Multifamily

The-phoenix-apartment-complex-fort-worth-texas

IPA Arranges Sale of The Phoenix Apartment Complex in Fort Worth

by Haisten Willis January 14, 2016

FORT WORTH, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Phoenix, a 170-unit luxury multifamily community in the Near Southside district of Fort Worth. Will Balthrope, Drew Kile and Rowan Burch of IPA advised the sellers, Fort Worth-based Eisner Development Corp. and Baton Rouge, La.-based Ventures Development Group. Balthrope, Kile and Burch also procured the buyer. The property is located at the intersection of College Avenue and West Peter Smith Street, just south of I-30 and west of I-35 West at 429 College Ave. Amenities at The Phoenix include a 24-hour gated entrance, a 4,257-square-foot office and clubhouse with a catering kitchen and fitness/yoga area, as well as a pool with a tanning shelf. All apartments feature granite kitchen countertops, stainless steel appliances, pantries and linen closets. Each apartment has a balcony, and 52 units have unobstructed views of the Fort Worth skyline.

January 14, 2016

MIG Buys 274-Unit Berkshire Apartments in Renton

by Nellie Day January 14, 2016

RENTON, WASH. — MIG Real Estate has purchased the 274-unit Berkshire apartment community in the Seattle submarket of Renton. The purchase price was not disclosed. The community is located at 1300 South Eagle Drive, on the south shore of Lake Washington. The Berkshire is MIG’s second investment in the Seattle area. The company previously purchased Canyon Park 228 Corporate Center, a two-building office park in Bothell. MIG represented itself in this latest transaction, while CBRE’s Jon Hallgrimson and Eli Hanacek represented the unnamed seller.

January 14, 2016

Arizona Multifamily Western

Hamilton Zanze Buys Centrepoint Apartments in Tucson for $33.6M

by Nellie Day January 14, 2016

TUCSON, ARIZ. — Hamilton Zanze has purchased the 320-unit Centrepoint apartment complex in Tucson for $33.6 million. The community is located at 3220 West Ina Road. Centrepoint was 96 percent occupied at the time of sale. The property is situated near some of Tucson’s largest employers, including Raytheon and Davis-Monthan Air Force Base. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mike Sandahl executed the transaction. The seller was Independence Realty Trust.

January 14, 2016

Loans Midwest Multifamily Ohio

NorthMarq Capital Arranges $3M Refinancing for Multifamily Property in Cincinnati

by Christina Cannon January 14, 2016

CINCINNATI — NorthMarq Capital has arranged a $3 million refinancing for a 156-unit multifamily property in Cincinnati. Ferguson Woods Apartments is located at 2890 Four Towers Drive. The transaction was structured with a fully amortizing 20-year term. The borrower is undisclosed.

January 14, 2016

Florida Loans Multifamily Southeast

NXT Capital Provides $34.6M Acquisition Loan for Apartment Community in Florida

by John Nelson January 14, 2016

BRADENTON, FLA. — NXT Capital has provided a $34.6 million acquisition loan for Vista at Palma Sola, a 340-unit apartment complex located in Bradenton. Situated one mile from Palma Sola Bay, the property features a clubhouse, two tennis courts, fitness center, pool, volleyball court, playground and a movie theater. Dennis Jimenez of CBRE’s Orlando office arranged the loan through NXT Capital on behalf of the undisclosed borrower.

January 14, 2016

Loans Maryland Seniors Housing Southeast

Congressional Bank Closes Three Seniors Housing Loan Transactions Totaling $11.6M

by John Nelson January 14, 2016

BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.

January 14, 2016

Arizona Multifamily Seniors Housing Western

Watermark, Freshwater, Weitz Break Ground on $21M Seniors Housing Community in Arizona

by Nellie Day January 13, 2016

TUCSON, ARIZ. — The Weitz Company, a design and construction firm based in Phoenix, has broken ground on Hacienda at the River, a $21 million seniors housing community in Tucson. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community, which Watermark will manage upon completion. The new community will feature a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Hacienda at the River will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property will also house a 1,600-square-foot stable to offer equine therapy to residents.

January 13, 2016

California Multifamily Western

TCA Unveils Multifamily Component at Neptune Marina in Marina Del Rey

by Nellie Day January 13, 2016

MARINA, DEL REY, CALIF. — TCA Architects has unveiled the multifamily component of Neptune Marina, a waterfront development that will include a new marina and boater facilities in Marina Del Rey. The 526 units will feature a mid-century modern design. The project will include elevated courtyards only accessible to residents, as well as lobbies and boater facilities on the public edges to supplement the surrounding promenades. Neptune Marina is already under construction, and is scheduled for completion in 2018.

January 13, 2016

California Multifamily Seniors Housing Western

American Healthcare Investors Hires Former Brookdale Regional President Christopher Belford

by Nellie Day January 13, 2016

IRVINE, CALIF. — American Healthcare Investors, an Irvine-based investment firm specializing in the acquisition and management of healthcare-related properties, has hired Christopher Belford as executive vice president, asset management. Belford joins American Healthcare Investors from Brookdale Senior Living, the largest owner and operator of seniors housing communities in the United States, where he served as the president of the western division. While with Brookdale, Belford managed 269 senior living and retirement communities, representing 24,400 units and over 14,000 employees in 11 Western states. In his new role, Belford will oversee all seniors housing, skilled nursing and hospital properties within American Healthcare Investor’s $8 billion portfolio of assets under management. Christopher Rooney, who holds the same title as Belford, will continue to oversee all medical office buildings within the portfolio. Prior to Brookdale, Belford worked as senior vice president of operations for Emeritus Assisted Living from January 2001 until its merger with Brookdale in July 2014. With Emeritus, he was responsible for the operation of 270 communities in 18 states across the Western U.S. He also previously served in executive capacities with BPM Assisted Living/Regent Assisted Living and ERA Care Inc., where he began his healthcare career in 1991. Belford received …

January 13, 2016

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Hospitality Mixed-Use Multifamily Office Retail Texas

Riverside Resources Begins Construction on Mixed-Use Development in Metro Austin

by Haisten Willis January 13, 2016

CEDAR PARK, TEXAS – Riverside Resources has begun construction on the first phase of a 100-acre mixed use campus on Parmer Lane in Cedar Park. The first phase of the campus, called Presidio, will feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. The initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court. The remaining 74 acres is on the other side of Ranch Trails Court. Presidio will be able to accommodate an office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space. The design’s intent is to bring a more urban, walkable mixed-use campus to Parmer Lane and Cedar Park, with a trail system, local restaurants, a park and a food trailer court. The Phase I office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall of 2016. In early 2016, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it’s developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real …

January 13, 2016

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