BRODHEAD, WIS. — NAI Greywolf has negotiated the sale of a 37-unit, vacant senior living facility in Brodhead, about 35 miles south of Madison. The sales price was undisclosed. The property, which closed in summer 2021, features two dining rooms, a beauty shop, therapy room and library. Dawn Davis of NAI Greywolf represented the seller, Brodhead Assisted Living Inc. The buyer, AJ Brodhead LLC, intends to reopen the property as assisted living.
PHOENIX, ARIZ. — CREC Real Estate and Rincon Capital Partners have purchased Ascent 1829 Apartments, a multifamily community located in North Phoenix. Terms of the transaction were not released. The owners plan to invest up to $4.2 million to renovate the common areas and upgrade interiors and appliances to bring the property on par with nearby recently repositioned residential communities. Built in 1980 on six acres at 1829 E. Morten Ave., Ascent 1829 Apartments features 180 Class B apartments.
ELK GROVE, CALIF. — American Capital Group has received a $34 million loan for the refinancing of Laguna Creek Apartments, a multifamily property at 8760 Center Parkway in Elk Grove. Hartford Investment Management Co. provided the financing. Built in 2004 by American Capital Group, Laguna Creek Apartments features 160 one- and two-bedroom apartments across two- and three-story garden-style buildings. The units offer fully equipped kitchens, in-home washers/dryers, air conditioning and are pre-wired for high-speed internet. Onsite amenities include a clubhouse with fireplace and large-screen TV; fitness center; swimming pool and spa; playground; billiards and game room; and built-in business center. Dave Karson, Chris Moyer and John Spreitzer of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented American Capital Group in the financing.
LIVERMORE AND SOQUEL, CALIF. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, entertainment and dining hubs and is near to Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System. Situated on 3.7 acres, the second land site will be developed into an 82-unit seniors housing community near Santa Cruz. The site is a fully entitled assisted living and memory care development that Calson Management took through the entitlement process while the site was under contract. Bercut Smith, Lillian Roos, Lauren Sackler and Ace Sudah led the JLL Capital Markets Debt Advisory team representing the borrower.
The Sun Belt is experiencing unprecedented growth with in-migration trends setting the stage for further expansion and bolstering in-place multifamily product. This includes Birmingham, which has weathered COVID-19 well not only from an employment perspective, but from a rent growth perspective too. The latter is not sustainable without the former, and local capital investments point to more tailwinds. Birmingham has been on the move, adding 60,000 jobs since April 2020 and becoming the primary driver of economic growth in Alabama. With the influx of new jobs, the city has surpassed its pre-pandemic peak and as a result, the city’s rent growth has outperformed the national average for several years. There was a short period where downtown rents and velocity fell off during the pandemic, but it came back fast and strong. Riding the tailwinds One notable example of in-migration, both investment and population wise, was when Landing announced it would be relocating its headquarters from San Francisco to Birmingham. Landing is a tech startup that provides access to a network of fully furnished apartments, and its move to the city is expected to create more than 800 direct, full-time jobs. The announcement was exciting locally as Birmingham presumably wouldn’t have …
MIAMI — Norfolk, Va.-based Harbor Group International has acquired 275 FontaineParc, a 133-unit, Class A multifamily property in Miami. The sales price was $50 million, or about $379,939 per unit. The seller was not disclosed. Built in 2020, 275 FontaineParc offers one-, two- and three-bedroom floorplans. Unit features include walk-in closets, private balconies, stainless steel appliances and quartz countertops. Community amenities include a pool, fitness center, private bike storage, onsite maintenance and covered parking. The property was fully occupied at the time of sale. Located at 275 Fontainebleau Blvd., the property is situated 11.7 miles from downtown Miami and 7.4 miles from Miami International Airport.
JACKSONVILLE AND APOPKA, FLA. — JLL Capital Markets has secured a total of $10.9 million in financing for two multifamily properties in Florida. JLL arranged $5.9 million in financing for the 288-unit Club at Danforth in Jacksonville and $5 million in supplemental financing for the 210-unit Verandahs at Hunt Club in Apopka. Elliott Throne, Mona Carlton, Kenny Cutler, Joshua Odessky and Karim Khaiboullin of JLL arranged the fixed-rate, Freddie Mac loans on behalf of the borrower, Beachwold Residential. Each loan featured a term of less than seven years. Built in 1998 and updated in 2018, Club at Danforth is a garden-style apartment community featuring 16 buildings. Community amenities include a playground, fitness center, swimming pool, dog park, racquetball and basketball courts, clubhouse and a business center. Located at 3701 Danforth Drive, the property is situated 14.3 miles from downtown Jacksonville and 25 miles from Jacksonville International Airport. Completed in 1985, Verandahs at Hunt Club includes 21 two-story buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include a pool, fitness center, tennis court, dog park and a car care center. Located at 3000 Foxhill Circle, the property is situated 13.8 miles from Orlando and 33.6 miles from Orlando …
HOUSTON — Cushman & Wakefield has arranged the portfolio sale of four memory care communities totaling 152 units in the Houston area. The portfolio comprises Addington Place of The Woodlands, Addington Place of Cy-Fair, Addington Place of Meyerland and Addington Place of Clear Lake. The communities originally opened between 2010 and 2012. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented the seller, New York-based Healthcare Trust Inc., in the transaction. McFarlin Group, a Dallas-based private equity firm, acquired the portfolio in an all-cash deal.
AUSTIN, TEXAS — JLL has brokered the sale of ArborView, a 151-unit age-restricted multifamily community in Austin. The property, which opened last year, is located within the Circle C master-planned community on the city’s southwest side. Units at ArborView feature granite countertops and tile backsplashes, and amenities include a pool, indoor and outdoor lounge areas, a fitness center, demonstration kitchen, hair salon and putting greens. Charles Bissell led a JLL team that represented the seller, Cadence Multifamily, in the transaction. Texas-based developer Sparrow Partners purchased ArborView for an undisclosed price.
SAN ANTONIO — San Francisco-based investment firm Hamilton Zanze has sold Niche Apartments, a 150-unit multifamily complex located in the Oakwell Farms area of San Antonio. Built in 2000, the property offers one-, two- and three-bedroom units with an average size of 955 square feet, as well as a pool, fitness center, outdoor grilling areas and walking trails. Hamilton Zanze originally acquired the asset in 2016 and implemented a value-add program.
