Multifamily

IPA Arranges Sale of 234-Unit Seniors Housing Community in Missouri for $17M

by Christina Cannon November 19, 2015

ST. CHARLES, MO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving real estate investors, has arranged the sale of Carrington Place of St. Charles, a 234-unit, 294-bed continuing care retirement community in St. Charles, a northwestern suburb of St. Louis. The $17 million sales price equates to approximately $72,650 per unit. The seller was not disclosed. The buyer was a private owner/operator based in Chicago. Mark Myers, Josh Jandris and Charles Hilding of IPA represented the seller and procured the buyer along with and Marcus & Millichap associate Richard Lynn. Carrington Place of St. Charles features 138 independent living units, 32 memory care units, 27 assisted living units, and 66 private and semi-private skilled nursing beds.

November 19, 2015

Midwest Multifamily Ohio

Marcus & Millichap Arranges $4.9M Sale of 120-Unit Apartment Community in Ohio

by Christina Cannon November 19, 2015

LANCASTER, OHIO — Marcus & Millichap has arranges the sale of a 120-unit apartment community in Lancaster for $4.9 million. Oak Valley is located at 1899 Independence Blvd. and was built between 1993 and 1998. The property offers one- and two-bedroom townhomes and ranch units. Jordan Marshall, Richard Lattro, Daniel Burkons, Michael Barron and Joshua Wintermute of Marcus & Millichap listed the property on behalf of the sellers and procured the buyer in the transaction. Both parties were undisclosed.

November 19, 2015

Iowa Midwest Multifamily Seniors Housing

Lifespace to Break Ground on $9M Expansion to Seniors Housing Community in Iowa

by Christina Cannon November 19, 2015

URBANDALE, IOWA — Lifespace Communities Inc. will break ground on a $9 million redevelopment project for Deerfield Retirement Community, a continuing care retirement community in Urbandale, a Des Moines suburb. The expansion will add new living options and health services, including new models of assisted living and memory care. Currently, Deerfield only offers skilled nursing and independent living. Milwaukee-based AG Architecture is the designer for the redevelopment project, and Minneapolis-based Weis Builders is the contractor. Construction is scheduled for completion by summer 2016.

November 19, 2015

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $16.4M Sale of Two Apartment Buildings in New Jersey

by Amy Works November 19, 2015

HACKENSACK, N.J. — Redwood Realty Advisors has arranged the sale of two apartment properties located in Hackensack. Totaling 99 apartment units, the assets sold for $16.4 million. Built in 1975, the properties include the 46-unit Driftwood Apartments at 20 Second St., and the 53-unit El Dorado Apartments at 240 Anderson St. The undisclosed buyer plans to reposition the properties. Thomas McConnell, Kevin McCrann, Michael Scrima and Jeremy Wernick of Redwood Realty represented the seller, Rose Realty Inc., in the transaction.

November 19, 2015

Massachusetts Mixed-Use Multifamily Northeast Office Retail

Senate Construction Completes Phase II of Mixed-Use Project in Massachusetts

by Amy Works November 19, 2015

GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.

November 19, 2015

Loans Multifamily New Hampshire Northeast

M&T Realty Capital Provides $11.2M in Financing for Apartment Complex in New Hampshire

by Amy Works November 19, 2015

NASHUA, N.H. — M&T Realty Capital has provided an $11.2 million Fannie Mae loan for the refinancing of Clocktower Place in downtown Nashua. The 10-year loan features a 3.97 percent fixed rate and a 30-year amortization schedule. Clocktower Place offers 143 rental units in one-, two-, three-bedroom or townhome layouts. Community amenities include an on-site health club, covered parking, function rooms and concierge services. Daniel Kerner of M&T Realty Capital’s Boston office secured the financing, while Fantini & Gorga provided brokerage services for the borrower.

November 19, 2015

Loans Multifamily New York Northeast

Greystone Secures $9.5M Loan for 527-Unit Co-op in Queens

by Amy Works November 19, 2015

NEW YORK CITY — Greystone has closed a $9.5 million loan for the refinancing of Rego Park Gardens, a cooperative apartment building in Queens. Andrew Ellis of Greystone and Peter Grazide of Total Real Estate Finance Solutions arranged the loan for the undisclosed borrower. The loan includes a 15-year term with a 30-year amortization schedule. Located in the Elmhurst neighborhood of Queens, Rego Park Gardens features 527 multifamily units. This loan is the company’s first Freddie Mac Fast-Track Co-op Early Lock loan.

November 19, 2015

Georgia Multifamily Southeast

Multi Housing Advisors Arranges $23.9M Sale of Apartment Community in Atlanta

by John Nelson November 19, 2015

ATLANTA — Multi Housing Advisors (MHA) has brokered the $23.9 million sale of 1500 Oak, a 368-unit apartment community located in Atlanta. The property recently received a comprehensive renovation and now features new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two-inch wood blinds, vinyl plank flooring and energy efficient toilets. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Cortland Partners, in the transaction. Engineering Partners purchased the property.

November 19, 2015

Loans Multifamily Texas

HFF Secures $15.5M Refinancing for Three Lubbock Apartment Communities

by Haisten Willis November 19, 2015

LUBBOCK, TEXAS — HFF has secured refinancing totaling $15.5 million for three apartment communities in Lubbock known as Stone Lake, Savannah Oaks and The Fountains. Working on behalf of the borrower, HFF placed three separate 10-year loans through Lincoln Financial Group. Each loan has a fixed interest rate with five years of interest-only payments. The communities total 480 units and feature swimming pools, grilling/picnic areas, 24-hour fitness centers, business centers and dog parks. Stone Lake is a 162-unit complex located at 7414 Elgin Ave. Savannah Oaks is located at 5204 50th St. and includes 150 units. The Fountains is located at 5001 Chicago Ave. and includes 168 units. All three were 97 percent occupied at the time of sale. De’On Collins and John Brownlee led HFF’s debt placement team.

November 19, 2015

Multifamily Seniors Housing Texas

Construction Begins on 42,000 SF Seniors Housing Community in Burleson

by Haisten Willis November 18, 2015

BURLESON, TEXAS — Construction has begun on the Mustang Creek Estates of Burleson seniors housing project located at 1155 NW John Jones Drive in Burleson. The $7 million, 42,000-square-foot assisted living and memory care community will include six specially designed homes, housing up to 15 seniors each. The homes will include an open kitchen, personal assisted care and daily activities. The community will house 90 residents and will open in summer 2016. The community will sit on just over seven acres southwest of Burleson Church of Christ. Joseph E. Helmberger of Kimley-Horn designed the community.

November 18, 2015

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