STOUGHTON, MASS. — Cushman & Wakefield has brokered the sale of the Arbors of Stoughton, a 91-unit assisted living and memory care community in Stoughton, about 20 miles south of Boston. The three-story facility opened in 2009. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield represented the seller, a partnership between The Gralia Group and an undisclosed institutional investor, in the transaction. A partnership between KIRCO and Everbrook Senior Living acquired the property. Cushman & Wakefield also arranged the acquisition financing through Comerica Bank on behalf of the borrower.
MONTVALE, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground. Full completion is slated for August.
CHARLOTTE, N.C. — The Milestone Group has delivered the second phase of Courtney Ridge Apartments, a garden-style multifamily community located in Charlotte’s LoSo (Lower South End) neighborhood. Phase II is a 13-acre expansion that comprises 180 units across seven new buildings. The project team includes Atlanta-based general contractor TuckerCraft, architect SGA|NW and engineer Design Resource Group. PNC Bank provided construction financing for Phase II, which features a mix of one-, two- and three-bedroom floor plans. Phase II also features a new clubhouse equipped with individual workstation consoles, a main conference room, 24/7 package delivery center, coffee bar, kitchen area and patio overlooking a pond. Milestone purchased the existing, 280-unit Courtney Ridge Apartments in 2018.
SAN MARCOS, CALIF. — Affirmed Housing has started construction of Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will feature 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The community will offer shared laundry facilities; complimentary on-site services such as computer training and resume building resources; a kitchenette; computer room; barbecue area; electric vehicle charging stations; and bicycle parking. Four playgrounds and a recreation area for teenagers will also be on the property.
SEATTLE — CBRE National Senior Housing has arranged a $23.3 million refinancing for Queen Anne Manor, a 93-unit assisted living and memory care community in Seattle. Aron Will, Adam Mincberg and Michael Cregan of CBRE National Senior Housing arranged the 10-year bridge loan with three years of interest-only payments through a national bank. The borrower is Capitol Seniors Housing. Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982. Extensively renovated in 2015, the community is located two miles from downtown Seattle in the prominent, high-barrier-to-entry Queen Anne Hill neighborhood. The community offers views of Seattle’s downtown skyline to its south, the Olympic Mountains and the Puget Sound to its west and the Cascade Mountains to its east. Nearby amenities include marinas, Seattle’s waterfront, and the Seattle Center that features the Space Needle, Key Arena, Pacific Science Center, Seattle Opera House and the Monorail train system. Capitol originally acquired the property in 2016 to complement a portfolio of assets in the Pacific Northwest. Senior Services of America operates the asset under a third-party management agreement.
ST. LOUIS — Cushman & Wakefield has brokered the sale of Oxford Hills, a 480-unit apartment community in St. Louis. The sales price was undisclosed. Located at 10304 Oxford Hills Drive, the property features amenities such as a pool, fitness center, dog park, clubhouse, playground, tennis courts and recreational areas. Matt Stephens, Hannah Ott and George Tikijian of Cushman & Wakefield represented the seller, Harbor Group International. FPA Multifamily was the buyer.
TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4 million loan for the refinancing of Tradewinds Terrace, a 122-unit multifamily property in Traverse City. Dennis Bernard and Joshua Bernard of the firm arranged the loan on behalf of the borrower, an entity doing business as Tradewinds Terrace Owner LLC. Ameritas Life Insurance Co. provided the loan, terms of which were undisclosed.
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Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling
High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …
KNOXVILLE, TENN. — MZ Capital Partners has purchased the Residences at Devanshire, a community comprising 87 single-family rental homes in Knoxville. Built in 2006, the property features units with three bedrooms and two full bathrooms. Homes also feature back porches or patios, attached garage parking and grass backyards. The sales price and seller were not disclosed.
DALLAS — A partnership between Orlando-based developer ZOM Living and Dallas-based investment firm Civitas Capital Group has sold Mezzo, a 378-unit apartment community in North Dallas. Completed last summer, the garden-style property consists of 13 buildings on a 15-acre site. Units come in one-, two- and three-bedroom formats and range in size from 700 to 1,560 square feet. Amenities include a pool, fitness center, lounge, coworking spaces, game room and a dog park. Harbor Group International purchased Mezzo, which was 85 percent occupied at the time of sale, for an undisclosed price.