NEW YORK CITY — Akelius US LLC has acquired a six-building residential portfolio in Brooklyn for an undisclosed price. With properties in Crown Heights, Flatbush and Prospect Lefferts, the portfolio consists of 378 apartments. This is the sixth acquisition by the Swedish real estate company, Akelius, in the United States. The company now owns two properties in Manhattan and nine in Brooklyn.
AUBURN, ALA. — CA Student Living will begin development soon on a six-story mixed-use development named The Jackson near Auburn University. The development will include approximately 7,500 square feet of first-floor retail with student housing on the five upper floors. The Jackson will feature 126 units, or 456 beds, with two-, three-, four- and five-bedroom floor plans. Amenities at The Jackson will include a pool, bike parking and a parking deck that includes two subterranean levels and two levels of above-ground parking. The property is currently owned by Badger Downtown LLC and occupied by Center Court Apartments, which will be demolished to make way for The Jackson.
NORTH HOLLYWOOD, CALIF. — Team Health Holdings Inc. (NYSE: TMH), a provider of outsourced physician staffing solutions for hospitals, will acquire IPC Healthcare Inc. (Nasdaq: IPCM), a post-acute provider, in an all-cash transaction totaling approximately $1.6 billion. The boards of directors of both companies have approved the transaction. The purchase price represents $80.25 per IPC share based on the closing cost on Aug. 3. Knoxville-based TeamHealth suggests the addition of IPC’s service network will increase the company’s reach. With 15,000 healthcare professionals nationwide, the combined company will have more capability to manage patient care and influence outcomes across the continuum of care. North Hollywood-based IPC currently provides services in approximately 2,000 post-acute facilities in 28 states. Accounting for operational overlap, TeamHealth expects to realize $60 million in cost savings during the first three years. The transaction, which is expected to close during the fourth quarter of 2015, is subject to regulatory approval and customary closing conditions. Citi is serving as financial advisor to TeamHealth and providing the committed financing in connection with the transaction. MTS Health Partners is also serving as financial advisor to TeamHealth. Simpson Thacher & Bartlett LLP is serving as TeamHealth’s legal counsel. Credit Suisse is serving …
CHICAGO — Essex Realty Group has brokered the $1.2 million sale of an eight-unit multifamily property located at 7410 N. Winchester Ave. in Chicago’s Rogers Park neighborhood. The property is situated one-half mile west of the Chicago Transit Authority’s Howard station and roughly three-quarters of a mile west of the Jarvis station. The multifamily building is less than one mile west of Jarvis Beach and Lake Michigan. Doug Imber & Kate Varde represented the seller and Jim Darrow & Jordan Gottlieb represented the buyer in the transaction.
NEW YORK CITY — Silvershore Properties has completed the disposition of a 10-building portfolio of walk-up residential buildings in Brooklyn and Queens. Related Cos. acquired the portfolio for $39.4 million. Totaling 66,500 square feet, the portfolio features 76 residential units and two stores. The portfolio includes seven Brooklyn buildings in Greenpoint, Clinton Hill, Carroll Gardens, Prospect Heights, and three properties in Queens in Long Island City and Astoria. Aaron Jungreis of Rosewood Realty Group represented the buyer, while Devin Cohen of Rosewood Realty represented the seller in the transaction.
ELIZABETH, N.J. — CBRE Group has arranged the sale of the former Elizabeth General Hospital site in Elizabeth for an undisclosed price. Situated on five acres, the 350,000-square-foot vacant facility has been on the market for approximately 10 years, since Trinitas relocated the hospital to a new facility. The site also includes a 500-car parking structure. The private, out-of-state buyer plans to redevelop the site into a multifamily and retail complex. Charles Berger, Mark Silverman, Elli Klapper and Gil Medina of CBRE represented the undisclosed seller and the buyer in the transaction.
BLOOMFIELD, N.J. — Marcus & Millichap has brokered the sale of an apartment building located at 210-214 Franklin St. in Bloomfield. The 49-unit property sold for $4.4 million. Nat Gambuzza and John Veniero of Marcus & Millichap represented the seller, a private investor, and secured the buyer, also a private investor, in the transaction.
RENO, NEV. — A privately held investment group has purchased the 350-unit Sundance West Apartments in Reno for $23.4 million. The community is located at 3285 Clover Way. Sundance West is situated near Washoe County Golf Course, Lakeridge Golf Course, Meadowood Mall, the Peppermill Resort Spa Casino and the Atlantis Casino Resort Spa. Kenneth Blomsterberg of Marcus & Millichap and Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the unnamed seller in this transaction.
SANTA ROSA, CALIF. — TruAmerica Multifamily and Intercontinental Real Estate have purchased the 287-unit Maribelle Apartment Homes in the Napa submarket of Santa Rosa for $59 million. The community is located at 750 Apple Creek Lane. Maribelle Apartments was built in 1987. It is the largest apartment community in Santa Rosa. The property is near US 101 and California State Highway 2. It will also be situated near the Santa Rosa Station of the Sonoma Marin Rail Transit Service once it’s completed. The partnership obtained a seven-year, interest-only, fixed-rate agency loan that was originated by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.
CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners and Federal Capital Partners have teamed up to develop Solis Waverly, a 375-unit apartment community located in the Waverly master-planned development in south Charlotte. The community’s amenity package includes attached and detached garages, a fitness center, conference room, pet park and resort-style pool with a bar. Solis Waverly’s first one-, two- and three-bedroom apartments are expected to be completed by spring 2016. The general contractor for the project is Fortune Johnson. Waverly’s 90-acre plan includes a mix of retail, office, medical office and residential offerings. Novant Healthcare will open a facility at Waverly in the fall. Other tenants at Waverly will include Whole Foods Market, Modern Salon, Dresslers, Bad Daddy’s and Novanta Pizzeria Napoletana.