Property Type

SLIB Arranges Sale of 135-Unit Seniors Housing Community in Gresham, Oregon

by Amy Works March 6, 2020

GRESHAM, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Gresham, an eastern suburb of Portland. This undisclosed property features a total of 135 units. The community was built in 1988 and expanded in 1998. The facility is approximately 103,090 square feet and is situated on approximately 4.1 acres of land. The seller is a Portland based owner-operator divesting of its only senior living community. The buyer is a regional owner-operator seeking to grow its Pacific Northwest portfolio. The price was not disclosed. The buyer plans to implement multiple capital improvement projects, including the addition of a bistro, movie theater and other common area improvements. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

March 6, 2020

California Development Lee & Associates Multifamily Seniors Housing Western

Artis Buys 176,269 SF Development Site within California Mixed-Use Project

by Amy Works March 6, 2020

MORGAN HILL, CALIF. — Artis Senior Living has acquired 176,269 square feet within the Evergreen Village mixed-use development in Morgan Hill, a city at the southern tip of Silicon Valley. Artis plans to build a memory care community on the four-acre site, though details and a timeline have not yet been released. Frans Construction Inc. is the general contractor on the site and MH Engineering Co. is the civil engineer. Evergreen Devco Inc., a retail and multifamily development company in the West, is building Evergreen Village on 20.4 acres. The project will include a hotel, restaurant, the memory care development, and a public art component. Site improvements for the development are scheduled for completion in April 2020. “Having Artis Senior Living pick up the four-acre housing parcel so quickly, it’s incredibly encouraging and affirms that Evergreen Village is well underway with the site improvement work,” says Rogg Collins, principal of Evergreen Devco. Gary Hansen of Cushman & Wakefield represented Evergreen in the site sale, and Robert Clifford of Lee & Associates represented Artis. McLean, Va.-based Artis’ nationwide portfolio includes 25 assisted living communities in operation or under construction, and more than 20 communities in various stages of planning and development.

March 6, 2020

Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Opportunity Zones, HUD: Delivering More Workforce Housing

by Sarah Daniels March 6, 2020

Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …

March 6, 2020

Development Multifamily South Carolina Southeast

Middle Street, Trei Break Ground on $55M Multifamily Community in Metro Charleston

by Alex Tostado March 5, 2020

MOUNT PLEASANT, S.C. — A joint venture between Middle Street Partners LLC and Trei Real Estate has broken ground on Atlantic Beach House, a 224-unit multifamily community in Mt. Pleasant. Communal amenities will include a clubhouse, saltwater pool, fitness center, coffee lounge, dog park, golf cart charging stations, storage units, outdoor kitchens and covered bike parking. Unit interiors will feature 42-inch cabinetry, kitchen islands, tile backsplashes, stainless steel appliances, walk-in closets and private balconies. The property is situated on eight acres near Sullivan’s Island and Charleston Harbor. Mt. Pleasant is located nine miles north of downtown Charleston. Dallas-based Humphreys & Partners Architects designed the community, and Jacksonville-based Live Oak Contracting is the general contractor. Patterson Real Estate Group arranged construction financing on behalf of the joint venture through Northwestern Life Insurance Co. A timeline for completion was not disclosed.

March 5, 2020

Acquisitions Multifamily Southeast Tennessee

Continental Realty Group, MLG Capital Sell Apartment Community in Memphis’ Germantown District for $64M

by Alex Tostado March 5, 2020

MEMPHIS, TENN. — Continental Realty Group and MLG Capital have sold The Park at Forest Hill, a 601-unit apartment community in Memphis, for $64 million. The property was built in two phases in 2002 and 2007 at 8285 Irene Blvd., in Memphis’ Germantown submarket. The community offers one- and two-bedroom floor plans with rents ranging from $715 to $1,075 per month. Communal amenities include a pool, dog park, clubhouse, playground, fitness center and picnic tables. Continental Realty and MLG purchased the property in 2016 for $39.1 million. The partnership implemented $3.1 million worth of upgrades, which included upgrading select units with items such as new vinyl plank flooring, stainless steel appliances, kitchen and bathroom cabinet fronts and all new unit hardware. The buyer was not disclosed.

March 5, 2020

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Arranges $21M Sale of Apartment Portfolio in Macon, Georgia

by Alex Tostado March 5, 2020

MACON, GA. — Marcus & Millichap has arranged the $21 million sale of a 296-unit apartment portfolio in Macon. Both the buyer and seller were undisclosed limited liability companies. The first property is Anthos at Hidden Lake, a 144-unit property located at 180 Hidden Lake Court. The community offers one-, two- and three-bedroom floor plans, as well as amenities including a fitness center, pool and a playground. The second property is Anthos at Shadowood West, a 152-unit property also offering one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, playground and a volleyball court. Anthos at Shadowood West is situated at 4334 W. Highland Drive. Mason Taylor, Cole Carros and Nate McDaniel of Marcus & Millichap represented the seller in the transaction. The team also procured the buyer.

March 5, 2020

Acquisitions Florida Office Southeast

Bankers Healthcare Acquires 130,000 SF Office Building in South Florida

by Alex Tostado March 5, 2020

MIRAMAR, FLA. — Bankers Healthcare Group has acquired 3700 Lakeside Drive, a six-story, 130,000-square-foot office building in Miramar. Bankers Healthcare will relocate its headquarters to the new building in October after remodeling the space to include a fitness center with personal trainers, café, yoga room and a massage room. G. Alvarez Studio will serve as the architect of the renovation. The building is located 26 miles northwest of downtown Miami in Broward County. Bankers Healthcare will have 260 employees occupying the first three floors. Current tenants on the fourth through sixth floors will remain in place. Bankers Healthcare is currently in Davie, Fla., and will retain that space after the move to make it available for commercial lease. The company provides financial advice to licensed healthcare practitioners. Butters Realty & Management represented the buyer in the off-market transaction. Further details of the sale were not disclosed.

March 5, 2020

Acquisitions Industrial North Carolina Southeast

Dalfen Purchases 58,160 SF Industrial Building Near Charlotte Airport

by Alex Tostado March 5, 2020

CHARLOTTE, N.C. — Dalfen Industrial has purchased CLT Industrial Distribution Center, a 58,160-square-foot building in Charlotte’s Eagle Lake neighborhood. The building was delivered in 2001 and is fully leased to CLT Air Freight Carrier. CLT Industrial Distribution Center is situated at 4325 Beam Road, less than two miles from Charlotte Douglas International Airport and seven miles south of downtown Charlotte. The property features 24 dock high doors, more than 60 parking spaces and a 140-foot truck court. Further details of the transaction were not disclosed.

March 5, 2020

Michigan Midwest Retail

Midwest Retailer Art Van Furniture to Close All Stores

by Kristin Harlow March 5, 2020

WARREN, MICH. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. The liquidation sales will begin Friday, March 6.

March 5, 2020

Development Industrial Texas

City of Plainview, Hale County Near Completion of 150-Acre Industrial Project in West Texas

by Taylor Williams March 5, 2020

PLAINVIEW, TEXAS — The City of Plainview and Hale County are nearing completion of Hale County Business Park, a 150-acre industrial development in West Texas. The site is located along the Interstate 27 corridor in Plainview, roughly midway between Amarillo and Lubbock. The park is also situated on the BNSF Rail Line, which runs adjacent to the southern boundary. An official ribbon-cutting ceremony will be held on Tuesday, March 24. Western Equipment, a provider of John Deere tractors and parts, has signed a 45,000-square-foot lease as the park’s first tenant.

March 5, 2020

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