Multifamily

The Kalikow Group, EYC Cos. Sell Apartment Community in West Georgia for $22.8M

by John Nelson December 7, 2015

LAGRANGE, GA. — On behalf of KEP LaGrange LLC, The Kalikow Group and EYC Cos. have sold Woodland Trail, a 236-unit, garden-style apartment community in LaGrange, for $22.8 million. Built in 2009, the apartment complex is located on a 20-acre site on North Davis Road, roughly 10 miles from Kia Motors Corp.’s $1.2 billion auto manufacturing facility that opened in 2011. Woodland Trail features one-, two- and three-bedroom units that include maple cabinets and granite countertops in the kitchen, nine-foot ceilings and walk-in closets. Community amenities include a fitness center and playroom, business center, swimming pool, screen porch terrace for poolside dining and a four-acre woodland preserve with nature trails.

December 7, 2015

Multifamily Northeast Pennsylvania Seniors Housing

HFF Arranges Six-Property, Multi-State Seniors Housing Portfolio Sale

by Amy Works December 7, 2015

PHILADELPHIA — HFF has arranged the sale of a six-property, multi-state seniors housing portfolio totaling 596 units in Philadelphia, California, Michigan and Washington, D.C. ROC Seniors Housing Fund Manager LLC acquired the portfolio from a joint venture between The Carlyle Group and Capitol Seniors Housing for an undisclosed sum. The portfolio has 144 independent living units, 329 assisted living units, 136 memory care units and 17 skilled nursing units. The properties include Arbor Terrace at Chestnut Hill in Philadelphia; Crown Cove in Corona Del Mar, Calif.; Raincross at Riverside in Riverside, Calif.; Whittier Place in Whittier Calif.; Regent Street of West Bloomfield in West Bloomfield, Mich.; and The Residences at Thomas Circle in Washington, D.C. Ryan Maconachy, Chad Lavender and Gerry Rohm of HFF represented the seller in the transaction.

December 7, 2015

Massachusetts Multifamily Northeast

Boston Housing Authority Selects IBA for West Newton/Rutland Revitalization Project

by Amy Works December 7, 2015

BOSTON — The Boston Housing Authority has selected IBA – Inquilinos Boricuas en Acción as the developer for its West Newton/Rutland Streets properties, including the revitalization of 146 units of public housing in Boston’s South End. IBA will lead the redevelopment of 24 historic brick residential buildings, containing existing units of federally subsidized housing, along West Newton and Rutland streets. The two-year project is slated to begin in 2016. As part of the project, IBA will complete the renovation while protecting current residents from displacement and preserving affordability for extremely low-income households over the long term.

December 7, 2015

Massachusetts Multifamily Northeast

TGM Associates Acquires 240-Unit Multifamily Property in Massachusetts

by Amy Works December 7, 2015

SOUTH LAWRENCE, MASS. — TGM Associates has acquired TGM Andover Park, a 240-unit multifamily property located at 100 Hawthorne Way in South Lawrence, for an undisclosed price. Constructed in 2000 and 2001, the eight-building community features a two-story clubhouse with an outdoor pool and a mix of one- and two-bedroom apartments with attached garages in select units. TGM plans to renovate the apartment interiors, including new cabinets, countertops, appliances, light fixtures and hardware. Additionally, the company plans to upgrade the common area amenities with the addition of a fitness center, media center and café lounge area. The name of the seller was not released.

December 7, 2015

Loans Michigan Midwest Multifamily

Pillar Originates $15.4M Construction Loan for 80-Unit Apartment Property in Downtown Detroit

by Christina Cannon December 7, 2015

DETROIT — Pillar has closed a $15.4 million HUD 221(d)(4) construction and permanent financing loan for a multifamily development in Detroit. The Griswold will be an 80-unit market-rate property located downtown. Roxbury Group is the project developer. The apartment building will sit on top of an existing 10-story parking structure that is adjacent to the Westin Book Cadillac Detroit. The Griswold will be the first newly contructed market-rate multifamily development in downtown Detroit in more than 20 years. The property will feature one-, two- and three-bedroom apartments that will range from 750 to 1,600 square feet. Mark Wiedelman of Pillar originated the loan. The construction loan will convert to a fixed-rate, 40-year fully amortizing loan. Leasing for The Griswold will begin at the end of 2016.

