MATTHEWS, N.C. — Acts Retirement-Life Communities has broken ground on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The first phase of the Matthews Glen expansion includes a $35 million WillowBrooke Court skilled care center addition that increased capacity to 90 private beds. The 93,000-square-foot building has three floors with six “neighborhoods,” each encompassing 15 private resident rooms with private bathrooms. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas, along with amenities such as tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which will increase its capacity to 100 suites. Construction on the Phase II expansion is scheduled for completion in 2023.
Multifamily
MIAMI — PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard and between downtown Miami and the city’s Design District. The project’s design will focus on health and wellness, as well as environmental and natural design. Community amenities at the tower will include a landscaped pool deck with grills and a Zen garden; fitness center with a yoga room; outdoor boxing and CrossFit; dry sauna; spa treatment and steam room; recording studio; children’s playroom; pet wash; game room; coworking spaces and a library.
PEACHTREE CORNERS, GA. — Naples, Fla.-based TerraCap Management LLC has acquired The Reserve at Peachtree Corners, a 354-unit apartment complex in Peachtree Corners, about 22.3 miles from downtown Atlanta. Bill Shippen of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1985, The Reserve at Peachtree Corners features one-, two- and three-bedroom units. Community amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park and a playground. Located at 3495 Jones Mill Road, The Reserve at Peachtree Corners is situated in the northern region of Gwinnett County. The property is situated 8.1 miles from Perimeter Mall, 15 miles from Emory University and 30.6 miles from Hartsfield-Jackson Atlanta International Airport. TerraCap plans to reposition the property and complete several capital projects, including a renovation program on the unit interiors. Matt Stewart of TerraCap says the firm’s capital plan also includes renovations to the clubhouse and boosting the overall curb appeal. TerraCap chose First Communities Management as the new property manager.
HOUSTON — A joint venture between locally based developer Patrinely Group and USAA Real Estate has sold Folio West, a 266-unit apartment community in Houston’s Westchase neighborhood. The joint venture developed the property in 2017. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, game room, 24-hour fitness center, business center and a clubhouse with a catering kitchen. South Carolina-based Middle Street Partners purchased the property for an undisclosed price. Dustin Selzer, Matt Kafka and Jett Lucia of JLL brokered the deal.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Sawyer West Village Uptown, a 178-unit apartment community in Dallas. The property was built in 2006. A partnership between RangeWater Real Estate and The Carlyle Group sold the community to Weidner Apartment Homes for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Grant Raymond and Will Balthrope of IPA brokered the deal on behalf of both parties.
SOUTH BEND, IND. — Ready Capital has closed a $66.7 million loan for the acquisition, renovation and stabilization of a 400-unit multifamily property in the Granger submarket of South Bend. The buyer plans to renovate unit interiors, building exteriors and common areas. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.
DOWNERS GROVE, ILL. — The Opus Group has broken ground on a seven-story, 167-unit luxury apartment complex in the Chicago suburb of Downers Grove. Located at 926 Maple Ave., the project will include 319 parking spaces, 71 of which are dedicated for a neighboring church. Amenities will include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, pool, pet spa and dog run. The project is a joint venture between Opus and Principal Real Estate Investors. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Greystar will manage the property, completion of which is slated for April 2023.
ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of an unnamed 310-unit apartment community in Arlington. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-moth term, two extension options and a facility to fund future capital expenditures. The undisclosed sponsor plans to implement a value-add program.
LAWRENCEVILLE, N.J. — JLL has negotiated the sale of a 632-unit multifamily property in Lawrenceville, located outside of Princeton. Built between 1992 and 1996, the property consists of 19 buildings that house one-, two- and three-bedroom units with an average size of 1,120 square feet. Amenities include two pools, a fitness center, dog park, tennis court, racquetball court, playground and outdoor grilling areas. Jose Cruz, Michael Oliver, Steve Simonelli and Kevin O’Hearn of JLL represented the seller, AvalonBay Communities, in the transaction. The buyer and sales price were not disclosed.
Tricon Residential Breaks Ground on Bacara Single-Family Rental Property in Wildomar, California
by Amy Works
WILDOMAR, CALIF. — Tricon Residential, Foremost Pacific Group and Woodbridge Pacific Group Cos. has broken ground on Bacara, a townhome single-family rental community in Wildomar. Located at 24808 Preilipp Road, Bacara will feature 170 rental townhomes with one-, two- and three-bedroom options with solar power, attached one- or two-car garages, keyless front-door entry and forecourt patios. Community amenities will include a dog park, lap pool and spa, gym and community center. Completion is slated for late 2022. Tricon Residential will operate Bacara upon completion. Foremost Pacific Group is serving as project developer and Woodbridge Pacific Group Cos. is serving as project contractor.