Multifamily

Attracting Workers to ‘Non-Sexy’ Industry Is Challenge Seniors Housing Leaders Face

by Kristin Harlow September 8, 2017

ATLANTA — By offering paid internships, educational programs, community events and flexible hours, seniors housing leaders hope to combat the well-documented labor shortage and entice younger workers. There simply aren’t enough employees to keep up with the pace of development, and the industry is plagued by high turnover rates as well. That’s according to speakers during an operations update at InterFace Seniors Housing Southeast on Aug. 23 in Atlanta. The conference, held at the Westin Buckhead in Atlanta, attracted over 400 industry professionals. Lisa Welshhons, senior vice president of human resources company Aureon, noted the distinct gap between the number of workers needed and actual employees working. As moderator, she asked the panel of operators how the labor shortage is changing the way they are staffing their communities, as well as recruiting and retention strategies. “We’re often asked by our peers and partners what number of communities is our goal, but it’s not about a number of communities. It’s really about continuing to develop as long as we’re able to attract the best-in-class employees,” said Sarabeth Hanson, COO at Harbor Retirement Associates, a regional senior living development and management company in Vero Beach, Fla. Already a concern, the demand for new …

September 8, 2017

Idaho Multifamily Oregon Seniors Housing Washington Western

CareTrust REIT Acquires 13 Skilled Nursing Facilities in Texas, Idaho, Oregon, Washington for $97M

by Nellie Day September 7, 2017

PORTLAND ORE. — CareTrust REIT Inc. (NASDAQ: CTRE) has agreed to acquire 13 skilled nursing facilities in three separate transactions for a total purchase price of $97 million. The properties are located in Idaho, Texas, Oregon and Washington. In the first transaction, CareTrust has acquired three skilled nursing facilities in Idaho as part of a staged, seven-facility portfolio transaction. When completed, the full portfolio price will be $65.5 million, which CareTrust funded with cash on hand and its $400 million unsecured revolving credit facility. The full transaction is scheduled for completion by the end of the year. The seven properties, which total 571 beds, will all be added to CareTrust’s master lease with Cascadia Healthcare LLC. CareTrust forecasts an annual cash rent of approximately $5.9 million from the portfolio. In the second transaction, CareTrust acquired Wellspring Health and Rehabilitation of Cascadia, a 53-bed skilled nursing facility in Nampa, Idaho; Secora Health and Rehabilitation of Cascadia, a 120-bed skilled nursing facility in Portland, Ore.; and Brookfield Health and Rehabilitation of Cascadia, an 83-bed skilled nursing facility in Battle Ground, Wash. CareTrust bought the properties for $11.3 million and added all three to the same master lease with Cascadia Healthcare. CareTrust expects …

September 7, 2017

Arizona Multifamily Seniors Housing Western

Watermark Opens 129-Unit Seniors Housing Community in Tucson

by Nellie Day September 7, 2017

TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the River, a 129-unit assisted living, memory care and skilled nursing community in Tucson. Development costs were estimated at $21 million. Watermark will operate the community, which it developed in a joint venture with The Freshwater Group. The Weitz Company was the general contractor. The new community features a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property also houses a 1,600-square-foot stable to offer equine therapy to residents.

September 7, 2017

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Sinatra & Company Real Estate Acquires 10 Mixed-Use Properties in Buffalo, New York, for $12.7M

by Amy Works September 7, 2017

BUFFALO, N.Y. — Sinatra & Company Real Estate has acquired 10 mixed-use properties in Buffalo for a combined total of $12.7 million. Roger Chainani’s 1000 Elmwood Associates LLC and 1256 Hertel Avenue Associates LLC sold the properties. The properties include a variety of uses and tenants: – 427 Elmwood features a three-story, 10,246-square-foot mixed-use building with two retail businesses, a restaurant space, 4,000 square feet of vacant office space and two apartments. – 494 Elmwood is a 12,938-square-foot restaurant property occupied by Tokyo Shanghai Restaurant. – 500 Elmwood is a 3,024-square-foot building with restaurant, retail and apartment space. – 502 Elmwood is a single-story, 2,464-square-foot restaurant building, which will be occupied by House of Hummus. – Saigon Café occupies the 6,992-square-foot restaurant property at 520 Elmwood. – Mezza Restaurant & Lounge occupies the 3,747-square-foot building at 929 Elmwood. – 1000 Elmwood is a 10,560-square-foot mixed-use building currently occupied by The Market on Elmwood and Ashker’s on the first floor with residential or office space on the second floor. – India Gate and Hong Kong Kitchen occupy the 6,710-square-foot building at 1116 Elmwood. – The properties at 1122 Elmwood and 1256 Hertel Ave. both offer retail space.

