SHORELINE, Wash — Investment banking firm Evans Senior Investments (ESI) has arranged the sale of Shoreline Health and Rehab, a skilled nursing facility in the Seattle suburbs, for $6.6 million. Opened in 1968, the 106-bed facility underwent a $3 million renovation in 2012 which added 40 private rooms, accommodating more Medicare short-term rehabilitation patients. ESI represented the seller; the buyer was a publicly traded REIT.
DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $7.7 million HUD 213 loan for the construction financing of Vintage Park Cooperative of Beaverdale, a senior cooperative property in Des Moines. The 40-year HUD 213 loan was arranged for borrower Vintage Park Cooperative of Beaverdale. The property will feature 54 market-rate units with one-level floor plans with nine-foot ceilings, outdoor decks or patios and large walk-in closets. Additionally, the property will feature a fitness center, workshop, multi-purpose room, clubroom and garden plots for gardening.
NEWARK, OHIO — Marcus & Millichap has arranged the sale of Spring Valley, an apartment complex located at 269 Quail Creek Drive in Newark. The asset sold for $2.5 million. Built in 1992, the property features 76 two-bedroom townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshal of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investment group that specializes in properties located within tertiary markets throughout Central Ohio, in the transaction.
CARY, N.C. — Multi Housing Advisors (MHA) has brokered the $13.9 million sale of Northwoods Townhomes, a 137-unit apartment community located at 411 Gregory Drive in Cary, a town in North Carolina’s Triangle region. The property’s amenity package includes a fitness center, outdoor kitchen, swimming pool and lighted tennis court. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, QR Capital, in the transaction. The buyer was an undisclosed private investor based in New Jersey.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 88-92 Linden Blvd. in the Prospect Lefferts Gardens neighborhood of Brooklyn. Brookland Capital acquired the site for $6.5 million from INK Property Group. The site offers approximately 48,000 square feet of buildable air rights. Brookland Capital plans to develop a 66-unit rental and condominium property on the site. The 60,500-square-foot property will feature one- and two-bedroom units, ranging from 620 to 800 square feet, a gym, roof deck and 33 parking spots. Matt Cosentino, Peter Matheos and Eric Satanovsky of TerraCRG represented both parties in the transaction.
SAN DIEGO – An eight-bedroom apartment community in the San Diego submarket of Normal Heights has sold to Wang’s Growth LLC for $1.9 million. The community is located at 4640 Bancroft Street. The seller, Vaerus Utah LLC, upgraded the complex with all new interiors, including new kitchens, hardwood floors, bathrooms, heating, paint, lighting and appliances. The property also received new exterior paint, drought-tolerant landscaping, hardscape, exterior modern treatments, doors and new modern fencing. Vaerus was represented by Mark Morgan of ACI Apartments.
DALLAS — Balfour Beatty Communities has acquired a five-apartment complex portfolio in metro Dallas in a joint venture with equity partners Block Multifamily Group and Harbert Management Corp. on behalf of the Harbert United States Real Estate Fund V (HUSREF V). Balfour Beatty Communities will perform all property management services across the portfolio through its multifamily division, and Block Multifamily Group will be responsible for all asset management services. The acquisition portfolio includes Madison at Round Grove, a 404-unit complex located at 201 E. Round Grove in Lewisville; Madison on the Parkway, a 376-unit complex located at 19002 Dallas Parkway in Dallas; Wimberly Apartments, a 372-unit complex located at 4141 Horizon N. Parkway in Dallas; Wimbledon Oaks, a 248-unit complex located at 1802 Wimbledon Oaks Lane in Arlington, and; Villas of Josey Ranch, a 198-unit complex located at 2050 Keller Springs Road in Carrollton.
DALLAS — Marcus & Millichap has arranged the sale of Town Creek Condominiums, a 98-unit property located in Dallas. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office negotiated the contract on behalf of the seller. Fluellen and Hoover also procured the buyer, an out-of-state partnership. Town Creek Condominiums is located at 9727 Whitehurst Drive, just southwest of Interstate 635. Constructed in 1984, the asset is situated on approximately 3.5 acres.
SAN ANTONIO — HFF has secured fixed-rate financing for Ventana Apartments, a 390-unit, Class A apartment complex in San Antonio. Working on behalf of the borrower, Venterra Realty, HFF placed the five-year, 3 percent fixed-rate loan with a life company correspondent lender. Loan proceeds were used to acquire the asset. Ventana Apartments consists of 25 two- and three-story residential buildings containing one-, two- and three-bedroom units totaling 380,076 rentable square feet. Community amenities include two swimming pools with cabanas, a fitness center, clubhouse and gated access. The property is located at 11020 Huebner Oaks and is 95 percent leased. Cortney Cole and Jordan Finch led the HFF debt placement team representing the borrower.
New York City multifamily has historically been a darling of the real estate industry — and for good reason. It is arguably the most sought-after investment product type within commercial real estate investment’s most targeted city. It is the perfect demographic storm on the demand side: two-thirds of the population rent versus own; the population is arguably the best educated and includes the highest income generators in the nation; and the market continues to exhibit vast growth in household creation and population. Not to mention, the supply side is both geographically and politically constrained. These limitations are further exacerbated by very high costs to build. However, even with the dual push of supply and demand continuing to be in investors’ favor citywide, there are some areas that are softening. Two areas that seem to be softening are luxury condominiums in Manhattan and rental product in Long Island City (Queens) and the downtown Brooklyn area. Manhattan Luxury Condo Sales Slowing Manhattan is often a trendsetter that is months and years ahead of the rest of the country when it comes to real estate trends, and the return of the luxury condominium market is a prime example of this. Some 2,500 units were …
