Property Type

SLIB Negotiates Sale of 47-Unit Seniors Housing Asset in Portland

by Amy Works February 6, 2020

PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Senior Haven, an assisted living community in Portland, Oregon. The property features 47 units totaling 50 beds. The community was built in 2012 and expanded in 2018. The facility is approximately 19,337 square feet and is situated on approximately 1.29 acres of land. A local owner-operator sold the property for an undisclosed price, and will continue to serve as a consultant post-closing. Senior Haven is the seller’s only senior living community. The buyer is a regional operator with several communities in Washington. This is the company’s first foray into Oregon. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

February 6, 2020

Acquisitions Kentucky Multifamily Southeast

Lexerd Capital Buys 163-Unit Multifamily Community in Louisville

by Alex Tostado February 6, 2020

LOUISVILLE, KY. — Lexerd Capital Management LLC has bought Anchorage Viera, a 163-unit multifamily property in Louisville. The property, which the buyers renamed The Lory of Louisville, comprises 19 two-story buildings and a community building. The community was originally built in 1985 and has recently undergone a $2.5 million renovation to include new Hardiplank siding, roofing, parking lot seal and stripe and refreshed amenities including a clubhouse renovation. Lexerd Capital plans to also invest in further upgrades, including updating kitchens with backsplash and upgrading fixtures, as well as installing soft seating and a TV lounge to the common pool area. The Lory of Louisville is located at 201 Heritage Hill Trail, 14 miles east of downtown Louisville. Further details of the transaction were not disclosed.

February 6, 2020

Healthcare Loans Louisiana Southeast

PGIM Real Estate Provides $10.7M HUD Refinance Loan for Skilled Nursing Facility in New Orleans

by Alex Tostado February 6, 2020

NEW ORLEANS — PGIM Real Estate Finance has provided a $10.7 million HUD loan to refinance St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in the Mid-City neighborhood of New Orleans. St. Margaret’s Daughters Home was constructed in 2013 and sits on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. The $33 million construction of the new facility was initially financed using a capital stack of New Market Tax Credits (NMTC), Historic Tax Credits (HTC), OCD Loan Funds, FEMA grant money, bank loan funds and sponsor equity. Through this refinancing, PGIM Real Estate Finance led the borrower in reducing and simplifying its existing debt via the HUD loan. St. Margaret’s Daughters Home features 100 rooms designed for occupancy by up to 112 residents. There are seven acute-care hospitals located within five miles of the property. St. Margaret’s Daughters Home is home to Team Gleason House, one of only two advanced-technology centers in the United States with dedicated design features for patients with ALS. Former New Orleans Saints football player Steve Gleason founded Team Gleason House.

February 6, 2020

Development Georgia Multifamily Southeast Top Stories

Crescent Communities Developing 339-Unit Novel Midtown Apartment High-Rise in Atlanta

by Alex Patton February 6, 2020

ATLANTA — Crescent Communities, a North Carolina-based developer, has started construction of Novel Midtown, a 339-unit multifamily high-rise building in the Midtown neighborhood of Atlanta. The 14-story, 360,000-square-foot tower will feature studio, one-, two- and three-bedroom units with private balconies. Amenities include 814 parking spaces, a fitness center, pet spa, coffee bar, saltwater pool and sky deck. The ground floor will offer 15,000 square feet of retail space. Completion is slated for spring 2022. Greenstone Properties is developing a 310,000-square-foot office tower with street-level retail space adjacent to the Novel Midtown site. The location is also near a 70,000-square-foot Whole Foods Market, the Woodruff Arts Center, High Museum of Art and Museum of Design Atlanta. “We are excited about the opportunity that this amazing location provides for us to create an upscale living experience,” says Kyle Brock, managing director for the Georgia region of Crescent Communities’ multifamily business. “Midtown is a sought-after destination to live, work and play.” Niles Bolton Associates is the project architect for Novel Midtown. Ironwood Design Group is the landscape architect and Vignette Interior Design is the interior architect. Balfour Beatty is the general contractor. The Carlyle Group and Santander Bank are financing the project, though …

