Property Type

Churchill Downs Plans $300M Expansion, Including New Hotel and More Seating

by Alex Tostado October 31, 2019

LOUISVILLE, KY. — Churchill Downs Inc. will invest $300 million to add 5,500 reserved seats, a 156-room hotel and 900 historical racing machines at Churchill Downs, home of the annual Kentucky Derby horse race in Louisville. A historical racing machine is an electronic gambling system that allows players to bet on horse races or dog races that have already been run. The seven-story hotel will include 900 historical racing machines, a 27,000-square-foot ballroom, dining room overlooking the track, 92 trackside suites, four trackside presidential suites and multiple dining options. The project is expected to create 600 construction jobs and 300 permanent jobs upon completion. Churchill Downs Inc. expects the expansion to be complete in November 2021.

October 31, 2019

Development Multifamily South Carolina Southeast Student Housing

Greystar, University of South Carolina to Break Ground on $210M Student Housing Community in Columbia

by Alex Tostado October 31, 2019

COLUMBIA, S.C. — A public-private partnership between Greystar and the University of South Carolina (USC) is set to break ground on Campus Village. The multiphase redevelopment will be located on the current site of Cliff Apartments at the northeast corner of Sumter and Whaley streets in Columbia. The partnership will begin construction on the $210 million first phase of development in February 2020 with completion scheduled for fall 2022. When complete, the living-learning community will feature 1,800 beds, an academic support space, dining hall, campus safety office, sundry store and coffee shop. Under the development agreement, Campus Village will be owned by the university and maintained by Greystar under a management contract. USC will manage and provide housing operations and student support at Campus Village.

October 31, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Portfolio in South Florida for $85.5M

by Alex Tostado October 31, 2019

LAKE WORTH AND PALM SPRINGS, FLA. — FCP has acquired three multifamily properties in South Florida for $85.5 million. The portfolio includes Costa del Lago, a 218-unit community in Lake Worth. The asset offers one- through three-bedroom floor plans. Communal amenities include a dog park, swimming pool, picnic area and a private lake. The second asset in the portfolio is Coronado Springs, a 314-unit complex in Palm Springs, offering one- and two-bedroom floor plans. Community amenities include a swimming pool, spa, fitness center, picnic area and a pet play area. The final property, Sedona Village, is a 151-unit community also located in Palm Springs. The community features one- and two-bedroom floor plans along with amenities such as a swimming pool, clubhouse, pet play area, fitness center, business center and a playground. Pinnacle will manage all three properties. Hampton Beebe, Avery Klann, Tal Frydman, Jonathan Senn and Tyler Minix of Newmark Knight Frank (NKF) represented FCP in the transaction. The seller was not disclosed. Fernando Riboli of NKF originated Fannie Mae acquisition financing for two of three properties on behalf of the buyer.

October 31, 2019

Acquisitions Hospitality Southeast Virginia

Mumford Arranges Sale of 85-Room Hotel in Northern Virginia

by Alex Tostado October 31, 2019

WINCHESTER, VA. — Mumford Co. has arranged the sale of an 85-room Fairfield Inn & Suites by Marriott Winchester in Winchester. The hotel is located at 250 Front Royal Pike, three miles south of downtown Winchester. Amenities include a business center, conference center, fitness center and an indoor swimming pool. Ed James and Steve Kirby of Mumford Co. represented the seller, Front Royal Pike LLC, in the transaction. Aspire Hospitality acquired the property for an undisclosed price.

October 31, 2019

Acquisitions Florida Mixed-Use Southeast

Avison Young Negotiates $16M Sale of Mixed-Use Property in Metro Miami

by Alex Tostado October 31, 2019

CUTLER BAY, FLA. — Avison Young has negotiated the $16 million sale of Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay. The fully occupied asset is situated at 18901 SW 106th Ave., 20 miles southwest of downtown Miami. The Centre at Cutler Bay’s tenant base consists of child and adult daycare centers, a career counseling center and offices for accountants, insurance agents and real estate brokers. MMG Centre at Cutler Bay LLC, an affiliate of Miami-based MMG Equity Partners, acquired the property and has the option to develop a standalone building on the east side of the site ideal for up to seven tenants. Rosendo Caveiro, John Crotty, Michael Fay, David Duckworth, Brian de la Fe, Berkley Bloodworth and Emily Brais of Avison Young represented the seller, Cutler Center Holdings LLC, in the transaction.

