FULLERTON, CALIF. — Morningside, a seniors housing community in the Orange County city of Fullerton, has completed a $1.6 million expansion of its outdoor amenities. Morningside added a pitch-and-putt golf course and a pickleball court on 4 acres of vacant land. The project included a $100,000 habitat restoration project through the California Department of Fish and Game and the Army Corps of Engineers. This is the most recent of several expansion and renovation projects at the community. The dining and kitchen areas were recently renovated, and the wellness center was expanded to include a spa and fitness area. The community room also underwent a $2 million redevelopment.
SAN MARCOS, TEXAS — The Preiss Co. has acquired Cabana Beach San Marcos, a 744-bed student housing property located at 1250 Sadler Drive in San Marcos, approximately 3.5 miles from Texas State University. Amenities include a pool, dog park, volleyball and basketball courts, a computer lab and study room. The company plans to upgrade 114 of the property’s units and renovate its clubhouse.
ROCK HILL, S.C. — Graycliff Capital Partners has purchased Gateway at Rock Hill, a newly built, 312-unit apartment community located in Rock Hill, a suburb of Charlotte in South Carolina. Gateway at Rock Hill LLC sold the asset to Graycliff Capital for $41.3 million, or roughly $132,211 per unit. Located behind Rock Hill Galleria Mall, Gateway at Rock Hill is the most recently delivered apartment community in the submarket as the City of Rock Hill placed a moratorium on all new construction of apartments, condos and townhomes. Built by Lucas Contractors, the property features a resort-style swimming pool, fitness center, clubhouse, movie theater, dog park and a playground. Austin Green, Andrew Klenk and Alex McDermott of Capstone Apartment Partners’ Charlotte office represented both the buyer and seller in the transaction.
SUWANEE, GA. — Terwilliger Pappas has begun construction on Solis Town Center, a 240-unit apartment development situated adjacent to Suwanee Town Center in the Atlanta suburb of Suwanee in Gwinnett County. Set on six acres, the property will also feature 12,000 square feet of retail space. Terwilliger Pappas partnered with Carlyle Realty Partners and Cadence Bank on the development. The nearby Suwanee Town Center features a 10-acre, urban-style park, 100,000 square feet of retail space and 87,000 square feet of office space.
GAINESVILLE, FLA. — The Preiss Company has acquired Cabana Beach Gainesville, a 1,488-bed student housing community located near the University of Florida in Gainesville. The property offers fully furnished units with bed-to-bath parity. Community amenities include a swimming pool, sand volleyball court, computer lab and study rooms. The new ownership, which also recently purchased the Cabana Beach San Marcos student housing community near Texas State University, intends to begin renovations on both properties’ units and common areas. The terms of the transaction and the seller were undisclosed.
WARMINSTER, PA. — J.G. Petrucci Co. has developed Jacksonville Station, a 151-unit apartment community located at 375 Jacksonville Road in Warminster. The property features 74 one-bedroom and 77 two-bedroom apartment units with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washer/dryers in each unit. Situated on 10 acres, the community features on-site surface parking, a fitness center, a swimming pool and a clubhouse. Minno & Wasko designed the property.
SCHERERVILLE, IND. — Clarendale of Schererville has opened in Schererville, about 38 miles south of Chicago. The 177-unit seniors housing community is located at 7770 Burr St. The $40 million development is the third Clarendale property from developer-builder Ryan Cos. Situated on nine acres, the three-story community is comprised of 85 independent living residences, 38 assisted living residences and 54 memory care residences. The residences range from 300 square feet to 1,300 square feet. Amenities include a movie theater, crafts room, bistro, pub and billiards room, library, multipurpose room and fitness center. Des Moines, Iowa-based Life Care Services will manage the community.
FORKED RIVER, N.J. — Walters Group has completed the first phase of Cornerstone at Lacey, a 118-unit income-restricted housing development located in Forked River. Designed to achieve LEED and Energy Star status, the first phase of the development comprises 70 units in nine buildings. Construction is underway for the second phase, which will add 48 units in six buildings. Units range from one- to three-bedrooms and 835 square feet to 1,247 square feet. Community amenities will include a clubhouse with computer workstations and a fitness center, as well as a children’s tot lot, barbecue and picnic areas, and a half-court basketball court.
NEW BRAUNFELS, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $12.1 million in construction and permanent financing for The Lodge at the Guadelupe, a 124-unit apartment community that will be located at 1355 Ranch Parkway in New Braunfels. Lev Investments and T.R. Inscore LLC will develop the project and Crane Contracting Group Ltd. will serve as general contractor. HUD provided the 40-year, non-recourse loan.
LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.