SEATTLE — Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. …
NORWALK, CALIF. – The 192-unit Avalon at Civic Center in Norwalk has sold to Sares-Regis Multifamily Fund, L.P. for an undisclosed sum. The community is located at 12700 Bloomfield Ave. Sares-Regis plans to upgrade and rebrand the property as Solterra at Civic Center. The seller, Avalon Bay, was represented by HFF’s Mark Peterson and Sean Deasy.
WILLIAMSBURG, VA. — Merrimac Associates has acquired a Williamsburg apartment community from Woodshire LLP for an undisclosed amount. Village of Woodshire Apartments is located at 150 Merrimac Trail. It comprises 252 one- through three-bedroom units on a heavily wooded site. Community amenities include a playground, a laundry facility, a swimming pool and a picnic area. Dan Johnson and Hank Hankins of CBRE|Hampton Roads partnered with Andrew Boyer and Jonathan Greenberg of CB Richard Ellis’ Washington, D.C. Multi-Housing Group to represent the seller.
NEW YORK CITY — Treetop Development has purchased Saxon Hall, a 16-story high-rise multifamily building located at 62-60 99th St. in the Rego Park neighborhood of Queens, for $85.2 million. The 417-unit building is the latest in Teaneck, N.J.-based company’s plan to grow its portfolio of homes by purchasing rental properties in emerging and undervalued New York City neighborhoods. The property includes two ground-floor commercial spaces and an underground garage. Jose Cruz and Andrew Scandalios of HFF served as brokers for the transaction, and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer. Treetop plans to invest $5 million to upgrade the exterior façade, improve building systems such as elevators, electric, plumbing and roof and enhance cosmetics in the lobby and hallways. Saxon Hall features laundry rooms, secure parking, storage and an on-site playground.
PORTSMOUTH, N.H. — Boston-based Fantini & Gorga has arranged $7.3 million in financing for Millport Apartments, a 63-unit, loft-style multifamily property in Portsmouth. The FHA-insured financing includes a 35-year, self-amortizing term. Eastern Mortgage Capital provided the loan using FHA mortgage insurance under the 223(f) program, which provides long-term, fixed-rate nonrecourse financing. Millport Apartments, located at 1001 Islington St., is a former mill redeveloped into housing by the current owner in 1996. The property has a mix of studio, one-, two-, three- and four-bedroom units, as well as 3,830 square feet of commercial space.
TOMBALL, TEXAS — Dallas-based Trammell Crow Residential has broken ground on Alexan Creekside, a 380-unit multifamily community at 8627 Hufsmith Road in Tomball. The community will sit on a 20.5-acre lot on the southwest corner of Kuykendahl and Hufsmith roads, adjacent to the Village of Creekside Park addition in The Woodlands. Trammell Crow plans to open the first group of units, ranging from 691 to 1,396 square feet, later this year. The craftsman-style community will feature a brick and stone facade, staggered rooflines and varying elevations between two and three stories. Amenities will include a fitness center, resort-style courtyard, two swimming pools, fenced-in dog park with wash station and a clubhouse with WiFi access, a demonstration kitchen and a game room.
HOUSTON — Beech Street Capital LLC has closed a $30.9 million Freddie Mac CME loan for the acquisition of The Westheimer, a 244-unit multifamily community in Houston. Brian Sikes of Beech Street's Boston office originated the 10-year loan with 10-years of interest only payments and a 30-year amortization schedule. Boston-based Intercontinental Real Estate Corp. manages the borrower, U.S Real Estate Investment Fund. The property was built in 2008 and includes a security gate, pool, barbecue plaza, fireplace plaza, storage, coffee bar, massage room, dry cleaning, room service and pool-side cabanas.
SAN ANTONIO — Dallas-based Frontline Holdings, a private investment firm, has purchased the 164-unit Whispering Hills Apartments in northeast San Antonio. The Class B, garden-style community is 95 percent occupied. The property features one-, two- and three-bedroom floor plans, as well as a business center, two swimming pools and barbecue grill areas. Casey Fry of ARA's San Antonio office represented the seller, Commerce Capital, in the transaction.
NORWALK, CALIF. – The 192-unit Avalon at Civic Center in Norwalk has sold to Sares-Regis Multifamily Fund, L.P. for an undisclosed sum. The community is located at 12700 Bloomfield Ave. Sares-Regis plans to upgrade and rebrand the property as Solterra at Civic Center. The seller, Avalon Bay, was represented by HFF’s Mark Peterson and Sean Deasy.
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged a total of $30.83 million in Fannie Mae DUS financing for the purchase of two Jacksonville multifamily communities. The first transaction was a $16 million, non-recourse loan secured by Timberwalk at Mandarin Apartments. The garden-style community contains 284 units and features a playground, a swimming pool, a spa, a dog park, a fitness center, a clubhouse, tennis courts and laundry facilities. The loan carries a 10-year term, a 30-year amortization schedule and 2 years of interest-only payments. The second transaction was a $14.83 million first mortgage secured by Chase Oaks Apartments. The garden-style community contains 240 units and features a clubhouse, two swimming pools, a sports court, a dog park, a fitness center, an internet café, a playground, a car care area, and laundry facilities. The loan carries a 12-year term, a 30-year amortization schedule and 3 years of interest-only payments. The borrower, which was the same in both deals, plans to complete exterior renovations to Chase Oaks Apartments. The properties will be managed by Merion Realty Management, a borrow-affiliated company. Taylor Williams of Grandbridge’s Jacksonville office originated and closed both loans.