Multifamily

SLIB Brokers Sale of 48-Unit Assisted Living Community in Idaho

by Nellie Day July 19, 2017

RATHDRUM, IDAHO — Senior Living Investment Brokerage has arranged the sale of Generations Assisted Living and Wellness, a 48-unit assisted living community in Rathdrum, for an undisclosed price. Rathdrum is located in the panhandle of Northern Idaho, 12 miles northwest of Coeur d’Alene and 25 miles east of Spokane, Wash. The community was originally built in 2005 with expansions in 2007 and 2013. It now totals 28,472 square feet on just over two acres of land. The seller is a local owner/operator and this is their only facility. The buyer is an investment group located in Northern California and has leased the facility to Senior Services of America. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

July 19, 2017

Multifamily North Carolina Southeast

ARA Newmark Closes $52.5M Sale of Multifamily Property in Metro Raleigh

by Camren Skelton July 19, 2017

CARY, N.C. — ARA Newmark has brokered the $52.5 million sale of Cary Greens at Preston, a 292-unit apartment community located in Cary, roughly 10 miles west of Raleigh. Dean Smith and Sean Wood of ARA Newmark arranged the sale on behalf of the seller, Dayton, Ohio-based The Connor Group. New York-based Rivendell Global Real Estate acquired the property. Constructed in 1996, Cary Greens at Preston includes a mix of one-, two- and three-bedroom units and features a resort style pool with a sundeck and cabana, 24-hour fitness center, business center and a playground area.

July 19, 2017

Florida Loans Multifamily Southeast

Greystone Provides $17.3M Acquisition Loan for Apartment Community in Palm Bay

by Camren Skelton July 19, 2017

PALM BAY, FLA. — Greystone has provided a $17.3 million bridge loan for the acquisition of The Pavilions at Monterey, a 271-unit, Class B multifamily property in Palm Bay. Leor Dimant of Greystone facilitated the two-year, fixed-rate loan through HUD on behalf of the borrower, Carabetta Cos., which purchased the property in June for $20.7 million. The Pavilions at Monterey features a fitness center and swimming pool.

July 19, 2017

Multifamily Texas

Phoenix Capital, Ardent Residential Break Ground on 296-Unit Apartment Community in Austin

by Taylor Williams July 19, 2017

AUSTIN, TEXAS — A partnership between Phoenix Capital Partners Ltd. and Austin-based Ardent Residential has broken ground on Palo Verde, a 296-unit apartment community located at the corner of U.S. Highway 290 and FM 1826 in Austin. Amenities will include a clubhouse with a business center and conference rooms, a dog park, pool and a fitness center with a yoga studio. Construction is expected to be complete by the second quarter of 2019.

July 19, 2017

Multifamily Seniors Housing Texas

KWA Begins Construction of 154-Unit Seniors Housing Community in Garland

by Taylor Williams July 19, 2017

GARLAND, TEXAS — KWA Construction has begun construction on Firewheel Senior Living Residences, a 154-unit, 171,572-square-foot seniors housing community located at 5151 N. President George Bush Highway in Garland. The property will feature a resort-style pool, grilling stations and a dog park. Construction is expected to be complete by the end of 2018. Seneca Investments is serving as the developer of the project.

July 19, 2017

Midwest Missouri Multifamily

Altus, Copaken Brooks Break Ground on Luxury Apartment Complex in Kansas City

by Kristin Harlow July 19, 2017

KANSAS CITY, MO. — Altus Properties and Copaken Brooks have broken ground on ARTerra, a luxury apartment complex in the Crossroads Arts District of downtown Kansas City. The 12-story building is located at the intersection of 21st and Wyandotte streets. The building will feature 126 units, consisting of a mix of studios, one-, two- and three-bedroom apartments. The property will also feature first-floor retail space and a 12th-floor amenity suite with an infinity pool. This is the first high-rise apartment building in the district, according to Coapken Brooks. JE Dunn will serve as general contractor for the project, which was designed by HOK. Completion is slated for late 2018.

July 19, 2017

Colorado Multifamily Seniors Housing Western

Blueprint Arranges $5.4M Sale of 120-Bed Skilled Nursing Facility in Aurora

by Nellie Day July 18, 2017

AURORA, COLO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sable Care and Rehabilitation Center, a 120-bed skilled nursing facility in the Denver suburb of Aurora, for $5.4 million. A publicly traded REIT based in California sold the property to a New York-based investor. The seller was looking to divest a non-core asset as a value-add opportunity. The new owner will lease to facility to a prominent regional operator with an existing footprint in Colorado. The facility is located near the University of Colorado Hospital and CU Anschutz Medical Campus. At the time the property was put on the market, the trailing 12-month operational performance yielded $6 million in total revenue with overall occupancy at 56 percent. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction. The sale price equates to $45,000 per licensed bed.

July 18, 2017

California Multifamily Seniors Housing Western

Cadence Senior Living Acquires Assisted Living Community in Orange

by Nellie Day July 18, 2017

ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.

July 18, 2017

Multifamily New York Northeast

Brooklyn Standard Properties, Cohen Commercial Buy Multifamily Portfolio in the Bronx for $26.5M

by Amy Works July 18, 2017

NEW YORK CITY —  Brooklyn Standard Properties and Cohen Commercial Properties have partnered to acquire a 10-building multifamily portfolio in the Bronx for $26.5 million. LAL Property Management Corp. sold the buildings, which total 104 residential units. The properties are located at 2460-2468 and 2490 Belmont Ave.; 2463 and 2481 Hughes Ave.; and 2454 and 2464 Hoffman St. in the Fordham/Belmont neighborhood of the Bronx. Marco Lala of Marcus & Millichap represented the seller in the deal.

July 18, 2017

Loans Multifamily Southeast Virginia

Capital One Secures $34.5M Loan for Refinancing of Multifamily Property in Northern Virginia

by Camren Skelton July 18, 2017

RESTON, VA. — Capital One has provided a $34.5 million loan for the refinancing of Springs at Reston, a 362-unit apartment community in Reston, approximately 23 miles west of Washington, D.C. Joel Willard and Michael Antonelli of Capital One secured the fixed-rate loan with 10 years of interest-only payments through Fannie Mae on behalf of the borrower, Lerner Enterprises. Constructed in 1972, Springs at Reston includes 27 three- and four-story garden-style apartment buildings and features a playground, picnic area and laundry facilities. All units are affordable for those making 80 percent or less of the area median income.

July 18, 2017

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