KEENE, N.H. — Covenant Living Communities & Services has agreed to purchase Hillside Village Keene, a seniors housing community located just north of the Massachusetts-New Hampshire border. Covenant is purchasing the community out of bankruptcy in a deal that is scheduled to close in early 2022. Hillside Village opened in 2019 with 141 independent living units, 43 assisted living units, 18 assisted living/memory care units and 20 nursing care suites. The price was not disclosed.
MONTCLAIR, N.J. — JLL has negotiated the sale of Montclair Residences at Bay Street Station, a 163-unit apartment community in Northern New Jersey. Built in 2008, the transit-oriented property features studio, one- and two-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, lounge and outdoor grilling areas. Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn of JLL represented the seller, New York-based Clarion Partners, in the transaction. Natixis, an international investment bank based in Paris, provided a $54 million, floating-rate acquisition loan to the buyer, a joint venture between Mill Creek Residential and Cigna Investment Management. Matthew Pizzolato, Andy Scott, Tom Didio Jr. and Gerard Quinn of JLL placed the debt.
SEATTLE — Newport Beach, Calif.-based MIG Real Estate has purchased Solara, a multifamily property located at 12736 Lake City Way NE in North Seattle. Newport Beach, Calif.-based Sares Regis Multifamily Funds acquired the property for $84 million. Built in 2001, Solara consists of three six-story buildings offering a total of 238 studio, one-, two- and three-bedroom apartments with nine-foot ceilings and in-unit washers/dryers. On-site amenities include a pool, theater, 24-hour fitness center, game room, WiFi café, parcel lockers, pet wash station, conference room, landscaped private courtyard and leasing center. MIG plans to renovate the property by refreshing the interior amenities and leasing center, painting the exterior, updating signage, implementing light apartment renovations and refreshing the corridors. Additionally, the community features five ground-floor retail suites totaling 5,893 square feet leased to The Beer Authority, Caoba Hair Salon and Spa and Seatango. Jon Hallgrimson, Eli Hanacek, Frank Bosl and Kyle Yamamoto of CBRE represented the seller in the deal. Bill Chiles, Scott Peterson and Brian Cruz of CBRE Capital Markets in San Diego partnered with CBRE’s Seattle multifamily team in arranging financing for the acquisition on behalf of MIG.
CARLSBAD, CALIF. — Miramar Capital has purchased Aston Views, a freestanding office/flex building located at 1808 Aston Ave. in Carlsbad. MCR Aston LLC sold the property for $20 million. Built in 2001 on 8.7 acres, the two-story Aston Views features 82,972 square feet of space. At the time of sale, the property was 90 percent leased. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Justin Halenza and Michael Mahoney, also of Cushman & Wakefield, provided leasing advisory.
SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty Capital Corp.’s Richmond office led the transaction.
PLAINFIELD, N.J. — Progress Capital has arranged a $17.6 million construction loan for a 104-unit multifamily project in the Northern New Jersey community of Plainfield. In addition to one commercial space, the property will offer 10 studio apartments, 61 one-bedroom units and 33 two-bedroom residences. Amenities will include a clubhouse, fitness center and outdoor grilling and recreational areas. Brad Domenico and Eddie Miro of Progress Capital arranged the three-year, interest-only loan through Trevian Capital on behalf of the borrower, West of Hudson Properties.
DENVER — Berkadia has arranged the sale of Aspen Grove, an apartment community in Denver. A California-based buyer acquired the asset for $10.3 million, or $313,636 per unit. Tyler King, Nick Steele and John Laratta and Nate Moyer of Berkadia Denver represented the Colorado-based seller in the deal. Built in 2020, Aspen Grove features 33 units with washers/dryers, patios/balconies, high ceilings and stainless steel appliances. The community is located at 9850 E. Girard Ave.
LOS ANGELES — Matthews Real Estate Investment Services has arranged the sale of Manchester Plaza, a retail property located at 520-536 E. Manchester Ave. in Los Angeles. An undisclosed developer sold the asset to a local investor for $5.5 million, or $647 per square foot. The property offers approximately 8,500 square feet of multi-tenant retail space. Joe Nelson of Matthews handled the transaction.
CLAYTON, MO. — Missouri-based Sterling Bank will serve as the anchor tenant for a planned $100 million mixed-use project in Clayton, just west of St. Louis. Green Street Real Estate Ventures LLC is the developer. Located at the intersection of Bemiston and Carondelet avenues, the 20-story development will include 4,500 square feet of first-floor commercial banking space with a walk-up ATM. There will also be 10,500 square feet of branch offices, 10,000 square feet of amenity space, a 270-unit apartment building and a 380-space parking structure. HDA, a Green Street company, is designing the project. Green Street Building Group and joint venture partner Tarlton will lead construction, which is expected to begin in fall 2022 and last 18 months.
ST. PAUL, MINN. — Ackerberg and Northland Real Estate have completed development of Alvera, a 193-unit apartment complex in St. Paul. Residential brand Common will manage the property, which is located at 337 W. 7th St. Amenities include a clubroom, outdoor deck, fitness center and resident lounge. Artist Aaron de la Cruz painted a mural along the property’s exterior. Monthly rents start at $1,077 for studios.