CORPUS CHRISTI, TEXAS — NAPA Ventures LLC, an Austin-based investment firm, has acquired Yardarm Apartments, a 150-unit multifamily property located at 10660 Leopard St. in Corpus Christi. The company will renovate the property’s pool area, parking lots, leasing and business center, and fund improvements to the interiors of the units. The name of the seller and sale price were not disclosed.
CHICAGO — Ryan Cos., in partnership with Lincoln Property Co., has completed Aurélien, a $100 million apartment tower located at the southeast corner of Clark and Chestnut streets in Chicago’s Gold Coast neighborhood. The 31-story, 41,000-square-foot property was designed by Ryan and includes a mix of studio, one- and two-bedroom units, ranging in size from 564 to 1,245 square feet, with monthly rents ranging from $1,895 to $4,110. The tower also features six penthouse units, ranging from 1,165 to 3,339 square feet, and rents starting at $4,660. Lincoln Property Cos. will manage the property and oversee leasing efforts. Other team members include Antunovich Associates, architect of record; Daiwa House of Texas, primary equity investor; U.S. Bank, construction financing; Studio K, interior designer, Ryan A + E, design architect and TGRWA, structural engineer. Aurélien features floor-to-ceiling glass windows; a rooftop level that includes a swimming pool, private cabanas, outdoor fireplaces and a fitness center; bocce ball courts, a private terrace and a business center. The first tenants moved into the apartment community in June.
CHICAGO — Essex Realty Group Inc. has brokered the $11 million sale of two multifamily properties located at 1521 and 1608 W. Sherwin Ave. in Chicago. The properties, which are situated within the Rogers Park area near the Jarvis Avenue “El” station, were built in the vintage corridor-style layout with one main hallway per floor with units on either side. Matt Welke of Essex represented the buyer and Doug Imber, Kate Varde and Clay Maxfield, also of Essex, represented the seller. Both parties involved in the transaction requested anonymity.
WHITE BEAR LAKE, MINN. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Memory Care Cottages in White Bear Lake, a 30-unit, high-acuity memory care community in the Minneapolis suburb of White Bear Lake. The purchase price was approximately $7.8 million, inclusive of transaction costs. The deal is structured as a sale-leaseback with the operator, Prelude Homes & Services, which originally developed the property. CareTrust and Prelude have an existing relationship, and the property was added to the master lease arrangement between the two companies. CareTrust expects the property to generate an additional annual cash rent of approximately $640,000, resulting in an initial cash yield of 8.2 percent. The amended master lease has a remaining initial term of approximately 12.5 years, with two five-year renewal options and Consumer Price Index (CPI)-based rent escalators. CareTrust REIT, a California-based, publicly traded healthcare REIT, funded the acquisition with cash on hand.
FRANKLIN, TENN. — Cushman & Wakefield has secured a $40 million construction loan for the development of a 328-unit apartment community in Franklin, the seat of Nashville’s Cool Springs district. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield structured senior debt on behalf of the borrower, Middleburg Real Estate Partners. The Cushman & Wakefield team also sourced joint venture equity with an institutional capital partner for the development. The property will include two split-level buildings comprising 21 studio apartments, 168 one-bedroom units and 139 two-bedroom units. Community amenities will includes a clubhouse, saltwater pool, cabana areas, outdoor kitchens and a four-acre park for residents. Middleburg has begun construction on the unnamed property and expects to wrap up construction in 2018.
RICHFIELD, MINN. — A joint venture between Minneapolis-based construction firm Kraus-Anderson and Inland Development Partners will develop Chamberlain, a 316-unit apartment complex in Richfield, located about eight miles south of Minneapolis. The current design calls for 283 units to be constructed in three new buildings on the site, in addition to 33 units in three existing buildings that will be renovated. Designed by Urban Works, the project has an estimated price tag of $65 million. The property is situated near the intersection of 66th Street and Cedar Avenue. Construction is expected to begin in spring 2018 with the first of the new units slated to open in spring 2019.
CHARLES, MO. — St. Louis-based contractor Wiegmann Associates has completed the installation of the HVAC system at Cedarhurst of St. Charles, a new $17.5 million seniors housing community in the St. Louis metro of St. Charles. The 99,000-square-foot property features 76 assisted living units and 24 memory care units. Vermont-based Dover Development LLC developed the property, and Illinois-based IMPACT Strategies Inc. served as construction manager. The community officially opened June 25. Cedarhurst Living LLC will operate the facility.
NEW YORK CITY — A joint venture between Olshan Properties and Millhouse Properties has acquired a two-building apartment complex located at 385 and 395 Fort Washington Ave. in the Washington Heights section of Manhattan. Scandinavian Homes sold the properties for $40.1 million. The properties comprise a total of 115 apartments and four office units. Michael Weiser, Barak Jacobov, Shawn Sadaghait and Yisroel Pershin of GFI Realty represented the buyer and the seller in the deal.
MCALLEN, TEXAS — Marcus & Millichap has brokered the sale of Redbud Place, an 80-unit apartment complex situated on four acres at 1001 E. Redbud Ave. in McAllen. Built in 2003, the property consists of 24 one-bedroom units and 56 two-bedroom units. Mike Moffitt Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Whitney Rhoades, Danalee Corso and Scott Logan, also of Marcus & Millichap, procure the buyer, a private investor.
SAN ANTONIO — BMC Capital has arranged $1.1 million in cash-out refinancing for a 32-unit multifamily property in San Antonio. Clayton Wells of BMC Capital arranged the 10-year loan, which features a 4.2 percent interest rate and a 30-year amortization schedule, through an agency lender on behalf of the undisclosed borrower.