February 6, 2020

Development Illinois Midwest Office

Skender Begins Interior Construction of 536,000 SF Bank of America Tower in Chicago

by Kristin Harlow February 6, 2020

CHICAGO — Skender has begun interior construction of the new 536,000-square-foot Bank of America Tower at 110 N. Wacker Drive in Chicago. Bank of America will relocate approximately half of its employees, roughly 2,000 people, from its current office at 135 S. LaSalle St. upon completion of the new building. The Charlotte, N.C.-based bank will occupy 17 floors of the 56-story office tower. Bank of America’s space will include private offices, open workstation areas, conference rooms, work cafes, support space and other workplace amenities. Unique features will include a trading floor, barista bar and market café with two outdoor terraces. The interior will also feature an internal staircase that will connect a two-floor conference center and executive suite. Serving as general contractor, Skender is collaborating with Interior Architects and JLL on the project. Completion is slated for the fourth quarter of this year. Howard Hughes Corp. and Riverside Investment & Development are the developers of the nearly $800 million project. Several law firms, including King & Spalding, as well as investment bank Lincoln International and coworking space provider No18 have signed leases at the property, according to the Chicago Tribune.

February 6, 2020

Acquisitions Indiana Midwest Multifamily Student Housing

Muinzer Acquires 1,134-Bed Student Housing Community Near Purdue University for $48M

by Kristin Harlow February 6, 2020

WEST LAFAYETTE, IND. — Muinzer has acquired Village West Apartments, a 1,134-bed student housing community located near the Purdue University campus in West Lafayette, for $48 million. The seller in the off-market transaction was undisclosed. Village West offers two-, three- and four-bedroom, fully furnished units. Shared amenities include a clubhouse, state-of-the-art fitness center, two basketball courts, a study center, media lounge, resort-style swimming pool, dog park, volleyball court, grilling areas and a private shuttle to campus. Muinzer is a fully integrated real estate investment, development and property management firm with offices in West Lafayette and Chicago. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller.

February 6, 2020

Acquisitions Illinois Midwest Office

Joint Venture Purchases 171,933 SF Office Building in Oak Brook, Illinois

by Kristin Harlow February 6, 2020

OAK BROOK, ILL. — A joint venture between Clear Height Properties and Buligo Capital has purchased 814 Commerce Drive, a three-story, 171,933-square-foot office building in the Chicago suburb of Oak Brook. The purchase price was undisclosed. The buyers plan to reposition the building, which was constructed in 1990. Improvements will be made to the exterior façade, building entryway, lobby, common areas and landscaping. Commercial real estate firm IRC leases 43,000 square feet at the building and Innovista Health occupies 41,000 square feet. DeVry University, which currently leases 66,500 square feet on the second floor for its Oak Brook campus, plans to relocate. Art Burrows, James Adler and Dan O’Neill of NAI Hiffman represented the seller, Elliott Management. NAI Hiffman has been named the exclusive marketing and property management representative for the property.

February 6, 2020

Acquisitions Industrial Iowa Midwest Self-Storage

Marcus & Millichap Arranges $5.5M Sale of Self-Storage Facility in Cedar Rapids

by Kristin Harlow February 6, 2020

CEDAR RAPIDS, IOWA — Marcus & Millichap has arranged the sale of an 83,286-square-foot self-storage facility known as Cedar Storage in Cedar Rapids for $5.5 million. The property includes 374 units as well as RV and boat storage. It is located at 804 Vernon Valley Drive. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also represented the buyer, a private investor.

February 6, 2020

Acquisitions Illinois Industrial Midwest

Venture One Buys 37,092 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow February 6, 2020

ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has purchased a 37,092-square-foot industrial building in Romeoville for an undisclosed price. Built in 1990, the property is located at 1319 Marquette Drive, approximately 30 miles southwest of Chicago. It features one exterior dock, three drive-in doors and parking for 135 cars. At the time of sale, the building was fully leased to one tenant. Ryan Klink of Cushman & Wakefield represented Venture One in the transaction.

February 6, 2020

Civic Development New York Northeast

The Whittle School to Open 620,000 SF Campus at The Wheeler in Brooklyn

by Alex Patton February 6, 2020

NEW YORK CITY — Private education institution The Whittle School & Studios will open a 620,000-square-foot campus at The Wheeler, a 10-story tower in Brooklyn. Tishman Speyer recently completed construction of the tower, which is situated on top of a renovated Macy’s department store. The developer is finalizing construction of 11 Hoyt, an adjacent 48-unit condominium tower on the site of the former Macy’s parking garage. Shimoda Design Group was the architect of the project. The Whittle School will open its early learning program later this year, followed by its full Kindergarten through 12th grade program in September 2021. The Wall Street Journal reports that the project is expected to cost $300 million. Mark Aloia, Gary Rosenberg and Arielle Frost of Rosenberg & Estis P.C. represented Whittle in the lease negotiations.

February 6, 2020

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