SAN ANTONIO — Silver Ventures has opened Cellars, a 122-unit multifamily complex situated within The Pearl, a mixed-use property in San Antonio. The 10-story building will offer one-bedroom units, as well as loft spaces and penthouses, with units ranging in size from 650 to 3,986 square feet. Amenities include 24-hour concierge and valet services, a rooftop pool with cabanas, a library, fitness center and a dog park. Rents start at $1,830 per month.
TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing, will supplement a $410 million financing that CBRE arranged for the joint venture in 2015. That overall financing is for a larger portfolio totaling 15 properties and 3,804 beds, including the seven properties included in the supplemental financing. The use of the funds was not disclosed. Tucson-based Watermark, which is the wholly owned management arm of The Freshwater Group, will continue to operate the properties.
RANCHO SANTA MARGARITA, CALIF. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County city of Rancho Santa Margarita. A private investor sold the property to an undisclosed buyer for $34.8 million, or $302,000 per unit. Built in 2006 on more than three acres, the three-story property is located directly across the street from Central Park in Rancho Santa Margarita, near the Santa Margarita Parkway, and approximately half a mile from California State Route 241. Tyler Leeson and Alex Mobin of Marcus & Millichap represented the seller. Leeson, Mobin and David Yeh procured the buyer. Alexander Garcia Jr. and Christopher Zorbas of Marcus & Millichap’s Institutional Property Advisors (IPA) division also provided representation, along with Tyler Martin and Mathew Kipp.
NASHVILLE, TENN. — Gaia Real Estate has acquired Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. Embrey Partners, the project developer, sold the community to the private real estate investment firm for an undisclosed price, but the Nashville Business Journal reports the sales price was $76.4 million. Constructed in 2016, the community features a central courtyard, fire pit, swimming pool, fitness center, yoga room and bike storage. In addition, Gaia Real Estate recently acquired Station R, a 285-unit apartment community in Atlanta’s Reynoldstown neighborhood. The property was delivered this year, and features a rooftop deck, central courtyard, fire pit, swimming pool with cabanas and sundeck, fitness center, yoga and spinning studio and a bocce ball court. Greystar developed and sold the property. The sale price was not disclosed. Gaia Real Estate purchased both assets with its institutional partners Amitim Senior Pension Funds and Israeli-based Psagot Investment House.
ATLANTA — SunTrust Banks Inc. has provided a $58.3 million construction loan for the development of 120 Piedmont, a 685-bed student housing community located a half-mile from Georgia State University in downtown Atlanta. SunTrust originated the loan on behalf of the developer, South City Partners. The $90 million project will total 467,125 square feet, including 8,200 square feet of retail space. Community amenities will include a rooftop deck with an outdoor living room, grilling area and study space. In addition, the 26-story tower will feature a swimming pool, clubhouse, fitness center, on-site library and an internet café. The new community is expected to open in August 2019.
ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The property will be rebranded as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., was acquired for $11.6 million and will be renamed The Park at Brighton. Lastly, the 184-unit Madison Square, located in Dothan, Ala., was purchased for $7.8 million. The new owners will rename the property the Park at Ashburn. Cushman & Wakefield’s Atlanta office arranged the transaction, and Ladder Capital provided debt financing for the acquisition. The names of the sellers were not disclosed.
FREMONT, CALIF. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of Fremont Hills, a 97-unit assisted living and memory care community in the Silicon Valley city of Fremont. The price was not disclosed. A joint venture between Kayne Anderson Real Estate Advisors and Watermark Communities acquired the property from Capitol Seniors Housing. Watermark will operate the community following the sale. Originally built in 2004, Fremont Hills features 76 assisted living units and 21 memory care units in a three-story building. The 63,000-square-foot community has been fully occupied since 2015. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Alex Petrosian.
ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable tactic. “We’ve had to go out and look at hospitality, restaurants and other industries that complement multifamily to find talent,” said Chris Burns, senior vice president of Lincoln Property Co. During the operators panel at the InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, Burns and his fellow panelists discussed the opportunities and challenges facing the industry today. The eighth annual conference drew 402 professionals. The panel agreed that finding talent was difficult, but that retaining and training that talent is just as big a challenge. “Retaining talent is just like leasing — it’s important to get a lease but it’s more important to get a renewal,” said Greg Mark, senior vice president of operations at Pinnacle, a national multifamily property management …
NORWALK, CONN. — CBRE has brokered the sale of 597 Westport, a Class A apartment community located in Norwalk. An affiliate of Hunt Investment Management sold the property to GDC Properties through a 1031 exchange for $105.9 million. Built in 2009, 597 Westport features 235 apartment units, a clubroom with full caterer’s kitchen, a media lounge and billiards room, a fitness center and an outdoor saltwater pool with sundeck, cabanas and an outdoor kitchen. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. Jim Gunning, Donna Falzarano and Kyle Saviano of CBRE procured first and mezzanine financing from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively.
WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.
