NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit apartment building located in the Astoria neighborhood of Queens. The six-story, 34,000-square-foot building was originally constructed in 1941 and houses studio and one-bedroom units. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
RICHMOND HEIGHTS, OHIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Richmond Heights Place, a continuing care retirement community in Richmond Heights, a northeast suburb of Cleveland. The property, featuring a total of 138 seniors housing units and skilled nursing beds, was part of a strategic exit plan by a West Coast-based owner-operator. A private owner-operator looking to expand in the Midwest acquired the asset for an undisclosed price. Connor Doherty, Ryan Kelly and Dan Mahoney of Blueprint brokered the sale.
CAMARILLO, CALIF. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as well as Hearthstone, on the single-family home component of the development. The affordable seniors housing units are fully preleased to qualified renters. The firm also developed various pieces of infrastructure in conjunction with the apartments, which Kennedy Wilson owns in their entirety. Residential amenities at Anacapa Canyon include multiple pools with an accompanying spa, a community garden, game room, event lounge, fitness center, dog parks and various open green spaces and pocket parks. “We are encouraged by the early interest in both leasing and home sales at Anacapa Canyon, which is a testament to the inclusive community we have created, its unique offerings and the continued demand for high-quality homes …
PLANO, TEXAS — The Legacy Senior Communities is planning a 30-unit expansion project at The Legacy Willow Bend, the owner-operator’s flagship property in Plano. The expansion will introduce three buildings, each designed with 10 luxury flats, for a total of 30 hybrid-style independent living units spanning about 2,000 square feet each. Construction is scheduled to begin in the first quarter of 2025 and to be complete in spring 2026.
NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.
SHREWSBURY, MASS. — JLL has arranged the sale of The Residence at Orchard Grove, an 80-unit seniors housing complex in Shrewsbury, located just east of Worcester. The three-story building opened in 2017 and offers independent living, assisted living and memory care services. Jay Wagner, Aaron Rosenzweig, Rick Swartz and Jim Dooley of JLL represented the seller, Blue Moon Capital Partners, in the transaction and procured an undisclosed REIT as the buyer. LCB Senior Living operates the facility.
PORT WENTWORTH, GA. — A partnership between Novare Group, Batson-Cook Development Co. (BCDC) and Baltisse has opened Wentworth Park Residences, a 328-unit apartment community located in the Savannah suburb of Port Wentworth. The Class A, garden-style community is situated on 30 acres along Augusta Road (Highway 21) near the 1-95 interchange. Dwell Design Studio designed Wentworth Park, which features one-, two- and three-bedroom apartments, as well as 16 carriage houses with private garages. Amenities include a resort-style swimming pool with a sun shelf and a clubroom featuring an entertainment kitchen and a lounging area with shuffleboard and outdoor dining. Other amenities include private workstations and conference rooms, a fitness center and yoga studio and an outdoor entertainment space with a kitchen, dining area, fire pits, hammocks and a dock overlooking a lake. Monthly rental rates range from $1,610 to $2,400, according to the property website.
STEPHENS CITY, VA. — Northmarq has brokered the sale of West Wind, a 95-unit build-to-rent (BTR) residential community located at 113 Holt Court in Stephens City, about 14 miles south of Winchester, Va. Ari Azarbarzin and Gabe Tovar led the Northmarq BTR team that also included Chris Doerr, Will Harvey, Shack Stanwick, Matt Straughan, Wink Ewing and Anthony Pino in representing the undisclosed seller. The sales price was also not disclosed. Tom Peloquin, Cabell Thomas and Rich Choisser of Northmarq’s debt and equity team secured acquisition financing on behalf of the buyer, a joint venture between RockBridge Investment Group and DSP Real Estate Capital. Situated near I-81, West Wind was built in 2023 and features two-story, three-bedroom townhomes with smart-home technology, stainless steel appliances, granite countertops and hard-surface flooring.
ST. CHARLES, ILL. — Continental Properties has opened Springs at St. Charles, a 320-unit townhome-style apartment community in St. Charles, about 40 miles west of Chicago. Located at 405 Smith Road, the property features a mix of studio, one-, two- and three-bedroom floor plans. Residences have private entrances and attached garage options. Amenities include a resort-style pool, clubhouse, outdoor grill area, 24-hour fitness center, car care area and two leash-free dog parks. The property is situated less than a 10-minute drive from the 800-acre DuPage Business Center, which includes employers such as Amazon, Norix Group Inc., Suncast Corp. and Alton Industry Group. Springs at St. Charles marks the seventh Springs apartment community in metro Chicago.
WILDWOOD, TOWN AND COUNTRY, AND KANSAS CITY, MO. — JLL Capital Markets has negotiated the sale of three seniors housing communities in Wildwood, Town and Country, and the Burlington Creek area of Kansas City. The sales price was undisclosed. The portfolio comprises 252 units of private pay assisted living and memory care with comprehensive amenities. The properties were built between 2016 and 2018. Jay Wagner, Rick Swartz and Jim Dooley of JLL represented the undisclosed seller and procured the buyer, a joint venture between Artemis Real Estate Partners, Scarp Ridge Capital Partners and Arrow Senior Living. Scarp Ridge spearheaded the acquisition, which was capitalized by Artemis. Arrow is taking over operations of the three communities. The acquisition is the first for the joint venture.