Multifamily

ESI Arranges Sale of Assisted Living Facility in Washington for $7M

by Nellie Day February 20, 2018

BELLINGHAM, WASH. — Evans Senior Investments (ESI) has arranged the sale of Rosewood Villa, a 66-unit assisted living community in Bellingham, for $7 million. Rosewood Villa was built in 1978 and is located approximately 87 miles north of Seattle, near the Canadian border. An independent owner-operator sold the property to a California-based private equity firm. The 40,533-square-foot community averaged 93.9 percent occupancy over the prior 12 months. The sale represents $106,000 per unit and a capitalization rate of 8.5 percent.

February 20, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Domain Cos. Receives $38M in Acquisition Financing for Development Site in Brooklyn

by Amy Works February 20, 2018

NEW YORK CITY — The Domain Cos. has received $38 million in financing for the acquisition of a development site located at 420 Carroll St. in Brooklyn. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the financing for the borrower. The HFF team arranged a $25 million floating-rate bank loan and a $13 million mezzanine loan, provided by Sherwood Equities. The borrower will use the loan proceeds to facilitate the acquisition of the fee-simple interest in the property and pre-development costs. Domain Cos. plans to develop a mixed-income, mixed-use development project on the 1.5-acre site.

February 20, 2018

Multifamily New York Northeast

Rosewood Realty Brokers $10M Sale of Apartment Building in Brooklyn

by Amy Works February 20, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of an apartment building located at 2197 Ocean Blvd. in Brooklyn’s Madison neighborhood. Shirben Ocean 2197 LLC sold the property to 2197 Ocean LLC for $10 million. Built in 1928, the six-story, 30,000-square-foot building features 35 apartments. Michael Guttman of Rosewood Realty represented the buyer, while Aaron Jungreis, also of Rosewood Realty, represented the seller in the transaction.

February 20, 2018

Mixed-Use Multifamily New Jersey Northeast Retail

Marcus & Millichap Negotiates $2.9M Sale of Mixed-Use Property in New Jersey

by Amy Works February 20, 2018

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 6700 Park Ave. in West New York. A private investor sold the 16,000-square-foot property for $2.9 million. The building features 18 apartment units and one commercial storefront. Andrew Zuckerman of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

February 20, 2018

Loans Mixed-Use Multifamily North Carolina Retail Southeast

Williams Realty, Partners Receive Construction Loan for Mixed-Use Project in Raleigh’s CBD

by Camren Skelton February 20, 2018

RALEIGH, N.C. — Williams Realty & Building Co., in conjunction with Kane Realty Corp. and capital partner Lionstone Investments, has received construction financing for the development of a high-rise mixed-use project in Raleigh’s central business district. Colby Mueck, Roger Edwards and Travis Anderson of HFF arranged the construction loan through New York Life Insurance Co. Other terms of the financing were not disclosed. The property is located at the southwest corner of West Peace and North West streets, next to the future 16-acre Devereux Meadows Park. The first phase of the project will include a 45,600-square-foot Publix store, 5,340 square feet of inline retail space, 417 multifamily units and a 735-space structured parking garage. The residential portion will include studio to three-bedroom units averaging 898 square feet. The development team expects to deliver the first phase in mid-2019. Future phases will include additional residential and retail space, along with office and hotel space.

February 20, 2018

Florida Multifamily Southeast

CBRE Brokers Sale of Newly Constructed Apartment Community Near Orlando

by Camren Skelton February 20, 2018

KISSIMMEE, FLA. — CBRE has brokered the sale of Lugano, a newly constructed, 288-unit apartment community located at 3021 Savosa Ave. in Kissimmee, roughly 20 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and developer, Fore Property Co. Cortland Partners acquired the property for an undisclosed price. Constructed in 2017, the LEED Silver-certified community features a resort-style pool, 24/7 fitness center, spinning room, yoga room, clubhouse, fishing pond, dog park, car care center, business center and barbecue grills. Individual units average 1,025 square feet.

February 20, 2018

Michigan Midwest Seniors Housing

Pathway to Living Acquires 81-Unit Seniors Housing Community in Kentwood, Michigan

by Kristin Harlow February 20, 2018

KENTWOOD, MICH. — Pathway to Living has acquired the former Elmcroft of Kentwood, an 81-unit seniors housing community in West Michigan. The property is located at 4352 Breton Road Southeast, about nine miles southeast of Grand Rapids. Elmcroft Senior Living was the seller. The purchase price was not disclosed. Pathway to Living will manage the 54,387-square-foot property and rename it Azpira Place of Breton. The company also plans to upgrade interiors, add additional wellness-focused spaces and reconfigure select units. When the work is complete, the property will feature 69 assisted living residences and 12 memory care residences.

February 20, 2018

Illinois Midwest Multifamily

Magnolia Capital Purchases 270-Unit Apartment Building in Oak Park, Illinois

by Kristin Harlow February 20, 2018

OAK PARK, ILL. — Magnolia Capital has purchased Vantage Oak Park in Oak Park for an undisclosed price. Built in 2016, the 270-unit apartment building features a mix of studio, one- and two-bedroom units. Brian Eisendrath and Mike Bryant of CBRE arranged a 10-year Freddie Mac loan on behalf of Magnolia Capital for the acquisition. CBRE also brokered the sales transaction.

February 20, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1.4M Sale of Apartment Property in Mankato, Minnesota

by Kristin Harlow February 20, 2018

MANKATO, MINN. — Marcus & Millichap has arranged the sale of Hubbell Crossing in Mankato in southern Minnesota for $1.4 million. The 20-unit apartment building is located at 230 Hubbell Ave. Built in 1985, the property features two-bedroom units. Chris Collins, Dan Linnell, Josh Talberg and Mox Gunderson of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the private buyer.

February 20, 2018

Lancaster Pollard 2018 Seniors Housing and Care Survey

Features Multifamily Seniors Housing Top Stories

Lancaster Pollard Survey: 87 Percent of Seniors Housing Professionals Rate Industry as Highly Competitive

by Jeff Shaw February 20, 2018

COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing, as 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard. In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care facilities throughout the United States. Over the course of two weeks, 386 respondents completed the online survey. Out of the respondents, 62 percent were for-profit providers and 73 percent identified themselves as CEOs, CFOs or owners. The majority operated facilities with fewer than 250 units and all aspects of the continuum of care were represented. Generally, respondents reflected the belief that skilled nursing is going through trouble, with only 19 percent rating the outlook for the sector as “good” over the next three years. For comparison, 58 percent rated the assisted living outlook as “good,” and 55 percent said the same for continuing care retirement communities (CCRCs). Other major finds of the survey include that 82 percent of respondents cited a shortage of workers as a key concern over the …

February 20, 2018

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