Multifamily

Marcus & Millichap Brokers $8.5M Sale of Affordable Housing Community in Cape Coral

by John Nelson May 26, 2016

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $8.5 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. The property was constructed and placed into the Low Income Housing Tax Credit program in 2000. The community comprises eight three-story buildings and a freestanding clubhouse. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, an institutional owner based in New York City, and the private, Florida-based buyer in the transaction.

May 26, 2016

California Loans Multifamily Seniors Housing Western

CBRE Secures $17.1M Acquisition Loan for 54-Unit Assisted Living Community in San Francisco

by Nellie Day May 25, 2016

SAN FRANCISCO — CBRE Multifamily Capital has arranged a $17.1 million Fannie Mae loan for the acquisition of Eden Villa Assisted Living & Memory Care, a 54-unit assisted living and memory care community in San Francisco. A joint venture between Auctus Capital Partners and Och-Ziff Capital Management is purchasing the property from an undisclosed seller. The buyers will bring in Integral Senior Living to manage the property. Following the acquisition, the buyers plan to invest in adding additional units and cosmetic enhancements to the property. Aron Will, executive vice president of CBRE National Senior Housing, arranged the non-recourse, 10-year, fixed-rate loan with 60 months of interest-only payments.

May 25, 2016

California Multifamily Western

Skya, Gelt Buy Highland Park Apartment Complex in Los Angeles for $14.2M

by Nellie Day May 25, 2016

LOS ANGELES — A joint venture between Skya Ventures and Gelt Ventures has purchased a 60-unit apartment complex in the Highland Park neighborhood of Los Angeles for $14.2 million. The community is located at 5800 to 5820 Marmion Way. It was built in 1987. The property was 91 percent occupied at the time of sale. The JV acquired the asset as a value-add opportunity. It plans to target much of the community’s deferred maintenance. The seller was Azusa Pacific University.

May 25, 2016

California Multifamily Seniors Housing Western

JCH Arranges Sale of 130-Bed Skilled Nursing Facility Near Los Angeles

by Nellie Day May 25, 2016

LYNWOOD, CALIF. — JCH Senior Housing Group has brokered the sale of Bloomfield East, a 130-bed skilled nursing facility in the Los Angeles submarket of Lynwood, for an undisclosed price. A Los Angeles-based real estate investment company purchased the community from an undisclosed for-profit corporation, and immediately triple-net leased it to a new operator, Reliant Management Group. Shep Roylance, senior vice president with JCH, facilitated both the sale and lease transactions.

May 25, 2016

Mixed-Use Multifamily New Jersey Northeast Retail

Brunetti Organization to Develop 2,400-Acre Mixed-Use Town Center in New Jersey

by Amy Works May 25, 2016

OLD BRIDGE, N.J. — The Brunetti Organization is developing The Oaks at Glenwood, a 2,400-acre mixed-use town center development in Old Bridge. Construction for the 90,000-square-foot ShopRite supercenter is slated to begin soon, with occupancy of the grocery store and other retail tenants scheduled for summer 2017. ShopRite will anchor the retail portion of the property. Upon completion, the mixed-use property will feature 2,000 residential units and more than 500,000 square feet of retail space. The Goldstein Group is marketing the retail portion of the property.

May 25, 2016

Midwest Missouri Multifamily Seniors Housing

Tutera to Break Ground on $65M Seniors Housing Community in Kansas City

by Christina Cannon May 25, 2016

NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care will break ground this week on the $65 million Tiffany Springs Senior Community, a continuing care retirement community (CCRC) in North Kansas City, located just across the Missouri River from Kansas City proper. The 14-acre luxury community will feature more than 300 units of independent living, assisted living, memory care and rehabilitation in 300,000 square feet of buildings. Design company studioSIX5 is providing interior design services. Builders for the community include Nearing Staats Prelogar & Jones Architects of Prairie Village, Kan.; Lutjen Inc. of North Kansas City; and Luke Draily Construction Co. of Riverside, Mo. Based in Kansas City, Tutera Senior Living & Healthcare is a developer and operator of 47 seniors housing communities in 13 states throughout the Midwest, Southeast, Oklahoma and Texas.

May 25, 2016

Illinois Midwest Multifamily

Summit Design + Build Breaks Ground on 36-Unit Boutique Apartment Building in Chicago

by Christina Cannon May 25, 2016

CHICAGO — Summit Design + Build has broken ground on a 36-unit boutique apartment building in Chicago’s River West neighborhood. The six-story building, located at 851 W. Grand Ave., will offer a mix of studio, one- and two-bedroom units. The property will also feature 18 parking spaces and is slated for completion by mid-2017. FitzGerald Associates Architects is the design firm of record, and Chicago-based Monroe Residential Partners is the developer.

May 25, 2016

Loans Midwest Multifamily Ohio

NorthMarq Arranges $2M Acquisition Loan for 72-Unit Apartment Property in Ohio

by Christina Cannon May 25, 2016

SIDNEY, OHIO — NorthMarq Capital has arranged a $2 million acquisition loan for a 72-unit apartment property in Sidney, approximately 30 miles north of Dayton. Northwood Village Apartments, which is located at 2345 Collins Drive, was built in 1971. The financing features a 10-year term and 20-year amortization schedule. Noah Juran of NorthMarq Capital placed the loan with a regional bank.

May 25, 2016

Multifamily Seniors Housing Texas

IPA Arranges Sale of 158-Bed Seniors Housing Facility in Dallas

by Haisten Willis May 25, 2016

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and private real estate investors, has arranged the sale of The Legacy at Preston Hollow, a nonprofit seniors housing facility featuring 45 assisted living beds and 113 skilled nursing beds. Built in 2000, The Legacy at Preston Hollow is located about 10 miles north of downtown Dallas, and 1.4 miles from 668-bed Medical City Dallas Hospital. Mark Myers, Joshua Jandris, Charles Hilding and Ryan Fleming of IPA, along with Kelsie Vogds of Marcus & Millichap, represented the seller. Myers, Jandris, Hilding and Fleming also procured the buyer.

May 25, 2016

Loans Multifamily Texas

KeyBank Provides $5.2M Loan for Apartment Property in Metro Houston

by Haisten Willis May 25, 2016

CONROE, TEXAS — KeyBank Real Estate Capital has provided a $5.2 million bridge loan for Hollow Creek Apartments, a 120-unit affordable housing complex located in Conroe. Operating under the Section 42 Low Income Housing Tax Credit (LITHC), 75 percent of the units are restricted to providing affordable housing, while the remaining 25 percent are designated as market-rate apartments. John Gilmore of KeyBank arranged the financing. The project is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the United States.

May 25, 2016

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