NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.
LONGVIEW, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has acquired a 74-unit assisted living and memory care community known as Fountainview Estates in the east Texas market of Longview, about a two-hour drive east of Dallas. Located at 1408 Lago Trail on the city’s northwest side, the community will become part of Caddis’ Heartis brand and will be renamed Heartis Longview. Frontier Management, a seniors housing operator headquartered in Portland, Ore., assumed management duties upon closing. Amenities at Fountainview Estates include a waterfront outdoor terrace, community dining room, game room, theater, beauty salon and barber shop, 24-hour nursing services, an emergency call system, housekeeping and laundry services. Mike Pardoll of Marcus & Millichap’s Charlotte office brokered the deal.
SUGAR LAND, TEXAS — H.I.G. Realty Partners, an investment firm, has sold a 288-unit apartment community in the Houston suburb of Sugar Land. The asset was purchased in December 2012 and H.I.G. implemented a capital improvement program during its ownership. During the past three years, H.I.G. Realty has acquired and/or developed 7,000 multifamily and student housing units in 13 investments across the U.S. H.I.G. Realty is the real estate platform of H.I.G. Capital, which manages $1.3 billion in investments in small-to-mid cap real estate assets. H.I.G. Realty targets the acquisition of value-add investments and seeks to generate cash flow and appreciation through redevelopment.
HOUSTON — Ryan Watson of Q10 Kinghorn, Driver, Hough & Co. has secured an $8.4 million acquisition loan for an apartment complex in Houston. The two-story property includes 356 units. Q10 Kinghorn, Driver, Hough & Co. is a Texas-based commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.
IRVING, TEXAS — CBRE has arranged the sale of Casa del Sol, a 104-unit apartment complex in the Dallas suburb of Irving. Ken Durham purchased the asset from Elmstone Group CDS LLC through a tax-deferred 1031 exchange. At closing, the community was 100 percent occupied. Chris Deuillet of CBRE’s Dallas office represented the seller. The asset, located at 730 N. Nursery Road, was built in 1962. The four-building complex is comprised entirely of 432-square-foot, one-bedroom units.
CHICAGO — Harrison Street Real Estate Capital has acquired Dwight Lofts, a 771-bed student housing property located in Chicago’s South Loop neighborhood, for a reported $105 million. During the school year, the property serves as housing for students attending Columbia College Chicago, which recently executed an 11-year lease extension. The institution specializes in art and media disciplines. Harrison Street acquired the 178-unit building, built in 2009, from Bethesda, Md.-based ASB Capital Management. The high-quality amenities and central location of Dwight Lofts make the property an ideal living space for students as well as those seeking housing during the summer months, says Joey Harrison, Harrison Street’s core fund portfolio manager. Dwight Lofts is located a quarter-mile from the main campus building of Columbia College Chicago, and within walking distance of four CTA “L” stations, the LaSalle Street Metra Station, Grant Park, lakefront running and bike paths, and retail and restaurant establishments. The property offers two- and four-bedroom units that are fully furnished. The building features amenities designed to cater to Columbia students, including art studio space, music practice rooms, study lounges, a sky lounge, an on-site fitness center and three food-service providers. The Dinerstein Cos. will manage the property.
MINNEAPOLIS — WNC, a national investor in real estate and community development initiatives, has provided $3.2 million in low-income housing tax credit equity (LIHTC) to fund the development of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable seniors housing community in Minneapolis. Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately three miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground-floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building’s parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments. Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took nearly 10 months to complete.
NASHVILLE, TENN. — Passco Cos. has acquired The Lexington Apartments, a 598-unit, Class-A garden-style multifamily community located in the Bellevue submarket of Nashville, for $93.5 million. According to Passco, The Lexington Apartments has maintained an average occupancy rate above 95 percent for the past three years. Located at 510 Old Hickory Blvd., the community comprises one-, two- and three- bedroom units and its community amenities include an indoor swimming pool, three outdoor pools, a fitness center, clubhouse, tennis courts, tanning beds, coffee bar and an outdoor grilling area. Vince Lefler of JLL’s Nashville office brokered the sale. The Lexington community was developed in two phases in 1997 and 1999, and all of the units were then remodeled between 2008 and 2012. The former owner began a new round of upgrades in 2012, which are still in progress today. Chris Black of KeyBank Real Estate Capital arranged $60.8 million in acquisition financing on behalf of Passco Cos.
SACRAMENTO, CALIF. — The Garibaldi Co. has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 million. The Class B community is located at 3310 Winter Park Drive in the city’s South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an improvement plan that will focus on building exteriors and common areas. Mark Leary of ARA Newmark represented both Garibaldi and the seller, Prometheus, in this transaction.
In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new 17,000-square-foot recreation center currently under construction. In July, the Cedar Rapids City Council approved the $600 million flood protection system alignment on both sides of the Cedar River; all the flood system funding plan is now in place, except for the federal appropriation of $78 million pending approval in Congress. Three sections of flood protection are complete or under construction. The National Civic League recognized this feat in 2014 when it named Cedar Rapids as a recipient of the All-America City Award, which recognizes communities that overcome citywide challenges and achieve uncommon results. (The National Civic League is a nonprofit organization that advocates for transparency, effectiveness, and openness in local government.) The city’s strong recovery following the devastating flood in 2008 is evident by the accolades it has received from a variety of media outlets and interest …
