INDIANAPOLIS — A private equity investment fund has purchased Traditions at Reagan Park and Traditions at Solana, both independent living, assisted living and memory care communities in the Indianapolis metropolitan area, for $44.8 million. Greystone, a real estate lending, investment and advisory company, arranged the deal through its Real Estate Advisors group. The seller was Leo Brown Group. Traditions at Reagan Park and Traditions at Solana are both newly constructed communities with 81 units and 105 units, respectively.
WEST DES MOINES, IOWA — NorthMarq Capital has arranged a $27 million refinancing loan for a 250-unit multifamily property in West Des Moines. Broadmoor at Jordan Creek II is located at 6500 Ep True Parkway. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.
LAKE GENEVA, WIS. — Colliers International has brokered the sale of an apartment community in Lake Geneva, for $8.4 million. Geneva Meadows Apartments is a 108-unit apartment complex located at 1157 S. Wells St. Geneva Meadows LLC sold the property, which it has owned since the property’s construction in 1992. GPC Real Estate LLC acquired the complex, which is 97 percent occupied. All units at Geneva Meadows Apartments are two-bedroom/one-bathroom units that are 1,000 square feet. Brian Pohl and Tyler Hague of Colliers International represented the seller in the transaction. Jim Loarie of Oxford Development represented the buyer.
BOISE, IDAHO — The Terraces of Boise has received its state license to provide on-site skilled nursing services and is now accepting residents. This is the second phase of new residents at The Terraces, which expects its assisted living and memory care services to open in spring 2016. The community has already neared full occupancy for its independent living residences. The skilled nursing development — named The Villages — includes three small homes with 16 private skilled nursing suites in each. ABHOW, a California-based nonprofit, sponsors the community.
DENVER — A 20-unit apartment building in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 4353-4373 Clay St. Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
WELLESLEY AND NEEDHAM, MASS. — CBRE/New England has arranged the sale of Phillips Park, an age-restricted apartment community in Wellesley and Webster Green, an apartment community in Needham. TrueNorth Capital Partners acquired Phillips Park for $15 million and Webster Green for $25.5 million. Built in 1894 and rehabilitated in 1988, the 49-unit Phillips Park features six one-bedroom units and 43 two-bedroom units, which are restricted to households 55 years of age or older. Built in 1985, the 76-unit Webster Green features two one-bedroom units and 74 two-bedroom units. CBRE/NE represented the undisclosed seller and procured the buyer in the transaction.
HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.
STOCKBRIDGE, GA. — Omega Communities has unveiled plans for Lake Vista at Eagle’s Landing, a 150-unit continuing care retirement community (CCRC) in Stockbridge, approximately 20 miles southeast of Atlanta. Construction on the $45 million project is scheduled to begin in the fourth quarter of 2016 on a 10-acre plot. The CCRC will be located adjacent to Eagle’s Landing First Baptist Church. The new development is part of the church’s plan to create a “ministry village” on its property, which will include the Pregnancy Resource Center of Henry County, Eagle’s Landing Christian Counseling Center and Uniting Hope for Children, a foster and adoption ministry. Partners on the project include Greenbrier Development, Greenbrier Senior Living and three: living architecture. The developers expect to open the CCRC in the fourth quarter of 2017. Omega, a faith-based, luxury CCRC developer based in Alabama, currently has three other communities under development, all of which are in Florida.
CHARLOTTE, N.C. — Eller Capital Partners and its affiliate, PEG Capital Management, have sold the 220-unit Forest at Chasewood Apartments in Charlotte for $12.8 million. Eller Capital sold the asset to a private, out-of-state investor. The property was built in 1985 at 1600 Chasewood Drive off of Monroe Road. The Forest at Chasewood is the second Charlotte apartment community that Eller Capital Partners has sold recently. In August 2015, the Chapel Hill-based multifamily investor and operator sold Laurel Walk Apartments on Providence Road.
VANCOUVER, WASH. — The 198-unit Meadows at Cascade Park Apartments in Vancouver has sold to a California-based firm for $35.2 million. The community is located at 13314 SE 19th St. The sale represented a price per unit of $164,141, or $163 per square foot. This is one of the three highest sales per square foot that Vancouver has experienced in the past 12 months, according to HFO Investment Real Estate, which represented the seller. A Canadian investment firm with numerous Portland/Vancouver-area holdings sold the asset. The value-add acquisition allowed the buyer to enter the Washington market.