ST. JOSEPH, MICH. — NorthPoint Capital Funding has arranged the $7 million refinancing of The Whitcomb Senior Living Community, a 134-unit community in St. Joseph, located in the southwest corner of the state along the banks of Lake Michigan. Originally constructed as a hotel in 1928, the property was converted to seniors housing in 1973. NorthPoint Capital Funding is a subsidiary of NorthPoint Capital Group, a lender based in Chicago.
CHICAGO — Interra Realty has arranged the sale of a 36-unit property in Chicago’s Edgewater neighborhood for $3.5 million. Horizon Realty purchased the building from an undisclosed out-of-state entity. The property, located at 5910 N. Sheridan Road, consists of six two-bedroom units, 18 one-bedroom units and 12 studio apartments. Two dozen of the units feature unobstructed lake views, and the building includes 18 parking spaces. The new owner plans to upgrade the building’s exterior as well as interior units. Craig Martin of Interra Realty represented both entities in the transaction.
HOUSTON — Simon Property Group plans to add a luxury hotel and residential tower to The Galleria, a premier shopping destination in Houston. The hotel and residences, which will both be located in the same building, will be situated on the corner of Sage and West Alabama streets. The project is part of a multi-year transformation of The Galleria, which began with the creation of a 200,000-square-foot flagship Saks Fifth Avenue store adjacent to the current location. Once the new Saks store opens later this month, Simon will convert the existing Saks store into a multi-level mall extension featuring 110,000 square feet of space. The tower will be on the site of a former Macy’s store and will span between 25 and 30 stories. Groundbreaking is expected in late 2017.
DALLAS — Capital Senior Ventures, a subsidiary of Baltimore-based Capital Funding Group, has acquired 33 skilled nursing facilities totaling 4,200 beds in south-central Texas, plus some shovel-ready development sites, for an undisclosed sum. Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, advised the seller, Regency Post-Acute Healthcare System, in the deal. According to IPA, the transaction is the largest seniors housing sale in Texas history. Joshua Jandris, Mark Myers, Peyton Stanforth and Charles Hilding led the Dallas-based IPA team.
INDIANAPOLIS — Brookdale Senior Living, the largest owner and operator of seniors housing in the United States, has completed a three-story building on the campus of Robin Run Village, a continuing care retirement community in Indianapolis. The $11 million project is part of a capital investment and community management joint venture between Brookdale and Health Care Properties (HCP). The new building’s top floor offers 25 new memory care apartments. The first and second floors offer 43 assisted living apartments and amenities. With completion of the project, Robin Run Village can now accommodate approximately 700 residents on its 86-acre campus.
CHARLOTTESVILLE, VA. — Dominion Realty Partners plans to develop Fifth Street Place Apartments, a 200-unit, Class A community located at the intersection of I-64 and 5th Street in Charlottesville. The property will be situated adjacent to Red Light Management’s new 465,000-square-foot retail center that will be anchored by Wegmans. Community amenities will include an upscale clubroom with Wi-Fi access, fitness center, coffee bar, business center and a large swimming pool. This is Dominion Realty’s first development in Charlottesville. Citizens Bank of Charlotte provided construction financing for the project. The design team, which includes architect Rule Joy Trammell & Rubio and general contractor VCC, plans to deliver Fifth Street Place in spring 2017.
NEW YORK CITY — Akelius Residential Property AB has acquired a six-building multifamily property in Brooklyn’s Clinton Hill for $57 million. Built in 1930, the asset features 86 apartment units. The name of the seller was not released. With this transaction, Akelius now owns 1,013 apartments in New York City.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 82 16th St. in the Park Slope/Gowanus neighborhood of Brooklyn. The asset sold for $3.5 million, or $572 per square foot. The four-story, 6,240-square-foot property features 16 rent-stabilized apartment units. Adam Hess, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.
WASHINGTON, D.C. — Alden Torch Financial, which spun off from Hunt Cos. last year in a management buyout deal, has burst onto the multifamily scene to become the largest multifamily housing owner in the United States. As of Jan. 1, 2016, Alden Torch owned 191,759 multifamily units, topping the next largest owner by more than 57,000 units, according to the National Multifamily Housing Council (NMHC). The Washington, D.C-based organization this week released the 2016 edition of the NMHC 50, which ranks the top owners, managers, developers and contractors in the U.S. multifamily sector. The rankings are based on the number of units owned and managed at the start of 2016, or units of new construction started in 2015 for developers and contractors. “The apartment industry continued its bull run in 2015, as demand for both apartment homes and apartment properties intensified,” says Mark Obrinsky, NMHC’s senior vice president of research and chief economist. “Big transactions were more common than usual, causing some noteworthy changes in the NMHC 50 rankings.” Hunt Cos. was the top multifamily owner for two years running before spinning off its multifamily portfolio, so it’s no surprise that Alden Torch leads owners despite being a brand-new company. …
NEW YORK CITY — Anbau Enterprises has acquired three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village for $58 million. The three-building portfolio features 71 rental units and totals more than 52,000 gross square feet. The name of the seller was not released.
