SALT LAKE CITY, REDWOOD CITY, CALIF. — Kennedy Wilson (KW) has recently completed two West Coast acquisitions, including the 450-unit Foothill Place in Salt Lake City and The Pointe at Redwood Shores. Foothill Place was purchased for $61.8 million. It is the second apartment community that KW has purchased in the area in the past six months.
SENECA, S.C. — Companion at Crescent Pointe, a 144-unit apartment complex in Seneca, has sold for $10.3 million. The Class A property, built in 2005, is 95 percent occupied. Investors from California, teamed with a regional management company, purchased the property. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.
ALRINGTON, VA. — MRP Realty and Angelo, Gordon & Co. have selected Cassidy Turley to market The Paramount, a 135-unit apartment property located at 1425 S. Eads St. in Arlington. The 137,010-square-foot tower is located near the Pentagon City and Crystal City Metro stations and Ronald Reagan National Airport. Amenities include a residents lounge, fitness center, yoga studio, gaming center and teleconferencing business center. The property also features 3,610 square feet of retail space. The ownership has completed approximately $4 million in renovations to the common areas and units in the past 48 months. Christopher Doerr, Bill Collins and Rachel Ley of Cassidy Turley will lead the sales efforts.
SALT LAKE CITY, REDWOOD CITY, CALIF. — Kennedy Wilson (KW) has recently completed two West Coast acquisitions, including the 450-unit Foothill Place in Salt Lake City and The Pointe at Redwood Shores. Foothill Place was purchased for $61.8 million. It is the second apartment community that KW has purchased in the area in the past six months.
WADSWORTH, OHIO — SenQuest Senior Living has acquired Liberty Residence I and II, a 137-unit senior residential community in Wadsworth, for $12 million. The independent and assisted living property, which is situated in an Akron suburb, was 91 percent occupied at the time of sale. SenQuest is the seniors housing division of Los Angeles-based Titan Real Estate Investment Group Inc. Jacob Gehl of Marcus & Millichap represented the buyer and seller in the transaction.
ODESSA, TEXAS — The Belaire Group, a Dallas-based senior living consultant, has completed construction oversight of Orchard Park of Odessa, an assisted living and memory care facility located in Odessa. The $11 million, 65,000-square-foot project features 57 assisted living units and 40 memory care units. The property is located at 8050 Dr. Emmet Headlee St. The facility has received its certificate of occupancy and is awaiting final inspection from the Texas Department of Aging and Disability Services. The owner and developer, McFarlin Group, funded the development with both capital from the U.S. Department of Housing and Urban Development and private equity. Meridian Senior Living will manage the new facility.
INDIANOLA AND GRINNEL IOWA — CNL Healthcare Properties has acquired two seniors housing communities in Iowa for $12.1 million through a joint venture with GCI Development LLC. CNL Healthcare Properties owns a 75 percent interest in the joint venture, which includes Windsor Manor of Indianola, a 42-unit assisted living and memory care community, and Windsor Manor of Grinnell, a 30-unit assisted living and 10-unit memory care community. Provision Living LLC will manage both properties under a long-term management agreement.
STERLING HEIGHTS, MICH. — American House Senior Living Communities and Virtus Real Estate Capital have acquired Sterling Woods for $7.6 million at a cap rate of 8.5 percent. The property will now be known as American House Sterling Woods. Built in 2006, Sterling Woods is a 78-unit independent living property and includes one- and two-bedroom apartments. The seniors housing community was 91 percent occupied at the time of sale. Located in the metro Detroit suburb of Sterling Heights, Sterling Woods will offer amenities such as full life enrichment and wellness programs, culinary options, housekeeping, transportation and third-party personal care services.
PHOENIX – Metro Phoenix will soon to be home to two new apartment communities. Developer Investment Property Associates has received more than $74.8 million in development financing to build the 402-unit Liv Ahwatukee and the 240-unit Liv North Scottsdale. Liv Ahwatukee is located in the Ahwatukee Foothills area of Phoenix, while Liv North Scottsdale is part of an urban-infill, mixed-use development near Scottsdale Quarter & Kierland Commons in North Scottsdale. Liv North Scottsdale received $34.5 million in financing and has already begun construction. Liv Ahwatukee received $40.2 million and is scheduled to break ground in the second quarter of 2013. Financing was arranged by Mark Strauss, Robert Lindner and John Carrick of Cohen Financial.
CHICAGO — Developer Related Midwest has opened the doors to 500 Lake Shore Drive, a new 47-story, 500-unit multifamily glass tower in the Streeterville neighborhood of Chicago. Solomon Cordwell Buenz designed the building, which is expected to receive LEED Silver certification. The architects coordinated with Robert Pope Interiors on the design of the building’s common areas, which include a glass, wood and stone two-story lobby. Apartments currently available for lease include studios and one- and two-bedroom residences located on floors 3 through 29, with a move-in date of May 15. Residences in the remainder of the building will be available for lease beginning this fall and include three-bedroom penthouses on the top four floors. Rents at 500 Lake Shore Drive begin at $1,795 a month.