Multifamily

Steadfast Nears Completion of $95.5M Seniors Housing Community Near Los Angeles

by Amy Works May 17, 2018

LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.

May 17, 2018

California Features Multifamily Seniors Housing Western

Buckingham: Encourage Talent and You’ll Cultivate Careers in Senior Care

by Katie Sloan May 17, 2018

SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …

May 17, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 15-Unit Apartment Portfolio in Fishtown

by David Cohen May 16, 2018

PHILADELPHIA — Marcus & Millichap has brokered the $1.5 million sale of a 15-unit apartment portfolio in the Fishtown neighborhood of Philadelphia. The sales price equates to approximately $100,000 per unit. The portfolio is located at 1417-1419 E. Columbia Ave. and 1243 E. Susquehanna Ave. Andrew Townsend, Clarke Talone, Joseph Sutow and Ridge MacLaren of Marcus & Millichap represented the undisclosed seller in the transaction, which had owned the properties for more than a decade. The buyer was a private real estate investment group and was also represented by Marcus & Millichap.

May 16, 2018

Development Multifamily Seniors Housing Texas

PMRG to Develop $40M Seniors Housing Community in Metro Dallas

by Taylor Williams May 16, 2018

MCKINNEY, TEXAS — Houston-based PRMG will develop Hidden Springs, a $40 million senior living community that will be located in the northern Dallas metro of McKinney. The property will span 215,000 square feet and include 132 independent living units, 40 assisted living units and 28 memory care units. Amenities will include an art studio, dog park, community market, library, media room, putting green and a salon/spa. The groundbreaking is scheduled for this summer and initial occupancy is expected to begin in July 2019.

May 16, 2018

Acquisitions Maryland Multifamily Southeast

Rittenhouse Brokers $21.9M Sale of Apartment Community in Northern Maryland

by Camren Skelton May 16, 2018

ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.

May 16, 2018

Acquisitions Indiana Midwest Multifamily

Emma Capital Purchases Three Apartment Properties in Indianapolis for $63.8M

by Kristin Harlow May 16, 2018

INDIANAPOLIS — Emma Capital Investments Inc. has purchased three apartment properties totaling 849 units in Indianapolis for $63.8 million. The properties include the 336-unit Retreat Northwest, the 388-unit M Club Apartments and the 125-unit Aura Apartments. All three properties were built in the 1970s. The seller was not disclosed. To date, Emma Capital’s U.S. portfolio totals 7,500 apartment units, mostly located in the Sun Belt states.

May 16, 2018

Indiana Loans Midwest Multifamily Seniors Housing

Lancaster Pollard Secures $19.9M Construction Loan for Assisted Living Facility in Indiana

by Kristin Harlow May 16, 2018

NOBLESVILLE, IND. — Lancaster Pollard has arranged a $19.9 million HUD-insured loan to fund the construction of Heritage Woods of Noblesville, a 124-unit affordable assisted living facility in Noblesville, a suburb of Indianapolis. Completion is slated for January 2019. The borrowers are Gardant Management Solutions and Horve Builders. The loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.

May 16, 2018

Acquisitions Multifamily Student Housing Texas

Marcus & Millichap Brokers Sale of 324-Bed Student Housing Asset in Tyler, Texas

by Taylor Williams May 15, 2018

TYLER, TEXAS — Marcus & Millichap has brokered the sale of The Reserve Apartments, a 324-bed student housing asset in Tyler, about 100 miles east of Dallas. The property is located approximately one mile from the University of Texas at Tyler and features amenities such as a pool, fitness center and study rooms. Evan Burke, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The trio also procured the buyer, an undisclosed higher education system.

May 15, 2018

Acquisitions Idaho Multifamily Student Housing Western

Marcus & Millichap Negotiates Sale of 1,546-Bed Student Housing Portfolio in Idaho

by Amy Works May 15, 2018

REXBURG, IDAHO — Marcus & Millichap has arranged the sale of an eight-property student housing portfolio located in Rexburg. A Seattle-based firm sold the 1,546-bed portfolio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rockland; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birchwood; and the 406-bed Birch Plaza. Although the affiliated school was not named, the small city of Rexburg is home to Brigham Young University Idaho. Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 15, 2018

Affordable Housing California Loans Louisiana Multifamily North Carolina Western

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

by Amy Works May 15, 2018

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.

May 15, 2018

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