September 7, 2017

Multifamily Texas

180 Multifamily Capital Acquires 77-Unit Apartment Complex in Arlington

by Taylor Williams September 7, 2017

ARLINGTON, TEXAS — 180 Multifamily Capital has acquired Key Largo Apartments, a 77-unit multifamily asset located at 407 Cora St. in Arlington. The property, which offers a pool and clubhouse, was built in the 1980s and will undergo complete renovations to both its interior and exterior. 180 Multifamily will rebrand the property, its fifth in Arlington’s entertainment district, as Las Palmitas.

September 7, 2017

Georgia Multifamily Southeast

MAA Opens 332-Unit Multifamily Community in Midtown Atlanta

by Camren Skelton September 7, 2017

ATLANTA — MAA, a multifamily REIT based in Memphis, Tenn., has opened Post Midtown Atlanta, a 332-unit multifamily community located at 33 11th St. N.W. in Atlanta’s Midtown district. MAA acquired Post Properties in 2016, but continues to brand assets under the Post name. The new property includes studio, one-, two- and three-bedroom units with rents starting at $1,670 per month. Individual units feature built-in desks and bookshelves, 10-foot ceilings, quartz countertops and gas cooking stoves. Community amenities include a swimming pool with sundeck, club terrace, outdoor living and dining areas, fitness center, pet park, cycle room and a conference library. Post Midtown Atlanta is within walking distance of Piedmont Park and MARTA’s Midtown station.

September 7, 2017

Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $36.1M Sale of Apartment Community in Charleston

by Camren Skelton September 7, 2017

CHARLESTON, S.C. — Cushman & Wakefield has brokered the $36.1 million sale of The Palms, a 408-unit apartment community in Charleston. Jordan McCarley, Watson Bryant and Tai Cohen of Cushman & Wakefield represented the seller, Savannah, Ga.-based Kole Management, in the transaction. JEM Holdings acquired the property, which was constructed in 1966. Community amenities at The Palms include a swimming pool, fitness center, sports courts and a playground.

September 7, 2017

Loans Multifamily Seniors Housing South Carolina Southeast

Ridge Care Senior Living Secures $11.3M Construction Loan for Community on South Carolina Coast

by Camren Skelton September 7, 2017

PAWLEYS ISLAND, S.C. — Ridge Care Senior Living has secured an $11.3 million construction loan for the development of Arbor Landing at Pawleys, a 100-unit seniors housing community in Pawleys Island. SunTrust Bank provided the financing for the project. The new community will feature 60 assisted living and 40 memory care units and is expected to create roughly 70 new jobs in the Pawleys Island region. The project marks Ridge Care Senior Living’s entry into the South Carolina market. The Kernersville, N.C.-based company services more than 850 residents in 13 independent living, assisted living and memory care communities throughout North Carolina and West Virginia. Arbor Landing at Pawleys is slated for completion in summer 2018.

September 7, 2017

Illinois Market Reports Midwest Midwest Market Reports Multifamily

The Middle Ground: The Next Great Opportunity for Chicago Multifamily

by Kristin Harlow September 7, 2017

Like other metros, Chicago is in the midst of an apartment boom where the hum of multifamily construction has become commonplace. In fact, approximately 8,000 new rental units are slated to deliver by the end of next year, according to Appraisal Research Counselors. Nearly 4,000 units are expected to deliver in 2019. The majority of this multifamily construction is concentrated on Class A rental high-rises. SixForty (640 N. Wells St.) by JDL Development and 8 E. Huron by CA Ventures — both of which The Habitat Co. will be managing — aim to meet the demand of those looking to be closer to the influx of new businesses moving downtown, as well as an urban lifestyle with robust dining and entertainment options. Like its metro counterparts, Chicago has become a city of renters. According to Harvard University’s Joint Center for Housing Studies, the U.S. homeownership rate hovered at just 64 percent at the start of 2017, following 12 years of decline, while the number of renters continued its upswing. In the past five years, an average of 1 million new renter households were formed every year, per the National Multifamily Housing Council. Indeed, these have been good years for those …

September 7, 2017

California Loans Multifamily Western

JPI Obtains $103.5M Construction Financing for Jefferson Pacific Beach Apartments in San Diego

by Nellie Day September 6, 2017

SAN DIEGO — JPI has obtained a $103.5 million construction loan for the 172-unit Jefferson Pacific Beach apartment community in San Diego. The community is situated on a three-acre site of the former Guy Hill Cadillac dealership, directly adjacent to Mission Bay Park. The property will feature luxury apartments, as well as 14,000 square feet of ground-floor retail and creative office space. Groundbreaking is scheduled for late September 2017. PCCP provided the construction loan.

September 6, 2017

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