PORT RICHEY, ZEPHYRHILLS AND CASSELBERRY, FLA. — Colliers International has negotiated the $13.7 million sale of a three-property assisted living facility portfolio in Port Richey, Zephyrhills and Casselberry. Florida Seniors Properties Inc. sold the portfolio, which was 66 percent occupied at the time of sale. Best Care Senior Living LLC acquired The Cottages in Port Richey, which is located about 37 miles northwest of downtown Tampa. A joint venture between 201 Sunset Drive LLC and 6701 Dairy Road LLC acquired Westbrook Manor in Zephyrhills and Eastbrook Gardens in Casselberry. Westbrook Manor is located 31 miles northeast of downtown Tampa, and Eastbrook Gardens is situated 13 miles north of downtown Orlando. Ken Carriero and Damien Carriero of Colliers represented the seller in the transactions, which both closed Jan. 12.
TAMPA AND BRANDENTON, FLA. — Conn’s HomePlus, a furniture, mattress and home appliances retailer, will open a store in Tampa’s Horizon Park shopping center and Bradenton’s Cortez Plaza on Feb. 5. The stores will combine to span more than 87,000 square feet. Horizon Park is located at 3908 W. Hillsborough Ave., six miles northeast of downtown Tampa. Cortez Plaza is situated at 4495 14th St. W., 43 miles south of downtown Tampa. Conn’s plans to host grand opening events at each store this spring. The Woodlands, Texas-based retailer operates 149 locations in 15 states.
GREENVILLE, S.C. — Ready Capital has closed $9.7 million in acquisition and renovation financing for a 320,000-square-foot industrial property in Greenville. The 36-month, non-recourse loan features a floating interest rate and interest-only payments. The Class B asset is situated along Interstate 385. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade and subsequently lease-up the property. Improvements include roof and HVAC repairs, improved lighting, sprinkler system upgrades and fresh paint.
FRISCO, TEXAS — Texas-based developer Presidium has completed construction of Presidium at Edgestone, a luxury active adult community in Frisco, a northern suburb of Dallas. Designed by Cross Architects and SeeSaw Creative, the 165,398-square-foot property features 188 units on 18 acres near a variety of commercial and retail developments, as well as 10 golf courses, several walking trails and the upcoming 275-acre Grand Park. The community offers freestanding independent living cottages in addition to a residential building with amenities such as clubrooms, a pool, fitness and wellness center, library and cyber lounge, media and game rooms, pavilions and a resident gardening area with shade structures. The operator is Capstone Real Estate. Average rents range from $1,382 to $2,135 per month.
AUSTIN, TEXAS — Berkadia has arranged the sale of Lincoln Oaks, a 296-unit apartment community located near The Domain in North Austin. The garden-style property features one- and two-bedroom floor plans and amenities such as a pool, fitness center, outdoor grilling areas, volleyball courts and onsite laundry facilities. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, California-based Glen Una Management, in the transaction. Locally based investment firm Wildhorn Capital purchased the asset for an undisclosed price.
EAGAN, MINN. — Colliers Mortgage has provided a $38.5 million HUD 221(d)(4) loan for the land acquisition and construction financing of Aster House Apartments, a 204-unit affordable housing property in Eagan. The project is slated to open in summer 2022. All units will be restricted to residents who earn up to 60 percent of the area median income. The loan is fully amortized over 40 years. The borrower was Eagan AH I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Colliers Securities LLC also underwrote tax-exempt bonds for the project.
ROCHESTER HILLS, MICH. — Ready Capital has closed a $36 million loan for the acquisition, renovation and stabilization of a 330-unit multifamily property in Rochester Hills, a suburb of Detroit. The financing closed in December. Loan terms and the borrower were undisclosed.
SAN ANTONIO —Rosewood Property Co. has delivered the first phase of Tobin Estates Apartments, a multifamily project in the Oakwell Farms area of north San Antonio that added 286 units to the local supply. Units come in one-, two- and three-bedroom formats that range in size from 718 to 1,407 square feet and feature stainless steel appliances, quartz countertops and private garages. Amenities include a clubhouse, pool, rooftop lounge and outdoor grilling stations. Rents start at $1,300 per month for a one-bedroom unit. Two additional phases of development are planned. Rosewood Property Co., based in Dallas, is a wholly owned subsidiary of The Rosewood Corp.
KANSAS CITY, KAN. — Contegra Construction Co. has completed the first of several planned distribution facilities at NorthPoint Development’s Turner Logistics Center in Kansas City. The 408,000-square-foot building features a clear height of 36 feet, 36 dock doors with four drive-in ramps, parking for 210 vehicles and a small office. The 250-acre Turner Logistics Center has the capacity for 3 million square feet of industrial space. Contegra also completed infrastructure improvements to support future development.
EDINA, MINN. — Upland Real Estate Group Inc. has brokered the sale of a two-story office building in Edina for $6.4 million. The 70,400-square-foot property is located at 5350 W. 78th St. Upland represented the seller, W78th 5350 LLC. Merrie Sjogren and Nick Peterson of Assembly MN LLC represented the buyer, ISLA Affiliated Building Co. The buyer, a nonprofit Spanish immersion charter school, currently operates out of a 30,000-square-foot facility in Minnetonka. That site is under contract to local developer Doran Cos., which plans to redevelop it into multifamily housing.