GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of The Destino, a 192-unit apartment complex located roughly midway between Dallas and Fort Worth in Grand Prairie. The Destino comprises 18 buildings that were built on an 11-acre site in the 2000s. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor kitchen, playground and a dog park. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Atlantic Multifamily, in the transaction. The duo also procured the buyer, a New York-based private investment company.
TUCSON, ARIZ. — PeakMade Real Estate is set to break ground on Theory Tucson, a 395-unit mixed-use development located near the University of Arizona campus in Tucson. The conventional multifamily project, which will also contain some retail space, is designed to appeal to students as well as the local population. The 19-story community will span 686,000 square feet, offering units in studio, one-, two-, three- and four-bedroom configurations. Shared amenities will include a lounge, fitness area, coworking space and a rooftop swimming pool. The transit-oriented development will also feature access to a local rail line. The development team for the project includes M.A. Mortenson Co., Gensler, Power Design, Suntec Engineering and Rick Engineering. The community is scheduled for completion in fall 2027.
HENDERSON, NEV. — A joint venture between CREC Real Estate and The Calida Group has sold Coronado Ridge Skilled Nursing and Rehabilitation Center, a skilled nursing facility in the Las Vegas suburb of Henderson, for $33 million. JLL’s Seniors Housing Capital Markets team, in conjunction with Mark Wintner of JLL, represented the seller in the transaction. Completed in 2017, the facility totals 121 beds across 90 resident rooms. The 68,873-square-foot property is situated on 2.3 acres across from a 132-unit seniors housing community and a 62-unit memory care facility.
FLAGSTAFF, ARIZ. — Aultas has completed the disposition of Table Rock, an apartment community in Flagstaff, to Investors Capital Group for $25.9 million, or $259,000 per unit. Located at the intersection of interstates 17 and 40, Table Rock features 100 two- and three-bedroom floor plans, averaging 1,032 square feet. The community also features a leasing office, clubhouse and fitness center. The property was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
UNIVERSITY CITY, MO. — Subtext has begun development of LOCAL on Delmar, a 259-unit apartment complex in the St. Louis suburb of University City. Completion of the five-story project, located at 6650 Delmar Blvd., is slated for summer 2026. The 398,225-square-foot building will feature a mix of studio, one-, two- and three-bedroom layouts, including townhomes that walk out onto Delmar Boulevard. There will also be 399 parking spaces in a five-story garage and approximately 7,100 square feet of street-level retail space. Amenities will include a clubroom, vinyl listening station, work-from-home hub, wellness suite, gym, yoga studio, pool terrace and grilling area. Situated in the Loop, the project site is located within a 12-minute walk from Washington University. Project partners include Brinkmann Constructors, ESG Architecture & Design, Larson Capital Management, Stock and Associates Consulting Engineers Inc. and First Mid Bank & Trust.
WHITEHALL, PA. — Philadelphia-based brokerage firm SCOPE Commercial Real Estate has negotiated the $11.8 million sale of Aspen Apartments, an 80-unit multifamily building located in the Lehigh Valley city of Whitehall. The three-story building offers one-, two- and three-bedroom units that range in size from 1,080 to 1,600 square feet. The undisclosed buyer purchased the asset via a 1031 exchange following its disposition of two multifamily assets totaling 52 units in nearby Allentown. Zeke Rotter led the SCOPE team led that handled those sales as well as the purchase of Aspen Apartments.
TOLEDO, OHIO AND HOUSTON — An affiliate of Welltower Inc. (NYSE: WELL) has entered into an agreement to acquire NorthStar Healthcare Income Inc., a non-listed REIT that owns a diversified portfolio of seniors housing properties throughout the United States, for roughly $900 million. Toledo-based Welltower will take ownership of NorthStar Healthcare’s portfolio of 40 seniors housing communities in the acquisition. Founded in 2010, Houston-based NorthStar Healthcare’s portfolio includes independent living, assisted living and memory care properties. “We expect that this portfolio will serve to further enhance our regional densification strategy through our existing geographic footprint and network of exceptional seniors housing operators,” says Nikhil Chaudhri, co-president and chief investment officer of Welltower, calling the agreement a “win-win outcome for shareholders of both companies.” NorthStar Healthcare stockholders will receive $3.03 per share according to the agreement, exceeding the net asset value per share of $2.96 as decided by NorthStar Healthcare’s board of directors in June 2024. Under terms of the agreement, the NorthStar board of directors and advisors may initiate, solicit and consider alternative acquisition proposals during a 40-day “go shop” period beginning from the date of the merger agreement. The all-cash transaction is scheduled to close within the first half …
SAN MARCOS, TEXAS — Utah-based Helu Development has broken ground on The Entrada at San Marcos, a 336-unit affordable housing project located roughly midway between Austin and San Antonio. The development will comprise six three-story buildings on a 14-acre site. Units will feature studio, one- and two-bedroom floor plans and will be reserved for households earning 80 percent or less of the area median income. Amenities will include a clubhouse with a 24-hour fitness center, pickleball court, a resort-style pool and spa, grilling areas and a playground. Helu is developing the project, which is expected to be complete by early 2026, in partnership with American South Capital Partners.
BARTOW COUNTY, GA. — Hines and Aubrey Corp. plan to co-develop a new 10 million-square-foot mixed-use community in Bartow County, a northwest suburban node of Atlanta. The master-planned project, called Aubrey Village, will sit on 2,390 acres at the I-75 interchange with U.S. Route 411, which is located near multibillion-dollar plants underway for Hyundai-SK Battery and QCells. Once complete, the development will include new manufacturing, data center and logistics facilities, as well as a supermarket, shops, restaurants, hotels and a variety of residential properties that will accommodate 2,800 families. The industrial-zoned land spans 1,200 acres and will accommodate two industrial parks. Aubrey Village will also feature a network of trails, parks and walkways and a Bartow County public school. The project is projected to be completed over the next 10 to 12 years in several phases, with Hines expecting to break ground on the initial infrastructure later this year or in 2026. Jim Ramseur and Samantha Wheeler with Lee & Associates represented Aubrey Corp. in venture formation, and Ramseur Real Estate Advisors will act as the managing consultant for the co-developers’ commercial and residential parcels moving forward.
ORLANDO, FLA. — Halstatt Real Estate Partners has sold UnionWest at Creative Village, a 664-bed student housing property near the University of Central Florida’s (UCF) downtown Orlando campus. Halstatt developed the 15-story tower in partnership with Development Ventures Group and Ustler Development in August 2019. Provident Resources Group purchased UnionWest for an undisclosed price using bonds underwritten by BofA Securities. Located at the corner of West Livingston Street and North Terry Avenue, the student housing tower is a component of the $1.5 billion Creative Village mixed-use campus, which includes academic space for both UCF and Valencia College’s downtown campus. In addition to student housing, UnionWest offers more than 100,000 square feet of academic space, 11,000 square feet of street-level retail space and a 600-space parking garage.