Multifamily

DECATUR, GA. — Speak Life Management has broken ground on The Holbrook Decatur, a $73.7 million active adult community in Decatur, roughly 10 miles northwest of downtown Atlanta. Slated to open in spring 2019 at 1880 Clairmont Road, the community is situated less than one mile from Emory University. Designed for the 50-plus, active lifestyle market, The Holbrook will feature 71 apartments and offer health- and wellness-focused amenities, including a saltwater pool, positive ion emission and aromatherapy, spa services, concierge physician and wellness services, yoga, Pilates, spin classes and art and ceramic classes. In addition, The Holbrook will offer wine bars, local taps, coffee bistros, multiple dining venues and grilling stations. Dogwood Forest, the assisted living brand under the Speak Life Management umbrella, will also be located on the property and will include 97 assisted living units and 32 memory care units. The Holbrook Decatur’s project team includes Solomon Development Services, Needle Development, Choate Construction Co., CDH Partners and Harrison Design.

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SUMTER, S.C. AND JACKSONVILLE, N.C. — NAI Earle Furman has arranged the $60 million sale of two multifamily properties in the Carolinas: Piedmont Plantation in Sumter and Plantation at Jacksonville in Jacksonville. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman arranged the transactions on behalf of the seller, Greensboro, N.C.-based Berkley Hall Construction. Gastonia, N.C.-based Triangle Real Estate acquired both properties in separate transactions. Constructed in 2007, Piedmont Plantation includes 252 one-, two- and three-bedroom units. The Plantation at Jacksonville was constructed in 2014 and includes 360 one-, two- and three-bedroom units. Both properties feature a pool, fitness center, dog park, playground and a car care center. In addition, both properties were fully occupied at the time of sale.

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SEATTLE — Kennedy Wilson (KW) has purchased four multifamily properties in the Pacific Northwest. The portfolio contains a total of 996 units. Prices were not disclosed. The transaction includes the 210-unit Latitude in Happy Valley, Ore., and the 264-unit Heatherwood in Gresham, Ore. It also includes two multifamily assets in the greater Seattle and Portland areas containing a total of 522 units. KW purchased the assets through a 1031 exchange. The firm recently sold the 615-unit Summer House in Alameda, Calif., for $231 million and Gardner House, a 75,600-square-foot office building in Dublin, Ireland, for $73 million. The sales are expected to generate a profit of $130 million for KW.

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RENO, NEV. — The Wolff Company has started construction on Revel Rancharrah, a 146-unit independent living community within Reno’s Rancharrah master-planned community. The development is scheduled for completion in 2018. The four-story property will be Wolff’s fifth seniors housing community. Wolff plans to invest $300 million to $400 million annually in new independent living development, in addition to seeking acquisition opportunities.

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SANTA MONICA, Calif. — Welbrook Senior Living has completed construction of Welbrook Santa Monica, a 50-unit memory care facility in Santa Monica. The units are all single-occupancy studios. Welbrook partnered with Urban Green Investments, a San Francisco-based real estate investment and development company, on the project.

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YONKERS, RYE AND LARCHMONT, N.Y. — Harrison, N.Y.-based Stillman Property Management has acquired three multifamily properties in the greater New York City metropolitan area totaling 406 units for an undisclosed price. The properties are Hudson View Owners Corp., a 249-unit cooperative located at 632, 650 and 678 Warburton Ave. in Yonkers; Milton Harbor House, an 88-unit cooperative located at 720 Milton Road in Rye; and Larchmont Hills Owners Corp., a 69-unit cooperative located at 17 N. Chatsworth Ave. in Larchmont. Terms of the transactions were not disclosed.

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NEW YORK CITY — Marcus & Millichap has arranged the sale of a development site located at 2433 Pitkin Ave. in Brooklyn. A private investor acquired the site for $1.1 million. The buyer plans to develop a mixed-use property featuring 32 residential units and ground-floor retail space on the site. Jakub Nowak, Jim McGuckin and Thomas Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.

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OMAHA, NEB. — NorthMarq Capital has arranged a $24.4 million Freddie Mac loan for the refinancing of Broadmoor Hills Phase III in Omaha. The 192-unit apartment building is located at 18440 West Dodge Hills Plaza. Community amenities include a fitness center, pool, indoor basketball court and resident movie theater. Jason Kinnison of NorthMarq arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.

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ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $20.5 million Fannie Mae loan for the acquisition of Brookside Apartment Homes, a 288-unit multifamily property located at 2505 Thomason Circle in Arlington. The property features a newly renovated clubhouse, storage space, a pool, dog park and an outdoor kitchen with picnic areas. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, DCP 2505 Thomason Circle LLC.  

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CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $32.7 million sale of Tryon Park at Rivergate, a 202-unit apartment community in Charlotte. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, Charlotte-based White Point Partners. Raleigh-based Chaucer Creek Capital acquired the asset. Tryon Park at Rivergate features a business center, saltwater swimming pool, fitness center with a yoga and Pilates studio, car care center, dog park, grilling stations and detached garages.

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