October 31, 2019

Acquisitions Colorado Multifamily Western

Gelt Acquires 390-Unit Value-Add Apartment Community Near Denver for $61M

by Amy Works October 31, 2019

THORNTON, COLO. — Los Angeles-based Gelt Inc. has purchased Timber Lodge, a multifamily property located in Thornton, approximately nine miles from downtown Denver. BMC sold the asset for $61 million. Situated on 12.6 acres at 1769 Coronado Parkway, Timber Lodge consists of 15 two-story buildings with basements. Built in 1972, the property features 390 apartments in a mix of 178 one-bedroom units and 202 two-bedroom units. On-site amenities include two swimming pools, a fitness center, business center, playground, barbecue area, soccer field, dog park and carports. Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented the seller in the deal.

October 31, 2019

Acquisitions California Multifamily Seniors Housing Western

JCH Brokers $95.5M Sale of Seniors Housing Community in Southern California

by Amy Works October 31, 2019

ORANGE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Orange County for $95.5 million. The property features 214 units of independent living, assisted living and memory care. The specific name and location were not disclosed. JCH represented the seller, a national owner-operator. The buyer was a Chicago-based private equity firm highly involved in the seniors housing industry. According to JCH, the transaction benefitted from the seller’s willingness to retain operations, high barriers to market entry, 94 percent occupancy and a 53 percent operating margin. Nick Stahler, Mike Mooney and Jim Hazzard were lead advisors in the transaction.

October 31, 2019

California Development Loans Multifamily Seniors Housing Western

Parkview Financial Provides $28M Construction Loan for Age-Restricted Apartment Project in California

by Amy Works October 31, 2019

NATIONAL CITY, CALIF. — Parkview Financial has funded a $28 million construction loan for the development of Paradise Senior Apartments, a 126-unit age-restricted multifamily property in National City. The borrower is a San Marcos, Calif.-based private developer. Located at 2238 Sixth St., the project will include 116 one-bedroom units averaging 568 square feet and 10 two-bedroom units averaging 1,137 square feet for residents age 55 or older. Units will feature stainless steel appliances, wood cabinets, washers/dryers, balcony or patio, plank flooring and other upgrades. The community will feature on-site management, a lounge area, rooftop deck, fitness center and 10,000 square feet of ground-floor commercial space. Additionally, the project will feature one underground level of parking, as well as parking on the ground level, totaling 147 spaces. Construction for the project is slated to begin later this year with completion expected by the second quarter of 2021.

October 31, 2019

Acquisitions Colorado Office Western

Sperry Properties Sells Yosemite Office Plaza in Southeast Denver for $13.3M

by Amy Works October 31, 2019

DENVER — Irvine, Calif.-based Sperry Properties has completed the sale of Yosemite Office Plaza, an office property located at 3600 S. Yosemite St. in Denver. Miami-based SF Partners acquired the asset for $13.3 million. James Brady, Campbell Davis, Mike Winn, Jenny Knowlton and Tim Richey of CBRE represented the seller in the deal. CBRE’s John Marold, Mitch Bradley and Lindsay Gilbert are handling leasing for the property. Built in 1974 and renovated in 2018, the 10-story property features 126,436 rentable square feet on approximately 6 acres. The building also includes underground parking and surface parking, as well as a fitness facility and outdoor building terrace. At the time of sale, the property 97 percent occupied by 26 tenants.

October 31, 2019

Loans Midwest Multifamily Ohio

Berkadia Arranges $67.5M Refinancing for Apartment Property in Cleveland

by Kristin Harlow October 31, 2019

CLEVELAND — Berkadia has arranged $67.5 million for the refinancing of Centric Apartments in Cleveland. The 272-unit apartment property, located in the University Circle neighborhood, features 28,000 square feet of commercial space. The building houses studios, one- and two-bedroom units with in-suite washers and dryers. Amenities include a sky deck, outdoor living space, grilling stations, bike storage, dog washing stations and covered parking. Commercial tenants include Tremont Athletic Club and Sweet Kiddles. Dan Geuther of Berkadia secured the permanent financing through Freddie Mac on behalf of Ohio-based Midwest Development Partners. Loan terms were not disclosed.

October 31, 2019

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