PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Lamplight Inn, a 114-unit assisted living community in the Phoenix suburb of Peoria, for $5.4 million. The seller was a private ownership group looking to divest non-core assets. The buyer was not disclosed. The sales price equates the $48,000 per unit. Jacob Gehl and Ben Firestone were lead advisors on the transaction.
CHICAGO — Interra Realty has brokered the $3.5 million sale of a 52-unit multifamily property in Chicago’s South Shore neighborhood. The apartment building, located at 7255-71 South Shore Drive, sold for more than 94 percent of list price with a per-unit cost of $68,269. A local investor purchased the asset from an undisclosed buyer. Dan Byrne of Interra Realty represented both parties in the transaction.
Over the last year, metropolitan Washington, D.C.’s multifamily market has seen staggering amounts of new construction deliver, with net absorption levels that have surpassed all expectations. This is likely a result of similarly unexpected rates of job growth in the area and the remarkable resiliency of the metro D.C. economy as a whole. Among the major metropolitan markets around the country, metro D.C. — with the sense of permanence lent by the presence of the federal government — has historically been the most stable year to year, making it one of the safest bets for investors. Yet, given the massive amount of supply in the pipeline in recent years, the multifamily market has suffered a degree of hesitancy from investors fearing supply would outpace demand. However, this trend has reversed in the last 12 months, during which a record-setting 13,800 Class A multifamily units were absorbed. That figure jumps to 16,484 with Class B product in the mix. For all investment-grade apartments, stabilized vacancy has dropped 50 basis points to 3.7 percent. Class B units in particular have experienced excellent rent growth, rising 3 percent annually, while Class A maintains a growth rate of between 1 and 2 percent. Although …
HACKENSACK, N.J. — Cronheim Mortgage has arranged $18 million in financing for The Carlyle, an apartment building located in Hackensack. Constructed in 1976, the 13-story property features 128 residential units. Andrew Stewart and Allison Moravec of Cronheim secured the financing, which features a three-year fixed rate. The name of the borrower was not released.
GARLAND, TEXAS — Waterton, a real estate investor and operator, has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland. Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space. Parkside at Firewheel also offers access to nearby employment centers including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson. Parkside at Firewheel includes a mix of studio, one-, two- and three-bedroom residences ranging in size from 569 to 2,457 square feet. Shared amenities include two swimming pools, a pair of fitness centers, a wellness studio and a grilling/patio area. When the community was built, 30 percent of the units in each phase were finished with a higher-quality interior package that includes hardwood-style flooring and upgraded kitchens with stainless steel appliances, granite countertops and tile backsplashes. As the property’s new owner, Waterton plans to update the remaining 70 percent of units to offer a similar level of finishes.
PASADENA, TEXAS — Ryan Watson of Q10 KDH has arranged permanent financing through Q10’s Freddie Mac small balance loan program for the Bella Sol Apartments in Pasadena. The property was constructed in 1963 and renovated in 2008. It contains 53 units and is 100 percent occupied.
BLUE ASH, OHIO — NXT Capital has provided a $26 million refinancing loan for a 242-unit apartment community in Blue Ash, approximately 12 miles northeast of Cincinnati. Charleston at Blue Ash is a Class A community, located at 4870 Hunt Road, that features amenities such as a business center, covered parked, gated access, a fitness center, a tanning bed and a swimming pool. Unit amenities include 9-foot ceilings, balconies or patios, appliances and in-unit washers and dryers. The borrower in the transaction was undisclosed.
INDIANAPOLIS — Colliers International has brokered the sale of a historic apartment building in downtown Indianapolis for an undisclosed price. Janus Lofts is a 35,640-square-foot, 23-unit building that was constructed in 1914. Silver Point Capital sold the five-story property, located at 240 S. Meridian St., to Buckingham Cos. The building, which contains an underground parking garage and three commercial spaces, was most recently redeveloped in 2003. The Fahnley & McCrea Millinery Co., which sold women’s hats, occupied a building at the location from the late 1800s until a fire burned it down in 1905. A building reconstructed on the same site in 1914 was where the millinery company operated until it closed.
BURR RIDGE, Ill. — Anthem Memory Care has opened Harvester Place, a 66-unit memory care community in the Chicago suburb of Burr Ridge. Development costs were $13 million. Harvester Place is Oregon-based operator Anthem’s sixth memory care community, with three more under development in Colorado, California and Illinois. Harvester Place is designed in a figure-eight pattern to create a natural flow that lessens confusion among memory-impaired residents.
PITTSBURG, CALIF. — Creekside Apartment Investors LLC has purchased Creekside Village, an 88-unit, market-rate seniors housing community in the Bay Area city of Pittsburg, for $11.4 million. The gated community was built in 2003 and consists of 82 one-bedroom units and six two-bedroom units. The five buildings sit on just over six acres of land. Based in Los Angeles, Creekside Apartment Investors is a project of the managing partners of L5 Real Estate Investments and Equity Consultants Real Estate. Rich Martini, vice president, and Bill Hillis and Curt Scheve, both senior vice presidents, of Colliers International arranged the deal on behalf of the seller, Lark Creek LLC.
