PENSACOLA, FLA. — Capital Senior Living Corp. has acquired two seniors housing communities totaling 179 units in the Florida panhandle town of Pensacola for $48 million. The two communities are Carpenters Creek, which offers independent living and assisted living services, and Creekside, which offers memory care. Capital Senior Living will rename the communities under its “The Waterford” brand. Ryan Maconachy and Chad Lavender of HFF arranged the sale on behalf of the seller, San Diego-based Pacifica Senior Living. The properties were 93.9 percent occupied at the time of sale.
GULFPORT, MISS. — SVN has brokered the $12.4 million sale of Cambridge Apartments, a 201-unit apartment complex located in Gulfport. Built in 2004, the property features a resort-style swimming pool, covered grilling and picnic areas, business center with Wi-Fi access, sand volleyball court, self storage garages and on-site car care service. A private real estate investor based in the Northeast purchased Cambridge Apartments from Salt Lake City-based Realsource. Andrew Agee of SVN represented both the buyer and seller in the transaction.
PROSPECT HEIGHTS, ILL. — Greenbrier Senior Living has broken ground on Greenbrier of Prospect Heights, a 101-unit assisted living and memory care community in the northwest Chicago suburb of Prospect Heights. Greenbrier, a division of Evergreen Real Estate Group that specializes in the development and management of senior living communities, estimates development costs at $30 million. Located on five acres, Greenbrier of Prospect Heights will include a three-story, 69-unit assisted living facility, as well as a one-story, 32-unit building for memory care. Chicago-based Pathway Senior Living will operate the community once it’s complete.
RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a multifamily property located at 331 E. 89th St. in Manhattan’s Upper East Side. ACNY Developers Inc. acquired the property from E-Wei Tao for $7.3 million, or $862 per square foot. The five-story, 8,500-square-foot building features 11 residential units divided into eight free-market and two rent-stabilized units and one rent-controlled unit. The property also features approximately 1,567 square feet of remaining development rights. Thomas Gammino and Brett Weisblum of Cushman & Wakefield brokered the transaction.
We can expect to see a combination of new and familiar trends in the Milwaukee apartment sector in 2016 that will continue to attract investors to the local apartment market. What makes the start of 2016 different from 2015 is progress toward the normalization of monetary policy. In December, the Federal Reserve Board decided to raise the federal funds rate by a quarter percentage point, the first such increase in nearly a decade. The Federal Reserve Board’s widening may have an impact on the short-term rates, but the long-term interest rates that impact real estate values the most are influenced by the yields on the long-term U.S. Treasury bonds. We expect the long-term interest rates to stay low for the foreseeable future. When there is high demand for the Treasury bonds, the price of the bonds increase and the yields decrease, keeping long-term lending rates low. The two factors responsible for driving rates down in early 2016 are the high levels of volatility in stock markets around the globe and the drastic drop in oil prices. The volatility in the stock markets drives global capital to flow into the safe haven of bonds, and specifically the U.S. Treasury bonds, as …
SAN DIEGO — Talmadge Gateway LP has acquired a 35,183-square-foot retail center in the San Diego submarket of Talmadge for $2.5 million. Wakeland Housing and Development Corp. will redevelop the site to incorporate a mix of retail and affordable residential units for disabled seniors. Alessio Leasing Corp. sold the property, which includes three parcels. Ricardo Lopez and Keith Courtney of San Diego-based brokerage firm ACI Apartments represented both the buyer and the seller in the transaction. The property was acquired with a mix of public and private financing, including a loan from the San Diego Housing Commission and Wells Fargo bank. Renee Marshal of Chicago Title Co. handled escrow. Chris Ghio of Chicago Title handled the title insurance.
EUGENE, ORE. — Park Place Eugene LLC has purchased the 24-unit Park Place Apartments in Eugene for $4.2 million. The community is located at 877 E. Park St. It is situated less than two miles from the University of Oregon campus.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 42-15 Crescent St. in Queens’ Long Island City. World Wide Group acquired the 124-unit property from Meadow Partners for $70 million. Built in 1955, the 102,000-square-foot property recently underwent a conversion from an office and retail building to an 11-story apartment building with 124 market-rate rental apartments and two ground-floor retail spaces. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the off-market transaction.
NEW YORK CITY — Castellan Real Estate Partners has completed the disposition of a multifamily building located at 511 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. The five-story asset sold for $8.5 million, or $320 per square foot. The 26,630-square-foot building features 31 apartment units with an average size of 730 square feet. Robert Shapiro, Clint Olsen and Josh Lipton of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not disclosed.