ST. PAUL, MINN. — HFF has secured a $48.1 million acquisition loan for a 427-unit apartment property in St. Paul. The borrower is an affiliate of Abacus Capital Group LLC. HFF originated the floating-rate loan through Freddie Mac’s CME Program. The Burlington, located at 1180 Cushing Circle, is 98 percent leased and offers studio, one- and two-bedroom units. Apartments at The Burlington range from 454 to 1,361 square feet. Amenities at the property include a swimming pool, spa, grilling area, tennis court, fitness center and clubhouse with coffee bar. Mona Carton of HFF, which will service the loan, represented the borrower in the transaction.
WASHINGTON AND MUSCATINE, IOWA — Marcus & Millichap has arranged the sale of All-American Care of Washington and All-American Care of Muscatine, both skilled nursing facilities in Iowa, for $7.3 million. The facilities are located approximately 40 miles apart from each other in the southeast corner of the state, near the Illinois border. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a husband and wife partnership exiting the nursing home business. The buyer was a private owner/operator out of the Northeast. All-American Care of Washington, a 90-bed facility on 5.2 acres, sold for $3.1 million. All-American Care of Muscatine, a 100-bed facility on 3.9 acres, sold for $4.1 million. Both facilities were built in the 1970s and renovated in the 1990s and 2000s. The combined sales price equates to approximately $38,000 per bed.
ORLANDO, FLA. — Passco Cos. LLC has purchased The Ivy, a 248-unit, Class A apartment community within the Florida Hospital Health Village in Orlando, for $53.5 million. The newly built property is located at 2650 Dade Ave. within walking distance of a SunRail station. Constructed in 2015 by Atlanta-based Wood Partners, The Ivy features multi-level pool decks with a resort-style swimming pool, fitness center and a yoga studio. Passco has retained Wood Partners to manage the property. Shelton Granade of CBRE represented Passco and the undisclosed seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae loan to finance the acquisition.
WINDERMERE, FLA. — Orlando-based Roger B. Kennedy Construction has started construction on the upscale Venetian Isles Apartments & Townhomes located at 6506 San Francesco Way and 10006 St. Marks Blvd. in Windermere, a suburb of Orlando. The $42 million community will span 302 apartment residences in 19 buildings and 44 townhomes in nine buildings. The townhomes and apartments are scheduled for completion in June 2017 and December 2017, respectively. The design team includes Orlando-based developer UNICORP National Developments Inc. and Orlando-based architect Slocum Platts Architects.
ROCKY POINT, FLA. — ZOM Florida and Northwestern Mutual plan to break ground on SEAZEN, a 323-unit waterfront apartment community located near Tampa on the island of Rocky Point. Currently home to a Chart House restaurant, the site features 750 linear feet of direct waterfront on Tampa Bay. ZOM and Northwestern Mutual plan to begin construction in August and deliver the asset in summer 2018. The companies plan to begin pre-leasing SEAZEN in late 2017.
SAN MARCOS, CALIF. — Blueprint Healthcare Real Estate Advisors, a brokerage based in Chicago, has arranged the $18 million sale of Village Square, a 118-bed skilled nursing facility in San Marcos, approximately 35 miles north of San Diego. A publicly traded REIT seeking to divest non-core assets sold the property to a Los Angeles-based investor. The new owner plans to implement a turnaround strategy at the facility. The sales price equates to approximately $68,000 per bed. Christopher Hyldahl and Ben Firestone of Blueprint executed the transaction.
ALBUQUERQUE — The Community Development Trust, an affordable housing REIT, and YES Housing Inc., an affordable housing operator, have formed a joint venture to recapitalize three YES-operated properties in New Mexico. CDT will invest $4.5 million to preserve 262 units of affordable Section 8 seniors housing in Albuquerque, Las Cruces and Roswell. The money will fund improvements and preserve affordability at the properties, which are reserved for seniors earning below 60 percent of the area median income. The first property to receive improvements will be the 60-unit Wildewood Apartments in Roswell. CDT and YES acquired the property earlier this month using Freddie Mac financing through Hunt Mortgage Group. The JV plans to make $300,000 in capital improvements to the asset, which was built in 1978 and renovated in 2000. The other two properties were not disclosed, as the acquisitions are still pending.
BALTIMORE — TruAmerica Multifamily, in partnership with MSD Capital LP, has purchased a 1,004-unit apartment portfolio in suburban Baltimore for $187 million. The acquisition is Los Angeles-based TruAmerica’s first purchase east of Colorado and includes the 158-unit Bayshore Landing in Annapolis, the 634-unit Sherwood Crossing in Eldridge and the 212-unit Southfield in Nottingham. Each property features resort-style pool areas, clubhouses, fitness centers and other recreational facilities. The apartment communities were built between 1984 and 1990. TruAmerica will complete an interior renovation plan started by the undisclosed seller that includes faux-wood flooring, granite countertops, updated cabinetry and new appliance packages. TruAmerica’s business plan also calls for upgrades to the portfolio’s common area amenities.
IRVING and SAN ANTONIO, TEXAS — Dougherty Mortgage has secured two loans for multifamily properties in Texas. In the first transaction, Dougherty closed a $9.3 million Fannie Mae loan for the acquisition of Silverado Apartments, a 184-unit apartment property located in Irving. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Elmstone Group OP1 through a partnership with Old Capital Lending. In the second transaction, Dougherty closed an $881,054 Fannie Mae loan for the acquisition of Windsor Village Apartments, a 124-unit complex located in San Antonio. Dougherty’s Vienna, Va., office arranged the loan with a 30-year amortization schedule on behalf of the borrower, Windsor Village SA Apartments LLC. The loan term is a little over eight years.
DALLAS — Marcus & Millichap has arranged the sale of Zora Lee, an eight-unit apartment property located in the Old East Dallas neighborhood. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, an individual/personal trust. Zora Lee is located at 4831 Junius St. Built in 1923, the historic property is five miles northeast of the Dallas central business district.