonathan Schwartz, Aaron Appel, Mark Fisher and Brian Buglione of JLL secured the financing, which was provided by Sterling National Bank, for the borrower.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 2197 Ocean Ave. in Brooklyn’s Madison neighborhood. Shirben Ocean 2197 LLC sold the building to 2197 Ocean LLC for $10 million. Built in 1928, the six-story, 30,000-square-foot building features 35 apartment units. Aaron Jungreis of Rosewood represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the deal.
NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a mixed-used building located at 1618 Benson St. in the Westchester Square neighborhood of the Bronx. SKYC Management acquired the property for $4.5 million. The five-story, 20,930-square-foot building features 23 apartment units and three commercial units. Guthrie Garvin and Karl Brumback of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 433-439 Miller Ave. in Brooklyn. An undisclosed private investor purchased the 25-unit property for $3.8 million. Shaun Riney, Thomas Shihadeh, Daniel Greenblatt, William Grover and Jonathan Cypers of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
CENTREVILLE, VA. — Denver-based Apartment Investment and Management Co. (Aimco) has acquired Bent Tree, a 748-unit apartment community in Centreville, roughly 25 miles southwest of Washington, D.C., for $160 million. The name of the seller was not disclosed. Bent Tree offers a mix of one- to three-bedroom units with average monthly rents of roughly $1,500. Community amenities include a swimming pool, fitness center, clubhouse, sports courts and a playground. Aimco plans to achieve rent growth through capital improvements, but did not specify what renovations would be implemented.
GADSDEN, ALA. — Berkadia has brokered the $6.4 million sale of two multifamily communities in Gadsden: Pine Ridge and Williamsburg. David Wilson and David Oakley of Berkadia arranged the transaction on behalf of the seller, an affiliate of Strategic Diversified Management Inc., which is based in California. Birmingham-based Abaco Partners LLC acquired the assets. Pine Ridge, a 112-unit community constructed in 1979, offers a mix of one- to three-bedroom units ranging in size from 680 to 1,160 square feet. Williamsburg, constructed in 1973, offers 60 two-bedroom townhomes averaging 1,200 square feet. Over 70 percent of the unit interiors at Williamsburg were renovated in the 18 months prior to the sale. Both properties feature swimming pools and on-site management.
TORRANCE, CALIF. — The Wolff Company has unveiled plans for Revel South Beach, a 185-unit independent living community in the coastal Los Angeles suburb of Torrance. Wolff, an Arizona-based private equity firm and developer, plans to break ground on the community before the end of the 2018 and open the community during 2019. The property is located near many of Southern California’s most notable beaches, including Manhattan, Redondo, Torrance and Palos Verdes. The four-story property will be the 10th seniors housing community Wolff has developed since 2016. The company plans to invest $300 million to $400 million annually in seniors housing developments, in addition to seeking acquisition opportunities.
LITCHFIELD PARK, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hacienda Del Rey, a 90-unit assisted living and memory care community in the Phoenix suburb of Litchfield Park. Hacienda Del Rey is arranged as nine 10-unit buildings surrounding a courtyard. A local developer built the Class A community in 2015. Recognizing the need for a more experienced operator, the developer sold the property to MBK Senior Living, a Southern California-based operator looking to expand its footprint in Arizona. Blueprint’s Jacob Gehl, Amy Sitzman and Giancarlo Riso led the transaction. The price was not disclosed.
GAINESVILLE, FLA. — A joint venture between Coastal Ridge Real Estate and H. Katz Capital has acquired Campus Lodge, a 1,115-bed student housing community located less than three miles from the University of Florida campus in Gainesville. EdR sold the property for an undisclosed price. The property, constructed in 2000, offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity and rents ranging from $1,206 to $2,052 per unit. Community amenities include a resort-style pool, fitness center, basketball court, tanning, a car wash area, picnic areas with barbecues, a computer lab and study rooms. The community is fully occupied for the 2017-2018 school year.