NEWTON, MASS. — Benchmark Senior Living will undertake a $13 million renovation project at Evans Park at Newton Corner, a seniors housing property located on the western outskirts of Boston. The assisted living and memory care community was originally built in the early 1990s. Bechtel Frank Erickson designed the project, and South Coast Improvement will serve as general contractor. All spaces will feature interior design by Boston-based Stefura Associates. Completion is slated for early 2024.
WEST PALM BEACH, FLA. — Watermark Retirement Communities and ZOM Senior Living have opened The Watermark at West Palm Beach, a 154-unit seniors housing community in the South Florida city of West Palm Beach. The community is the latest addition to Watermark’s luxury Élan Collection of communities. Spanning over 245,000 square feet, The Watermark at West Palm Beach encompasses studios, one-bedroom and two-bedroom apartments offering independent living, assisted living and memory care services. The community is directly across the street from the new Brightline train station that allows easy access to Fort Lauderdale and Miami.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $8.8 million sale of a 24-unit apartment building located at 109 Ludlow St. on Manhattan’s Lower East Side. The six-story building houses one-, two- and three-bedroom units, as well as two retail spaces. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
FAYETTEVILLE, N.C. — Olympus Property has purchased King’s Quarter at Jack Britt, a 252-unit, garden-style apartment community located in Fayetteville. Built in 2014, the property features two- and three-bedroom units with upgraded interiors ranging from 1,150 square feet to 1,398 square feet. Units feature granite countertops, stainless steel appliances, walk-in closets and private balcony/patio areas with additional storage. Community amenities include a playground, pool area with cabanas, grilling stations, pet park, fitness center and garages. The seller and sales price were not disclosed.
ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of about $6 million. The buyer was a private owner-operator based in Los Angeles. The seller and price were not disclosed.
ALBANY, ORE. — Marcus & Millichap has arranged the sale of the 33-unit Sheridan Plaza apartments in Albany. A Portland-based private client group acquired the asset for $4.2 million. The community is located at 208 SE 5th Ave. and 205 SE 6th Ave. Albany is approximately halfway between Eugene and Salem. The undisclosed seller purchased the asset in 2021, at which time it made capital improvements to the property. This included new roofs and gutters, adding a garbage enclosure, resurfacing the parking lot, and new windows and sliders. The sellers were able to increase the cashflow by renovating several units and partnering with professional third-party management. The buyer plans to continue the renovation process and increase rents, according to Marcus & Millichap. The firm’s Georgie Christensen-Riley and Joshua C. Reynolds, along with the Christensen Group, represented the seller in the transaction.
CHICAGO — Matthews Real Estate Investment Services has brokered the sale of a 65-unit multifamily property in Chicago for $6.3 million. The building is located at 7733 S. Shore Drive. Finley Askin of Matthews represented both the buyer and seller. The buyer was an out-of-state investor looking to plant capital in metro Chicago. The seller, which acquired the property in 2021, completed renovations such as a new rubber seal coating on the roof and new windows.
LAWRENCEVILLE, GA. — Atlanta-based Oxford Properties and RAM Partners have begun preleasing Celadon on Club, a 352-unit luxury apartment community in Lawrenceville, roughly 40 miles northeast of Atlanta. Located at 3355 Club Drive, the development is situated on 33 acres that formerly housed Gwinnett County’s oldest country club. Amenities at the property, which comprises units in one-, two- and three-bedroom layouts, include a pool, clubhouse, TrackMan golf simulator, workout facilities and private office space available for lease. A trail also connects the property to Club Drive Park, which features outdoor basketball courts, a fishing lake, playground, paved path and grilling pavilion. RAM will manage the community on behalf of Oxford, which developed the project.
GAITHERSBURG, MD. — KLNB’s new multifamily team has arranged the sale of Governor Square Apartments, a 238-unit community located in Gaithersburg, approximately 26 miles northwest of Washington, D.C. The property features units in one-, two- and three-bedroom layouts, ranging in size from 720 to 1,290 square feet. Rawles Wilcox, Jared Emery and Dutch Seitz, part of a group of 18 brokers who joined KLNB through the firm’s acquisition of Edge Commercial Real Estate, represented the buyer, Acento Real Estate Partners, in the transaction. The seller and sales price were not disclosed.
KANSAS CITY, MO. — The Cordish Cos. has topped out Three Light Luxury Apartments in Kansas City’s Power & Light District. JE Dunn Construction Co. is the general contractor. Located at the corner of Truman Road and Main Street, Three Light rises 25 stories and sits directly on the KC Streetcar Line. The $140 million project will include a seven-story parking garage with 472 spaces as well as 7,600 square feet of ground-floor retail space. Three Light will feature more than 30,000 square feet of amenity space, including an eighth-floor outdoor terrace with an infinity-edge pool, clubroom, party room, entertainment kitchen, theater room, game room, business center, fitness center, coworking spaces, dog washing station, concierge services and laundry services. Three Light is slated for completion this fall. Nearly 20 percent of the units have been leased so far. Three Light follows previous multifamily projects, One Light and Two Light.