ELMHURST, ILL. — Focus Healthcare Partners LLC, a Chicago-based real estate investment and asset management firm, has acquired a senior living community in Elmhurst for an undisclosed price. The buyer will rebrand the property as The Roosevelt at Salt Creek and convert it from an entrance-fee model to a rental community offering both independent living and assisted living. Life Care Services will manage the community and help facilitate its multi-year renovation. The transformation will include building out common areas with a new design and broadening programming options for residents. Amenities will include an indoor pool, cinema, art studio, game room and sports lounge. The property was formerly named Lexington Square Senior Living.
TACOMA, WASH. — Colliers has brokered the sale of a self-storage property located at 8233 S. Hosmer in Tacoma. Hosmer Self Storage LLC sold the property, spanning 46,265 square feet and consisting of 454 storage units, to Merit Hill Capital. The price was not disclosed. The facility offers a range of storage unit sizes, including drive-up units and options for indoor vehicle storage. The Colliers de Jong | Becher Self Storage Team represented the seller in the negotiation process.
LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of the River Place shopping center in Lansing, a southern suburb of Chicago. The 47,000-square-foot property consists of a 7,350-square-foot building and a 39,728-square-foot building. At the time of sale, the property was roughly 97 percent leased to tenants such as Dollar General, Subway, Dunkin’ and SVS Vision. Chad Firsel and Dan Waszak of Quantum represented the seller, a Wisconsin-based developer and investor. The buyer was a Virginia-based investor.
AVON, IND. AND CANTON, MICH. — Marcus & Millichap has arranged the sales of two Childtime childcare properties in Avon, Ind., and Canton, Mich. The properties sold for $2.6 million each. Both had corporate guarantee from Learning Care Group and seven-year lease extensions. Dominic Sulo of Marcus & Millichap represented the seller, a limited liability company. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap secured and represented the buyer, a private investor.
PALATKA, FLA. — Saint-Gobain North America has announced plans to invest $235 million to expand manufacturing space at its CertainTeed gypsum facility in Palatka, near the Port of Jacksonville on the St. Johns River in northern Florida. The Palatka facility, which currently employs more than 150 people, began operations in 2001. According to Saint-Gobain, the facility is one of the largest gypsum plants in the Southeast. The firm’s expansion project received more than $7 million in cash benefits and high-impact investment tax credits, including a State of Florida Capital Investment Tax Credit, a Career Source Florida Quick Response Training Grant, a grant from Putnam County and a Clay Cooperative Economic Development Rate. According to Saint-Gobain, the expansion will more than double the production capacity of the existing manufacturing plant, as well as create more than 100 new jobs. The investment will be made over the next two years through the firm’s building products subsidiary, CertainTeed Interior Products Group. In line with Saint-Gobain’s goal for carbon neutrality by 2050, the firm plans for sustainability to be an essential aspect of the project. The development will include the installation of new energy-saving equipment and automation technologies, including an energy board dryer that …
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Rising Interest Rates Take Toll on Fannie, Freddie Deal Volume
The multifamily divisions of Fannie Mae and Freddie Mac are off to a slow start this year as the government-sponsored enterprises (GSEs), their network of lending partners and multifamily borrowers contend with rising interest rates. Fannie Mae’s volume of new multifamily business totaled $10.2 billion in the first quarter of 2023, which is a 36 percent decrease from the same period a year earlier when the agency closed $16 billion. Freddie Mac closed $6 billion in new multifamily business in the first quarter, a year-over-year decrease of 60 percent. Seasoned agency lending professionals all point to elevated borrowing costs as the primary reason for the two agencies closing less business thus far in 2023. “The rapid increase in rates across the board has really been a shock to the industry,” says Vic Clark, senior managing director and head of conventional multifamily production at Lument. At its May meeting, the Federal Open Markets Committee raised the federal funds rate to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 …
— By James Hall, ABI Multifamily — It’s been a tumultuous year for global capital markets and asset prices, which have had to contend with a broad array of geopolitical and economic headwinds. The Las Vegas multifamily market — while it remains demographically sound — is dealing with inflationary-based pricing concerns and fundamental characteristics dampening investor appetite.Amongst all the noise and negatively skewed fundamentals, Las Vegas’ economy continues to grow, with tourism surpassing pre-pandemic levels this quarter. Harry Reid Airport reported the highest recorded number of passengers in February, indicating that the market continues to benefit from a surge in post-pandemic domestic tourism.A report released by the Federal Funds Information for States ranked Nevada as first in the nation for economic growth and momentum last year. The measurement considers a wide array of key economic and demographic indicators, including population, personal income and employment growth.While California continues to reel from a declining population, both Nevada and Arizona are benefiting from a surge in net-migration. The population of Las Vegas is expected to double by 2060, which would add an additional 2 million residents to the MSA, per Woods and Poole Economics..Las Vegas residents have a much higher propensity to rent …
FORT WORTH, TEXAS — A partnership between Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings has acquired Taylor Commons, a 224-unit multifamily property in Fort Worth. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, playground, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
MCALLEN, TEXAS — Partners Real Estate has arranged the sale of a 14,000-square-foot retail building in the Rio Grande Valley city of McAllen. The building at 220 S. 15th St. is located in the downtown area. Evan Altemus of Partners represented the buyer, Johnny Carson Family Trust, in the transaction. Cindy Hopkins of Hopkins Real Estate represented the seller, a local family that had owned the property for 70-plus years.
IRVING, TEXAS — Bradford Commercial Real Estate Services has negotiated a 13,000-square-foot industrial flex lease at Las Colinas Distribution Center 5 in Irving. The lease term is six years. Brian Pafford of Bradford represented the landlord, an entity doing business as Las Colinas AAA Investment LLC, in the lease negotiations. Chris Shilling of Minerva Realty Group represented the tenant, automotive maintenance and service provider Repairify.