Multifamily

Texla Housing Partners Sells Student Housing Community Near Ole Miss

by Camren Skelton September 14, 2017

OXFORD, MISS. — Texla Housing Partners has sold University Trails Oxford, a student housing community located near the University of Mississippi in Oxford. The buyer, Capstone Real Estate Investments LLC, plans to rebrand the community as Flatts at South Campus. The property contains 492 beds in a mix of two-, three- and four-bedroom units. Shared amenities include a resort-style pool, business center, fitness center, beach volleyball court, basketball court, computer lab and a 24-hour game room. Renovations planned by Capstone for the property include the conversion of units to feature community-wide bed-to-bath parity, and common area and unit upgrades.

September 14, 2017

Loans Seniors Housing Texas

ORIX USA Acquires Lancaster Pollard for Reported $300M

by John Nelson September 14, 2017

DALLAS — ORIX USA, a Dallas-based division of international financial services group ORIX Corp., has acquired Lancaster Pollard Holdings LLC. The acquisition price was more than $300 million, according to a report by Commercial Mortgage Alert. Based in Columbus, Ohio, Lancaster Pollard was the top HUD lender in the seniors housing sector for fiscal year 2016, which ended Sept. 30, 2016. The company closed 60 transactions totaling $554.4 million, accounting for 21 percent of total HUD volume in the sector. Lancaster Pollard is a new separate subsidiary of ORIX alongside RED Capital Group, which is also based in Columbus, and Boston Financial Investment Management. All three ORIX subsidiaries will continue to operate as separate companies with their current management. Moving forward under the ORIX Commercial Mortgage Servicing umbrella, Lancaster Pollard will focus on the financial, capital and advisory needs of senior living and healthcare clients, and RED will do the same in the affordable and market-rate multifamily sectors. Advisors for ORIX USA on the transaction included Beekman Advisors Inc. and Houlihan Lokey Inc. for financial services and Weil, Gotshal & Manges LLP for legal services. For Lancaster Pollard, Credit Suisse Securities (USA) LLC served as financial advisor and Kramer Levin …

September 14, 2017

California Multifamily Western

Olympus, Artemis Purchase 360-Unit Apartment Community in San Diego

by Nellie Day September 13, 2017

SAN DIEGO — A joint venture between Olympus Property and Artemis Real Estate Partners has purchased the 360-unit Broadstone Corsair in San Diego for an undisclosed sum. The community is located at 8583 Aero Drive in the Kearny Mesa neighborhood. The asset is being rebranded as Olympus Corsair. On-site amenities include a resort-style pool with poolside cabanas inset with outdoor TVs, an indoor golf simulator room, a fitness center, yoga/dance studio, a clubhouse with demonstration kitchen, library and wet bar, green living wall, and seven outdoor courtyard social spaces.

September 13, 2017

Arizona Multifamily Western

WWC Holdings Buys 244-Unit Apartment Complex in Phoenix for $16.7M

by Nellie Day September 13, 2017

PHOENIX — WWC Holdings, a Canadian investor, has acquired the 244-unit Marble Creek apartments in Phoenix for $16.7 million. The community is located at 5601 W. McDowell Road. Marble Creek was built in 1985. It was 96 percent occupied at the time of the sale. WWC plans to normalize rents and bring them to market average. The company will also invest in washer/dryer installs and interior upgrades to units. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International negotiated the sale transaction. The seller was Marble Creek LLC, an Arizona limited liability company formed by a local, private investor.

September 13, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos. Closes $233M Fund for Affordable Housing Preservation

by Amy Works September 13, 2017

NEW YORK CITY — Jonathan Rose Cos., a green real estate investment, development and project management firm, has closed a $233 million impact fund. The fund is the firm’s fourth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs and to fund social, educational and other services for residents. The fund closed with aggregate capital commitments of $233 million, reaching the top end of its $150 to $250 million target. Institutional investors, investment advisors and leading impact-investment managers, as well as family offices and high net-worth investors, contributed to the success of the fund. A key component of the fund’s strategy is to develop “communities of opportunities,” adding programs and facilities to properties including on-site community centers, computer-filled classrooms, health and wellness rooms, social service rooms, exercise facilities and community gardens. The programs and facilities were implemented to develop initiatives to connect residents with a range of health, education and social services. As of July 2017, the fund has deployed more than $64 million equity investments. Among the fund’s initial investments is a portfolio of more than 3,300 apartment units across 18 assets in eight states and the District …

