Multifamily

Passco Acquires New Multifamily Community in Metro D.C. for $112.8M

by Camren Skelton October 5, 2017

ALEXANDRIA, VA. — Passco Cos. has acquired The Parker, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C., for $112.8 million. David Nachison of Eastdil Secured represented the seller, a joint venture between AEW Capital Management and MRP Realty, and Passco Cos. in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Irvine, Calif.-based Passco. Constructed in 2016, The Parker features two landscaped courtyards with gas grills and outdoor TVs, a swimming pool, virtual sport simulation room, fitness center, bike trail, outdoor fitness station and a dog park and washing station. The property is located next to the Huntington Metro Station and within walking distance to the Patent & Trademark Office. At the time of sale, The Parker was 92 percent occupied.

October 5, 2017

Multifamily Southeast Tennessee

Coastal Ridge, H. Katz Capital Purchase Apartment Asset in Memphis for $56.6M

by Camren Skelton October 5, 2017

MEMPHIS, TENN. — Coastal Ridge Real Estate, in partnership with H. Katz Capital, has purchased The Preserve at Forest Creek, a 414-unit apartment community in Memphis, for $56.6 million. The joint venture acquired the asset from LivCor, a wholly owned subsidiary of Blackstone. Constructed in 2008, The Preserve at Forest Creek offers one- to three-bedroom units with monthly rents ranging from $929 to $1,518. Community amenities include a clubhouse with a bar, heated swimming pool, indoor sports court, fitness center, lighted tennis court, playground and detached garages. Located at 9230 Thornbury Blvd., the property is situated at the entrance to the Noncannah Technology Corridor, which is anchored by FedEx’s World Headquarters and FedEx’s World Tech Campus.

October 5, 2017

Multifamily Texas

ARA Newmark Brokers Sale of 320-Unit Apartment Community in San Antonio

by Taylor Williams October 5, 2017

SAN ANTONIO — ARA Newmark has brokered the sale of Grand at the Dominion, a 320-unit, Class A multifamily community located at 23910 W. Interstate 10 in San Antonio. Situated across from the 53,000-square-foot Dominion Springs Plaza retail center, the property was 93 percent occupied at the time of sale. Grand at the Dominion’s community amenities include a pool with cabanas, yoga studio and indoor golf simulator. Pat Jones of ARA Newmark represented the seller, Embrey, a San Antonio-based development and management firm, in the transaction. New York-based Bluerock Real Estate LLC purchased the asset for an undisclosed price.

October 5, 2017

Loans Midwest Seniors Housing Wisconsin

Pillar Arranges $13.6M HUD Refinancing Loan for Skilled Nursing Facility in Menasha, Wisconsin

by Kristin Harlow October 5, 2017

MENASHA, WIS. — Pillar has arranged a $13.6 million HUD 232/223(f) loan for the refinancing of Oakridge Gardens Nursing Center in Menasha, five miles south of Appleton. The 143-bed skilled nursing facility is located at 1700 Midway Road. Don Husi of Pillar arranged the 30-year loan, which includes a 30-year amortization schedule. Husi also arranged a $7.2 million loan for Oakwood Terrace, an assisted living facility in Pennsylvania.

October 5, 2017

Midwest Minnesota Multifamily

CBRE Brokers $3.2M Sale of Apartment Property in Minneapolis

by Kristin Harlow October 5, 2017

MINNEAPOLIS — CBRE has arranged the sale of Lee Lofts Apartments in the Minneapolis Warehouse District for $3.2 million. Located at 280 N. Second Ave., the property was originally built in 1906 and converted into loft-style apartments in the 1960s. SRRT Lee LLC, an affiliate of SR Realty Trust Inc., purchased the 24-unit apartment property, which was 96 percent occupied at the time of sale. CBRE also arranged a $2.2 million Freddie Mac loan for the acquisition. Ben Bastian, Joel Torborg and Mark Roos of CBRE represented the buyer. Harmony Lofts LLC was the seller.

