Multifamily

Investcorp Acquires Six-Property Multifamily Portfolio in Florida, Arizona for $350M

by Katie Sloan September 26, 2017

ORLANDO, FLA., JACKSONVILLE, FLA., AND PHOENIX — The U.S. real estate investment arm of Investcorp has acquired six multifamily properties in Florida and Arizona for $350 million. Acquisitions include Highpoint Club and Montevista at Windermere, which together total 708 units in Orlando; Aqua Deerwood, a 616-unit, garden-style community located in the Southside neighborhood of Jacksonville; and Arcadia Cove, Tuscany Palms and Midtown on Main, which total 1,486 units in the Phoenix metropolitan area. The seller in the transaction was undisclosed. Highpoint Club and Montevista at Windermere in Orlando offer one- and two-bedroom units. Shared amenities at both properties include a resort-style pool with cabanas, state-of-the-art fitness center, internet café with coffee bar, dog park and clubhouse. Arcadia Cove, located in Phoenix, offers one-, two- and three-bedroom units. Tuscany Palms and Midtown on Main, located about 18 miles east of Phoenix in Mesa, offer a mix of one- and two-bedroom units. Shared amenities at each property include a resort-style pool and fitness center. “The U.S. multifamily market remains attractive for new investment opportunities,” says Herb Myers, managing director of real estate investment at Investcorp. “This recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth …

September 26, 2017

Features Multifamily Seniors Housing Top Stories

Seniors Housing Executives Predict Increased M&A Activity, According to Capital One Survey

by Jeff Shaw September 26, 2017

BETHESDA, MD. — Seniors housing executives have a generally optimistic view for mergers and acquisitions activity heading into the fourth quarter of 2017, according to a survey by Capital One. Approximately 89 percent of respondents believe M&A activity will maintain its current pace over the next year, with about half of those believing the pace will increase. Bethesda-based lender Capital One conducted the survey in early September 2017. It asked professionals to provide their 12-month outlook on a number of issues in the seniors housing and skilled nursing space. Respondents included 157 senior executives from healthcare companies, including pharmaceutical and medical technology companies, hospitals, healthcare service providers and health systems, as well as other industry participants. In another survey question, respondents were asked to name the greatest financial challenge facing the industry. Labor cost pressure was the top concern at 33 percent, with supply and demand imbalances following close behind at 32 percent. The regulatory and reimbursement environment was the next largest concern at 21 percent. Further fueling the sentiment that M&A activity will be a focal point for the industry, just four percent cited availability or cost of capital as their top financial challenge. “The uptick in acquisition interest …

September 26, 2017

California Multifamily Western

Kennedy Wilson Buys 210-Unit Latitude Apartments in Happy Valley for $58M

by Nellie Day September 25, 2017

HAPPY VALLEY, ORE. — Kennedy Wilson has purchased the 210-unit Latitude Apartments in Happy Valley for $58 million. The community is located at 11282 S.E. Causey Circle. Latitude Apartments was built in two phases between 2008 and 2014. It is situated near Clackamas Town Center. Amenities include a dog run and grooming station, electronic parcel lockers, bike repair station, fitness facility, pool, basketball court and direct-entry garages. HFO represented both the buyer and the seller, the Reliant Group, in this transaction.

September 25, 2017

California Multifamily Seniors Housing Western

Living Care Lifestyles Breaks Ground on 120-Unit Community in Visalia

by Nellie Day September 25, 2017

VISALIA, CALIF. — Living Care Lifestyles has broken ground on Quail Park at Shannon Ranch, a 120-unit independent living and memory care community in Visalia, located in the San Joaquin Valley midway between Los Angeles and San Francisco. Navigator Development Group is developing the property. Living Care Lifestyles, Kaweah Delta Health Care District, Shannon Senior Care LLC and BTV Senior will be co-owners once the project is completed. Teter A+E and Fresno/Visalia are providing architectural and design services. The project is scheduled for completion in early 2019. Living Care Lifestyles was founded in 1999 and has senior living communities in California, Washington, Texas and Oregon.

