IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …
PUEBLO, COLO. — A private individual has purchased the 236-unit Landings at Eagleridge Apartments in Pueblo for $28 million. The community is located at 4749 Eagleridge Circle. Landings at Eagleridge was built in two phases. Phase I was completed in 2002, while Phase II was finished in 2008. Ron, Shane and Ryan Spraggins of Commonwealth represented both the buyer and seller, H.E. Whitlock.
BOULDER, COLO. — Cardinal Group Management will manage 9Seventy in Boulder, located on the east side of the University of Colorado at Boulder. The property is comprised of 138 units across five four-story buildings. Beginning in November 2015, 9Seventy will offer studio, one-, two- and three-bedroom apartment homes. The community will have a resident clubroom with kitchen, outdoor grilling area, views overlooking Chautauqua Park and the Flatirons, swimming pool, fitness center, business center, billiards table and guest patio. Cardinal Group Management will now manage more than 11,000 units in 20 states.
DALLAS — After 12 years with Marcus & Millichap, a team of commercial real estate agents has started its own firm, the Vitorino Group. The team aims to build on its track record of retail investment sales throughout Texas and the Southwest, but will expand its business model to include all facets of a commercial real estate firm. Jason Vitorino leads the company, which opened Sept. 28. Vitorino Group also includes Jared Aubrey, Michael Austry, Adam Gottschalk, Anthony Pucciarello, Bryce Gissler and James Mangum. The Vitorino Group also employs a transaction coordinator, financial analyst, marketing coordinators and research analysts.
PASADENA, TEXAS — 29th Street Capital (29SC), a privately held real estate firm, has acquired Casa Palmas, a 308-unit apartment community in the southeast Houston suburb of Pasadena. The transaction closed Sept. 29. 29SC purchased the asset from a Dallas-based investment group on an off-market basis. The asset, built in 1970, has undergone capital upgrades over the last 10 years, including new roofs and siding, as well as improvements to the amenities and interiors. 29SC plans to invest an additional $700,000 ($2,200 per unit) to install black appliances and upgrade plumbing, light fixtures and cabinet hardware. Casa Palmas, located at 3500 Red Bluff Road, is located near Beltway 8 and the Pasadena Freeway.
NEW YORK CITY — Megalith Capital Management and Urban Realty Partners have launched sales for 200 Water Street, a six-story boutique residential building in Brooklyn’s historic DUMBO neighborhood. The property includes 15 gallery-style condominiums featuring two, three or four bedrooms with expansive windows and up to 14-foot high ceilings. Converted from a former 1950s Brillo steel wool factory, 200 Water was designed by Gil Even-Tsur’s Architecture Workshop and Aufgang Architects. The building’s penthouse feature roof decks, terraces and floor-to-ceilings windows. On-site amenities include a fitness center, landscaped garden, bike storage and a doorman.
NEW BEDFORD, MASS. — Fantini & Gorga has arranged $13.5 million in permanent financing for Riverbank Lofts, a former mill that was converted to an apartment property in New Bedford. Situated on 6.5 acres, the three-story property features 126 units in a mix of one-, two- and three-bedroom layouts, a 160-vehicle garage, a fitness center and a common room. The units feature high ceilings, exposed wide plank hardwood floors and stainless steel appliances. Derek Coulombe and Jason Cunnane of Fantini & Gorga secured the financing for the undisclosed borrower.
DUMONT, PALISADES PARK AND BELLEVILLE, N.J. —Redwood Realty Advisors has brokered the sales of three apartment buildings, totaling 49 units and $6.5 million, in New Jersey. In Dumont, a 22-unit apartment building sold for $3 million and a cap rate of 5.9 percent. In Palisades Park, an 11-unit property sold for $2 million, or $184,000 per unit, and a cap rate of 5.7 percent. Finally in Belleville, a 16-unit garden complex property sold for $1.4 million and a cap rate of 6.5 percent. Michael Scrima and Jeremy Wernick of Redwood Realty Advisors handled the transactions. The names of the sellers and buyers were not released.
ASTORIA, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 25-22 38th St. in Astoria. The three-unit apartment building sold for $1.6 million. Shaun Riney, James Saros and Daniel DeGiovanni of Marcus & Millichap’s Brooklyn office represented the seller, a developer, while Riney, Saros, DeGiovanni and Robert Hunter, also of Marcus & Millichap, secured and represented the buyer, a developer, in the transaction.
GRAND JUNCTION, COLO. — Welbrook Senior Living and Embree Healthcare Group have started construction of a new transitional rehabilitation facility in Grand Junction, and have secured final financing for the project from CNL Healthcare Properties, a real estate investment trust (REIT) based in Orlando, Fla. The facility, the name of which was not released, will feature 50 private suites. Texas-based Embree is developing the facility, which California-based Welbrook will operate when complete. The companies expect to admit the first resident in the second half of 2016.