Multifamily

Grandbridge Arranges Sale of Three Seniors Housing Communities in Florida

by John Nelson February 22, 2023

BRADENTON, SANFORD AND PINELLAS PARK, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the sale of three seniors housing communities in Florida in three separate transactions. The seller, an unnamed national REIT, sold the assets for undisclosed prices. The properties include the 112-unit Bradenton Oaks located in Bradenton, the 94-unit Renaissance Retirement Center in Sanford and the 145-unit Bayside Terrace in Pinellas Park. Bradenton Oaks was built in 1973 and 1988, The Renaissance was built in 1984 and Bayside Terrace was built between 1986 and 1989. The communities were operating at low occupancies and an operational loss at the time of sale, according to Grandbridge. The buyers include a Florida-based real estate investment firm and two seniors housing owner-operators.

February 22, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 251-Unit Alexan Springdale Apartments in East Austin

by Taylor Williams February 22, 2023

AUSTIN, TEXAS — Newmark has brokered the sale of Alexan Springdale, a 251-unit apartment community in East Austin. Alexan Springdale features studio, one- and two-bedroom units that have an average size of 824 square feet. Amenities include a pool, outdoor grilling and dining areas, fitness center, game room and a clubhouse. Patton Jones and Andrew Dickson of Newmark represented the seller, Trammell Crow Residential, in the transaction. New York-based Sterling Equities purchased the asset, which was 94 percent occupied at the time of sale, for an undisclosed price.

February 22, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Arranges $11M Sale of Multifamily Portfolio in Metro Kansas City

by Kristin Harlow February 22, 2023

ST. JOSEPH, MO. — Northmarq has arranged the $11 million sale of a 194-unit multifamily portfolio in St. Joseph, a northern suburb of Kansas City. The portfolio includes City View Lofts, Summit Place, Eugene Field and Frederick Apartments. City View Lofts was originally built in 1915 as St. Joseph Junior College before being redeveloped into lofts. The other properties date back to the early 1900s as well. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. The buyer was undisclosed.

February 22, 2023

Acquisitions Iowa Midwest Multifamily Seniors Housing

SVN Brokers Sale of Three-Property Assisted Living Portfolio in Iowa

by Kristin Harlow February 22, 2023

OSAGE, CHARLES CITY AND CLEAR LAKE, IOWA — SVN Senior Housing has brokered the sale of a three-property assisted living portfolio totaling 130 units in Iowa. The sales price was undisclosed. The properties, which were stabilized at the time of sale, are located in Osage, Charles City and Clear Lake. Jennifer Espeland and John Klement of SVN represented the seller, a private investment group. The buyer was an Iowa-based investment group with holdings in Iowa, Minnesota and Wisconsin.

February 22, 2023

Acquisitions Multifamily Texas

MLG Capital Acquires 232-Unit Springs at Alamo Ranch Apartments in San Antonio

by Taylor Williams February 21, 2023

SAN ANTONIO — Wisconsin-based investment firm MLG Capital has acquired Springs at Alamo Ranch, a 232-unit apartment community in San Antonio. The 227,000-square-foot, Class A community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, pet playground and an onsite car care center. MLG Capital plans to implement a value-add program and rebrand the property as Reata Alamo Ranch. The seller was not disclosed.

February 21, 2023

Wood-Meadow-Apartments-North-Richland-Hills

Acquisitions Multifamily Texas

SPI Advisory Sells 222-Unit Wood Meadow Apartments Near Fort Worth

by Taylor Williams February 21, 2023

NORTH RICHLAND HILLS, TEXAS — SPI Advisory, an investment firm with offices in Dallas and Austin, has sold Wood Meadow Apartments, a 222-unit multifamily property located in the Fort Worth suburb of North Richland Hills. Built in 1984 and renovated in 2018, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and courtyards. SPI and its partners acquired Wood Meadow Apartments in 2017. The buyer and sales price were not disclosed.

February 21, 2023

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $21M Sale of Seniors Housing Property in San Antonio

by Taylor Williams February 21, 2023

SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Inn at Los Patios, a 166-unit independent living and assisted living community in San Antonio. A New York-based private equity group acquired the property for $21 million in an all-cash transaction. Blueprint represented a court-appointed receiver to maximize proceeds for the trustee group and stakeholders involved. The buyer plans to install its Texas-based operator partner to manage the community.

February 21, 2023

Development Florida Multifamily Southeast

Collier Cos. to Break Ground on 303-Unit Atlantic One Apartment Project in Pompano Beach, Florida

by John Nelson February 21, 2023

POMPANO BEACH, FLA. — The Collier Cos. plans to break ground this week on Atlantic One, a 303-unit luxury apartment development in the South Florida city of Pompano Beach. The mid-rise property will feature seven buildings with 10,000 square feet of commercial space on the ground level fronting East Atlantic Boulevard. Amenities will include a clubhouse, second-level resident’s lounge, modern fitness facility, resort-style outdoor pool with surrounding cabanas, private courtyards, dog walks and a rooftop plaza with a community patio and barbeque pavilion. Collier Cos. plans to begin leasing in summer/fall 2024 and to deliver Atlantic One in spring/summer 2025.

February 21, 2023

Acquisitions Arkansas Multifamily Southeast

Elevate Commercial Acquires 232-Unit Multifamily Community in Centerton, Arkansas

by John Nelson February 21, 2023

CENTERTON, ARK. — An investment syndication led by Elevate Commercial Investment Group has purchased Watercolors of Centerton, a 232-unit apartment community in northwest Arkansas. The seller and sales price were not disclosed. The acquisition covers Phases I and II of Watercolors of Centerton. Phase III is currently under construction and is expected to be completed this summer. Elevate Commercial is already set to close on the acquisition of Phase III once construction is complete, which will increase the property to 376 units. Situated at the intersection of SW 14th Street and Greenhouse Boulevard, Watercolors of Centerton features a resort-style pool, gym, pickleball court, basketball court, pool tables and a pet park. Elevate Commercial plans to invest $1.5 million in capital improvements to the community.

February 21, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

TAT, Beacon Communities Open 55-Unit Affordable Seniors Housing Complex in South Boston

by Taylor Williams February 21, 2023

BOSTON — The Architectural Team (TAT) and Beacon Communities LLC have opened Phase III of The Anne M. Lynch Homes at Old Colony, an affordable seniors housing complex in South Boston. The property rises four stories and totals 51,000 square feet and 55 units. Dimeo Construction served as the general contractor on the project, which was also built using Passive House sustainability standards.

February 21, 2023

Newer Posts

Older Posts