MANCHESTER, CONN. — New York-based operator Connect55+ has begun leasing a 128-unit active adult community located at 140 Spencer St. in Manchester, about 10 miles east of Connecticut. Connect55+ Manchester offers one- and two-bedroom apartments that all have private patios/balconies. Amenities include a movie theater, fitness center, library and a community center. Information on starting rents was not disclosed. The facility is the first in Connecticut for Connect55+.
PHOENIX — Colliers has secured a $520 million refinancing for Grand Canyon University’s (GCU) real estate portfolio in Phoenix. Placed through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024), the loan includes the refinancing of two bridge loans placed by Colliers in October. The loan, which also pays off the university’s credit line, is a 3a2 bond financing and was issued as a partial refinancing of bonds issued by the university in 2021. Robert Kline, Todd Noel and Mindy Korth of Colliers Mortgage Advisory in Phoenix arranged the refinancing. John Stevenson and Mark Somers of Goldman Sachs’ higher education group and the law firms of Ballard Spahr and Nixon Peabody were also involved in the transaction. “The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” says GCU President Brian Mueller.
MOSCOW, IDAHO — A public-private partnership between the University of Idaho, Gilbane Development Co. and Rocky Mountain Cos. is set to begin a $162.8 million renovation and expansion of the university’s campus in Moscow. The project will include the renovation and redevelopment of the university’s South Hill and Elmwood Apartments, the Wallace Residence Center and the Theophilus Residence Building. “We continue to see enrollment growth as we prove again and again the University of Idaho’s value,” says Scott Green, university president. “Our on-campus housing is an important piece of that value, and our students need and deserve modern living and learning facilities.” The development team for the project includes Lydig, Integrus and Design Collective. A timeline for the project was not announced.
TEMPE, ARIZ. — A partnership between PGIM Real Estate and High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has completed the disposition of Smith & Rio, an apartment property in Tempe. A global investor acquired the asset for an undisclosed price. Completed by HSR in 2023, Smith & Rio offers 310 apartment units, a rooftop deck, resident clubhouse with gaming tables, a fireplace and seating areas, and a central courtyard including a resort-style pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour fitness center, reception area and leasing office, multiple seating areas, coworking offices, pet spa and another outdoor courtyard with a dog park and yoga lawn. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.
INDIANAPOLIS AND AVON, IND. — Berkadia has negotiated the sale of two seniors housing properties totaling 242 units in metro Indianapolis for an undisclosed price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller, a private equity firm. A publicly traded REIT was the buyer. Traditions Management operates both communities and will continue to do so. Built in 2014, Traditions of Reagan Park in Avon features 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Built in 2014, Traditions of Solana in Indianapolis features 117 independent living, assisted living and memory care units, including 24 independent living villas built in 2014 and 2016.
ST. CLOUD, MINN. — Marcus & Millichap has brokered the $5.5 million sale of Westwind Apartments, a 60-unit affordable senior living property in St. Cloud, a city in central Minnesota. Located at 765 Savanna Ave. and built in 2004, the community offers a mix of one- and two-bedroom units across 55,686 rentable square feet. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota partnership, and procured the buyer, a North Dakota partnership.
By Taylor Williams ATLANTA — There is nothing wrong with the new interest rate environment that currently governs capital markets activity in commercial real estate, and borrowers just need to adjust their expectations, put them into historical context and get back to making deals. This is the view of at least a couple veteran lenders who spoke at the InterFace Multifamily Southeast conference on Dec. 4 at the Cobb Galleria Centre in Atlanta. The event is now in its 15th year and continues to attract hundreds of multifamily developers, investors and lenders from across the region. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Following two cuts totaling 75 basis points earlier this year, the target range for the federal funds rate, or the overnight interest rate at which banks lend to each other, currently sits at 4.5 to 4.75 percent. This year’s cuts marked the first monetary easing by the Federal Reserve in more than four years, and while at least a couple more slashes to the overnight rate are anticipated in the coming months, …
SWEETWATER, FLA. — Terra, a Miami-based developer, has obtained a $170 million construction loan to fund the development of Upland Park, a planned $1 billion mixed-use development in the west Miami suburb of Sweetwater. Terra is transforming Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The local developer is teaming up with Miami-Dade County on Upland Park in a public-private partnership. SCALE Lending, Slate Property Group’s debt financing arm, was the lead lender on the construction loan. Terra will use the loan proceeds to fund Phase I of Upland Park, which will comprise 578 apartments. The first phase is slated to break ground in early 2025. Designed by PPK Architects, in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design, Upland Park will include more than 2,000 new mid-rise and garden-style apartments, about 282,000 square feet of shops and restaurants and approximately 414,000 square feet of commercial space. Upland Park is designed to increase public transit ridership while anchoring the new East-West Corridor of Miami-Dade County’s SMART public transportation plan. Potential transit riders will have direct access …
Atlanta remains one of the most desirable markets in the country for investors due to its diverse economy, below-national average unemployment rate, steady increase in jobs and population growth. These market fundamentals have translated to a well-performing multifamily market that, despite short-term macro challenges, is in a unique favorable position due to its relatively low supply compared to other peer Sunbelt markets. Demand for multifamily has seen a rebound in 2024 and Atlanta has been resilient in the middle of a multi-year supply wave. Over the past two years, the market delivered approximately 35,000 units and that number is expected to drop to just 9,000 units in 2025 and less than 4,000 units in 2026. This will lead to tightening occupancies and strong rent growth. The city has already recorded its seventh consecutive quarter of net positive net absorption as of the second quarter of 2024, which is a quarterly high since mid-2021 at 5,799 units. New development, on the other hand, has been a bit more challenging due to the higher return on cost requirements, flat rent growth and a lack of meaningful relief on construction costs. Market valuations for newly constructed assets are near current replacement cost, which …
ORLANDO, FLA. — Altman Living has opened Phase II of Altís Grand Lake Willis, a 230-unit luxury apartment community in Orlando. The second phase is situated adjacent to the first phase of the community, which welcomed residents to the city’s O-Town West neighborhood last year. Located at 6260 Juniper Pine Way, the garden-style complex features one-, two- and three-bedroom apartments ranging from 707 to 1,248 square feet in size, with monthly rental rates spanning $1,750 to $2,700. Amenities include a resident and business lounge, heated saltwater pool, an outdoor entertainment zone complete with a fireplace, TVs, Wi-Fi and ping-pong, an onsite pet park and cyber café, steam rooms, movie theater, virtual gaming space and a private sports simulator. The development is also National Green Building Standard (NGBS) certified, featuring sustainable elements such as energy-efficient, stainless steel appliances, Energy Star-rated refrigerators and dishwashers and high-efficiency water heaters.