FLORENCE, KY. — Berkadia has arranged the sale of a 104-unit assisted living and memory care community in Florence, approximately 10 miles southwest of Cincinnati. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT, in the transaction. A private equity group purchased the asset for an undisclosed price.
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente-based seniors housing investor, has acquired three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties. The portfolio totals 475 assisted living, skilled nursing and memory care beds/units. Bayshire Senior Communities, an existing CareTrust tenant based in Southern California, has taken over management of all three properties. The highest profile property of the three is Torrey Pines Senior Living in San Diego. CareTrust paid $32.3 million for the asset, including transaction costs. Annual cash rent for the first year is approximately $2.6 million, increasing to approximately $3 million in the second year with CPI-based annual escalators thereafter. CareTrust completed the acquisition of the other two CCRCs through a joint-venture arrangement with a third-party regional healthcare investor. Pursuant to the arrangement, CareTrust is the managing member of the joint-venture entity. CareTrust provided a combined common equity and preferred equity investment amount totaling approximately $28 million. The joint-venture landlord has leased these facilities to Bayshire pursuant to a new, triple-net master lease agreement with an initial term of 15 years with two five-year extension options. CareTrust’s initial contractual yield on its combined preferred and common equity investments …
NORMAN, OKLA. — Marcus & Millichap has brokered the sale of Campus Lodge, a 192-unit student housing property located about two miles from the University of Oklahoma campus in Norman. Built in 2004, Campus Lodge comprises 19 buildings that house 768 beds in three- and four-bedroom layouts. Amenities include a pool, sand volleyball court, basketball court, outdoor grilling and dining stations and a coffee bar. Patrick Mullowney and Joel Dumes of Marcus & Millichap represented the seller, The Collier Cos., in the transaction. The duo also procured the buyer, Denver-based investment firm Cardinal Group. Campus Lodge was 97 percent occupied at the time of sale.
CHICAGO — A joint venture between Mavrek Development, Double Eagle Development, Luxury Living and GW Properties has opened The Saint Grand, a 248-unit luxury apartment complex in Chicago’s Streeterville neighborhood. In addition to the apartment units, the project includes 45,000 square feet of office space and 8,000 square feet of street-level retail space. The first residents began moving in last month. Amenities include a fitness center, coworking spaces, lounges and a rooftop pool deck that is scheduled to open in May. The project team included architecture firm NORR, general contractor Lendlease and interior designer Harken Interiors. Cushman & Wakefield is handling residential and commercial property management.
WELDON SPRING, MO. — New Perspective is nearing completion of a new senior living community in Weldon Spring, about 30 miles west of St. Louis. A leasing office is now open at the property, which is scheduled for completion this summer. The community will offer independent living, assisted living and memory care services. The number of units was not provided.
COLUMBUS, OHIO — United Church Homes Management (UCHM) will manage two seniors housing properties in Columbus. Alongside its current management of Wexner Heritage Village, UCHM will now provide management services for Bexley Heritage Apartments and Village Shalom Apartments. UCHM, an affiliate of United Church Homes, is headquartered in Marion, Ohio, and operates more than 90 senior living communities.
NEW YORK CITY — Locally based development and investment firm Fetner Properties has sold its remaining interest in The Victory, a 45-story apartment tower located at 561 10th Ave. in Manhattan’s Hell’s Kitchen neighborhood. The percentage and sales price were not disclosed. The building houses 417 units in studio, one- and two-bedroom formats and 12,000 square feet of commercial space. Empire State Realty Trust (NYSE: ESRT), which previously bought a majority stake in The Victory in late 2021, now owns the building outright.
SALEM, N.H. — Regional developer The Dolben Co. has completed Caro Tuscan Village, a 260-unit multifamily project in Salem, New Hampshire. The site spans 7.7 acres within Tuscan Village, a mixed-use destination that is a redevelopment of the former Rockingham Park horseracing complex. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, conference room, clubroom and outdoor grilling and dining stations. Boston-based HDS Architecture designed the project, and Pilot Construction served as the general contractor.
MIAMI — Berkadia has arranged a $328 million construction loan for Baccarat Residences Miami, a 355-unit luxury condominium tower planned at the gateway of Brickell Avenue in Miami. Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the floating-rate loan through Bank OZK on behalf of the borrowers, Related Group and GTIS Partners. Baccarat Residences, which is currently 95 percent presold, is scheduled for completion in early 2028. Designed by Arquitectónica and managed by SH Hotels & Resorts, the tower will feature more than 75,000 square feet of high-end amenities, including a marina, spa, art installations and a health and fitness center.
ASHEVILLE, N.C. — TruAmerica Multifamily has acquired Westmont Commons, a 252-unit apartment community in Asheville, for $49.9 million. Rob Russell and Richard Kourbage of Greystone originated a Freddie Mac acquisition loan for the buyer. The seller was not disclosed. Westmont Commons was built in phases in 2003 and 2008. The new buyer plans to make capital improvements in every unit with modern finishes, including new washers and dryers. TruAmerica also plans to upgrade the property’s swimming pool, fitness center and clubhouse, as well as convert the laundry room to a pet spa.