SEATTLE — Living Care Lifestyles, a Seattle-based seniors housing operator with communities in California, Hawaii, Oregon, Texas and Washington, has hired John Renner as regional director of operations for Texas, California and Hawaii. Renner has more than 20 years of experience in assisted living and independent living. He will be responsible for the overall administration, operations and management of the six communities in the region, mostly under the company’s Quail Park brand. Prior to joining Living Care Lifestyles, Renner was the operations director at Leisure Care where he oversaw and managed 12 assisted living and independent living communities. He was also the general manager at Fairwinds.
NEPTUNE CITY, N.J. —Tryko Partners LLC has acquired Medicenter Rehabilitation & Nursing, a skilled nursing facility in Neptune City. Tryko Partners has a $2.5 million upgrade planned for the 110-bed facility, which will be renamed Coral Harbor Rehabilitation and Healthcare Center. The planned improvements include creating a modern, home-like atmosphere for residents and staff and a complete overhaul of all patient rooms, including private showers, updated flooring, wallpaper, artwork and the installation of flat-screen television and free WiFi for residents and staff. Additionally, the owners will construct a new therapy gym with state-of-the-art equipment; renovate the dining hall, common areas and elevators; and improve the grounds with general landscaping upgrades and a resurfaced parking lot. Tryko Partners will also develop and introduce specialty pulmonary and cardiac rehabilitation programs with services seven days per week.
BOSTON — Fantini & Gorga has arranged three loans totaling $12.3 million in permanent financing for three properties in Boston. The properties include a mixed-use property at 174 Newbury St. and two multifamily assets located at 471 and 475 Commonwealth Ave. within Kenmore Square. The Newbury Street property features four stores with a lower level retail space occupied by Ben & Jerry’s and Vans, and five apartment units on the upper levels with direct access to the sidewalk. 471 Commonwealth is a four-story building with 10 apartment units and 475 Commonwealth is a seven-story property with 42 apartments and one office suite. Derek Coulombe, Tim O’Donnell and Chris Miller of Fantini & Gorga arranged the financing for the undisclosed borrower.
NEW YORK CITY — Marcus & Millichap has brokered the sales of two properties in Brooklyn totaling $7.6 million. In the first transaction, a private investor acquired an 80-foot by 90-foot development site located at 242-248 Newkirk Ave. in Brooklyn. The site, which offers 30,497 buildable square feet, sold for $4 million. The site has approved plans for a seven-story, 45-unit apartment building. Derek Bestreich, Steve Reynolds and Thomas Reynolds of Marcus & Milichap represented the seller, a private investor, and the buyer in the transaction. In the second deal, a private investor purchased an eight-unit apartment property, located at 592 Vanderbilt Ave. in Brooklyn, for $3.6 million. Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.
RALEIGH, N.C. — Federal Capital Partners (FCP) and Kane Realty Corp. have sold Allister North Hills, a 434-unit luxury apartment community in Raleigh, for $93.5 million. The property is located at I-440 and Six Forks Road in Raleigh’s Midtown district. FCP and Kane developed the community in 2013. Allister North Hills was nearly 95 percent occupied at the time of sale. Community amenities include two pools, a fitness center, business center, outdoor terraces, community room, dog park and other green spaces. Individual units, each of which have a balcony, feature granite countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms. Sean Wood and Blake Okland of ARA represented FCP and Kane in the transaction.
TAMPA, FLA. — PCCP has provided a $70 million loan to Carter for the development of a 23-story residential tower in downtown Tampa. The 362-unit development will be situated atop a six-story parking garage and 6,500 square feet of ground-level retail space. Community amenities will include a pool deck and terrace, ground-level fitness center and a clubroom on the top floor. The project will comprise a full city block bordered by North Franklin, North Florida, East Tyler and East Cass streets. Construction is anticipated to be completed in late 2017.
RALEIGH, N.C. — Colliers International Student Housing Group has arranged the $56.7 million sale of Wolf Creek Apartments, now rebranded as Vie at Raleigh, a student housing apartment community near North Carolina State University. Situated on 41.5 acres in Raleigh, the rental community has 1,394 beds in 385 units and sold for $40,674 per bed. The sellers are Wolf Creek TIC and Wolf Creek II Borrower, and the buyer is undisclosed. Vie at Raleigh is located less than three miles from NC State University, and has two-, three- and four-bedroom apartments with private bedroom-bathroom suites. All apartments have a full kitchen, in-unit laundry and balcony. Frank Quinn and Steven Peden of Colliers International’s Raleigh-Durham office, along with Travis Prince of Colliers International Student Housing Group in Tampa, represented the seller. The buyer plans to renovate the clubhouse, fitness center, select apartment units, social lounge and study lounge. The community also has free tanning, a pet park, a resort-style pool and volleyball courts.
STARKVILLE AND OXFORD, MISS. — Blake Management Group has opened The Claiborne at Adelaide, an independent living, assisted living and memory care community in Starkville, near the Alabama border. Blake manages the 82,000-square-foot community, which includes 14 independent living units, 43 assisted living units and 25 memory care units. The Mississippi-based seniors housing operator has also opened The Blake at Oxford, a 100-unit assisted living and memory care community in Oxford. The 85,000-square-foot community features 66 assisted living units and 34 memory care units. Cardinal Ventures Inc., a Mississippi-based developer, built The Blake at Oxford. Based in central Mississippi, Blake operates communities in Alabama, Louisiana, Mississippi, Tennessee and South Carolina.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $2.4 million HUD loan for the refinancing of a multifamily property in Minneapolis. Vantage Flats is a 37-unit affordable workforce housing property. The building is a transit-oriented project located near the METRO Blue line in South Minneapolis. The property, located at 5341-5359 Minnehaha Ave., was built in 2007 and is comprised of one-, two- and three-bedroom floorplans. Amenities include a community room with kitchen, exercise room, bike racks and underground heated parking. Dougherty arranged the 40-year term loan for MDI Limited Partnership #64.
BEAUMONT, TEXAS — NAI Wheeler has changed its name to Wheeler Commercial. This change represents a DBA (Doing Business As) change only. KenWheel Inc. remains unchanged. The president of the company, Lee Wheeler, has been serving southeast Texas for more than 16 years and has been in the commercial real estate business for more than 18 years. The structure and personnel of the company has not changed. Wheeler Commercial specializes in commercial real estate and brokerage services including sales, leasing, consulting and property management.