COLUMBIA, MO. — St. Louis-based Paric is beginning construction on a $50 million addition and renovation at Lenoir Woods continuing care retirement community in Columbia, Mo. The five-year project is planned in phases, and construction includes a new two-story assisted living building, a four-story independent living building with underground parking and a new memory care facility. The senior living community is operated by St. Louis-based Lutheran Senior Services.
NAPLES, FLA. — ARA's Senior Housing Group has arranged the $85 million sale of the 350-unit The Carlisle Naples, an independent and assisted living community located at 6945 Carlisle Ct. in Naples. Ryan Maconachy and Chad Lavender of ARA's Dallas office represented Naples Club, the seller, in the transaction.
FORT MYERS, FLA. — CBRE has negotiated the $7 million sale of the 376-unit Edisto Lake Apartments, located at 10770 Clear Lake Loop in Fort Myers. Jonathan Richards of CBRE's Naples, Fla., office and Thomas Fischer of CBRE's Columbus, Ohio, office represented Edisto Group, the seller, in the transaction. The buyer was Pacifica Cos.
BOSTON— Boston Realty Advisors has arranged the $3.7 million sale of a nine-unit brownstone building, located at 300 Marlborough St. in Boston. Christopher Sower and Jason Weissman of Boston Realty Advisors represented the seller, Marlborough Street Realty Trust. The buyer was undisclosed.
PHOENIX – The 48-unit Continental Apartments in Phoenix has sold to FRI Continental LLC for $1.25 million. The apartment community is located at 1030 N. Third Street. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and the seller, PMCM I LP.
BURLINGTON, MASS. — The Northbridge Co. held a groundbreaking for its 110-unit assisted living and memory care community, located at 50 Network Dr. in Burlington, Mass. Situated on nearly nine acres of undeveloped land, the project will include one-and two-bedroom apartments, a cafe and theater. The development team includes Chelsea, Mass.-based The Architectural Team, Bridgewater, Mass.-based Callahan Construction and Needham, Mass.-based Waypoint Construction Consultants. The community is scheduled to open in the fall of 2012.
AMARILLO — Canyon Long Term Care has plans to build a 120-bed skilled nursing facility in Amarillo. Canyon is working with LTC Properties, the landlord, to develop the 50,000-square-foot facility. The new facility will replace an old healthcare facility in Canyon and will feature multiple dining areas and private rooms with bathrooms and showers. Construction is slated to begin this year and the facility is expected to open in late 2012.
ALPHARETTA, GA. — CAPREIT has sold the 294-unit Wellington on Windward, an apartment complex located at 905 Lake Union Hill Way in Alpharetta, to Euramex/Wesley Apartment Homes for an undisclosed price. David Gutting and Derrick Bloom of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.
SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
FENTON, MICH. — Birmingham-based Dietz Property Group has purchased Fairfield Condominiums, a 124-unit broken condominium project located off Silver Parkway in Fenton, Mich. for approximately $3 million. The seller was Flagstar Bank, which took control of the property in 2010. The property was 100 percent occupied upon acquisition. Dietz plans to convert four of the seven buildings into apartments.