September 25, 2017

Multifamily Seniors Housing Western

Clearwater Living to Operate 18-Property Wolff Company Independent Living Portfolio

by Nellie Day September 25, 2017

NEWPORT BEACH, CALIF. — Clearwater Living, a Newport Beach-based operator, has been selected to provide management services for The Wolff Company’s 18-community independent living platform located throughout the West. Clearwater Living began management on Sept. 1 at seven Wolff communities in Colorado, Nevada, Washington and California. Additional properties will come under Clearwater’s management as they are further developed. The portfolio consists of all new construction.

September 25, 2017

Multifamily North Carolina Southeast

Stiles Residential, Grubb Ventures Deliver 186-Unit Apartment Community in Raleigh

by Camren Skelton September 25, 2017

RALEIGH, N.C. — Fort Lauderdale, Fla.-based Stiles Residential Group and Raleigh-based Grubb Ventures have opened The Carolinian on Glenwood, a 186-unit apartment community in Raleigh. Located at 2600 Glenwood Ave., the property is located inside the Interstate 440 Beltline. Clancy & Theys Construction Co. built the community, which offers studio to three-bedroom floor plans ranging in size from 600 to 1,700 square feet. Community amenities include an outdoor rooftop lounge with a saltwater swimming pool, fitness center with a yoga studio, conference lounge and a Canine Club, which includes an indoor dog run and play area and a pet-grooming spa.

September 25, 2017

Multifamily New York Northeast

Joint Venture Acquires Manhattan Site for $65M to Redevelop as Residential Tower

by Amy Works September 25, 2017

NEW YORK CITY — Sumaida + Khurana and LENY have acquired a vacant commercial building located at 611 W. 56th St. in Manhattan’s West Side for $65 million. The joint venture plans to demolish the existing structure and redevelop the site into a 35-story residential condominium building. Alvaro Siza designed the building, which will feature 80 units ranging from one- to four-bedroom layouts and penthouses. Amenities will include private terraces, a roof garden, sun deck, fitness center and retail components. Carl Schwartz, Susan Saslow, Douglas Hoffmann and Michal Baum of Hunton & Williams advised the joint venture on the acquisition. The name of the seller was not released.

September 25, 2017

Maryland Multifamily Southeast

FCP, Urban Atlantic Acquire Two Apartment Assets in Metro D.C. for $44M

by Camren Skelton September 25, 2017

FORESTVILLE AND CAPITOL HEIGHTS, MD. — Federal Capital Partners (FCP), in a joint venture with Urban Atlantic, has acquired two apartment assets in metro Washington, D.C. for a combined $44 million. Christine Espenshade and Robert Garrish of JLL arranged the transaction on behalf of the buyer. Located at 5521 Marlboro Pike in Forestville, Holly Springs Meadows is roughly 12 miles southeast of Washington, D.C. The pet-friendly community features modern kitchens, a playground and open courtyard spaces. The second community, Woods at Addison, is located at 6500 Ronald Road in Capitol Heights, approximately 10 miles east of D.C. The community features modern kitchens, private balconies or patios, a pool and tennis and basketball courts. The properties have a combined total of 449 apartment units.

September 25, 2017

Multifamily Southeast Virginia

Marcus & Millichap Arranges $8.1M Sale of Multifamily Community in Virginia Beach

by Camren Skelton September 25, 2017

VIRGINIA BEACH, VA. — Marcus & Millichap has brokered the $8.1 million sale of Hollygreen Apartments, a 96-unit multifamily community located at 3429 Hollygreen Drive in Virginia Beach. Altay Uzun and Justin Ferguson of Marcus & Millichap represented the sellers, private investors who had owned the property since its construction in 1984, in the 1031 exchange. Uzun also procured the undisclosed buyer. The community includes one- and two-bedroom floor plans and features a fitness center and swimming pool.

September 25, 2017

Loans Multifamily Northeast Seniors Housing Vermont

Ziegler Arranges $67.1M Bond Financing for 294-Unit CCRC in Vermont

by Amy Works September 25, 2017

SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.

September 25, 2017

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