TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.
Multifamily
BALDWIN HILLS, CALIF. — Vista Investment Group has purchased the 276-unit Woodlake Manor Apartments in the Los Angeles submarket of Baldwin Hills for $44 million. The community is located at 4555 W. Martin Luther King Jr. Blvd. Woodlake Manor is one mile from both the Farmdale and Ethel Bradley Metro Expo line stations, which provide access to key Los Angeles employment hubs, including downtown, Culver City, Santa Monica and the South Bay. The University of Southern California (USC) is a 10-minute train ride away. This was the first time Woodlake Manor Apartments had been on the market in more than 34 years. Select units were upgraded to a mid-luxury standard last year. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, Jones & Jones Management Group, in this transaction.
DENVER — A joint venture between HLC Equity and Hampshire Companies has purchased the 216-unit Sage Brook apartments in Denver for $26.3 million. The Class B community is located at 7201 Leetsdale Drive. Sage Brook is situated three miles from the Cherry Creek neighborhood near three of the region’s largest employment centers, including Downtown Denver, Denver Tech Corridor and the Fitzsimons Innovation Campus. HLC Equity’s management arm will operate the community. The company plans to improve the property and upgrade the general common areas and unit interiors.
KeyBank Provides $249M in Financing for 22-Property Skilled Nursing Portfolio in the Southeast
by John Nelson
CLEVELAND — KeyBank Real Estate Capital, a subsidiary of Cleveland-based KeyCorp, has provided $249 million in FHA financing to Formation Capital, a private investment management firm focused on seniors housing. The financing will be used for a 22-property skilled nursing portfolio. Seventeen of the facilities are located in Florida, and the remaining five are located in Mississippi. The properties have a combined total of 2,682 beds. John Randolph and Paul Di Vito of KeyBank’s Healthcare Mortgage Group arranged the financing through FHA’s 232/223(f) mortgage insurance program. Proceeds of the loan were used to pay down an existing bridge loan, which funded the acquisition of 66 facilities.
MARIETTA, GA. — Greystone has provided a $62 million permanent loan for Watermark at East Cobb, a 510-unit multifamily community in Marietta, a northwest suburb of Atlanta. The property features two resort-style swimming pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a dog park. Mike Galla and David Collie of iCap Realty Partners arranged the seven-year, floating-rate loan through Freddie Mac with two years of interest-only payments followed by a 30-year amortization schedule. Keith Hires and Greg Krafcik of Greystone originated the loan on behalf of the borrower, Cortland Partners.
SUNSET HILLS, MO. — Senior Lifestyle Corp. has broken ground on The Sheridan at Laumeier Park, a 69,000-square-foot seniors housing community in Sunset Hills, approximately 15 miles southwest of St. Louis. The project, expected to be complete in early 2017, will feature 43 assisted-living apartments plus 41 memory care residences. The Sheridan at Laumeier Park will be situated on 3.9 acres at 12470 Rott Road. Residents will have access to nearly 38,000 square feet of amenity space, which will include living rooms, a dining room, entertainment room, fitness center and art studio.
ROCHESTER, MINN. — NorthMarq Capital has arranged a $3.5 million acquisition loan for a 72-unit multifamily property in Rochester, approximately 85 miles southeast of Minneapolis. Bear Creek Apartments is located at 1405, 1455 and 1505 Marion Road SE. The 10-year loan features a 25-year amortization schedule. Michael Padilla of NorthMarq placed the financing with a local bank on behalf of the undisclosed borrower.
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Sioux City Experiences ‘Crane Craze’ Across Property Types
The skies are dotted with cranes — not the type you would find on route west to the Sandhills of Nebraska, but the type synonymous with a robust economy. It is safe to say there have never been so many cranes at work in the history of Sioux City. Several large industrial projects are resulting in further development of retail and multifamily space that has been in demand for some time in Sioux City. Retail, entertainment wave Helping to draw residents and visitors alike out into the streets of Sioux City is the $130 million Hard Rock Hotel & Casino. The Hard Rock replaced the floating Argosy riverboat casino in a first-in-the-state competitive bidding war for a land-based casino. Due to the popularity of the development since it opened in August 2014, the Hard Rock already has plans to add an $8 million casino expansion by the end of the year. Hard Rock has played a vital role in making Sioux City a regional, cultural and entertainment destination. Dallas-based Anthony Properties is planning to deliver 350,000 square feet of retail space by the summer of 2018. The 64-acre site, located at the intersection of Sunnybrook Drive and Sergeant Road, is …
WEST NEW YORK, N.J. — Gebroe-Hammer Associates has arranged the sale of 45 multifamily units at 5907 Boulevard East, a five-story multifamily property located in West New York. A private investor acquired the assets for $8 million, or $177,777 per unit. The property features a mix of one- and two-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer Associates represented the buyer and seller, a private investor, in the deal.
AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has begun construction on Lenox Springs, a luxury apartment community in south Austin that will include 660 Class A apartments. Located along the southbound I-35 frontage road between Old San Antonio Road and FM 1626, the project will be built in two phases with leasing set to begin on the first 400 units in fall 2017. The one-, two- and three-bedroom units in the first phase are expected to rent for between $1,000 and $2,000. The start date of the second phase, consisting of 260 units, has yet to be determined. Lenox Springs will be the fifth south Austin community Oden Hughes has developed since it was founded in 2010. Oden Hughes Taylor Construction will be the general contractor for Lenox Springs, while Oden Hughes Management will lease and manage the community.