October 5, 2017

Midwest Seniors Housing Wisconsin

Evergreen Acquires 72-Unit Seniors Housing Community in Racine, Wisconsin

by Kristin Harlow October 5, 2017

RACINE, WIS. — Evergreen Real Estate Group has acquired Durand Plaza in Racine, 25 miles south of Milwaukee. The purchase price was not disclosed. The 72-unit affordable seniors housing community is located at 3003 Durand Ave. Residents can qualify for occupancy by being either elderly or disabled. Originally constructed in 1970, the four-building property will undergo a $2 million renovation within the next six to nine months. Evergreen will make kitchen and bath upgrades to most units.

October 5, 2017

Conference Coverage Features Seniors Housing Southeast Top Stories

Labor Issues, Growing Competition Are Top Seniors Housing Concerns, Say InterFace Panelists

by Kristin Harlow October 5, 2017

ATLANTA — Pressures for seniors housing owners come from many sources, but the top two are labor issues and increasing numbers of communities in a market, according to panelists at InterFace Seniors Housing Southeast. The comments were made during the “State of the Industry” panel at the event, which was held in late summer at the Westin Buckhead in Atlanta and drew more than 400 industry professionals. Katie Davis, chief strategy officer for Sherpa, moderated the panel, which included Doug Schiffer, president and COO of Allegro Senior Living; Scott Stewart, managing partner of Capitol Seniors Housing; Joe Weisenburger, vice president of seniors housing for Welltower; Andy Isakson, managing partner at Isakson Living; and Alan Plush, president and senior partner at HealthTrust. Schiffer cited a recent time when a competing property opened near an Allegro community and immediately offered pay raises to any employee who would switch communities. “People want to mine our fort and take our staff,” said Schiffer. “Everyone was offered a $2 per hour raise, which is a 20 percent increase for some. No matter how much you like us, that’s hard to turn down.” Allegro kept most of its employees by matching the offers, but this significantly …

October 5, 2017

Multifamily New York Northeast Seniors Housing

AVR Realty Co. Develops $27M Assisted Living Facility in Yaphank, New York

by Amy Works October 4, 2017

YAPHANK, N.Y. — An affiliate of AVR Realty Co. is developing a $27 million assisted living facility at The Reserve at the Boulevard, the company’s mixed-use development in Yaphank, in the south part of the Town of Brookhaven on Long Island. Totaling 99,492 square feet, the two-building property will feature 118 beds, including a 77-bed building for special needs and memory care and a 41-bed supportive care building. Upon completion, the facility will employ 40 full-time workers and 20 part-time workers. Yaphank AVR Boulevard Chelsea, jointly owned by AVR and Chelsea Senior Living of Fanwood, N.J., is purchasing the site from Rose-Breslin Associates. Chelsea owns and operates 13 senior housing communities in New Jersey and three communities in New York. The Town of Brookhaven Industrial Development Agency has approved a package of economic incentives for the developer.

October 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Facilitates $11.6M Sale of Mixed-Use Property in Manhattan

by Amy Works October 4, 2017

NEW YORK CITY — Marcus & Millichap has negotiated the sale of a mixed-use property located at 321 W. 11th St. in Manhattan’s West Village. A local private investor acquired the property from a limited liability company for $11.6 million. The 10,400-square-foot property features two retail units, 10 studio apartments and eight one-bedroom apartments. Matt Fotis and Sam Hoefle of Marcus & Millichap represented the seller and procured the buyer in the deal.

October 4, 2017

California Multifamily Western

IEC Acquires Verse La Mesa Apartments in San Diego for $34M

by Nellie Day October 4, 2017

SAN DIEGO — Interstate Equities Corporation (IEC) has purchased the 133-unit Verse La Mesa apartment complex in San Diego for $34 million. The value-add community is located at 7400 Parkway Drive in La Mesa. It was built in 1976 and is currently 96 percent occupied. The property will be rebranded as The Cove. It will also undergo renovations, including the installation of washers, dryers and dishwashers, new paint, laminate wood floors and upgraded fixtures throughout the units. Shane Shafer, Ed Rosen, John Chu, and Kyle Pinkalla of Berkadia executed the transaction.

October 4, 2017

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