December 7, 2015

Illinois Midwest Multifamily Seniors Housing

Senior Living Investment Brokerage Arranges Sale of Skilled Nursing Facility in Illinois for $13.4M

by Christina Cannon December 7, 2015

OSWEGO, ILL. — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of The Tillers, a 106-bed skilled nursing facility in Oswego, approximately 50 miles southwest of Chicago, for $13.4 million. The community was built in 1972 and was 93 percent occupied at the time of sale. The Tillers was expanded in 1985 and 2008, and renovated in 2009. Symphony Post Acute Network purchased the property from a family-owned business looking to exit the long-term care industry. Symphony plans to further expand the facility. Ryan Saul of SLIB arranged the transaction.

December 7, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of Apartment Building in East Texas

by Haisten Willis December 4, 2015

LUFKIN, TEXAS — Marcus & Millichap has arranged the sale of Fox Run, an 89-unit apartment property located in Lufkin. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Fluellen and Hoover also procured the buyer, an individual/personal trust. Fox Run is located at 300 S. John Redditt Drive, just northwest of Woodland Heights Medical Center. Constructed in 1976, the asset is situated on 2.8 acres. Fox Run consists of five two-story apartment buildings and one laundry/clubroom. The unit mix for Fox Run is 24 efficiency, 33 one-bedroom/one-bath, 20 two-bedroom/one-bath, and 12 two-bedroom/two-bath units. Floor plans range in size from 525 to 998 square feet. At the time of listing, Fox Run’s reported occupancy was 97 percent.

December 4, 2015

Multifamily Southeast Tennessee

Bluerock Growth Fund Sells Downtown Nashville Apartment Community for $35.2M

by John Nelson December 4, 2015

NASHVILLE, TENN. — Bluerock Growth Fund has sold Artisan on 18th, a Class A, 153-unit apartment community in downtown Nashville, for $35.2 million. The property was delivered in June and was completely occupied at the time of sale. A joint venture between Stonehenge DCM LLC, which oversaw development of the property, and affiliates of Bluerock Real Estate purchased the development. Artisan on 18th features a landscaped courtyard with a sundeck, outdoor grilling area and fireplace, fitness center, cyber clubroom with a coffee bar and business center, pet park and a parking garage. Unit interiors feature granite countertops, high-end flooring, designer cabinetry, full-size washer/dryer units, private balconies and nine-foot ceilings.

December 4, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

Tremendous Growth Underway in the ‘Twin Cities’ of Texarkana

by Haisten Willis December 4, 2015

It has been a tremendous year for the Twin Cities of Texarkana, Texas and Texarkana, Ark. with the education sector topping $70 million and a $180 million major medical campus projected to commence in early 2016. Educational Opportunity Texas A&M University-Texarkana has been awarded $35.5 million in state funding for the construction of a new building to house and expand its nursing program, including the expansion of a Master’s Degree program, and to promote student success initiatives. The Texas A&M University system expanded its four year-university program to Texarkana in 2010, with the first freshman class admitted that year including Phase I dorms on the 300-plus acre Bringle Lake Campus. University of Arkansas Community College at Hope (UACCH) expanded a satellite campus on Texarkana’s Arkansas side in 2012, with over $5.4 million going toward the construction of two buildings that service over 300 local students. Working hand in hand with the University of Arkansas at Little Rock, UACCH has expanded their four-year university program, and will continue to grow as the new health professions building completes construction. Further education initiatives include a $29.2 million commitment from Texarkana Independent School District for the construction of a new sixth grade center and …

December 4, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Leumi Provides $13.6M Acquisition Loan for Seniors Housing Community in St. Charles, Mo.

by Christina Cannon December 4, 2015

ST. CHARLES, MO. — Bank Leumi USA has provided a $13.6 million loan to Chicago-based Innovative Management Associates Inc. for the acquisition of Windsor Estates of St. Charles, a continuing care retirement community (CCRC) in metro St. Louis. Windsor Estates is a 235-unit community operated by the borrower, In addition to the five-year, fixed-rate conventional mortgage, Leumi provided a $500,000 working capital line of credit and treasury management services. The line of credit is secured by the facility’s accounts receivables.

December 4, 2015

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