Multifamily

Link Senior Development, Roxborough Group Buy 301-Unit Park Terrace Senior Living in Phoenix

by Amy Works June 16, 2022

PHOENIX — Link Senior Development and The Roxborough Group LLC have acquired Park Terrace Senior Living, a 301-unit independent living and assisted living community in Phoenix. The 15.3-acre campus features 12 residential buildings offering one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to convert the remaining assisted living units to independent living units. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies. “The substantial demand and need in the North Phoenix market for competitively priced independent living units are a very compelling story for us,” says Matthew McCormick, managing director for The Roxborough Group. “In addition, we are very bullish on the senior living space as it recovers from COVID-19. Changing demographics and an oncoming ‘silver tsunami’ create a unique opportunity to acquire communities well below replacement cost with favorable trends.” Park Terrace is Link’s eighth senior living project in Arizona and third under management through its vertically integrated operations division. Link has invested in bolstering its acquisitions platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months. The acquisition marks Roxborough’s entry into the seniors housing market and its fourth investment …

June 16, 2022

Acquisitions Multifamily Texas

NAI Partners Brokers Sale of 213-Acre Residential Development Site in Waller, Texas

by Taylor Williams June 15, 2022

WALLER, TEXAS — NAI Partners has brokered the sale of a 213-acre residential development site located at the corner of Field Store and Knebel roads in Waller, located northwest of Houston. Alex Makris and Jeff Pittman of NAI Partners represented the seller, Robert R Surratt LLC, in the transaction. The buyer was Phoenix-based Inspire Communities. Specific details about product type and construction timelines were not disclosed.

June 15, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $28M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow June 15, 2022

CHICAGO — Interra Realty has brokered the sale of an 80-unit apartment building in Chicago’s Lakeview neighborhood for $28 million. All the units at the property, built in 1986, feature one bedroom and one bath. The building was fully leased at the time of sale. Joe Smazal of Interra represented the seller, an entity of Chicago-based Mo2 Properties, as well as the buyer, an affiliate of Chicago-based Beal Properties. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace. Located at 944-54 W. Grace St., the asset is situated near Sydney R. Marovitz Golf Course.

June 15, 2022

Development Multifamily Northeast Pennsylvania

Accurate to Develop 404-Unit Multifamily Project in Philadelphia

by Taylor Williams June 15, 2022

PHILADELPHIA — New Jersey-based developer Accurate will build a 404-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The development will consist of 297 rental units in micro studio, studio, one- and two-bedroom floor plans, as well as 107 for-sale townhomes. A construction timeline has not yet been finalized, though that phase of the project is expected to last about 24 months.

June 15, 2022

Acquisitions Multifamily New York Northeast Seniors Housing

Castle Lanterra Active Adult Acquires Reserve at Lakeside in Newburgh, New York

by Taylor Williams June 15, 2022

NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. The community consists of one-bedroom units and two-bedroom apartments. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed.

June 15, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Standard Communities Acquires 559-Unit Affordable Seniors Housing Portfolio in California

by Amy Works June 15, 2022

ANAHEIM, ESCONDIDO AND LIVERMORE, CALIF. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that need it most in California,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “Seniors are the fastest-growing population in California.” “In the city of Livermore for example, almost 20 percent of the population are seniors and 24 percent of them are renters,” adds Joon Lee, managing director of strategic capital for Standard. “The average price of a home in Livermore is over $1 million, which has increased nearly 30 percent year over year. It’s important to Standard to provide affordable housing options for seniors” Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC, electrical, fire safety and security upgrades; roof, door and window repair or replacement; …

June 15, 2022

Acquisitions Multifamily Nevada Western

ZMR Capital Enters Las Vegas Market with $38.5M Multifamily Acquisition

by Amy Works June 15, 2022

LAS VEGAS — Florida-based ZMR Capital has purchased Sunridge, an apartment property located at 4855 E. Vegas Valley Drive in Las Vegas, in an off-market transaction. The name of the seller was not released. Built in 1991, Sunridge features 216 apartments in a mix of one-, two- and three-bedroom layouts with in-unit washers/dryers and pre-installed Wi-Fi modems. Community amenities include two swimming pools and spas, a clubhouse with fireplace, business center, playground and covered parking.

June 15, 2022

Acquisitions Development Multifamily Washington Western

Landmark Properties Purchases Apartment Development Site in Seattle’s U-District

by Amy Works June 15, 2022

SEATTLE — Landmark Properties has acquired two development parcels, totaling 15,225 square feet, at 1200 NE 45th St. in Seattle’s U-District. Terms of the transaction were not released. Situated near the University of Washington campus and the U-District station on Sound Transit’s Link light rail system, the land is entitled for a 24-story, 237-unit multifamily property. The new light rail station, which opened in October 2021, is two stops from Capitol Hill and three stops from the Seattle central business district. By 2023, the rail station will also connect to the Eastside and downtown Bellevue. Kyle Yamamoto, Eli Hanacek, Jon Hallgrimson and Mark Zoffel of CBRE Capital Markets’ Seattle office brokered the transaction.

June 15, 2022

Development Maryland Seniors Housing Southeast

Monarch Plans $80M Seniors Housing Community in White Marsh, Maryland

by John Nelson June 15, 2022

WHITE MARSH, MD. — Monarch Communities has unveiled plans for Monarch White Marsh, a 188-unit independent living, assisted living and memory care community in the Baltimore suburb of White Marsh. Construction is scheduled to begin this month on the $80 million project. The property is incorporated into a 113-acre, master-planned, mixed-use development known as Villages of White Marsh. The community will be connected to a 20-acre park via a walking bridge, providing access to 40 acres of open space and walking trails. Monarch will be the operator upon completion, which is slated for late 2023. Monarch Communities operates and develops senior living communities along the East Coast.

June 15, 2022

Acquisitions Multifamily South Carolina Southeast

IMG Acquires Whitley Apartments Near Greenville for $42.5M

by John Nelson June 15, 2022

CENTRAL, S.C. — Investors Management Group Inc. (IMG) has acquired The Whitley Apartments, a 250-unit multifamily community located in the Greenville suburb of Central. Built in 1997, The Whitley is located near Clemson University and several Upstate South Carolina employers, including BMW. IMG plans to invest more than $2 million in capital improvements at the property. Will Mathews of Colliers brokered the transaction. IMG raised $21 million from 160 investor clients in 22 states to fund the acquisition, and eight investors completed 1031 exchanges by acquiring Tenant in Common (TIC) positions in the property. IMG also secured a 10-year, non-recourse Fannie Mae loan through Arbor Realty Trust. The loan was underwritten with a 30-year amortization schedule and a 60 percent loan-to-value ratio. Over the past year, IMG has sponsored the acquisition of over 1,700 total units totaling $372 million in transactions nationally. Last year the firm acquired the nearby Tapestry at Hollingsworth Park in Greenville.

June 15, 2022

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