PHILADELPHIA — Rittenhouse Realty Advisors, a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. Orens Brothers Real Estate developed the 92-unit property using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the property.
BROCKTON, MASS. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Connemara Senior Living, an 86-unit independent living, assisted living and memory care community located in the southern Boston suburb of Brockton. The community was originally built in 1990. Elevation Financial Group acquired the property and plans to convert it to an affordable seniors housing complex. The seller and price were not disclosed.
NASHVILLE, TENN. — Dayton, Ohio-based The Conor Group has completed the disposition of Elliston 23, a multifamily community located at 2312 Elliston Place in Nashville’s West End submarket. San Diego-based Sunroad Enterprises acquired the asset for $162 million. Brett Carr and Kevin Geiger of CBRE represented the seller in the transaction, and Nate Sittema of CBRE’s Debt & Structured Financing Group arranged acquisition financing for the buyer. Elliston 23 features 331 apartments in a mix of studio, one- and two-bedroom floorplans averaging 844 square feet. Units offer in-suite washers/dryers, granite countertops and stainless steel appliances. Community amenities include a 24-four fitness center, year-round heated pool and sundeck area, 24-hour conference room, controlled access parking structure and a courtyard with gas grilling stations. Additionally, Elliston 23 features more than 15,000 square feet of ground-floor retail space, including multiple restaurants, a cycling studio, beauty salons and a spa.
ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing. The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more than 1,800 residents. The Spring Arbor platform will continue operations under the Spring Arbor Senior Living brand. Capital Funding arranged financing for the transaction. Terms of the acquisition were not released.
CARROLLTON, GA. — A joint venture partnership between Memphis, Tenn.-based Fogelman Properties and Thackeray has purchased a 111-unit apartment property in Carrollton for an undisclosed price. The partnership has rebranded the community, formerly known as Renew at Carrollton, as Venue at Carrollton. Built in 1974, Venue at Carrollton features one-, two- and three-bedroom apartments ranging from 900 square feet to 1,200 square feet. At the time of sale, the property was 96 percent occupied. The partnership plans to renovate all of the unit interiors, pool, clubhouse and amenity areas.
FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has broken ground on The Trailhead at Chisholm Trail Ranch, a $63 million multifamily project in Fort Worth. The 284-unit development will be situated within the 625-acre Chisholm Trail Ranch master-planned community. Units will be spread across seven buildings and will be available in studio, one-, two- and three-bedroom formats. Amenities will include a pool, dog park and a pickleball court. HEDK Architects is designing the project, and Links Construction LLC is the general contractor. Completion is slated for the first quarter of 2025.
HOUSTON — Marcus & Millichap has brokered the $56 million sale of three Houston multifamily properties. Ridgepoint Apartments totals 168 units, was built in 1980 and sold for $21.3 million. Green Tree Place comprises 196 units, was constructed in 1983 and traded for $22.6 million. Pine Lake Village consists of 96 units, was delivered in 1983 and fetched a price of $12.1 million. Matthew Peters and Matthew Roth of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
AUSTIN, TEXAS — Anthology Senior Living has announced plans to develop a 130-unit seniors housing community in North Austin. Anthology of The Arboretum will span 131,000 square feet and offer assisted living and memory care options. Units will be available in studio, one- and two-bedroom formats. Cadence McShane is the general contractor for the project, which is scheduled for completion in spring 2023.
CARMEL, IND. — Merchants Capital has completed a $214 million CMBS securitization of 14 multifamily mortgage loans. The loans are secured by 24 mortgaged properties through a Freddie Mac-sponsored Q-series transaction. Freddie Mac securitizes multifamily loans via its Q Certificate structure. In this process, a lender sells its loans, after approval by Freddie Mac, to a third-party depositor who places them into a third-party trust, which issues private-label securities backed by the loans. The $214 million in loans covered 14 multifamily properties in Georgia, Indiana, Michigan, New York and Ohio. The developments range in size from 60 to 352 units and the large majority of units are restricted for residents who earn up to 80 percent of the area median income. Merchants Capital is based in Carmel, Ind.
VALPARAISO, IND. — Chicago-based Evergreen Real Estate Group has broken ground on Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The $30 million, three-story project is slated for completion in April 2023. All of the units will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income. Gardant Management Solutions will manage the community. Amenities will include a community room, media room, fitness center, salon, library, community garden and outdoor pool. The dining room will serve residents three meals per day as well as a rotating assortment of snacks. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler and provided debt financing. PNC Bank also invested in the project, providing LIHTC equity.
