HOUSTON, AUSTIN AND ODESSA, TEXAS —Dallas-based Stroud Development and Stroud Investments have finalized the sale of four assisted living and memory care communities in the Houston, Odessa and Austin Markets to ROC Seniors. The sale, valued at more than $70 million, was financed using the HUD 232 debt program and has been a joint venture project with Orchard Park Senior Living. Development began in 2011. Bedford, Texas-based Arrive Architecture Group designed the Orchard Park communities. Each community serves 57 assisted living residents and includes a separate secured wing serving 40 Alzheimer’s and/or dementia care residents. The Orchard Park communities also feature landscaped courtyards, private dining amenities, special events venues, fitness and wellness areas, therapy rooms and a salon. Additional services include transportation, wellness programs, weekly linen and housekeeping services and assistance with activities of daily living.
FISHERS AND SPEEDWAY, IND., AND AURORA, ILL. — Steadfast Apartment REIT has acquired three apartment communities totaling 643 units for $80.8 million. Two of the acquired properties are located in greater Indianapolis. The REIT purchased Reveal on Cumberland for $29.5 million, a 220-unit apartment community in Fishers, 16 miles northeast of downtown Indianapolis. Steadfast Apartment REIT also acquired the 277-unit Eagle Lake Landing Apartments in Speedway, less than six miles outside of the Indianapolis central business district, for $19.2 million. In the third transaction, the REIT purchased Randall Highlands Apartments in North Aurora, Ill., for $32.1 million. The property is located 30 miles west of Chicago and includes 146 units.
CHICAGO — Interra Realty has brokered the $893,000 million sale of a seven-unit, vintage apartment building at 1509 W. Bryn Mawr in Chicago’s Andersonville neighborhood. The three-story walk up is made up of two-bedroom, one-bathroom units. Craig Martin of Interra Realty represented both the seller and buyer in the transaction. The buyers plan to make renovations to the property.
PORT ROYAL, S.C. — Big Rock Partners and joint venture partner Millennium Real Estate Group plan to develop a $25 million seniors housing rental community in Port Royal, near Hilton Head Island in South Carolina’s Lowcountry region. The partnership plans to begin construction on the project in early 2016 and wrap up construction in early 2017. The property will span 126 rental residences — 60 independent living, 45 assisted living and 21 memory care. The new community will be located on a 50-acre property that Millennium Real Estate Group owns. The other components of the tract include The Preserve luxury apartments, Port Royal Center and the Keyserling Cancer Center, which is an affiliate of Duke Medicine. Winston-Salem-based CJMW Architecture is designing the community.
LINTHICUM, MD. — MAC Realty Advisors LLC has placed approximately $22 million in joint venture equity for the development of Alexan Concorde Circle, a 310-unit apartment community in Linthicum, roughly 10 miles south of Baltimore. The 11.4-acre site is located off of Nursery Road and is one mile from the Baltimore Washington International Thurgood Marshall Airport, Amtrak and MARC stations. MAC placed the equity through an unnamed private equity real estate fund on behalf of the developer, Trammell Crow Residential. Trammell Crow will break ground on the project in the second quarter and will deliver the first units in the third quarter of 2016.
CLEARWATER AND TAMPA, FLA. — Marcus & Millichap has brokered the $21 million sale of two apartment communities in the Tampa Bay area. The buyer, Montreal-based Groupe Mach Inc., purchased the 200-unit Royal Breeze Apartments in Clearwater for $13.9 million and the 168-unit Lenox Place Apartments in Tampa for $7.1 million. Casey Babb, Luis Baez and Moe Derbala of Marcus & Millichap’s Tampa office represented the seller, Tampa-based Hachem Investments, in the transaction. Groupe Mach was represented internally.
NEW YORK CITY — Triangle Equities has completed the development of a nine-story mixed-use building located at 42-05 Parsons Blvd. in the Flushing neighborhood of Queens. The 28,546-square-foot condominium building features 14 residential units and five office units. The lower level of the building is being offered as a community facility space, totaling 6,755 square feet in five separate units. The space features 13-foot ceilings, a separate elevator and staircase and a private entryway. The top floors offer 14 two-bedroom/bathroom condos and two three-bedroom/bathroom penthouses on the top two floors. Ranging in price from $550,000 to more than $1 million, the residential condos feature hardwood floors, private balconies/terraces, walk-in closets, stacked washer/dryers and a video intercom entry system. Block & Lot Real Estate & Management is representing the ownership in all residential sales, while Cushman & Wakefield is handling the sale of the community facility space.
LANSDALE, PA. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has acquired Silk Factory Lofts, a 116-unit apartment community located at 200 S. Line St. in Lansdale, for an undisclosed price. Originally built in 1922 as the Interstate Hosiery Mill, the building was converted to a multifamily property in 2008. The 99 percent-occupied property features a mix of one-, two- and three-bedroom units with open floor plans, high ceilings, large windows and modern finishes. Community amenities include a fitness center, community room and landscaped courtyards. The joint venture plans to upgrade unit finishes and complete improvements to the common areas. Greystar has been retained to manage the property. Jones Lang LaSalle represented the seller, an affiliate of Morgan Properties, in the transaction.
SAN MATEO, CALIF. – The 26-unit Park Laurel Apartments in San Mateo has sold to MNM Partners LLC for $10.3 million. The community is located at 710 Laurel Ave. It was built in 1959. The seller, the Brenner Family Partnership, was represented by Ted Kokernak of Marcus & Millichap’s Palo Alto office.
TEMPE, ARIZ. – The 58-unit Arizona Sun apartment community has sold to a limited liability company for $3.6 million. The community is located at 1895 & 1901 East Don Carlos Ave. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented both the buyer and seller, another LLC, in this transaction.