DOYLESTOWN, PA. — Marcus & Millichap has arranged the sale of Oak Gardens, an apartment building located at 355 North St. in Doylestown. An undisclosed buyer acquired the property for $3.8 million. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Constructed in 1950, the three-story building features 30 one- and two-bedroom apartment units.
INDIANAPOLIS AND LAFAYETTE, IND. — CBRE Group Inc. has arranged $18 million in loans for the recapitalization of a three-property multifamily portfolio in Indiana. The loan proceeds will enable the borrower to reinvest in the assets. All three loans feature 10-year terms, 30-year amortization schedules and one year of interest-only payments. CBRE arranged a $4.9 million loan for South Haven Village, located at 1542 Citrin Place in Indianapolis. A $6.4 million loan was arranged for Georgetown South and a $6.8 million loan for Village Square Apartments, both located in Lafayette, about 60 miles northwest of Indianapolis. Dan Gable and Jason Brown of CBRE arranged the loans with Starwood Mortgage Capital on behalf of Michael James and James Management Group.
HOUSTON — LMI Capital has arranged $16.2 million in financing for a trio of multifamily properties totaling 418 units at locations in the greater Houston area, including the Baytown, Aldine and Galveston County submarkets. Brandon Brown and Jamie Mullin of LMI arranged the loans, all of which featured sub-4.8 percent interest rates and were financed through agency and CMBS lenders. The borrowers in all three transactions requested anonymity.
AURORA, COLO. — Inland Real Estate Group has purchased the 480-unit Conifer Creek Apartments in Aurora for $95 million. The community is located on two parcels at 2205 S. Racine Way and 12775 E. Pacific Drive. Conifer Creek contains 53 buildings with one- and two-bedroom units. Each unit includes a wood-burning fireplace, energy-efficient appliances, nine-foot vaulted ceilings, a full-size washer and dryer and an oversized balcony or patio. The property also features community amenities, including a newly constructed clubhouse with WiFi, two outdoor resort-style swimming pools, two spas, a fitness center, a bicycle/jogging path, barbecue grills, a business center and pet-friendly amenities. The apartment complex is 96 percent occupied. Matt Tice and Brett Smith of Inland Real Estate Acquisitions executed the transaction.
PHOENIX — BH Equities has acquired the 432-unit Arcadia Cove Apartments in Phoenix for $71.5 million. The community is located at 2252 N. 44th St. Arcadia Cove was built in 1996. It recently underwent a renovation that includes exterior upgrades to the pool and spas. Barbecue pits, outdoor television monitors and Wi-Fi connections were also installed. Upgrades also occurred in the fitness room, Internet café and clubhouse, which now includes iPad stations. Cindy and Brad Cooke of Colliers International represented the seller, Bascom Arizona Ventures (Bascom Group), in this transaction.
KIRKLAND, WASH. — Koelsch Communities will break ground July 19 on Jefferson House, an 80-bed memory care community in the Seattle suburb of Kirkland. The three-story project will be located adjacent to Madison House, another Koelsch community, which offers independent living and assisted living. Development costs for Jefferson House are estimated at $24 million. Madrona Point Development partnering with RJ Development, both based in Olympia, are developing the new project. Koelsch Construction will serve as general contractor. Jefferson House is scheduled to open in the winter of 2018. Koelsch Communities operates 23 communities in seven states and has nine further communities in development.
WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.
BOISE, IDAHO — TSB Capital Advisors has secured financing for the acquisition of River Edge, a 622-bed community located near Boise State University in Idaho. The amount of the loan was not disclosed. The floating-rate term loan was secured on behalf of a joint venture between University Student Living and Harrison Street Real Estate Capital. BMO Harris Bank N.A. provided the financing. River Edge was built in 2015, and offers two- and four-bedroom units. Community amenities include a 24-hour fitness center, tanning center, study lounge, hot tub and immediate access to local hike and bike trails.
IRVINE, CALIF. — WNC, an Irvine-based real estate investor, has closed WNC Institutional Tax Credit Fund 43 LP, a $144 million institutional low-income housing tax credit (LIHTC) fund. The fund includes 23 properties comprised of 1,771 affordable housing units for families and seniors scheduled for new construction and rehabilitation. The properties are located in 13 states: Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington and Wisconsin.
COEUR D’ALENE, Idaho — Lancaster Pollard’s Propero Seniors Housing Equity Fund II has acquired Creekside Inn, a 38-unit, 65-bed memory care facility in Coeur d’Alene, approximately 30 miles east of Spokane, Wash., for $9.3 million. Koelsch Communities built the property in 2008, and will continue to operate it under a sale-leaseback transaction. Koelsch currently operates 23 communities with 1,974 beds in Arizona, California, Colorado, Idaho, Illinois, Montana, Texas and Washington. The sale-leaseback allows Koelsch to recapture some of its investment costs and retire the existing debt on the facility that was due to mature in the near term. The deal includes a purchase option schedule, beginning in the second year of the lease, at predetermined prices at specific time periods.
