CORPUS CHRISTI, TEXAS — Northmarq has brokered the sale of Coral Cay Apartments, a 109-unit multifamily property in Corpus Christi. Built in 1970, the property features an average unit size of 955 square feet and was 97 percent occupied at the time of sale. Sparkle Asset Management sold the property to an affiliate of SPV Property Management for an undisclosed price. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented both parties in the transaction. Cheryl Higley, also with Northmarq, arranged acquisition financing for the deal.
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.
NEW YORK CITY — Locally based brokerage firm Stav Equities LLC has negotiated the $2.5 million sale of a vacant, four-story multifamily property located at 1362 Pacific St. in the Crown Heights area of Brooklyn. Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors collaborated with Jacob Stavsky of Stav Equities LLC to execute the off-market transaction. The buyer and seller were not disclosed.
WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.
CHICAGO — Bradford Allen Investment Advisors has acquired The Henry, a multifamily and retail building located at 4346 N. Honore St. in Chicago’s Ravenswood neighborhood. The purchase price was undisclosed. The five-story building, completed in 2019, features 38 apartment units and one retail space occupied by Culver’s. At the time of sale, the property was 97 percent occupied. Rents range from $1,751 to $3,000 per month. John Butler and Danielle Morse represented Bradford Allen on an internal basis. Tyler Hague and Lauren Stoliar of Colliers represented the undisclosed seller.
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. …