STATE COLLEGE, PA. — Bloomfield, N.J.-based Juniper Communities has acquired Brookline Village in State College for $35.5 million. The five-building, 274-unit property offers a mix of residential units: 116 skilled nursing/rehabilitation, 38 memory care, 87 personal care and 33 independent living. The buyer plans to rename the property Juniper Village at Brookville. Juniper Communities is one of the largest seniors housing providers with a concentration of operations in Pennsylvania, New Jersey, Florida and Colorado. This acquisition will increase Juniper’s size and resident capacity by 25 percent.
Multifamily
NEW YORK CITY — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided a $24.2 million HUD 232/223(a)(7) loan to refinance an assisted living facility in Queens’ Flushing neighborhood. The 154-unit facility offers 280 beds and a full array of skilling nursing services and amenities, including rehabilitation therapy, hospice and palliative care, as well a beautician/barber and recreational activities. Joshua Rosen of Capital One’s Chicago office originated the financing.
ATLANTA — The Shoptaw Group and its capital advisor Patterson Real Estate Advisory Group have closed a $16 million for Miller Station on Peachtree, a Class A, 192-unit apartment building in Atlanta’s Chamblee submarket. Shoptaw purchased the asset, then known as Battery at Chamblee Station, in late 2012. Patterson Real Estate Advisory Group arranged the refinancing through MetLife.
MIDDLETON, WISC. — ALTUS Commercial Real Estate Inc. has brokered the $525,000 sale of a townhome investment property in Middleton, approximately six miles west of Madison. A private investor purchased the property located at 2162-2168 Parmenter St. Chuck Polenz and Dan Roseliep of ALTUS represented the undisclosed seller.
SANTA MONICA, CALIF. – An eight-unit apartment building in Santa Monica has sold to a local private investor for $2 million. The community is located at 1811 19th Street, near Michigan Avenue. It was built in 1960. The buyer was represented by Wes Wellman of Wellman Realty Company. The sellers, two Los Angeles-based family trusts, were represented by Kimberly Roberts Stepp of Charles Dunn Company.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private investors, has arranged the $74.7 million sale of Mizner Court at Broken Sound, a 450-unit multifamily community located at 6503 N. Military Trail in Boca Raton. Still Hunter III of IPA represented the seller, CLP Mizner Court LLC, in the transaction. The buyer was Mizner Court Holdings LLC. The apartment community’s amenity package includes a recently remodeled lakefront clubhouse, two lakefront resort-style pools, two poolside spas, lakefront lounge areas, a fitness center, two lighted tennis courts, lakefront walking paths and a gated entrance with a guardhouse.
ATLANTA — NXT Capital has provided a $17 million acquisition loan for Cityscape at Midtown, a 192-unit apartment community in Atlanta’s Midtown neighborhood. Faron Thompson and John Bray of JLL arranged the loan, which is NXT Capital’s fourth transaction in Midtown Atlanta.
MARIETTA, GA. — CBRE has brokered the sale of Stratford Ridge, a 446-unit apartment community in Marietta, approximately two miles from the site of the new Atlanta Braves stadium opening in 2017. The property recently underwent capital improvements to its pool, clubhouse and fitness center. Brad Simmel of CBRE represented the seller, MESA Capital, in the transaction. Simmel worked closely with the new owner, Bridge Investment Group Partners, as well.
INDIANAPOLIS — Steadfast Apartment REIT has acquired a 307-unit apartment complex in Indianapolis for $27.9 million. Harrison Place is located at 5821 Beatle Drive. Constructed in 2001 on nearly 22 acres, the apartment community features one-, two- and three-bedroom apartments, and two- and three-bedroom cottages. The property was 95 percent occupied at the time of sale. Average in-place rents are $828. Amenities at the complex include a clubhouse/leasing office, fitness center, business center, laundry facility, swimming pool and a tenant lounge. The units also include refrigerators, microwaves, washer/dryer hook-ups and private patios or balconies. Steadfast plans to make interior improvements that will include upgrading the appliances and adding vinyl plank wood flooring. The acquisition of Harrison Place is the REIT’s second acquisition this year. In May, the REIT acquired the 176-unit Villages at Spring Hill in Spring Hill, Tennessee.
NEWARK, DEL. — Lowe Enterprises Investors (LEI) has purchased Christina Mill Apartments, a multifamily community located at 100 Christina Mill Dr. in Newark. Built in 1992, the 228-unit community consists of 25 separate apartment buildings on 18.5 acres. Some of the units have been recently renovated, and LEI plans to upgrade the remaining 171 units, as well as the common areas, including the clubhouse, fitness center, leasing office and business center. The community features a mix of one- and two-bedroom units with washer/dryers in each unit. Community amenities include a swimming pool and sundeck, a lighted tennis court, an off-leash dog park, a shared community garden and a bike share program. John Gaghan led the LEI acquisition team, while Erin Miller of JLL represented the seller, Korman Residential, in the transaction. Berkadia secured property financing. Additionally, LEI retained Greystar as property manager for the multifamily community.