INDIANAPOLIS — CBRE has brokered the sale of a 384-unit apartment community in Indianapolis for an undisclosed price. Ardizzone Holding Co. purchased Oakbrook Village as part of a 1031 exchange. Ardizzone plans to spend $1.7 million to upgrade the property, which was 93 percent occupied at the time of sale. Oakbrook Village includes amenities such as a fitness center with sauna and steam room, playground, clubhouse, tennis court, swimming pool, business center and on-site laundry facility.
MUKILTEO AND LYNNWOOD, WASH. — Kennedy Wilson Real Estate Fund V (Fund V) has acquired two multifamily properties in the metro Seattle area for a total of $140.8 million. Fund V invested $50 million in equity and secured the remainder of the capital through Freddie Mac. Kennedy Wilson (NYSE: KW), a global real estate investment company, is a 12 percent investor in Fund V. In the first transaction, Fund V acquired Alara Harbour Point for $46.5 million from SVF Harbour Pointe Mukilteo LLC. The 230-unit multifamily property is located at 4500 Harbour Pointe Blvd. in Mukilteo, a northern suburb of Seattle. The property features amenities such as a fitness center, picnic areas, business center, swimming pool and clubhouse. Unit amenities at Alara Harbour Point include stainless steel appliances, walk-in closets, high-speed Internet access and balconies or patios. The complex was built in 1998 and is situated on 12 acres within a master-planned community. All buildings within the complex are three stories. In the second transaction, Fund V purchased Tivalli, a 383-unit property, for $94.3 million from GRE Ash way LLC. Amenities at the complex include a 7,000-square-foot lodge, swimming pool, indoor basketball court, yoga studio, outdoor amphitheater, outdoor lounge with fireplace and …
Steadily rising home prices and a growing population base facilitated strong demand for apartments in Austin last year. A positive employment outlook and favorable demographic trends will continue to augment housing demand and attract investors to the Austin apartment market in 2016. In 2015, Austin employers added 34,600 workers to payrolls, expanding the workforce by 3.7 percent, according to the Bureau of Labor Statistics. Strong hiring last year contributed to a 40 basis point year-over-year decline in the metro’s unemployment rate, which reached 3.4 percent in the third quarter. The largest gains were in primary office-using sectors, which accounted for nearly 50 percent of additions. Austin will continue to grow this year, with more than 60,000 individuals anticipated to move to the metro, supporting the creation of 23,000 households. Employers are projected to add 37,500 new jobs this year, increasing the workforce by 3.9 percent, according to Marcus & Millichap Research Services. As was the case last year, demand for housing will intensify. Austin’s population and employment boom in 2015 led to surging demand for both single-family and rental housing. Ultimately, the consistent rate of growth for single-family home prices fostered higher demand for apartments as home prices in the …
MORENO VALLEY, CALIF. — The Praedium Group has purchased the 394-unit Villas at Towngate Apartments in Moreno Valley for $68.5 million. The community is located at 13120 Day St. Towngate was built in 2006. Notable employers in the area include Proctor & Gamble, Deckers Outdoor, Phillips Electonics and Walgreens. Amazon recently opened a 2 million-square-foot fulfillment center in the area, while Skechers debuted a 1.8 million-square-foot center in 2012. A 40.6 million-square-foot World Logistics Center was also recently approved within the city. It is the largest single project in California, and estimated to add 20,000 permanent jobs with an annual economic impact of $2.5 billion.
SCOTTSDALE, ARIZ. — A joint venture between Optima and DeBartolo Development received $49.8 million in first mortgage debt to refinance the 206-unit Optima Sonoran Village in Old Town Scottsdale. The community is located at 6895 East Camelback Road. CBRE’s Rocco Mandala arranged the financing, and Mesa West Capital provided the funding.
SEATTLE — Oxford Finance LLC, a Virginia-based specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $27 million term loan to Cascade Capital Group LLC. The funds were used to purchase three skilled nursing facilities in Colorado and Utah. The names of the facilities were not disclosed. Based in Seattle, Cascade Capital is a newly formed private equity firm that invests in long-term care facilities. It leases its facilities to Illinois-based Legacy Healthcare.
ANAHEIM, CALIF. — Kisco Senior Living has announced plans for a $16 million expansion to Emerald Court, a 194-unit independent living and assisted living community in the Los Angeles suburb of Anaheim. The expansion will add a two-story, 58-unit assisted living building as well as a new bistro, fitness center and several landscaped courtyards. In addition to the new construction, Kisco will renovate and expand the common areas and residences of the existing buildings. Kisco plans to break ground on the expansion in June of this year. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.
PROVO, UTAH — Berkadia has arranged the sale of University Villa Apartments, a 125-unit student housing property located three blocks from the Brigham Young University campus in Provo, for an undisclosed price. The buyer intends to complete major renovations on the complex, which was originally built in 1965. James Wadsworth and Greg Barratt of Berkadia represented the seller, a California-based entity, in the transaction. The complex offers two- and three-bedroom units with fully equipped kitchens, high-speed Internet, cable, air conditioning and outdoor storage. Community amenities include a recreation room, swimming pool and hot tub, laundry facility and a barbecue area.
SAYREVILLE, N.J. — O’Neill Properties Group (OPG) has completed brownfield remediation at the 40-acre lagoon at The Pointe, a $2.2 billion mixed-use project in Sayreville. Vertical construction will commence in spring 2016 on a 200,000-square-foot Bass Pro Shops Outdoor World, which will be the largest Bass Pro in the country outside of its original flagship operation. When OPG acquired the 440-acre site in 2008, the company committed to cleaning the massive brownfield contamination, including a 40-acre lagoon that was contaminated with titanium dioxide waste byproducts from the former on-site National Lead manufacturing facility. The cost of the nine-year remediation project was $8 million. Upon build out, The Pointe will bring 725,000 square feet of retail space; 2,000 upscale waterfront townhomes and luxury apartments; 32,000 square feet of Class A office space; and 1,250 hotel rooms. Additional community amenities will include a 45,000-square-foot community and fitness center, a 9,700-square-foot facility for fire and EMS services and a 10,000-square-foot performing arts center, as well as a rooftop solar farm. Project partners include MLP Builders, Maser Consulting and Ripco Real Estate.
NORTH RICHLAND HILLS, TEXAS — CBRE Capital Markets has arranged the sale of Courtyards on Glenview, a 241-unit multifamily community in the Fort Worth suburb of North Richland Hills. The 257,087-square-foot complex is located at 4401 Glenview Court, and was 93 percent occupied at the time of sale. Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller, Courtyards on Glenview LP, in the sale of the property to EB Real Estate Group LLC for an undisclosed price.
