IRVING, TEXAS — Greysteel, a real estate investment services firm with offices in Dallas and Fort Worth, has arranged the sale of Rock Island Apartments in Irving. Greysteel’s multifamily investment sales team, led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill, served as advisor to Progressive Island LLC in the sale of Rock Island Apartments to Katz Rock Island LLC. The property is an 11-building community totaling 154 units. Rock Island Apartments features a barbecue area, swimming pool, on-site laundry, private balconies and patios and 316 surface parking spaces.
GREELEY, COLO. — Steadfast Apartment REIT has purchased the 224-unit PeakView at T-bone Ranch in Greeley for an undisclosed sum. The community is located at 4750 W. 29th St. It is situated adjacent to the University of Northern Colorado. Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks of ARA Newmark represented the seller, Buckley Brothers, in this transaction.
SAN JOAQUIN, CALIF. — An unnamed assisted living community in San Joaquin has changed hands. The community was built in 1970. It includes 44 units. A real estate investment fund, largely funded from China, purchased the community from a single-asset owner for $5.3 million, or $120,455 per unit. The community was 69 percent occupied at the time of sale. The new owners plan to make $1.5 million of improvements. Jim Hazzard and Nick Stahler arranged the transaction as the lead agents for JCH.
LOS ANGELES AND LAS VEGAS — Ready Capital Structured Finance has closed three loans throughout California and Nevada for a total of $15.9 million. Properties that received financing include a 24-unit multifamily community in Beverly Hills that will use the funds for renovation and stabilization; a 499-unit self-storage facility in Corona that will use the funds for refinancing and stabilization; and a 32,800-square-foot retail center in Las Vegas that will use the funds for the development and stabilization of the property.
WASHINGTON, D.C. — Wood Partners has begun demolition on an existing two-story office building at 33. N St. N.E. in Washington, D.C., to make way for a luxury apartment community. Situated in D.C.’s NoMa neighborhood, the 346-unit, high-rise property will be within walking distance of Metro’s red line and Union Station. The property, which hasn’t been named yet, will feature studio, one- and two-bedroom units with hardwood floors, quartz countertops and floor-to-ceiling windows. Community amenities will include a resident lounge, co-working space, fitness center, shuffleboard and a rooftop swimming pool with private cabanas. Construction on the property will begin in March, with the first units anticipated to become available in the first quarter of 2018.
TUSCALOOSA, ALA. AND THOMASVILLE, GA. — Bellwether Enterprise Real Estate Capital LLC has recently closed two loans totaling $8.4 million for Section 8 apartment communities in Tuscaloosa and Thomasville. The affordable housing properties include the 124-unit Creekwood Village Apartments in Tuscaloosa and the 88-unit Wood Valley Apartments in Thomasville. Creekwood Village, which uses two units for the Boys and Girls Club and a daycare center, was built in 1972 and renovated in 2002 with Low Income Housing Tax Credits (LIHTC). Wood Valley was built in 1974 and renovated in 2003 with LIHTC. Bellwether Enterprise arranged both loans, which featured seven-year terms, through Freddie Mac on behalf of the borrower, LEDIC Realty Co. LLC.
ATLANTA — With affordability becoming a major issue for the multifamily industry nationwide, the Atlanta apartment market compares favorably with several other major metros. It’s one reason the metro area continues to be a magnet for apartment investors, concluded the 2016 Atlanta Apartment Market Outlook. “Atlanta is a market that investors want to move in and out of, which they like. Atlanta will remain an incredibly active investment market going forward,” said Malcolm McComb, vice chairman of CBRE, during his presentation to the 554 attendees. The breakfast outlook meeting was held on Friday, Feb. 12 at the Cobb Galleria Centre. In Atlanta, renters are only paying 22 percent of their median household income ($56,000) on rent ($1,043 monthly, or $12,516 annually). In San Francisco, renters are paying $3,242 monthly on average, or 49 percent of their median household income ($80,000), according to data from Axiometrics. In New York, renters are paying 54 percent of their median household income and in Boston renters are paying 36 percent. Atlanta is one of the most active transaction markets in the country. The metro area ranked fourth behind only Manhattan, Dallas and Los Angeles in terms of 2015 sales volume, according to Real Capital …
TOLEDO, OHIO AND TORONTO — A joint venture between Welltower Inc. (NYSE: HCN) and Canada Pension Plan Investment Board (CPPIB) has acquired a 97.5 percent interest in a seniors housing portfolio located in Florida for $555 million.The seller was Kayne Anderson, which bought the portfolio in late 2013 for an estimated $400 million from GE Healthcare Finance. Of the 97.5 percent interest that the joint venture acquired, CPPIB owns 45 percent while Welltower owns 55 percent. Discovery Senior Living owns the remaining 2.5 percent and operates the six properties that make up the portfolio. “As a long-term investor, CPPIB provides a large, global alternative capital source to the public markets that enables us to continue driving the evolution of healthcare infrastructure with our unparalleled network of leading health system and seniors housing operating partners,” says Thomas DeRosa, CEO of Welltower. The portfolio, known as Aston Gardens, is comprised of six private-pay seniors housing properties that have a total of 1,930 units. The communities, all located in Florida, include: Aston Gardens at Pelican Marsh in Naples Aston Gardens at Parkland Commons in Parkland Aston Gardens at Sun City Center in Sun City Center Aston Gardens at the Courtyards in Sun City Center Aston Gardens …
SAN BERNADINO, CALIF. — JCH Consulting Group has arranged the sale of an assisted living community in San Bernardino. The community was built in 2002. It includes 86 units, of which 24 are for memory care. A national owner/operator purchased the community from the single-asset owner for $13.6 million, or $158,140 per unit. The community was 86 percent occupied at the time of sale.
PAHRUMP, NEV. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Inspirations Senior Living, a 78-unit seniors housing community in Pahrump, approximately 60 miles west of Las Vegas. The seller and purchase price were not disclosed. Inspirations provides independent living, assisted living and memory care services in a two-story building. The community will retain its name as part of the deal. This is CPF’s second acquisition in Nevada, and seventh total community. Grace Management will take over operations. CPF is a Chicago- and San Francisco-based healthcare private equity investment firm.