CUMMING, GA. — CNL Lifestyle Properties, a real estate investment trust, has acquired Laurel Creek Manor, a seniors living community in Cumming, for $7.5 million from an affiliate of Servant Investments. The property will be added to the Dogwood Forest family of four seniors living properties acquired by CNL Lifestyle Properties in the Atlanta area last May. Laurel Creek Manor is a needs-based community totaling 48 units, including 36 assisted living units and 12 memory care units. It opened in 2009 and was 100 percent occupied as reported at the end of last October. The property is located approximately 35 miles north of Atlanta.
SOUTH BARRINGTON, ILL. — A partnership between The LaSalle Group and Silverado Interest plans to build an $11 million memory care community in South Barrington that will serve residents with Alzheimer's, dementia and memory impairment. The 29,000-square-foot facility, named Autumn Leaves of South Barrington, will be located at 215 Bartlett Road. The interior design team plans to use the latest Alzheimer's and dementia research to choose elements such as artwork, paint and light fixtures. For instance, the dining rooms will include aquariums. According to scientific research, the aquariums will create a calming effect and increase residents' appetite.
AUSTIN, DALLAS AND HOUSTON — Investcorp, an international alternative asset manager, has acquired a portfolio of five multifamily properties in Austin, Dallas and Houston for more than $100 million. Three of the five properties are located in Houston and the other two are located in Austin and Dallas. The properties have an average 91 percent occupancy. Mosaic Residential Management manages four of the five properties and The Carroll Organization manages the other. The Carroll Organization has also taken a joint venture interest alongside Investcorp in one of the Houston properties.
ANDERSON, S.C. — Brad Walker of Grandbridge Real Estate Capital has closed a $3.1 million first mortgage loan for Anderson Crossing Apartments, a 152-unit multifamily community in Anderson. Fannie Mae provided the funding for the 10-year fixed-rate loan, which features a 30-year amortization.
MINNEAPOLIS — Opus Development Group has announced plans to begin development of VÉLO, a new apartment complex in downtown Minneapolis. Sentinel Management Co. will own the project. Located in the North Loop neighborhood at 103 N. 2nd St., Velo will include 101 units and 12,000 square feet of retail space on the first level. VÉLO, French for bicycle, is located near the city's bike path system and is centrally located downtown for bike commuters. Amenities will include an outdoor plaza, yoga studio, club lounge and fitness centers. The project will break ground in April 2013 and is slated for occupancy in spring 2014. Opus Development Corp. is the developer, Opus Design-Build LLC will construct the building and Opus AE Group and Elness Swenson Graham Architects will collaborate on the design.
DUBLIN, OHIO — Acting on behalf of a private investment group, Chicago-based Tricap has finalized the acquisition of the Residences At Sawmill Park for $8.3 million. The 120-unit apartment community in Dublin, a northwest suburb of Columbus, was purchased from Preferred Living. Tricap will serve as the property manager for the community and is planning to renovate much of the 10-year-old property. The community is 98 percent occupied.
PHILADELPHIA — Post Brothers Apartments has acquired The Presidential City Apartments, a 1,030-unit complex on City Avenue in Philadelphia for $51 million. The seller is a Brooklyn, N.Y.-based real estate investment firm. As part of the off-market transaction, the seller is keeping the ground lease, which has considerable redevelopment potential. The complex was constructed in 1950 and rents range from $765 per month for a studio to $1,835 per month for a three-bedroom unit. Joseph Brecher and Eli Rosen of Gebroe-Hammer represented the seller in the transaction.
HOUSTON — ARA has brokered the sale of the 250-unit, Class A Harbor View, a luxury multifamily community located in the Kingwood suburb of northeast Houston. The apartment community is located in the 14,000-acre King's Harbor mixed-use development, which is adjacent to Lake Houston. Harbor View is 91 percent occupied. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA's Houston office represented the seller, New York City-based JP Morgan, in the transaction. Atlanta-based Cortland Partners was the buyer.
HOUSTON — Berkeley Point Capital has closed a $58.8 million credit facility addition on an existing $80 million credit facility funded in August 2011. The nine-year advance recently funded the acquisition of the 309-unit Metro at Greenway, a Class A apartment community located adjacent to Greenway Plaza in Houston. The apartment community features a pool plaza, infinity spa, poolside terrace, courtyard, orange grove, summer kitchen, 24-hour fitness center, locker room, saunas, tanning bed, demonstration kitchen, resident lounge, coffee bar and parking garage with remote control access. The advance also funded the acquisition of the 114-unit Zoso Flats in Arlington, Va. Mitch Clarfield of Berkeley Point arranged the credit facility addition on behalf of the sponsor, Simpson Housing Fund I, a joint venture between Denver-based Simpson Housing LLLP and an East Coast-based pension fund.
WEST COVINA, CALIF. – The 65-unit West Covina Senior Villas has received a $3.2-million refinance loan. The loan on this newly built property features a 5 percent fixed interest rate, a 30-year term and a30-year amortization schedule. The funds were arranged by Dale Holzer of Alliant Capital LLC.