PHOENIX — Yotam Shochat at NOY Investments LLC has purchased the 38-unit West Glen apartment complex in Phoenix for $2.7 million. The community is located at 911 and 917 W. Glendale Ave. It was built in three phases in 1954, 1959 and 1963. Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.
PORTLAND AND SCARBOROUGH, MAINE — CBRE/New England and CBRE – The Boulos Company has arranged the sale of the Casco Bay Portfolio, a three-property multifamily portfolio located in Portland and Scarborough. An affiliate of Chestnut Realty Management acquired the assets from an affiliate of Resource Real Estate for $50.2 million. The 309-unit portfolio includes the 115-unit Tamarlane Apartments in Portland; the 104-unit Foxcroft Apartments in Scarborough; and the 90-townhome Coach Lantern Apartments in Scarborough. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has brokered the sale of two multifamily properties located in the Chelsea neighborhood of Manhattan. Skyland Management LLC sold the properties to 117 West 15th Street LLC and 119 West 15th Street LLC for $27 million, or $1,085 per square foot. Totaling 25,330 square feet, the properties include a five-story walk-up at 117 W. 15th St. and a six-story walk-up at 119 W. 15th St. The assets feature a total of 40 units in a mix of studio, one-, two- and three-bedroom layouts. Steven Zimmerman and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.
HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.
Development booms have come and gone in the U.S. seniors housing industry over the past 20 years. In the late 1990s, the construction wave was fueled by Wall Street investors. Another building boom occurred from 2004 to 2007 when all forms of real estate were awash in capital just prior to the Great Recession. Now the seniors housing industry is in the midst of another burst of construction activity, most notably in Texas. So, how does the sharp upturn in new construction over the past few years compare with previous boom times? “I would say it’s quite similar,” said Patricia Will, founder and CEO of Houston-based Belmont Village Senior Living. “That is to say in places where it’s relatively easy to develop, there is lots of open land. When you combine that with the kind of liquidity we see now and we saw in the mid-2000s and in the late 1990s, you are going to get what I would characterize as oversupply. This cycle is no different in that respect. There isn’t sufficient institutional memory to discipline both equity and debt when it comes to putting capital out. “ Will’s remarks came before an audience of over 240 industry professionals …
SIMPSONVILLE, S.C. —McCrory Construction Co., a South Carolina-based general contractor, has broken ground on The Crossing at Five Forks, an independent living, assisted living and memory care community in Simpsonville, located in Upstate South Carolina. Virginia-based developer Smith/Packett Med-Com LLC is developing the 197,702-square-foot community, which will feature 100 independent living units, 48 assisted living units and 24 memory care units. Development costs are estimated to be $19 million. More than 15 percent of the population in Greenville County, where the community will be located, is above 62 years of age. Studies project that in 10 years, one of every four residents in Greenville will be over 55, according to McCrory. The Crossing at Five Forks is the second seniors housing community McCrory is building in South Carolina for Smith/Packett and its subsidiary Harmony Senior Services. The Crossings at Wescott Plantation, located in Charleston, is scheduled for completion in the fall of 2016.
WAUKEGAN, ILL. — Berkadia has brokered the $7.4 million sale of a multifamily property in Waukegan, located about 47 miles north of Chicago. Westwood is a 132-unit apartment complex that was built in 1970 and is located at 2720-2732 Westwood Drive. The sales price reflects a price per unit of $56,061. Westwood was 95 percent occupied at the time of sale. The property features all two-bedroom floor plans. Community amenities include a playground, picnic area and laundry rooms in each building. VCP Westwood Apartments LLC sold the property to Haoyue Investments. Ralph DePasquale of Berkadia brokered the transaction.
CLEVELAND — KeyBank Real Estate Capital has provided a $7.4 million bridge loan for the acquisition for a multifamily property in Cleveland. The Community Builders Inc. is the borrower. Commodore Place Apartments is a 198-unit, mixed-income apartment complex that was built in 1924. The property is located in the University Circle neighborhood of Cleveland. Kelly Frank of KeyBank Real Estate Capital arranged the financing.
AURORA, COLO. — Jackson Square Properties has acquired the 220-unit Center Pointe East Apartments in Aurora for $31.1 million. The community is located at 15490 East Center Ave. It was built in 1999. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.
ATLANTA — Vista, an Atlanta-based owner and developer of multifamily communities in the Southeast, has purchased two apartment communities in metro Atlanta totaling $56.8 million, or roughly $106,000 per unit. Vista originally developed both complexes and plans to renovate the assets to best-in-submarket status. The properties include the 312-unit Oakwood Vista in Norcross near I-85 and Jimmy Carter Boulevard and the 224-unit Parkway Vista in Atlanta near the I-85/I-285 junction. Vista originally developed Oakwood Vista in 2003 and Parkway Vista in 2002. Vista funded both acquisitions using a combination of permanent financing from Freddie Mac, preferred equity and equity provided by Eduard de Guardiola, the founder of Vista.
