FORT COLLINS, COLO. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing facility in Fort Collins for $7.6 million. The seller was an independent owner-operator. Although the number of beds was not released, the per-bed price of $79,166 equates to 96 beds. Initially built in 1968, the seller owned and operated the community for nearly two decades, achieving a four-star CMS rating. However, being its only skilled nursing facility, the company faced the challenges of today’s operating environment and lacked economies of scale. Upon marketing, the facility was 68 percent occupied, generating over $7.5 million in annual revenue, leading to negative net operating income of over $500,000. ESI was able to showcase the possibility for a new ownership group to align the community’s census with the averages of competitors in the area, as well as the potential to tap into the robust network of hospitals in Fort Collins. “Evans Senior Investments was able to showcase Colorado’s recent Medicaid rate increase, which was projected to add over $450,000 in revenue beginning in July 2023,” says Hank Fuller, senior associate at ESI. The buyer was a West Coast-based operator with an existing presence in the state of Colorado.
KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …
WASHINGTON, D.C. — Walker & Dunlop has provided a $108.8 million Fannie Mae loan for the refinancing of Park Chelsea, a 429-unit apartment building located in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, WC Smith, developed the property in 2016 as the first phase of The Collective, a 1,138-unit apartment development. Brendan Coleman and Connor Locke of Walker & Dunlop originated the financing. Park Chelsea’s amenities include a leasing center, 24-hour concierge, club room/game room, library, conference room and a garden room. Additionally, residents of The Collective have access to amenities across all three phases of the project, including indoor green space with an amphitheater, a full-size basketball court, outdoor singles tennis court and coworking space.
RALEIGH, N.C. — CBRE Investment Management has acquired The Legacy at Wakefield, a 369-unit, garden-style apartment community located at 14411 Calloway Gap Road in Raleigh. The seller and sales price were not disclosed, but Triangle Business Journal reports the property traded for $79.9 million. Legacy at Wakefield features one-, two- and three-bedroom units, as well as a 24-hour fitness center, dog park, grilling stations, a fireplace lounge with screened veranda, clubhouse, a car wash center and 684 parking spaces.
GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West. CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area. CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 per unit. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning up to 50 percent and 60 percent of the area median income (AMI) until 2074. “New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” says Karen Buckland, vice president at CPP. Built in 1979, Sunshine Village features 72 one- and two-bedroom units in a single three-story building. Also built in 1979, the Broadview Manor properties offer three- and four-bedroom units. …
LOS ANGELES — JLL Capital Markets has arranged $16.7 million construction take-out financing for The Hobart, a mid-rise multifamily property in the Koreatown submarket of Los Angeles. Chris Collins and Brad Vansant of JLL Capital Markets’ debt advisory team secured the two-year, floating-rate loan for the borrower, Jannone Development. Built in 2023, the community features 39 one-, two- and three-bedroom floor plans ranging from 877 square feet to 1,424 square feet. The property is located at 3050 W. 11th St.
CHICAGO — Greystar Real Estate Partners LLC has opened One Six Six, a 223-unit luxury apartment building rising 21 stories in Chicago’s Fulton Market district. The developer is hosting a grand opening celebration Thursday, Aug. 10 with local businesses such as Goddess and the Grocer, Levain Bakery, Pour Souls Cocktail Club, Dipsy Desserts and Tucker Pups. Local band The Holy Cows will provide live music and entertainment. Located at 166 N. Aberdeen St., One Six Six features studio, one- and two-bedroom floor plans along with three-bedroom penthouses. The building features a third-floor amenity level with an indoor private dining room, coworking space, entertainment lounge and fitness center. The 5,650-square-foot outdoor area includes a pool and spa, outdoor kitchen, lounge areas and a dog agility course. The 14th-floor sky garden features an outdoor lounge with a beverage station and views of the city. Monthly rents start at $2,040. Residents can now earn up to two months of free rent, according to the property’s website. The property has earned two Green Globes, part of a certification system developed by the Green Building Initiative that evaluates environmental sustainability, health and wellness and resilience of all types of commercial real estate.
NEW YORK CITY — JLL has arranged the $10.8 million sale of two apartment buildings located at 175-177 East Third St. in Manhattan’s East Village. The five-story, walk-up buildings house a total of 20 one-bedrooms units, two of which have been duplexed with the basement. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller, an undisclosed private investor that owned the buildings for 30 years, in the transaction. The buyer was Lockhill Properties.
By Jamie Dunford, CBRE Outside of office product, Cleveland and Northeast Ohio haven’t historically been of interest for most out-of-town multifamily developers and investors. They viewed the region as a tertiary or secondary market with a declining population and a lackluster economy. Until recently, urban living in the central business district (CBD) and surrounding neighborhoods was rare — Cleveland was a commuter city with a strong office market from the 90s until the Great Financial Crisis (GFC) in 2008. At one point in time, Northeast Ohio boasted one of the highest concentrations of Fortune 500 companies with headquarters or other office space in the region, and the CBD had the largest job hub in the state of Ohio. Most office buildings in the CBD were owned by institutional capital or national developers. However, the GFC vastly altered this landscape as unemployment rose, companies left or downsized, and many office assets went back to the lender. This left an oversupply of office product in the market, and the older buildings suffered the most. However, this created a market opportunity that Cleveland developers seized, and the city eventually became a national leader in converting historic office assets to multifamily while taking advantage …
DAVIS, CALIF. — Michaels Student Living has completed Orchard Park, a 1,549-bed residence hall developed through a public-private partnership with the University of California, Davis and the Collegiate Housing Foundation. The development spans 11 buildings, offering 613 units for graduate students and students with families. The community also includes indoor amenity spaces, two community centers and programmed outdoor space. This property is the second phase of development for the public-private partnership, following The Green at West Village, a nine-building community offering 3,290 beds.