HOUSTON, SAN ANTONIO AND PARIS, TEXAS — National Health Investors, Inc. (NHI) has purchased four skilled nursing facilities for $55.5 million in a sale/leaseback transaction with affiliates of Legend Healthcare. The portfolio consists of 595 beds. Two of the properties are located in Houston, and the other properties are located in San Antonio and Paris. NHI purchased three of the four nursing facilities in June for $39.7 million, and will purchase the final one no later than August for $15.8 million. The four facilities are being leased to Legend for 15 years at an initial lease rate of 10 percent plus annual increases. Legend has the option after 7 years to re-purchase them.
NEW YORK CITY — Dallas/Fort Worth-based Realty Capital Partners recently made a preferred equity investment to help complete construction of 180 East 93rd Street, a luxury residential development consisting of seven full-floor units. The 20,743-square-foot project is located in Manhattan, New York City’s Upper East Side in the Carnegie Hill neighborhood. Greystone Property Development Corp., the developer, anticipates completing construction in approximately one year. Amenities are expected to include a fitness facility, doorman service, a children’s playroom, temperature-controlled wine storage, as well as sustainable building materials. In addition, individual units will feature open-air terraces or balconies, oak wood floors, Viking kitchen appliances, custom cabinetry and nearly 10-foot ceilings.
HUMBLE, TEXAS — Construction is complete for Stoneleigh on Kenswick Apartments, a 318-unit, Class A multifamily community located in Humble. Developed by a joint venture between Passco Companies Development LLC and Seneca Investments, the property is situated on 15 acres at 19800 Kenswick Dr. Amenities include a clubhouse with a media center, a cyber café with wireless Internet access, a resort-style swimming pool, a fitness center, and outdoor picnic and barbecue areas. Stoneleigh at Kenswick also is situated adjacent to a 275-acre nature preserve. The owners plan to stabilize the property over the next year and possibly sell it, depending on market conditions. The grand opening ceremony will be held at the end of the month.
CAMARILLO, CALIF. — Camarillo Mountain View LLC has acquired Mountain View Apartments, a 106-unit multifamily property in Camarillo. Palo Alto, Calif.-based Essex Portfolio Properties sold the community for $14 million. Located just north of the 101 Freeway, the property offers one- and two-bedroom units, a pool, a fitness center, a clubhouse and picnic areas. Dean Zander and Vince Norris of Hendricks & Partners represented the seller in the transaction.
PLEASANT HILL, CALIF. — Kevin Turner of Marcus & Millichap’s Oakland, Calif., office represented the undisclosed buyer in the acquisition of Oak Park Manor, an apartment community located at 1808 Oak Park Blvd. in Pleasant Hill. The 40-unit property sold for $5.5 million. The community features a swimming pool, and each apartment features a fully equipped kitchen, a private balcony/patio, and central heating and air conditioning. The seller was not disclosed.
FISHERS, IND. — Developer J.C. Hart Co. recently acquired 13 acres within Republic Development’s 725-acre Saxony mixed-use community in Hamilton County with plans to develop a 269-unit apartment complex. The District at Saxony luxury apartment project, which is being developed adjacent to a 20-acre lake at 131st Street, just south of Interstate 69, will feature units ranging in price from $675 to $1,425 per month. J.C. Hart Co. expects construction to take approximately 2 years. Saxony is a expansive mixed-use endeavor that will encompass 1 million square feet or retail, 3.5 million square feet of office and light industrial space, and approximately 1,300 residential units upon full build out.
LAKE ZURICH, ILL. — Sue Blumberg of NorthMarq Capital’s Chicago office has arranged approximately $15.3 million in first-mortgage financing for Landings of Lake Zurich, a 206-unit multifamily community located in Lake Zurich. The borrower, Landings Capital Partners, secured the financing with 10-year term and 30-year amortization schedule. Funding was provided through Amerisphere through Fannie Mae.
CHICAGO — Essex Realty Group has brokered the sale of a 28-unit walk-up apartment building located at 1456-1458 W. Thorndale Ave. in Chicago. Matt Welke of Essex negotiated the transaction for both parties, with Mike Tetrick, also of Essex, providing additional services for the undisclosed buyer. The property, which features 21 studios and seven one-bedroom units, traded for approximately $1.36 million.
HOUSTON — California-based Francis Property Management has acquired Gables Augusta, a 312-unit multifamily property located in Houston. The property is situated at 2660 Augusta Dr. within the city’s Galleria submarket. Constructed in 2004, it features loft-style residences in a four-story complex. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry, all of CB Richard Ellis, represented the seller, Gables Residential, in the transaction. International Realty Concepts represented Francis Property Management. The acquisition price was not disclosed.
LEMON GROVE, CALIF. — Community Collective and the city of Lemon Grove have completed the development of Citron Court, a 36-unit multifamily community located at 7385 Broadway in Lemon Grove. The five-building community features studio, one-, two- and three-bedroom units; 2,200 square feet of commercial/retail space; an on-site management office; a community meeting room; a computer learning center; a children’s play area and a laundry room. The eco-friendly property utilizes a photovoltaic system, ENERGY STAR-rated appliances, low-flow water fixtures, dual-flush toilets and Low-E windows. Allgire General Contractors served as general contractor for the project, which was designed by Foundation for Form.