Multifamily

ARA Newmark Arranges $56M Sale of Student Housing Community Near the University of South Carolina

by John Nelson November 7, 2016

COLUMBIA, S.C. — ARA Newmark has arranged the $56 million sale of Aspyre, a 760-bed student housing community located near the University of South Carolina campus in Columbia. Ryan Lang of ARA Newmark represented the seller, Holder Properties, in the disposition of the property to Castlerock Enterprises. Community amenities at Aspyre include a resort-style pool with a beach area and grills; a clubroom with a bar area, a Nintendo Wii and a PlayStation; and a Zen courtyard with a putting green and 24-hour fitness center. Aspyre was 97 percent occupied at the time of sale.

November 7, 2016

Connecticut Multifamily Northeast Seniors Housing

NHI to Buy 299-Unit Seniors Housing Property in Connecticut for $74M

by Amy Works November 7, 2016

NORTH BRANFORD, CONN. — National Health Investors Inc. (NYSE: NHI), a Tennessee-based healthcare REIT, has agreed to acquire an undisclosed continuing care retirement community (CCRC) in the New Haven suburb of North Branford for $74 million. NHI will lease the community to Senior Living Communities (SLC), a North Carolina-based operator. The 13-year lease features a rate of 6.8 percent with a 4 percent annual escalator during the first two years, and a 3 percent annual escalator thereafter. NHI will use its revolving credit facility to fund the acquisition. The seller in the transaction was not disclosed. The CCRC consists of 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. This community will be the ninth leased by NHI to SLC.

November 7, 2016

Massachusetts Multifamily Northeast Seniors Housing

Colliers Facilitates $3.7M Sale of Seniors Housing Property in Quincy, Massachusetts

by Amy Works November 7, 2016

QUINCY, MASS. — The Boston office of Colliers International has arranged the sale of Eventide Home, an independent living and nursing home campus located at 215 Adams St. in Quincy. O’Connell Development acquired the 43,000-square-foot property for $3.7 million. Situated on 6.5 acres, the property features 60 independent and skilled-nursing beds. The buyer plans to reposition the property into a 58-unit seniors housing residential rental property. Robert Cronin of Colliers brokered the transaction, with Peter O’Connell representing O’Connell Development.

November 7, 2016

Florida Market Reports Multifamily Southeast Southeast Market Reports

Orlando’s Job Growth Allows Multifamily Sector to Continue Strong Performance

by John Nelson November 7, 2016

To those outside Orlando, the Central Florida metro of just over 2.3 million residents has long been a vacation destination with its major theme parks and top attractions including Walt Disney World, Universal Orlando, SeaWorld and the I-Drive corridor, home to the new Orlando Eye. In fact, Orlando welcomed over 66 million visitors who spent more than $60 billion in 2015, a new all-time local and U.S. travel industry high. However, tourism is just one piece of the puzzle when it comes to Orlando’s emergence as a top target for multifamily investment. The metro is experiencing exceptional growth across multiple sectors of the economy, and in 2015, the Orlando MSA led the nation in employment gains, coming in at 4.6 percent. According to the U.S. Department of Labor, the metro added 52,200 new jobs. Of these new jobs, the highest percentage was in professional business services, medical, transportation and general services. Looking forward, data from CBRE-Econometric Advisors projects that Orlando will lead the U.S. in employment growth over the next five years by a wide margin (2.3 percent compared to 0.8 percent for the nation overall). The rapid employment growth driven by numerous corporate relocations and expansions including Verizon, Mitsubishi-Hitachi, …

November 7, 2016

Multifamily Texas

RADCO Cos. Purchases Mesa Ridge Apartment Complex in San Antonio

by Haisten Willis November 4, 2016

SAN ANTONIO — The RADCO Cos. has acquired Mesa Ridge apartments in San Antonio. The property, which is being renamed City Crest, consists of 200 Class B units. RADCO Residential will manage the property, and the Atlanta-based multifamily investors plans to spend up to $2.9 million on capital improvements to the community. RADCO financed the acquisition using private capital through Prudential Financial. City Crest was built in 1984 and is located in the medical center submarket of northwest San Antonio. The property consists of two- and three-story buildings across 7.9 acres. The average unit size is 736 square feet, and the property offers a combination of one- and two-bedroom units.

November 4, 2016

Multifamily Texas

Larkspur Capital Partners Breaks Ground on The Block on Bennett

by Haisten Willis November 4, 2016

DALLAS — Larkspur Capital Partners has broken ground on The Block on Bennett, a townhouse community in the Knox-Henderson area of Dallas. The project is scheduled for completion in early 2017 and will consist of 22 units.

November 4, 2016

Michigan Midwest Multifamily Student Housing

NorthPoint Capital Funding Arranges $21.3M Student Housing Development in Allendale, Michigan

by Kristin Harlow November 4, 2016

ALLENDALE, MICH. — NorthPoint Capital Funding Inc. has arranged a $21.3 million loan on a purpose-built student housing development in Allendale. The 192-unit, 576-bed property is expected to finish the first phase of construction in time for the 2017-2018 school year. Zimmer Development Co. and Orion II Construction Inc. are executing the development and construction. To meet the requirements of the project’s experienced developer, NPCF was able to arrange a construction line of credit converting to a commercial real estate loan with Flagstar Bank. The loan term was undisclosed. Mark Perkowski of NPCF was the loan originator. The borrower was from out of state.

November 4, 2016

Michigan Midwest Multifamily Seniors Housing

Cushman & Wakefield Negotiates Sale of Seniors Housing Portfolio in Southeast Michigan

by Kristin Harlow November 4, 2016

DETROIT — Cushman & Wakefield has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit. The purchase price was not disclosed. The properties include Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby. An affiliate of Chicago-based private equity firm Green Courte Partners LLC purchased the portfolio. Green Courte has retained the existing management firm, an affiliate of Spectrum Retirement Communities LLC, to operate the properties. The portfolio was stabilized with occupancy exceeding 95 percent at the time of sale. Allen McMurtry and David Rothschild of Cushman & Wakefield represented an institutional seller in the disposition.

November 4, 2016

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

The Case for West Houston — A Long-Term View

by Haisten Willis November 4, 2016

In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …

November 4, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges Acquisition Financing for 102-Unit Independent Living Community in Redding

by Nellie Day November 4, 2016

REDDING, CALIF. — CBRE has arranged an undisclosed amount of financing for Ray Stone Inc., which will use the capital to acquire River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. CBRE Multifamily Capital originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program. Ray Stone will operate the property following the sale. CBRE’s Kevin Randles and Aron Will arranged the financing.

November 4, 2016

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