LANSING, MICH. — Farmington Hills, Mich.-based Commercial Property Advisors has brokered the sale of Woodland Lakes Apartments, a 344-unit, Class A apartment community located in Lansing. Mount Auburn Capital Group, a California-based multifamily investment and management firm, purchased the property for more than $30 million. The deal marks Mount Auburn’s expansion into Michigan. Built in 2003, Woodland Lakes is situated on 60 acres. The property, which is currently 97 percent occupied, sold at a high 6 percent cap rate based on the 2013 year-end financials. Cary Belovicz of Commercial Property Advisors represented the seller, Woodland Lakes Investment Group LLC, an institutionally managed fund. K. Conly Chi of Mount Auburn says the transaction closed in less than 30 days from contract.
Multifamily
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 29-unit apartment property in Chicago The property is located at 4815 N. Springfield Ave. Built in 1927, the building has been upgraded within the past 10 years. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago downtown office, represented the seller, a partnership. Stengle also represented the buyer, Windy City RE LLC.
FLOWER MOUND, TEXAS — StoneCreek Real Estate Partners has begun construction on Elan Oaks, an 82-unit assisted living and memory care facility. Elan Oaks will be located at 3281 Long Prairie Road in Flower Mound, Texas and is expected to create more than 100 new jobs. The property will be owned and funded by a joint venture between StoneCreek and The Collin Fund with financing from NorthStar Bank of Texas. The building’s design includes 58 studio, one-bedroom and two-bedroom assisted living apartments along with 24 private and semi-private memory care suites. The project is expected to be completed in July 2015.
NILES, ILL. — Holladay Properties has arranged the lease of a new 4,000-square-foot medical office building in Niles, a suburb northwest of Chicago. North Suburban Physicians Group will occupy space at The Park at Golf Mill, a senior independent living community located at 8975 West Golf Road. North Suburban Physicians Group is expanding its practice in Niles to meet the needs of its growing patient base in the northwest suburban areas of Chicago. Liza Passarelli of Tenant Advisors Inc. represented the tenant in the transaction. Michael O’Connor of Holladay Properties represented the owner.
NEW YORK — Formation Capital and Safanad Limited have acquired a portfolio of 14 skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The 1,658-bed portfolio includes 11 facilities in Virginia, two in Maryland and one in Pennsylvania. Consulate Health Care, the sixth-largest skilled nursing care provider in the United States, operates the 14 properties.
RESTON, VA. — HFF has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit apartment building in Reston. The property will sit atop the entrance of the Wiehle-Reston East Metro Station. The upscale apartment community is the initial phase of the Reston Station mixed-use development that will include 550,000 square feet of office space, a 200-room hotel and an additional multifamily project. BLVD at Reston Station will feature one- to three-bedroom floor plans averaging 868 square feet. The property will also feature a resort-style rooftop swimming pool, fitness center, yoga room and private entertainment area with a glass fireplace, wet bar, media screen and billiard room. Walter Coker and Brian Crivella of HFF arranged the four-year construction loan through Citizens Bank on behalf of the borrower, Comstock Partners.
MONONA, WIS. — Dougherty Funding LLC has arranged an $18.5 million new construction loan for Treysta on the Water Apartments. The 124-unit apartment complex is located on the Yahara River in Monona, an eastern suburb of Madison. Dougherty Funding arranged the loan for Treysta Holdings LLC. The mixed-use property will include apartments with one-, two- and three-bedroom units, a restaurant and commercial space.
PHILADELPHIA — Federal Capital Partners has provided a $20 million mezzanine loan to finance the development of The Dalian on Fairmont, a 293-unit multifamily building in Philadelphia’s Museum District. Slated to break ground this fall, the nine-story property will be situated above the future Whole Foods in Rodin Square. The property will feature a second-level, 12,000-square-foot glass lobby, a 35,000-square-foot Sky Park outdoor amenity space, garage parking and views of downtown Philadelphia. Dalian Development is leading development and construction of the property. Property Capital LLC arranged the financing.
ALLEGHENY COUNTY, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has acquired two manufactured home communities totaling 283 pads in Allegheny County. The acquisition includes the 170-pad 51 Estates and 113-pad New Colony communities, which are located 20 minutes from each other and within 20 miles of downtown Pittsburgh. These acquisitions expand the company’s portfolio to 21 communities with approximately 3,200 sites. Since closing the joint venture in late 2012, FCP/Horizon has acquired 11 communities representing approximately $60 million in value.
HOUSTON — Westcreek HTX Partners LLC has closed on the final three parcels of the 30-acre Westcreek at River Oaks apartment complex in Houston. Austin-based Cypress Real Estate Advisors has been selling pieces of the property, which is located at West Loop 610 between Westheimer and San Felipe. The tracts sit next to the River Oaks District project being developed by San Diego-based OliverMcMillan. Clinton Sayers and Paul Byars with Sayers & Associates Commercial in Austin represented the buyer. CBRE represented the seller.