NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Roosevelt, a mixed-use property located at 40-07 73rd St. in the Jackson Heights neighborhood of Queens. An undisclosed buyer acquired the property for $29.3 million. The building features 31 residential units, 10 commercial tax lots and a parking garage. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.
WILDOMAR, CALIF. — R&V Management Corp. has purchased the 312-unit Oak Springs Ranch in Wildomar for $78.5 million. The community is located at 24055 Clinton Keith Road, just north of Temecula. Oak Springs Ranch was built in 2014. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia executed the sale. The seller was Oak Springs Ranch LLC, which is composed of developer GLJ Partners and affiliates of Sarofim Realty Advisors.
LOS ANGELES — An affiliate of Pacific Urban Residential has purchased the 191-unit IMT Thousand Oaks apartments for $67 million. The community is located at 491 W. Gainsborough Road in the Los Angeles submarket of Thousand Oaks. IMT Thousand Oaks is situated along U.S. Highway 101. Notable employers in the area include Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. The community was built in 1973. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented the seller, IMT Capital LLC, in this transaction.
LAKEWOOD, COLO. — Gelt has purchased the 400-unit Westhills apartments in Lakewood for $66 million. The community is located at 453 Van Gordon St. Westhills was built in 1972. FPA Multifamily, the previous owner, recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 of the original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. Gelt will also upgrade the remaining units, which were renovated a decade ago, by adding stainless steel appliances, vinyl plank flooring and new fixtures. The owner will also add new amenities like a bike room, storage room, entertainment room and barbeque pits. Notable employers in the area include the Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College and the Colorado Mills Mall. The garden-style community is also within walking distance of the Federal Center Light Rail Station. This is Gelt’s second acquisition in the Denver region. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, its target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles.
WASHINGTON, D.C. — Berkshire Group has purchased Berkshire 15, a newly built, 96-unit high-rise apartment tower located at 2011 15th St. N.W. in Washington, D.C.’s historic U Street corridor. The Boston-based multifamily investment firm purchased the asset from Bozzuto Homes Inc. for an undisclosed price. Globe Street reports the property traded for $53.6 million, or $558,33 per unit. The high-rise’s units feature European-style cabinets, quartz countertops and wood flooring. Community amenities include a ground-level patio, rooftop deck, parking garage, extra storage units and bicycle storage.
STERLING HEIGHTS, MICH. — Moceri Cos., a homebuilder based in metro Detroit, plans to develop a $300 million, master-planned community for seniors in Sterling Heights. Situated adjacent to the 27-hole Maple Lane golf course, the 807-unit development, known as Verandas, will feature a mix of townhouses, condominiums and apartments targeting adults age 55 and above. “Verandas will exceed the expectations of the active adult lifestyle in the entire region,” said Dominic Moceri, vice president of Moceri Management Group. Verandas will include a 30,000-square-foot event center featuring dining, fitness, indoor and outdoor pools and spas, retail space and other venues accessible to the public, as well as private spaces for residents only. “We are thrilled to have the Verandas development coming to our city, as it represents Sterling Heights’ commitment to exploring innovative housing options to meet the desires of our community,” said Sterling Heights Mayor Michael Taylor. “This development allows our city to attract new residents, as well as provide a new housing opportunity for those currently living in Sterling Heights who no longer want to reside in a traditional single-family home.” Verandas will include the 160-unit Blossom Lane, featuring one- and two-bedroom independent and assisted living apartments and studio …
ANNAPOLIS, Md. — The occupancy rate for seniors housing properties in the third quarter held steady, even as asking rents increased, according to the National Investment Center for Seniors Housing and Care (NIC), the industry’s main data tracking agency. NIC’s data is gathered from more than 14,000 properties across 140 metro markets nationally. The average occupancy for the quarter was 89.8 percent for seniors housing, which includes independent living, assisted living and memory care. That number was identical to the average occupancy over the last three years, and an increase of 10 basis points from the previous quarter. From a historical perspective, the average occupancy in the third quarter was 290 basis points above the industry’s cyclical low of 86.9 percent during the first quarter of 2010. Independent living properties led the industry in occupancy rate, with an average of 91.1 percent, an increase of 20 basis points over the prior quarter. The average occupancy at assisted living properties trailed at 88 percent, the same as the previous quarter but a drop of 20 basis points from the year prior. Healthy Tenant Demand Although occupancy was largely unmoved, absorption stayed positive as the market successfully took on new supply. Annual …
DETROIT — Wayne State University has selected Corvias to develop, construct, manage and maintain its student housing in a 40-year public-private partnership. The program will allow Wayne State to defease $102 million of existing debt and execute all facets of its 10-year master plan, which includes 842 new beds, renovating 3,100 existing beds and the construction of commercial and university spaces without issuing any new university debt. The master plan includes the development of Anthony Wayne Drive Apartments, which calls for the delivery of 400 new beds in fall 2018 and another 442 beds in fall 2019; and the demolition of the 415-bed Helen L. DeRoy Apartments by 2019, with the space being converted into open green space to enlarge the existing space on Williams Mall. Additionally, the project includes more than 18,000 square feet of retail space and 9,000 square feet for the Campus Health Center and related services.
ALGONQUIN, ILL. — Ryan Cos., Life Care Services, an LCS Company, and Harrison Street Real Estate Capital have completed the construction of Clarendale of Algonquin, a $40 million seniors housing community located in Algonquin. The 186-residence property features 76 independent living residences, 56 assisted living and 54 memory care suites in a variety of floor plans based on type of care. Independent living residences range from 720 to 1,285 square feet, while assisted living and memory care residences range from 310 to 835 square feet. The property also features a bistro, pub and billiards rooms, club room and library, living rooms with fireplaces, garage parking, a multipurpose room, wellness center with full-service salon, fitness room, private patio and courtyard, movie theater and a crafts room. Life Care Services of Des Moines, Iowa will manage the community. Clarendale of Algonquin is the second of the Clarendale-branded projects to open in the Chicago area.
WHITE BEAR LAKE, MINN. — Timberland Partners has purchased White Bear Woods, an apartment community located at 4776 Centerville Road in White Bear Lake. Chicago-based LivCor Multi-Family Asset Management sold the 304-unit property for an undisclosed sum. Built in 1998, the property features a mix of studio, one- and two-bedroom apartments in four garden-style buildings. On-site amenities include a clubhouse facility with resort-style swimming pool, outdoor gas fireplaces and seating areas, fitness center, community gathering room and leasing offices. The buyer has improvements planned for the property, including higher-grade kitchen finishes, lighting and appliance packages, parking lot improvements, tennis court updates, and new fencing and landscaping. Abe Appert and Keith Collins of CBRE represented the seller. Joel Torborg of CBRE secured the acquisition financing for the buyer.