RYE, N.H. — Valencia Realty Capital has arranged $13 million in financing for the $11 million acquisition of an assisted living community located at 295 Lafayette Road in Rye. The borrower and buyer is Murfreesboro, Tenn.-based National Health Investors Inc. The financing has a total capitalization of $13 million composed of a $10 million senior debt facility coupled with $3 million of equity. Built in 2013, the 40-unit assisted living community is devoted to individuals with memory disorders, including Alzheimer’s disease and dementia. Ed LaFrance of Valencia Realty arranged the transaction, which was executed under a 363 auction sale that presented tight timing constraints.
HARRISBURG, PA. — Marcus & Millichap has arranged the sale of Eastridge Apartments, a multifamily property located at 102 Worchester Ave. in Harrisburg. A limited liability company sold the property to a private partnership in a 1031 exchange for $6.9 million. Situated on 7 acres, the property features 108 units in a mix of one-, two- and three-bedroom layouts. According to Marcus & Millichap, the property features a 20-year family Housing Assistance Payments contract, which is expiring in 2024, on 98 percent of the units. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap.
ATLANTA — Origin Investments has acquired 675 North Highland Avenue, a 125-unit multifamily community located in Atlanta’s Poncey -Highland neighborhood. The sales price was undisclosed, but a source familiar with the transaction says Origin purchased the property for roughly $50.3 million. Atlanta-based Abraham Properties, the property’s developer, sold the property. Christopher Spain and Alex Brown of Cushman & Wakefield brokered the sale, and Mike Ryan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Origin. The first phase of 675 North Highland was completed in 2016 and features a mix of one-, two- and three-bedroom units that average more than 1,000 square feet. Community amenities include a fitness center, clubroom, package concierge system, pool deck, bocce ball court and grilling stations. The community was 96 percent occupied at the time of sale. In addition, the property includes 20,000 square feet of ground floor retail space and an adjacent land site for development. At the time of sale, the retail portion was 82 percent leased to CO Sushi and Noodles, Ganek and Vita-Flo. Origin will break ground on Phase II of the project in early December. JM Wilkerson will serve as the project’s general contractor, and Brock …
HOPKINS, MINN. — Doran Cos. has completed The Moline in downtown Hopkins, a western suburb of Minneapolis. The 241-unit apartment property features more than 35,000 square feet of amenity space, including a club room, fitness center, business office, pet run, rooftop lounge and pool deck. The name pays homage to the community’s history as home of the Minneapolis-Moline Co., a large tractor and machinery producer. The first-floor lobby features an antique tractor display open to the public.
MESA, ARIZ. — PC Avenue 8 Mesa LLC has acquired the 194-unit Avenue 8 apartment complex in Mesa for $21.2 million. The community is located at 1050 W. Eighth Ave. The asset features two-bedroom units with refrigerators and stackable washers and dryers. Community amenities include two swimming pools, covered parking, fitness center, and a renovated office and clubhouse. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia represented the seller, KMG Village in the Pines LLC, in the transaction.
LONGVIEW, COLO. — A regional private investor has acquired the 130-unit Mountain View Apartments in Longview for $10.5 million. The community is located at 2185 38th Ave. The asset has received recent capital upgrades. Major employers in the area include PeaceHealth St. John Medical Center, Winco Holdings Inc., Lower Columbia College, Pacific Lumber & Shipping Co. and Solvay Chemicals Inc. George Miller of Marcus & Millichap represented the buyer. The firm’s Joel Deis represented the seller, a regional private investment partnership, in this transaction.
ANTIOCH, CALIF. — CBRE has arranged acquisition financing for Cypress Meadows, a 110-unit assisted living and memory care community in Antioch, located approximately 40 miles northeast of San Francisco. The buyer is a joint venture between Agemark Senior Living and Trellis Real Estate Group. The seller was not a local mom-and-pop owner. Agemark will operate the property following the acquisition. Cypress Meadows was built in 1999. The new owners plan to spend $2.6 million in capital upgrades. Aron Will of CBRE National Senior Housing secured a five-year, floating-rate loan with 36 months of interest-only payments from a national bank.
DAVIS, CALIF. — University Student Living and The University of California, Davis have started development of two communities that will total 2,775 on-campus beds. The projects include West Village, a 1,875-bed community primarily targeted towards transfer and continuing students with apartment-style units; and Orchard Park, the redevelopment of an existing complex to offer 900 beds in two-bedroom units for students with families and single graduate students. A timeline for the development has yet to be announced.
NEW YORK CITY — Sabal Capital Partners, a diversified financial services firm specializing in real estate, lending and banking, has arranged $129 million in Freddie Mac Small Balance Loans for a multifamily portfolio in Bronx. The borrower was Emerald Equity Group. Encompassing more than 850 workforce housing units, the financing is the largest single Small Balance Loan (SBL) transaction processed through the Freddie Mac SBL program since its inception in 2014. The financing will preserve the units as affordable. Sabal Capital used SNAP, its proprietary servicing portal, to independently analyze, underwrite and close each of the 34 refinance loans in the portfolio instead of a bulk transaction.
LOWER MACUNGIE, PA. — Woodmont Properties has opened Woodmont Valley, an apartment community located at 3535 Grandview Drive in Lower Macungie. Situated in the heart of the Lehigh Valley, the property features 204 one- and two-bedroom apartments, a clubhouse, a resident lounge, a heated pool with sundeck, a barbecue terrace with fire pit, a strength and cardio center, a game room, a bark park, an indoor pet spa, a 24/7 package collection service and on-site management.