Multifamily

Chinese Investor Offers $3B to Acquire Tennessee-Based Brookdale, Reuters Reports

by John Nelson June 14, 2017

BRENTWOOD, TENN. — Zhonghong Zhuoye Group Co. Ltd., a Chinese real estate investor, has reportedly offered approximately $3 billion for the acquisition of Brookdale Senior Living, according to a report by news agency Reuters, which cited people familiar with the matter. If the Brookdale deal were completed as reported, it would be by far the largest Chinese investment in U.S. seniors housing to date. Headquartered in Brentwood, Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,052 properties and 103,00 units, according to the company’s first-quarter report, which is nearly triple the size of the next largest competitor. The company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 per share on March 2, 2015, to $11.80 per share on Feb. 8, 2016. Rumors of a sale of the company have swirled for months. Following the Reuters report on Tuesday, Brookdale’s stock price saw a brief lift of 6 percent to as high as $15.18 per share, but quickly fell back down to a close of …

June 14, 2017

California Multifamily Seniors Housing Western

ABHOW to Open $100M CCRC Expansion in Bay Area

by Nellie Day June 14, 2017

LOS ALTOS, CALIF. — ABHOW will cut the ribbon next week on a $100 million expansion at The Terraces at Los Altos, a continuing care retirement community in Los Altos, which is located between San Jose and San Francisco. The project, which was executed in multiple phases, most recently added 81 new apartments, a fitness center and spa, dining venues, library and movie theater. The first phase, completed in 2014, added 30 skilled nursing suites and 16 memory support suites. The second phase added 30 assisted living residences. ABHOW both owns and operates the community. Next month the company will merge with fellow West Coast nonprofit operator be.group and rebrand as HumanGood.

June 14, 2017

California Multifamily Student Housing Western

Bernards Breaks Ground on Residence Hall at University of La Verne

by Nellie Day June 14, 2017

LA VERNE, CALIF. — Commercial builder Bernards has broken ground on a 114,970-square-foot residence and dining hall at the University of La Verne in California. Designed by Steinberg Architects, the development will consist of 396 beds, an 18,700-square-foot dining hall, lounge and study spaces, and outdoor patios. The residence hall is the first development within the university’s recently approved Facilities & Technology Master Plan, and will be completed in August 2018.

June 14, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $52.5M Sale of Multifamily Community in Tampa Bay Area

by John Nelson June 14, 2017

WESLEY CHAPEL, FLA. — ARA Newmark has brokered the $52.5 million sale of Enclave at Wesley Chapel, a 312-unit apartment community in the Tampa Bay town of Wesley Chapel. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the seller, Chicago-based Sherman Residential, in the transaction. Denver-based Valhalla Holdings purchased the asset as part of a 1031 exchange. Matt Williams of NGKF Capital Markets secured a $28.9 million Freddie Mac loan on behalf of Valhalla Holdings. The seven-year features a fixed interest rate. Community amenities at Enclave at Wesley Chapel include a resort-style pool, fitness center, dog park and a business center.

June 14, 2017

Multifamily North Carolina Southeast

Laurel Street Opens 115-Unit Apartment Community in Winston-Salem

by John Nelson June 14, 2017

WINSTON-SALEM, N.C. — Laurel Street has completed 757 North, a 115-unit apartment community located at 757 N. Chestnut St. in Winston-Salem. The four-story property features one- and two-bedroom units with rents ranging from $1,095 to $1,600 per month. Of those units, 25 percent will be reserved for households with incomes at 80 percent of the area median income, with rents ranging from $740 to $850 per month. Developed in partnership with Goler Community Development Corp., a nonprofit specializing in the redevelopment of Winston-Salem’s Goler Heights neighborhood, 757 North includes interior elevator access, a fitness center with cycle studio and online exercise classes, WiFi café with 24/7 coffee bar, indoor game room, outdoor patio with grills, lounge and conference room. Northridge Capital provided $4 million in equity for the project, and the development team secured $9.4 million in construction financing from First National Bank. The City of Winston-Salem also provided a $1.3 million loan and $325,000 land grant toward the project, bringing the total development cost to $15 million. The first residents at 757 North are expected to move in by July 1.

June 14, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Funds $44M in Financing for 231-Unit Multifamily Complex in Massachusetts

by Amy Works June 14, 2017

REVERE, MASS. — KeyBank Real Estate Capital has provided a $44 million Freddie Mac, fixed-rate mortgage loan for Rumney Flats, an apartment complex in Revere. Built in 2016, the 231-unit property was 97 percent occupied at the time of financing. Dirk Falardeau of KeyBank arranged the financing with a 10.5-year term, including a five-year interest-only period, and a 30-year amortization schedule. The undisclosed borrower used proceeds of the loan to refinance existing debt.

June 14, 2017

Multifamily New York Northeast Seniors Housing

Maplewood, OHI to Break Ground on 23-Story Tower in Manhattan

by Amy Works June 14, 2017

NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) will break ground today, June 14, on Inspir | Manhattan, a 215-unit seniors housing community on the Upper East Side neighborhood of Manhattan. The 23-story, 212,000-square-foot building will offer assisted living, memory care and “enhanced care” units. Westport, Conn.-based Maplewood Senior Living currently operates 13 other communities in Connecticut, Massachusetts and Ohio.

June 14, 2017

Multifamily Texas

MAA Completes Phase II Construction of Multifamily Community in Austin

by Taylor Williams June 14, 2017

AUSTIN, TEXAS — Tennessee-based developer MAA has completed Phase II construction of Post South Lamar, a multifamily community located at 1500 S. Lamar Blvd. in Austin. The property features a mix of studio, one-bedroom and two-bedroom units. Phase II delivered 344 units, restaurant and retail space and amenities such as two pools, an outdoor dining area, fitness center and rooftop terrace.

June 14, 2017

California Multifamily Student Housing Western

Hensel Phelps, Mithun to Break Ground on $98M Expansion at UC Irvine

by Nellie Day June 13, 2017

IRVINE, CALIF. — The design-build team of Hensel Phelps and Mithun is set to break ground on a $98 million redevelopment project at the University of California – Irvine. The 215,000-square-foot development — titled the UCI Middle Earth Expansion — will be completed in two phases. The first phase will include the demolition of Brandywine Commons and Brandywine Student Center to be replaced by a new student housing building. The second phase of development will include the renovation of Pippin Commons. The new project, in total, will house roughly 494 students in two five-story residential towers and include a new dining facility, classrooms and amenity space. The new student housing is set to open for occupancy in August 2019.

June 13, 2017

Multifamily Washington Western

Security Properties, Intercontinental Real Estate Corp. Acquire Echo Lake Apartments in Shoreline

by Nellie Day June 13, 2017

SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.

June 13, 2017

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