SAN DIEGO — The 100-unit Estancia Apartments in the San Diego submarket of Escondido has sold to Vista International for $16.5 million. The community is located at 725 N. Fig St. Estancia is situated near Interstate 15 and Highway 78. JLL’s Darcy Miramontes and Kip Malo represented the sellers, Fowler Property Acquisitions and PCCP LLC, in this transaction.
LAGUNA NIGUEL, CALIF. — A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group has acquired the 142-unit Career Lofts in Laguna Niguel for an undisclosed sum. The community is located at 28100 Cabot Road, along California State Route 73. The JV plans to rebrand the property as Sky at Laguna Niguel. It is only the second institutional-grade multifamily project to be constructed in the submarket in more than 20 years, according to the JV. Steve Fried and Seth Hall of Mesa West Capital assisted with the financing.
AUSTIN, TEXAS — Cushman & Wakefield has acquired Oxford Commercial in Austin. Oxford Commercial has served clients in the areas of commercial real estate brokerage, investment sales, development consulting, market research and related advisory services since 1993. The company employs 35 brokers and staff members and has been behind many of the largest transactions in central Texas, including Athena Health’s lease inside the Seaholm Power Plant. In the past three years, Oxford Commercial’s transaction value totals reach $1.3 billion. Spencer Hayes, co-founder and managing partner of Oxford Commercial, will remain as managing principal under the new structure. Hayes worked for Cushman & Wakefield prior to founding Oxford Commercial.
CHICAGO — Sedgwick Properties, a Chicago-based developer, has broken ground on a 69-unit luxury apartment building in Chicago’s Old Town neighborhood. The seven-story building, located at 301 W. North Ave., will offer a mix of one-, two- and three-bedroom apartments, with individual units ranging from 601 to 1,300 square feet. Building amenities will include a rooftop terrace with a wading pool and cabanas, outdoor kitchen, fire pit and lounge seating. Other amenities include a fitness center, community room with a demonstration kitchen, bicycle storage, secure heated parking and package concierge system. The pet-friendly building also will include approximately 4,500 square feet of retail space. The building is slated for delivery by fall 2017.
DAYTON, OHIO — Pillar has originated a $15.4 million Fannie Mae loan for the acquisition of a 256-unit apartment complex in Dayton. Chesapeake Landing, built in 1986, features 148 one-bedroom units and 108 two-bedroom units. The property is fully occupied. The fixed-rate loan features a 12-year term and 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar originated the financing. David Ross of Crossroads Realty Advisors was the broker of record.
SOUTH PORTLAND, MAINE — CBRE/New England and CBRE – The Boulos Company have arranged the sale of Liberty Commons and Redbank Village, two adjacent multifamily properties in South Portland. Jones Street Investment Partners acquired the 620-unit portfolio for $87.5 million. Delivered in 2006, Liberty Commons features 40 one-bedroom units, four two-bedroom/one-bath units, four two-bedroom/one-and-half-bath units and 72 two-bedroom/two-bath units with the average size of 1,075 square feet. Built in 1945, Redbank Village features 48 one-bedroom units, 302 two-bedroom/one-bath units and 150 three-bedroom/one-bath units with an average size of 752 square feet. The communities share a free clubhouse amenity center, which is also home to Roots and Fruits Daycare and Preschool. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the undisclosed seller in the transaction.
STAMFORD, CONN. — Winthrop Realty Trust has completed the sale of Highgrove, an ultra-luxury apartment community located in Stamford. A private investment group acquired the property for $87.5 million, or $940,860 per unit. Designed by Robert A.M. Stern, the 18-story high-rise features 93 condominium units, a grand resident lobby, clubroom, media screening room, wine cellar, caterer’s kitchen, private elevator entrances, expansive fitness center with sauna, steam room and pool facilities. Units feature gourmet kitchens with marble counters, high-end appliances, oversized cabinets, 10-foot ceilings, crown moldings, hardwood flooring, fireplaces, private balconies, six-piece master baths and walk-in closets. Jeffery Dunne, Gene Pride and Travis Langer of CBRE represented the seller in the transaction.
NASHVILLE, TENN. — Crescent Communities has selected Doster Construction Co. to build Crescent Bellevue Apartments, a 377-unit, garden-style multifamily community in Nashville. The property will be situated on an 87-acre lot that was once home to Bellevue Center Mall. The community will feature 18 two- and three-story wood-framed apartment buildings with a leasing office, clubhouse and amenities housed in one of the buildings. Preston Partnership is Crescent Bellevue Apartments’ architect of record. The multifamily community will be delivered in the winter of 2017.
BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a Murfreesboro-based REIT, has exercised an $87.5 million purchase option on five assisted living and memory care communities currently owned and operated by Bickford Senior Living. The acquisitions include a 56-unit community in Crystal Lake, Iowa; a 76-unit community in St. Charles, Mo.; a 56-unit community in Oswego, Ill.; a 40-unit community in Omaha, Neb.; and a 49-unit community in West Des Moines, Iowa. The properties total 277 units with an average occupancy of 92 percent and an average age of 12 years. NHI has committed $2.4 million for capital improvements and expansions on the existing facilities. Bickford will continue to operate the communities under a 15-year lease with two five-year renewal options and a 3 percent annual lease escalator. The acquisition was funded with available cash and borrowings on the company’s revolving credit facility. “We are very pleased to exercise our purchase option on these high-quality, high-performing facilities and to expand our existing relationship with Bickford Senior Living,” says Eric Mendelsohn, president and CEO of NHI. National Health Investors specializes in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s stock price …
