ROME AND CEDARTOWN, GA. — Enlivant has purchased two assisted living and memory care communities, both located in rural Georgia, from affiliates of Winthrop Senior Living for $10 million. The two properties are Winthrop West in Rome and Winthrop at Polk in Cedartown. The two towns are near to each other, approximately 70 miles northwest of Atlanta. Winthrop West was built in 1999 and comprises 42 memory care units in a 25,591-square-foot facility on 3.7 acres. Winthrop at Polk was built in 1991 and added 20 memory care units in 2014 to its existing 29 assisted living units. The 27,715-square-foot community is situated on 2.4 acres. Senior Capital Advisors, a brokerage firm based in Florida, represented the seller in the deal. Enlivant is a Chicago-based owner/operator. These acquisitions expand its regional presence to seven communities between Chattanooga, Tenn., and Atlanta.
MONTGOMERY, ALA. — Berkadia has arranged the $8.1 million sale of Woodmere at the Lake, a 200-unit apartment community located in Montgomery. Built in 1978, the garden-style property has an average unit size of 870 square feet. Woodmere Apartment Partners LLC purchased the community from ABACO Partners LLC. Josh Jacobs and David Oakley of Berkadia’s Birmingham office represented the seller in the transaction.
DEKALB, ILL. — Marcus & Millichap has arranged the sale of a 365-bedroom off-campus student housing complex in DeKalb, approximately 70 miles west of Chicago, for $11.6 million, or $64,444 per unit. Ridgebrook Court Apartments is a three-building, 180-unit property that is located at 832 Ridge Drive, 808 Ridge Drive and 835 Edgebrook Drive. The apartments are less than a mile from Northern Illinois University and 7.5 miles from Kishwaukee College. The property has undergone recent renovations including new plumbing, electrical, HVAC, drywall, doors, frames, lighting and security systems. The complex also features updated wood floors, laundry room, kitchens and bathrooms. A private developer sold the asset to a private investor. Eric Bell of Marcus & Millichap represented the seller in the transaction and procured the buyer.
NEW ROCHELLE, NEW YORK — Megalith Capital Management, in partnership with East & Hudson Real Estate, has acquired The Printhouse, a planned luxury rental development at 174 Huguenot St. in New Rochelle. The six-story, 68,000-square-foot property will feature 71 residential units, in a mix of studio, one- and two-bedroom layouts, 3,000 square feet of ground-level commercial space, with units ranging in size from 500 square feet to 1,150 square feet. The property is slated for completion in 2017.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Skylark Townhome Estates, a 16-unit apartment property located in Pasadena. Juan Cuevas and Lucas Fertitta of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Steven Carrell of the firm’s Houston office secured and represented the buyer, a limited liability company. Skylark Townhome Estates is located at 1017 Skylark Road in Pasadena.
DALLAS — Greysteel has negotiated the sale of Walker Place, a 67-unit multifamily community in Dallas. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill served as advisor and agent to 12 Walker MGMT LLC in the sale to Walker Place Apartments LLC. Built in 1987, Walker Place features 17 efficiency units, 45 one-bedroom/ one-bathroom units and five two-bedroom/two-bathroom units. Community amenities include private fenced patios, in-unit washer and dryer connections, ceiling fans and an on-site laundry facility. The property is located along Highway Loop 12 giving access to major Dallas/Fort Worth thoroughfares such as SH-67 and SH-12.
TAMPA, FLA. — Federal Capital Partners (FCP) has purchased Belara Lakes Apartments, a 324-unit multifamily community located at 8402 N. Waterford Ave. in Tampa, for $22.4 million. The Belara Lakes acquisition is FCP’s second investment in Florida in the last 90 days. The property features two swimming pools, a community lake, fitness center, picnic area and a playground. FCP has retained local firm Avesta to manage the community. Nick Meoli of the Meoli-Donaldson team at Marcus & Millichap represented the seller in the transaction.
LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged the $6.3 million refinancing of King George Apartments, a 208-unit multifamily community in Louisville. The property was constructed in 1976, and the borrower purchased it in June 2015 utilizing a bridge loan. Erik Storz of KeyBank arranged the 10-year, fixed-rate Freddie Mac loan with 12 months of interest-only payments.
LOS ANGELES — A private 1031 exchange investor has purchased The Micropolitan at Urban Lights, a 45-unit multifamily community in the Miracle Mile submarket of Los Angeles, for $27.1 million. The community is located at 739 S. Ogden Drive. The Micropolitan was built in 2015. It is situated near the Los Angeles County Museum of Art, and is within a two-minute walk of the Los Angeles Metro Purple Line station, which will soon debut. Ron Harris and Paul Darrow of Institutional Property Advisors represented the seller, Micropolitan, a subsidiary of Psomas, in this transaction.
PHOENIX — Mainstreet, a skilled nursing developer based in Indiana, has revealed its plans for a skilled nursing facility in Phoenix. It was announced earlier in March that Mainstreet had bought a plot in West Phoenix’s Algodon Medical Office Park for $1.7 million. The company has now released its plan to build a $21.9 million skilled nursing facility on the land. The facility will feature 94 beds in a 67,697-square-foot building, and offer assisted living in addition to skilled nursing. When completed in early 2017, it will be the first community managed by Mainstreet Health, Mainstreet’s new operational arm. In conjunction with the plans, Mainstreet Health hired Sonja Nelson as vice president of strategy and business development for Arizona. She will be responsible for developing the provider and payer relationships for this and any future Mainstreet developments in the state. She most recently served as director of strategy and planning for Banner Health.