DALLAS — Presbyterian Village North, a continuing care retirement community (CCRC) in north Dallas, is expanding with the construction of two new independent living buildings, a fitness center and transitional care unit, as well as an addition to its existing assisted living building. The project, valued at $93 million, will add approximately 350,000 square feet to the campus, allowing Presbyterian Village North to house and serve the needs of about 200 more seniors each year. The independent living buildings will include the 48-unit Leonard Rose Villas and the 56-unit Martins Landing. The fitness center will feature a swimming pool, spa, locker rooms and café. The 60-bed transitional care unit will connect to the existing rehab unit. Joyce Hall, the assisted living building, will expand with 71 new apartments. Construction is slated to begin in June. Presbyterian Village North is a development of faith-based nonprofit organization Presbyterian Communities and Services.
Multifamily
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of two multifamily properties in Amarillo, the 195-unit Lighthouse Apartments and the 216-unit Canyon Ranch. Lighthouse Apartments is located at 4515 S. Virginia St., and Canyon Ranch is located at 4615 S. Virginia St., both in proximity to I-27, I-40, Amarillo College and West Texas A&M University. Both complexes are of garden-style construction and offer one- and two-bedroom residences. Tommy Lovell III and Kim Westcott of Marcus & Millichap marketed the assets on behalf of the seller, a financial institution. Lovell and Westcott also procured the buyer, a limited liability company.
RENTON, WASH. — TruAmerica Multifamily has acquired the 174-unit Montclair Heights apartment complex in Renton for $28.6 million. The community is located at 2223 Benson Road S. It was built in 1990. TruAmerica plans to make improvements to the property. The seller was Braddock & Logan. The transaction was executed by David Mortensen of Turning Point Realty Advisors and Dave Schumacher and Dylan Simon of Colliers International. TruAmerica has purchased nearly $110 million dollars of apartments in the Seattle area in the past five months.
MIAMI — Colliers International South Florida has arranged the sale of two sites totaling nearly three acres in Miami’s central business district (CBD) for $33.1 million, or $256 per square foot. Larry Stockton, Alex Morcate and Jeff Resnick of Colliers International represented the sellers, Riverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, both controlled by Intergra Investments. The buyers, MRP Parcel 5 LLC and MRP Parcel 6 LLC, are both controlled by KAR Properties. The land parcels are part of Miami River Village, Miami CBD’s only gated waterfront community. KAR is approved to develop 1,426 units in three high-rise towers, the first of which is an 800-foot tall condominium property. Colliers International has another multifamily site in Miami’s Brickell neighborhood that is under agreement, according to Stockton.
BEAVER, PA. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh. A private consortium of owners and investors based in New York and New Jersey purchased the property for $33.5 million from Beaver County, Pa. Situated on 25 acres at 246 Friendship Circle, the nursing home facility has been in operation since 1959. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia office, represented the seller in the transaction.
CLARK, N.J. — Garden Communities, a subsidiary of Garden Homes, has opened the first apartment building at Woodcrest at Clark, an active-adult residential community in Clark. Located in Central Jersey, the four-building property will offer one- and two-bedroom units ranging from 900 to 1,630 square feet. The apartment units feature granite countertops, breakfast bars, stainless steel appliances, custom walk-in closets, master bathrooms with soaking tubs and double vanities, private balconies, controlled central heat and air conditioning, and utility rooms with washers and dryers. Additional property amenities will include a clubhouse with fireplaces, a fitness center, a card room and a TV lounge, which are slated for completion this summer. Garden Communities is currently preleasing the second apartment building, which is expected to be available for move-in by July. Completion for the entire project is slated for 2015.
DENVER — The Patrician, a 36-unit apartment building in Denver, has sold to a local apartment real estate investment and management company for $6.3 million. The community is located at 1075 Corona Street in the city’s Cheesman Park neighborhood. The seller, the Gruber family, was represented by Justin Hunt and Andy Hellman of ARA Colorado.
SOUTH MIAMI, FLA. — Construction will begin this summer on Metro South Senior Apartments, a 91-unit independent living community located at the northwest corner of Sunset Drive and S.W. 61st Avenue in South Miami. Beneficial Communities, the developer, recently received approval for the development from the city of South Miami. The seven-story community will include a leasing office and commercial space on the ground floor and tenant amenities on the second floor. Amenities will include a café, game room, theater, fitness center, laundry facility and an integrated four-story parking garage. The design team includes architect and interior designer Forum Architecture & Interior Design Inc., general contractor Siltek Group Inc., structural engineer ONM&J Inc., MEP engineer Joseph Lawrence & Co. LLC and civil engineer Develotec Inc.
WEST COLUMBUS, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of a multifamily community in West Columbus for an undisclosed price. Havenwood Townhomes, an affiliate of The Romney Group, purchased the former Metro West Apartments, a 1,200-unit apartment complex located at 4312 Westport Road. Havenwood has plans for a multi-million-dollar interior and exterior renovation of the apartment site. Barry Swatsenbarg and Rich Deptula of Investment and Loan Sale Advisory Services represented the seller in the transaction.
JERSEY CITY, N.J. — CBRE Group has brokered the sale of 350 Warren Street, an industrial warehouse redevelopment project in Jersey City’s Powerhouse Arts District, to Mill Creek Residential Trust for an undisclosed price. Mill Creek Property Trust is partnering with Rockwood Capital to transform the eight-story, former industrial building into 366 luxury loft-style apartments. Slated for completion in first quarter 2016, the property will feature a rooftop deck, fitness center, clubroom with bar, dog washing station, bicycle storage and repair station, conference rooms and a 24-hour concierge. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE’s New York Institutional Group represented the seller, 350 Warren LP, and procured the buyer in the transaction.