CENTENNIAL, COLO. — The Opus Group has begun construction on the Glenn, a 306-unit apartment complex in Centennial. The community will be the first project to break ground at the Jones District, a 42-acre master-planned development. The Glenn will be situated west of Interstate 25. The Jones District will eventually contain 1.8 million square feet of mixed-use space, including residential, hotel, office and retail projects, making it Centennial’s largest commercial development. A ceremonial groundbreaking for The Glenn was held Aug. 17. The project is scheduled for completion in December 2017.
ARLINGTON, TEXAS — On behalf of S2 Capital, JLL Capital Markets has secured financing for the acquisition and rehabilitation of River Oaks apartments, a 188-unit value-add asset located in Arlington. Green Bank N.A. provided the loan. Mark Brandenburg led the JLL team in the transaction. River Oaks is located near the Texas Rangers’ Globe Life Park, Dallas Cowboys’ AT&T Stadium, Six Flags Over Texas and the Riverside Golf Course. Community amenities include a barbecue and picnic area, fitness center and a swimming pool. JLL Capital Markets is a provider of capital solutions for real estate investors and occupiers.
CHANDLER, ARIZ. — Passco Cos. has acquired the 389-unit Almeria at Ocotillo apartment community in Chandler for $80 million. The community is located at 2470 and 2471 W. Edgewater Way within the Ocotillo master-planned community. Almeria is walking distance to three of the largest employers in an area known as Silicon Desert. These include Intel, Orbital ATK and Wells Fargo, which is planning to expand within the area. The bank will soon occupy an additional two 13-story office towers that may eventually bring more than 13,000 employees to the area. CBRE’S Sean Cunningham represented both Passco and the seller, PB Bell, in this transaction.
WEST VALLEY CITY, UTAH — An unnamed buyer has acquired the 278-unit Sage Gate at Haynes Landing multifamily community for $52.6 million. The community is located at 2700 S. Anna Caroline Drive, about 11 miles from Salt Lake City. Sage Gate was built in 2014. Nearby employers include Discover Financial, UPS and Verizon Wireless. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller in this transaction.
SANTEE, CALIF. — CBRE has arranged a $25 million Freddie Mac loan for The Grant Companies to refinance The Pointe at Lantern Crest, a 102-unit independent living and assisted living community in the San Diego suburb of Santee. The Class A community is Phase II of a larger campus. Phase I, The Ridge at Lantern Crest, was also financed with a CBRE-originated Freddie Mac loan in 2014. Lantern Crest Management operates the communities. The 10-year, fixed-rate mortgage includes 72 months of interest-only payments. Aron Will of CBRE National Senior Housing and Bill Chiles and Scott Peterson of the CBRE Debt & Structured Finance team in San Diego, arranged the financing. Founded in 1989, The Grant Companies has developed more than $500 million in medical office buildings, seniors housing and other commercial developments.
FLAGSTAFF, ARIZ. — Welbrook Senior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Embree Asset Group to develop the facility. Construction is slated for completion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development company that has worked in all 50 states.
ORANGE CITY AND PALM COAST, FLA. — CBRE has brokered the sale of two luxury apartment communities in Central Florida totaling $70.9 million. EBSCO Income Properties purchased the two assets, Integra Landings in Orange City and Integra Woods in Palm Coast. Completed in 2008 and 2009, Integra Landings and Integra Woods feature gated access, carriage-style units, select units with direct-access garages, nine-foot and higher ceilings and water and wooded views. The developer of both apartment properties, Integra Land Co., is based in Lake Mary, Fla., with projects developed throughout the Southeast. Shelton Granade, Luke Wickham and Justin Basquill of CBRE marketed the properties on behalf of the sellers, Integra Land Co. and Case Pomeroy Properties LLC.
EAST RUTHERFORD, N.J. — A partnership between a New Jersey-based developer and an institutional owner has completed the disposition of The Monarch, a Class A apartment community located at 100-120 Schindler in East Rutherford. A private group acquired the property for $91.5 million. Situated on 15.8 acres across from the MetLife Stadium, the property features 316 units averaging 922 square feet. Community amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with fire pits and grilling stations, fitness center with yoga studio, lounge with bar and gaming area, children’s play room, business center, on-site sundries store, covered parking and a two-story lobby with 24/7 concierge. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny of HFF represented the seller in the deal.
WEST NEW YORK, N.J. — Augustus Cos. has arranged the sale and acquisition of Jaclyn Heights, a multifamily property located at 5805 Jefferson St. in West New York. An undisclosed buyer acquired the 28-unit property from Shrewsbury, N.J.-based Jaclyn 28 LLC for $9.2 million. Lodi, N.J.-based Augustus Cos. represented the seller and buyer in the deal.
HOUSTON and FORT WORTH, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted. The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Fort Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). All four communities are owned by related entities of The Wentwood Cos. and managed by Westlake Housing, both based in Austin. Love Funding’s Jonathan Camps secured the financing for the Villas portfolio through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which helps preserve affordable multifamily housing.