CONNERSVILLE, IND. — Marcus & Millichap has arranged the $5.6 million sale of Turtle Creek Apartments in Connersville, about 65 miles east of Indianapolis. The 129-unit apartment property is located at 3600 Western Ave. and recently received capital improvements such as a new roof, parking lot, common area upgrades and several unit renovations. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, an out-of-state limited liability company.
NASHVILLE, TENN. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $21 million bridge loan for the acquisition of Nashville Christian Towers, an affordable seniors housing development in Nashville. Located at 101 Foothill Court, the property comprises 175 units. BWE secured the loan, which carries a 12-month term and an available 12-month extension, on behalf of the borrower, Envolve Communities. Envolve plans to redevelop the property with proceeds from a 4 percent LIHTC execution and tax-exempt bonds.
SIMI VALLEY, CALIF. — Ziegler has arranged $29 million in bond financing for Ensō Verde, a seniors housing community currently under development in Simi Valley. The borrower is Kendal Corp., which began developing the continuing care retirement community in 2022. Located on 21 acres, plans call for 237 independent living units, 24 assisted living units, 24 memory care units and related amenities and common areas. The California Public Finance Authority issued the unrated bonds, which are a mix of tax-exempt and taxable. The bonds will be used to purchase the development site, fund preconstruction development and marketing costs and pay certain costs of issuance. The project is scheduled to open later this year.
ROY, UTAH — CBRE has facilitated the sale of Orchards at 19th, a townhome community located at 4499 S. 1900 W. in Roy, a suburb 30 miles north of Salt Lake City. Crockett & Koehler LLC sold the asset to California-based Warmington Properties for an undisclosed price. Featuring 14 two-story buildings, Orchards at 19th offers 75 residences in a mix of one-, two- and three-bedroom layouts, averaging 1,241 square feet. Built in 2020, the townhomes feature open-concept floorplans, large kitchens, granite countertops, walk-in closets, private patios, attached garage parking and private driveways. Community amenities include a fitness center, clubhouse, playground, walking trails, dog park and mountain views. Patrick Bodnar of CBRE represented the seller in the transaction.
SAN ANTONIO — Northmarq has arranged the sale of The VUE, a 91-unit apartment complex in San Antonio’s Vance Jackson neighborhood. The nine-story building offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, balconies and washer/dryer connections. Amenities include a pool, fitness center, business center, resident lounge, coffee bar and a package locker system. Moses Siller of Northmarq represented the seller, Mission DG, in the transaction. The buyer and sales price were not disclosed.
WOBURN, MASS. — Life Care Services (LCS) is nearing completion of The Delaney at The Vale, a seniors housing project in the northern Boston suburb of Woburn. The number of units and development costs were not disclosed. Boston-based architect DiMella Shaffer designed the facility, which is part of The Vale, the master-planned redevelopment of the former Kraft Atlantic Gelatin Facility. The Delaney at The Vale will offer independent living, assisted living and memory care services and is slated to open this summer.
NORTH BERGEN, N.J. — Locally based brokerage firm Redwood Realty Advisors has negotiated the sale of a 24-unit apartment complex in North Bergen, located in Hudson County. The sales price was $2.5 million. The property offers one-bedroom units and was 70 percent occupied at the time of sale. Steven Matovski of Redwood Realty represented the undisclosed seller and unnamed buyer, which plans to implement a value-add program, in the all-cash transaction.
FISHERS, IND. — Thompson Thrift has acquired 62 acres that will be utilized as part of the $550 million expansion to Fishers District in the northeast Indianapolis suburb of Fishers. The firm concurrently sold a portion of the acquired land to the City of Fishers, where the site will be used for the development of a 7,500-seat arena and event center. The overall expansion of Fishers District includes: Slate, a garden-style multifamily community with direct access to Fishers District; the Union, an expansion to the multifamily and commercial options already opened at Fishers District; and the new arena and event center, which will offer additional restaurant, retail and entertainment spaces. Once completed in 2024, the event center will house the Indy Fuel, a minor-league ice hockey team affiliated with the Chicago Blackhawks and the Rockford IceHogs. The event center will also host concerts, theater productions, conventions and other sporting and community events. SCI Architects designed the property. Thompson Thrift began work on the Fishers District development in 2015. The first phase received an award from the Indianapolis Chamber of Commerce in 2020. “A project of this magnitude requires patience, persistence and vision,” says Ashlee Boyd, a managing partner at Thompson Thrift Commercial. “We have brought development, design and building experts together …
SANTEE, CALIF. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. CBRE National Senior Housing originated the 10-year loan with five years of interest-only payments through its Freddie Mac Optigo lending platform.
SEATTLE — Mill Creek Residential Trust has bought out AEW Capital Management’s stake in Modera Broadway, a multifamily property located in Seattle’s Capitol Hill neighborhood. The partnership completed the community in 2021. Terms of the transaction were not released. Located at 1732 and 1812 Broadway, Modera Broadway features two seven-story buildings featuring a total of 228 apartments in a mix of studio, one- and two-bedroom layouts. The property also features ground-floor retail space, two club rooms, a fitness center/yoga studio, coworking space, a dog run and three rooftop decks with views of downtown Seattle, Cal Anderson Park and the Olympic Mountains. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team advised Mill Creek and AEW on the transaction.