September 13, 2017

Arizona California Multifamily Seniors Housing Western

Cadence Senior Living, Emerald Investment Management Form Seniors Housing Investment Partnership

by Nellie Day September 13, 2017

SCOTTSDALE, ARIZ., AND NEWPORT BEACH, CALIF. — Cadence Senior Living, a Scottsdale-based owner, developer and operator, and Emerald Real Estate Partners LLC, an investment management firm based in Newport Beach, have formed a strategic partnership for investing in seniors housing. According to the companies, the partnership will allow Cadence to expand its portfolio of boutique senior living. Emerald will provide additional acquisition capital, working capital and expertise in increasing scale, due to the company’s experience in other real estate sectors. Emerald principal Josh Martin stated that Emerald “had been searching for a senior living operator with which to grow a platform in this sector.” The Cadence and Emerald partnership is seeking opportunities to acquire existing senior housing communities, develop new communities and leverage Cadence’s management team by operating senior living communities for third-party owners.

September 13, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Arranges $28.5M in Financing for Seniors Housing Property in Suburban Philadelphia

by Amy Works September 13, 2017

PAOLI, PA. — KeyBank Real Estate Capital has arranged a $28.5 million Freddie Mac floating-rate mortgage loan for Daylesford Crossing in Paoli, a northwest suburb of Philadelphia. Built in 2015, the Class A property features 64 assisted living and 14 memory care units, as well as commercial space occupied by Ciao Bella Salon and Spa. Carolyn Nazdin of Key’s Healthcare Group arranged the financing, which features a seven-year term, three-year interest-only period and a 30-year amortization schedule.

September 13, 2017

Multifamily New Jersey Northeast Seniors Housing

Walters Group Begins Construction of 91-Unit Age-Restricted Community in New Jersey

by Amy Works September 13, 2017

SEASIDE HEIGHTS, N.J. — The Walters Group has started construction of Cornerstone at Seaside, an age- and income-restricted apartment community in Seaside Heights, a coastal borough southeast of Trenton. The 91-unit property will be restricted to residents over the age of 55 and making less than 60 percent of the county’s median income. The community is a redevelopment of an area that formerly featured a motel, lumber yard, hardware store and small apartment building, all of which were demolished in March. The property is slated for completion in November 2018. The Walters Group has several planned and ongoing income-restricted housing developments throughout the state of New Jersey.

September 13, 2017

Multifamily Southeast Virginia

Franklin Johnston to Deliver 248-Unit Multifamily Asset in Virginia Beach

by Camren Skelton September 13, 2017

VIRGINIA BEACH, VA. — The Franklin Johnston Group has unveiled plans to develop Coastal 61 at Oxford Village, a 248-unit multifamily community in Virginia Beach that will be located next to Virginia Wesleyan University and the Norfolk Premium Outlets. Coastal 61 will feature one-, two- and three-bedroom units ranging in size from 833 to 1,395 square feet. Individual units will include stainless steel appliances, granite countertops, walk-in closets and in-unit washers and dryers. Community amenities will include a rooftop sky park, two-story clubhouse, fitness center, outdoor recreation center and a resort-style swimming pool.

September 13, 2017

Multifamily South Carolina Southeast Student Housing

JV Opens 706-Bed Student Housing Community Near Clemson University

by Camren Skelton September 13, 2017

CLEMSON, S.C. — A partnership between Campus Apartments and Collegiate Development Group has opened 114 Earle, a 706-bed student housing development located near the Clemson University campus in South Carolina. The property offers fully furnished studio, two-, three-, four- and five-bedroom units. Community amenities include a two-story clubhouse with an internal playground-style stairway slide; fitness center; resort-style swimming pool with a jumbo TV; and a variety of study spaces.

September 13, 2017

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