DES PERES, MO. — Blueprint Healthcare Real Estate Advisors has arranged a lease for The Quarters of Des Peres, a 147-bed skilled nursing facility in the St. Louis suburb of Des Peres. The landlord, a private equity fund based in Dallas, will lease the community to local operator MGM Healthcare. MGM currently operates 30 facilities in the Midwest, and its headquarters are less than 10 miles from The Quarters. Blueprint’s Jacob Gehl and Ben Firestone were the lead advisors on the transaction.
WEST ALLIS, WIS. — Siegel-Gallagher has brokered the sale of a multifamily property in West Allis, approximately six miles from Milwaukee, for an undisclosed price. The Community Development Authority of the City of West Allis purchased the eight-unit building from the Milwaukee Center for Independence. The property is located at 7402 W. Washington Ave. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered the transaction.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and private real estate investors, has arranged the sale of The Palazzo, a 90-unit condominium community in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherstone of IPA represented the seller and procured the buyer. The community is located at 5455 Rowley Road. The Palazzo’s one-, two- and three-bedroom floor plans average 1,099 square feet and feature stainless steel and black appliances, granite countertops, porcelain tile flooring and freestanding showers. Common area amenities, which are maintained by a condominium owners association, include reserved parking, a pool, fitness center, business center, breezeways, picnic area and playground.
CHICAGO — Chicago-based Harrison Street Real Estate Capital LLC has completed its $1.9 billion acquisition of Campus Crest Communities, the investment management firm announced earlier this week. Shareholders of Campus Crest Communities approved the merger with Harrison Street on Jan. 26, 2016, with 99.3 percent of shareholders voting in favor of the merger. To date, Harrison Street has acquired or developed over 107,000 student housing beds at more than 85 universities across the country. As of the close of the transaction, Harrison Street’s total student housing portfolio now includes over 76,000 beds. Campus Crest’s current portfolio of student housing properties encompasses over 38,000 beds across the country. Harrison Street has retained Asset Campus Housing as the new third-party property manager for the portfolio. In connection with the closing of the transaction, Campus Crest’s stock (NYSE: CCG) has ceased to be publicly traded. Raymond James and Associates Inc. acted as financial advisor, and DLA Piper LLP acted as legal advisor to Harrison Street. Moelis & Co. LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to Campus Crest.
American Street Capital Arranges $4M in Financing for 81-Unit Multifamily Property in Chicago Suburb
OAK LAWN, ILL. — American Street Capital has arranged a $4 million acquisition loan for an 81-unit apartment property in Oak Lawn, approximately 16 miles southwest of Chicago. The three-building property, Oak Lawn Gardens, was constructed in 1963 and is 97 percent occupied. The asset features on-site laundry facilities and 67 parking spaces. The non-recourse loan features a 10-year fixed rate and 25-year amortization schedule. The financing was placed with a CMBS lender. Igor Zhizhin of American Street Capital arranged the financing.
NORTHGLENN, COLO. — Starlight Investments Acquisition has purchased the 228-unit Carrick Bend apartments for $47.8 million. The community is located at 11525 Community Center Drive, just north of Denver. It was built in 2014. CBRE’s Dave Potarf, Dan Woodward and Matt Barnett represented the seller, Keller Holland Northglenn Investors, in this transaction.
NEW YORK CITY — Greystar Equity Partners VIII has completed the acquisitions of two multifamily properties in New York City for an aggregate purchase price of $336.3 million. The two transactions mark the full investment of Greystar Equity Partners VIII LP, an $800 million vehicle that is part of Greystar Real Estate Partners’ flagship value-add series. In the first transaction, Greystar acquired The Chelsea, a 204-unit multifamily property located at 160 W. 24th St. in Manhattan’s Chelsea neighborhood, for $211.3 million. The Chelsea features a variety of floor plans, a 5,200-square-foot parking garage, 11,000 square feet of prime retail space on the ground floor, a fitness center, media room, two rooftop decks and a resident lounge. In the second deal, Greystar purchased a 169-unit multifamily property comprising two buildings located at 247 N. 7th St. and 248 N. 8th St. in Brooklyn’s Williamsburg neighborhood for $125 million. The property features an 85-space parking garage, two rooftop decks, a fitness center and resident lounge. Greystar will serve as property manager for both multifamily properties.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a mixed-use property located at 273 Lenox Ave. in Central Harlem. The four-story building sold for $3 million, or $811 per square foot. The approximately 3,699-square-foot property features two residential units and two commercial spaces. Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki of Ariel Property Advisors represented the seller, a private investor, while POG Real Estate Inc. procured the buyer, a private investor, in the deal.
ALEXANDRIA, VA. — Brandywine Senior Living has started construction on the Cameron Park Development in Alexandria, the first of five seniors housing communities the New Jersey-based developer and operator plans to build near Washington, D.C. The community will consist of 116 suites on six stories with ground-floor retail designed to complement the active lifestyle of the surrounding area. The Brandywine residence will be a part of JBG Cos.’ 722,000-square-foot Cameron Park development on Alexandria’s West End. The development also features 66 townhomes to be developed by PulteGroup Inc. and roughly 300 multifamily units.
SAN MARCOS, TEXAS — A joint venture between Alex. Brown Realty (ABR) and Asset Campus Housing (ACH) has acquired Dakota Ranch, a student housing project in San Marcos. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $5.9 million in the joint venture. Dakota Ranch is a 316-bed student housing property located near the main campus of Texas State University. Purpose-built as student housing in 2003, the property contains 188 apartment units located within 10 three-story buildings on 17 acres. At closing, the property was 99 percent occupied for the 2015-2016 school year. The property will undergo capital improvements that are expected to drive higher rents for the 2016-2017 school year. Baltimore-based ABR is a privately owned real estate investment manager organized in 1972.