SPRINGFIELD, MO. — Merrill Gardens has acquired Mission Ridge, a 103-unit senior living community in Springfield, a city in southwest Missouri. The property features one- and two-bedroom residences offering independent living, assisted living and memory care. The purchase price and seller were undisclosed. Merrill Gardens, a privately held company, now operates 65 communities in 17 states.
WALNUT, CALIF. — Sunjoint Development has started construction of Terraces at Walnut, a 49-acre mixed-use development located on Valley Boulevard in Walnut, approximately 25 miles east of downtown Los Angeles. Construction of the first product type, single-family homes, began in November 2023 and the first five phases are currently being made available for sale. The remaining homes will be built in phases — townhomes, three-story homes and estate lots. Full buildout is slated for year-end 2025. KTGY designed the project, which CBC Home is building. Terraces at Walnut will feature 79 townhomes, 211 detached single-family homes and 17,052 square feet of retail space. The three- and four-bedroom townhomes will range from 1,548 square feet to 1,914 square feet, while the single-family homes will offer three- or four-bedroom layouts ranging from 2,198 square feet to 3,561 square feet. The retail space will include a variety of food users, including dine-in restaurants, specialty retailers and beverage users. Terraces at Walnut will also feature 11 pocket parks and an internal trail system. Blake Kaplan, Erik Westedt and Drew Olson of JLL are overseeing leasing of the retail space.
KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee and RISE: A Real Estate Co. has broken ground on two residence halls expected to open on the university’s Knoxville campus in fall 2025. The two communities will add approximately 1,950 beds to the university’s housing inventory, which currently totals 8,500 beds. The first development, a seven-story building offering 788 beds, will be located at the intersection of Andy Holt Avenue and 20th Street. The second, two-building residence hall will offer 1,166 beds between Caledonia and Terrace avenues. Construction of the two communities represent Phase I of a larger project, which will include the development of a third 1,028-bed residence hall. The project is being delivered through a ground lease structure, with the university retaining ownership of the land. An entity doing business as Provident Group–UTK Properties will own the facilities for the term of the project-based bond financing. At the end of the debt, the ownership of the buildings will revert to the university. RISE — alongside undisclosed partner firms — is developing, financing and constructing the facilities and will maintain them in partnership with the university through a long-term shared services partnership. The development team includes Niles …
PHILADELPHIA — Greysteel has arranged the $8.3 million sale of Eastern Lofts, an apartment complex in Philadelphia’s Brewerytown neighborhood. According to Apartments.com, the property was built in 2016, totals 37 units in one-, two- and three-bedroom floor plans and houses an onsite daycare and pet play area. Greysteel represented the locally based seller, Mazzarini Real Estate, in the transaction. The locally based buyer requested anonymity.
LOWELL, MASS. — Marcus & Millichap has brokered the $3.1 million sale of a 17-unit apartment building located at 887 Varnum Ave. in the northwestern Boston suburb of Lowell. The property consists of five studios and 12 two-bedroom units as well as onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
UTAH — CFG, a subsidiary of CFG Bank, has provided $16.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The properies, which are in Utah, support a total of 220 beds. The deal allowed the undisclosed borrower to expand its footprint into a new state. Further details were not disclosed. Tommy Dillon of CFG originated the transaction.
TAMARAC, FLA. — Aztec Group has arranged a $95 million loan for the refinancing of Tamarac Village, a 401-unit apartment community in South Florida’s Broward County. MF1 Capital provided the bridge financing. Situated on 12.7 acres, the property was developed in two phases in 2020 and 2023 by the borrower, Lotis Group. Tamarac Village features one-, two- and three-bedroom apartments ranging in size from 800 to 1,485 square feet, as well as a nearly 9,000-square-foot clubhouse, according to Apartments.com. The loan marks the eighth transaction between Aztec Group and the developer.
Harrison Street Recapitalizes 1,527-Bed Student Housing Community Near University of Central Florida
ORLANDO, FLA. — Harrison Street has recapitalized The Aves at Twelve 100, a student housing community located adjacent to the University of Central Florida campus in Orlando. Harrison Street executed the transaction via a new joint venture with The Scion Group. The property was originally acquired by Harrison Street in 2011 and recently underwent extensive renovations. The community offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include four resort-style swimming pools; a 24-hour fitness center and yoga studio; private study rooms; a business center; community clubhouse; courtyard space; and onsite parking garages.
ATLANTA — On behalf of its investors, Hunt Capital Partners (HCP) has transferred ownership of Ashford Parkside Senior Residences to a nonprofit affiliate of the Housing Authority of DeKalb County. Located in Atlanta, Ashford Parkside is a mid-rise, mixed-income seniors housing community built in 2007. Following the end of 15-year recapture period in 2022, a collaborative effort ensued between the nonprofit and HCP to reach a mutually beneficial outcome regarding the property’s future. The decision provides the Housing Authority of Dekalb County greater capital flexibility surrounding all aspects of property operations and repair projects as it shapes its long-term housing plan. Ashford Parkside offers a mix of one- and two-bedroom apartments. Of the 151 total units, 134 are dedicated to seniors with incomes ranging from 30 percent to 60 percent of the area median income (AMI). Additionally, two of the units are reserved for property management while the remainder are rented at market rates.
DALLAS — A partnership between three investment firms — California-based Waterford Property Co., The Vistria Group and Brooklyn-based Northern Liberties — has acquired Domain at Midtown Park, a 395-unit apartment community in North Dallas. Concurrent with the sale, the new ownership entered into a 99-year ground lease with the Dallas Housing Finance Corp. to place rent restrictions on the property in exchange for a full property tax abatement. More specifically, 51 percent of the units will be reserved for renters earning 80 percent or less of the area median income (AMI), while 39 percent of the residences will be earmarked for households earning 140 percent or less of AMI. The remaining units will be rented at market rates. Domain at the Park was originally constructed in 2016 and offers amenities such as a pool, clubhouse, fitness center, business center, outdoor grilling and dining stations, dog park and a golf simulator. Walker & Dunlop originated Freddie Mac acquisition financing for the deal.