PHOENIX — Spellman Brady & Co. has completed the expansion and renovation of Sagewood Senior Living in Phoenix for Life Care Services. Renovations included a four-story, 101-unit independent living building with an underground parking garage. The 276,454-square-foot building features one and two-bedroom apartments with den layouts and patio views. The project also provided activity and game rooms, an art studio, putting course, café, formal dining, an indoor-outdoor tapas bar and lounge.
By Mark Fogel, founder, ACRES Capital Despite the pandemic-related uncertainty that dominated the markets in 2020, the student housing sector consistently displayed strong pre-lease occupancy rates among properties under construction, suggesting that the asset class would be well-positioned to hit the ground running in 2021. According to RealPage Analytics, students, encouraged by the prospect of fully reopened campuses, fueled a nearly 10 percent nationwide increase in pre-lease occupancy at off-campus housing between March and April of this year. This data in particular seems to support improvement for the student housing sector overall. Research organization RealPage has tracked student housing occupancy rates at 175 major universities across the country, a sort of barometer for the larger industry. As of March, the company’s data showed that 59.6 percent of beds at those universities were preleased for the fall 2021 semester. While that figure is still 200 basis points below the March 2020 level, it seemingly speaks to students’ preference to get back to living on campus. And while this is good news for operators and developers, the resiliency of the student housing market is bringing forth an unintended, but positive effect on one of the hardest-hit rental markets in the country: New …
COLUMBIA, MD. — StoneBridge Investments has acquired Gramercy at Town Center, a 210-unit apartment community in Columbia, for $67 million. Martha Hastings and Bill Roohan of CBRE represented the sellers, Prudential Global Investment Management and Bozzuto, in the transaction. Maxi Leachman and David Webb, also with CBRE, arranged financing on behalf of StoneBridge. The financing was a Freddie Mac loan of about $43 million. Built in 1998 at 10601 Gramercy Place, Gramercy at Town Center features a mix of one-, two- and three-bedroom apartments. StoneBridge plans to make improvements to the clubhouse and pool, building exteriors and interior unit upgrades such as faux wood flooring, updated finishes and technology packages. Each unit has a private balcony or patio, individual side-by-side washer and dryer and a walk-in closet, and some of the units also offer gas fireplaces and built-in computer niches. The kitchens feature stainless steel appliances, granite countertops, hardwood flooring and breakfast bars. Community amenities include a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite and private garages.
DANIA BEACH, FLA. — Trez Capital has provided a $64.7 million loan to help fund construction of Elevate Apartments, a 293-unit, mid-rise multifamily community underway in Dania Beach. Miami-based Royal Palm Cos. is the developer for the project. The project is slated for completion in two years. The financing provided was a non-recourse, three year term loan. Located at 600 E. Dania Beach Blvd., Elevate will have studio, one- and two-bedroom units ranging in size from 700 square feet to 1,000 square feet. Community amenities will include a pool deck, fitness center and storage space for water sports equipment. Ben Jacobson of Trez Capital’s Palm Beach office originated the loan on behalf of Royal Palm Cos. Trez Capital is funding residential and multifamily developments throughout Florida. In February 2021, the company financed a $70 million construction loan for Block 40, a rental building totaling 273 units in nearby Hollywood.
ROCHESTER, MINN. — The Rochester office of Kraus-Anderson has broken ground on Bryk on Broadway, a $39.2 million affordable housing project in Rochester’s Destination Medical Center district. Owners Dirk Erickson and John and Marcia Bouquet are developing the property located at the corner of Civic Center Drive and North Broadway. Designed by ISG, the project will feature 180 units, 7,500 square feet of commercial and retail space and 140 parking stalls. The six-story development will include a fifth-floor community room with an outdoor terrace, lounge and fitness center. Completion is slated for late 2022. Of the 180 units, 54 will be offered at 50 percent of the area median income (AMI), 18 will be offered at 60 percent AMI and 108 will be offered at 80 percent AMI. NorthMarq arranged a $31.2 million construction loan for the project through a credit union. “The name Bryk came to us as a metaphor for something strong,” says Dirk Erickson, owner and developer. “Brick buildings are meant to last and our mission is ‘building a strong community.’ We want to provide a high-quality living experience for our tenants and hope to set a new standard in affordable housing, hence building a strong foundation …
ATLANTA — The Radco Cos. has sold Spalding Bridge, a 192-unit multifamily complex located at 47 Spalding Trail NE in Atlanta. Chicago-based 29th Street Capital bought the property for $38.5 million. Derrick Bloom and David Gutting of Newmark brokered the transaction. Built in 1984, Spalding Bridge includes one-, two- and three-bedroom apartments with fully equipped kitchens, washer/dryer connections, balconies and extra storage. Community amenities also include an outdoor lounge with a fire pit, bark park, pool with sundeck, tennis courts, fitness center with free weights and BBQ picnic areas. Atlanta-based Radco acquired the property in 2015. The apartment complex offers access to Ga. Highway 400 and Interstate 285. The property is nearby recreational areas such as the Chattahoochee River, Dunwoody Nature Center, Steel Canyon Golf Club and Big Trees Forest Preserve.
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $21.5 million sale of two apartment communities in Birmingham totaling 289 units located. Andrew Brown, Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Arcan Capital, in the transaction. 3MC Capital Partners, a real estate private equity firm, acquired the properties. Valley Crest, which includes 176 units, sold for $13.3 million, and Park on Valley, which spans 113 units, sold for $8.2 million. Valley Crest is located at 316 Beacon Crest Lane and was built in 1979. Park on Valley is located at 741 Barcelona Court and was built in 1973. Community amenities at both include a pool, laundry facilities, clubhouse, picnic area and an onsite property manager. Units include washers and dryers and dishwashers. Both of the properties were 99 percent occupied at the time of sale. The communities are situated between downtown Birmingham and the municipalities of Homewood and Vestavia Hills. The properties are both close to the University of Alabama at Birmingham.
BRYAN, TEXAS — Dominium, a developer and operator of affordable housing, has acquired a 140-unit property in the Central Texas city of Bryan that was built in 2005. According to Apartments.com, the property features two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, playground, basketball court and a lounge. Dominium, which has already rebranded the property as Sandy Creek Apartments, will also implement a capital improvement plan beginning next year. The seller was undisclosed.
SAN ANGELO, TEXAS — The Multifamily Group (TMG), a Dallas-based apartment brokerage firm, has negotiated the sale of Casa Rio, a 100-unit multifamily property in San Angelo, located in the western-central part of the state. Casa Rio was built in 1977. Paul Yazbeck of TMG represented the undisclosed seller, which originally acquired the asset in 2010, in the deal. The undisclosed buyer plans to implement a value-add program.
KUTZTOWN, PA. — JLL has negotiated the sale of Edge at Kutztown, a 552-bed student housing property serving students at Kutztown University of Pennsylvania, located roughly midway between Reading and Allentown. The sales price was $20.1 million. The property’s 184 units are furnished with full appliance packages, vinyl tile flooring, Formica countertops and individual washers and dryers. Amenities include a clubhouse, outdoor grilling stations, game room and package receiving area. Fran Coyne, Tom Hall, Mark Thomson and Carl Fiebig of JLL represented the seller, a private investor, in the transaction. The buyer was DLP Real Estate Capital.
