SAN CLEMENTE, CALIF. — CareTrust REIT has acquired 13 skilled nursing facilities in Tennessee for $176 million. California-based CareTrust purchased the properties through a joint venture arrangement with an unnamed, third-party healthcare real estate owner. Each of the 13 facilities will be operated by existing CareTrust tenants under new, long-term master lease agreements. Affiliates of the Ensign Group will operate six of the facilities, with affiliates of Links Healthcare Group operating the remaining seven. The acquisition is Phase II of a larger $421 million portfolio transaction that ultimately involves 27 facilities in Tennessee.
JOHNSON CITY, TENN. — Walker & Dunlop has originated a $63.9 million FHA loan for the development of The Reserve at Johnson City, a 288-unit apartment development in East Tennessee. Located on a 14.4-acre site at 1084 W. Oakland Ave. in Johnson City, the property will serve as an addition to an existing 248-unit multifamily community that was delivered in 2015. Keith Melton and David Strange of Walker & Dunlop originated the financing on behalf of the developer, TDK Cos. Upon completion, The Reserve will feature 12 three-story walk-up buildings comprising one-, two- and three-bedroom apartments. Amenities will include a multi-level pool, outdoor kitchen with a gas fireplace, pet park, fitness center and a single-bay car wash and vacuum station.
TYSONS, VA. — Berkadia has brokered the sale of Hanover Tysons, a 412-unit multifamily community located at 1500 Westbranch Drive in Tysons, about 15 miles west of Washington, D.C. Chicago-based Mesirow Financial purchased the property from Hanover Co. and PCCP for an undisclosed price. The buyer has rebranded the community as The Jones at Tysons. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia represented the sellers in the transaction. Situated adjacent to Tysons Galleria and Tysons Corner Center, the apartment community features studio, one-, two- and three-bedroom floor plans, as well as a resort-style pool, greenspace courtyard, fitness center, resident clubhouse and a theater room.
AUBURN, ALA. — BWE has provided a $42.3 million Fannie Mae loan for The Glenn, a 270-unit garden-style apartment community located at 2568 E. Glenn Ave. in Auburn. The property comprises 14 residential buildings and offers studio, one-, two- and three-bedroom apartments, as well as a fitness center, beach-entry pool, grilling areas, pet park and a business center. Paul Harbor, Caleb Carter and Libby Davis of BWE originated the loan on behalf of the borrower, an undisclosed development firm based in Georgia. The borrower will use proceeds of the 10-year loan, which features a 35-year amortization schedule, to pay off construction debt obtained before The Glenn opened in 2022.
KAPOLEI, HAWAII — Los Angeles-based New Age Ko Olina has acquired two oceanfront lots near the Ko Olina master-planned development in Honolulu from Oceanwide Resort HI LLC for an undisclosed price. CBRE’s Matt Bittick and Henry Bose represented the seller, while Powell & Aucello represented the buyer in the deal. The first lot, adjacent to Aulani Resort, is entitled for up to 1.5 million square feet of developable area and up to 1,400 units. The seller had proposed a 1,383-key Atlantis Resort & Residence Ko Olina (subject to design review), which would feature 37,500 square feet of retail space, 1,200-seating restaurant options, an aquarium and pools, and open to two of Ko Olina’s beach lagoons. The second lot is entitled for up to 990,000 square feet of developable area with no more than 850 units and opens to two beach lagoons and the Pacific Ocean. The approvals for the lot provide for a hotel, branded residential and timeshare. Ko Olina is an oceanfront master-planned development on the west coast of Oahu. Situated on more than 642 acres, the property offers four beach lagoons connected by more than a mile-and-a-half of seaside paths, the Ko Olina Golf Club and Ko Olina Marina, …
TEMPE, ARIZ. — On behalf of Banyan Residential and Milhaus, McShane Construction Co. has completed Northbend, an apartment property in Tempe. Situated on 11 acres, Northbend features 310 apartments spread across three residential buildings and 8,000 square feet of amenity space, including a 4,300-square-foot clubhouse. Units offer open-concept floor plans with nine-foot ceilings and large windows, large kitchen islands, quartz countertops, stainless steel appliances, wood-style flooring, keyless entry systems, in-unit washers/dryers and walk-in closets. Select units offer courtyard, pool or city views and private patios or balconies. Additionally, the property offers some live-work units providing separate “storefront” style entrances for small business owners. Community amenities include a resort-style pool and sun deck, a fully equipped fitness center and yoga studio, a trading post with outdoor equipment loans and outdoor spaces, including a courtyard with fire pits, an entertainment lawn and a dog park. Designed by Todd & Associates, the garden-style buildings integrate wood frame construction with façades of stucco, thin brick and wood-look metal lattice.
SACRAMENTO, CALIF. — Reliant Group has completed the sale of The Lofts, an apartment property in Sacramento’s Natomas submarket. Jackson Square Properties acquired the asset for $52.3 million. Located at 3351 Duckhorn Drive, The Lofts offers 188 one- and two-bedroom units, with more than 40 percent including loft-style floor plans. Select units feature attached direct-access garages, nine-foot vaulted ceilings, dual-pane windows and luxury flooring. Community amenities include a swimming pool, hot tub, fitness center, an outdoor barbecue and entertainment center and a playground. Marc Ross of CBRE represented the seller in the deal. Ryan Greer and Trevor Breaux of CBRE Capital Markets Debt & Structured Finance arranged financing on behalf of the buyer.
EUGENE AND SPRINGFIELD, ORE. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield. Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include onsite dining, complimentary transportation, television lounges, libraries, beauty salons and barber shops, game rooms, movie and theater rooms and a billiards lounge. Alanna Ellis and Alex Sheaffer of JLL secured the three-year, floating-rate bridge financing on behalf of the undisclosed borrower.
TEMPE, ARIZ. — DAUM Commercial Real Estate Services has arranged the purchase of a manufacturing and distribution industrial building in Tempe. A private investor acquired the asset, located at 1326 W. Fairmont Drive, for $7.3 million from an undisclosed seller. The 39,813-square-foot property features seven dock doors and heavy power to accommodate both manufacturing and distribution uses. Parker Houston, Chris Rogers and Trevor McKendry of DAUM handled the transaction.
ANN ARBOR, MICH. — Marquette Cos. and a fund managed by DRA Advisors have sold The Haven at Ann Arbor, a 520-unit apartment community in Ann Arbor. Abacus Capital Group, a New York-based real estate investment firm, purchased the asset for an undisclosed price. Marquette purchased The Haven in 2017 when it was known as Village Green of Ann Arbor and undertook a $13 million revitalization project that included extensive exterior improvements and unit interior renovations. Marquette also renovated the amenities and improved site operations. At the time of sale, The Haven was 95 percent occupied. Located about a 15-minute drive from the University of Michigan, the property features studio, one- and two-bedroom units ranging from 650 to 1,075 square feet. Amenities include a clubhouse with resident lounge, three fitness centers, an outdoor pool with terrace, enclosed dog park, tennis courts, nature trails and an onsite car washing station.