ANKENY, IOWA — Timberland Partners Investment Fund V has purchased Prairie Lakes in Ankeny for an undisclosed price. The 92-unit apartment community was built in 2013. Timberland Partners plans to remodel the clubhouse and add an outdoor community space with grill stations and seating areas as well as a dog park. Matt Bukhshtaber of CBRE represented the undisclosed seller. This represents the 10th and final acquisition of the fund, which now holds a grand total of 2,135 units.
DALLAS AND FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two apartment communities totaling 1,020 units in the Dallas-Fort Worth area. The 536-unit Arborstone was built in 1985 and is located at 6500 S. Cockrell Hill Road in Dallas, and the 484-unit Meadow Ridge was built in 1981 and is located at 3001 W. Normandale St. in Fort Worth. Both properties will undergo multimillion-dollar renovations. Al Silva, Ford Braly and Mark McCoy of Marcus & Millichap represented the sellers in both transactions. An out-of-state investment firm purchased Arborstone and a Lubbock-based investment firm purchased Meadow Ridge.
SAN FRANCISCO — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have announced the fund will acquire a 327-unit, eight-property portfolio of seniors housing communities in Northern California. The portfolio will be purchased in tranches, with the first group including properties in Belmont, Fairfield, Menlo Park and Sacramento. The second round will include properties in Napa and Sonoma. The first tranche has already closed, while the second is expected to be completed before the end of the year. The first acquisition totals 134,000 square feet of assisted living, memory care and skilled nursing. The communities are 100 percent occupied and operated by Colonial Oaks under a 15-year net lease. Several entities associated with Nazareth Healthcare sold the first tranche of properties. Grant Goodman and Chad Elliott of Lancaster Pollard & Co. LLC represented the sellers. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and KeyBank National Association.
TAYLORSVILLE, UTAH — Construction has commenced for Summit Vista, a 105-acre continuing care retirement community in the Salt Lake Valley city of Taylorsville. Planning for the community began in 2015. Once completed, the property will feature a 62,000-square-foot clubhouse. Intermountain Healthcare will provide medical services at the community. Financial backers of the development include Gardner Co., iStar Inc., Solamere Capital and Zions Bank.
KENT, WASHINGTON — Real estate investment firm Kennedy Wilson (NYSE: KW) has sold Rock Creek Landing, a 576-unit apartment community in Kent, about 20 miles south of Seattle, for $109 million. The buyer was not disclosed. The cash proceeds of $73 million from the transaction will be used to fund the company’s recent acquisition of 90 East, a 573,000-square-foot, Class A office development in the Bellevue, Washington, area. Rock Creek Landing is located at 1024 Central Ave. North in Kent. The property offers an indoor and outdoor pool, business center, community clubhouse and a coffee bar. Kennedy Wilson purchased Rock Creek Landing in 2014 for $58 million as part of a $127 million acquisition of a three-property portfolio of multifamily assets located across several submarkets south of Seattle. The company has since invested about $6 million in upgrades to the community’s leasing center, unit interiors and common areas. During its time under Kennedy Wilson’s ownership, Rock Creek Landing generated net operating income of approximately $5.3 million. Combined, the sale of Rock Creek Landing and acquisition of the 90 East office property in Bellevue are expected to increase annual net operating income by about $7 million. “The sale demonstrates our ability …
BOSTON — HFF has arranged $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Mass. HYM Investment Group is the borrower and buyer in the transaction. John Fowler, Anthony Cutone, Jennifer Keller and Andrew Gray of HFF secured the short-term, floating-rate loan with Bank of the Ozarks and advised the buyer in the deal. Adjacent to Route 1A, the site comprises 108.8 acres in Boston and 52.4 acres in Revere. The property is also served by two Massachusetts Bay Transit Authority Blue Line stations: Suffolk Downs and Beachmont. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer 2018.
NEW YORK CITY — Propco Holdings, with UA Builders Group serving as general contractor, has broken ground for a residential building located at 915 Dawson St. in the Bronx. The eight-story, 23,301-square-foot building will feature 29 apartments, parking spaces, a fitness center, a recreation area and indoor bicycle storage.
NEW YORK CITY — JLL has secured a total of $88 million in refinancing for Pine Hills South and Medford Pond, a pair of gated apartment communities in Long Island. The borrower was Heatherwood Luxury Rentals. JLL originated a 10-year, $57 million loan for Pine Hills South and a 10-year, $31 million loan for Medford Pond. Financing was provided by Freddie Mac. Aaron Appel and Jonathan Schwartz of JLL arranged the refinancing. Pine Hills South features 700 units and Medford Place features 200 units.
OLIVE BRANCH, MISS. — KeyBank Real Estate Capital has arranged $21.4 million in financing for Annandale Gardens, a 400-unit apartment community in Olive Branch, roughly 25 miles south of Memphis, Tenn. Caleb Marten of KeyBank arranged the seven-year financing through Fannie Mae with a one-year interest-only period and 30-year amortization schedule. The garden-style property was built in 1998 with Phase II constructed in 2001, and features a fitness center, two swimming pools, playground area and onsite car wash.
HOLLYWOOD, CALIF. — George Smith Partners has arranged $26.5 million in refinancing for Gershwin Apartments, a mixed-use property located on Hollywood Boulevard in Hollywood. The borrowers, which acquired the property in 2015, are Massie Capital and Glenn & Shannon Dellimore. The property features 163 apartments and 10,500 square feet of ground-floor retail space. Shahin Yazdi of George Smith Partners secured the financing for the borrowers.
