DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building and duplex located at 2818-2836 Wyandot St. in Denver. An undisclosed seller sold the asset for $3.7 million. The 23-unit apartment building was built in 1962, while the duplex was built in 1886. Josh Newell and Barton Thompson of Pinnacle Real Estate Advisors represented the seller in the deal. The name of the buyer was not released.
PHOENIX — Orion Investment Real Estate has negotiated the sale of Bell Canyon Plaza, a multi-tenant retail center located at the corner of 24th and Roosevelt streets in Phoenix. Ramsey Real Estate Group acquired the property from Ten Fourteen 24th Associates for $3.5 million, or $194 per square foot. Family Dollar anchors Bell Canyon Plaza on a newly extended lease. Additional tenants include Taco Bell and MetroPCS. Ari Spiro, Derek Buescher and Jared Williams of Orion represented the buyer and seller in the deal.
CHICAGO — Kiser Group has brokered the $38 million deconversion sale of 1140 N. LaSalle Drive in Chicago’s River North neighborhood. The Flats on LaSalle Condominium Association agreed to a bulk sale of all 250 units. The buyer, ESG Kullen, will convert all of the units into apartments. The eight-story building was originally constructed in 1924 as a hotel. It was later converted into apartments and then condominiums in 2006. Lee Kiser, Michael D’Agostino and Jake Parker of Kiser brokered the sale. The team also introduced equity broker Alpha Capital to ESG Kullen, resulting in Harrison Street Capital becoming a partner in the deal.
TRAVERSE CITY, MICH. — The Greenwich Hospitality Group (GHG) has acquired West Bay Beach Holiday Inn Resort in Traverse City for $23.2 million. The 179-room, full-service resort, originally built in 1968, is located on the West Bay. The hotel will be elevated to a four-star property and rebranded as Delamar Traverse City after undergoing a $10 million renovation over a two-year period. The hotel will remain open during the renovation. Delamar is the flagship brand of GHG. The hotel last changed hands in 2012, when Birmingham, Mich.-based private equity firm ValStone Partners LLC purchased it from TC Hotel LLC, according to the Traverse City Record Eagle.
CHICAGO — Evergreen Real Estate Group has been retained to manage nine affordable housing communities totaling 1,071 units across Illinois, Kansas, Ohio and Wisconsin. The properties include a mix of affordable housing for families, seniors and people with disabilities. Chicago-based Evergreen now manages more than 8,500 units across the country. The new assignments include: Brookhaven Apartments in Gurnee, Ill.; Carter Manor Apartments in Cleveland; Johnstown Towers in Salina, Kan.; Oakdale Plaza Apartments in Salina, Kan.; Legacy Lofts in Milwaukee; The Martha Washington Apartments in Chicago; Martin Avenue Apartments in Council Grove, Kan.; and Neilan Park Apartments in Hamilton, Ohio. As property manager, Evergreen will oversee operations. Additionally, in some communities Evergreen will make improvements and upgrades to the buildings using low-income housing tax credits and other subsidies.
PARK RIDGE, ILL. — Capital One has provided a $15.1 million HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago. Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility. Joshua Rosen of Capital One arranged the fixed-rate loan, which includes a 35-year amortization schedule.
PLYMOUTH, MICH. — Anderson Process Inc. has signed a nine-year lease to occupy 35,400 square feet of industrial space within the Metro-Plymouth Business Park in Plymouth. Anderson Process is a manufacturer and distributor of fluid process equipment, including industrial pumps, hose assemblies and filter technologies. The light industrial facility will enable the Wisconsin-based company to consolidate multiple locations into a single headquarters for the light manufacturing, testing and distribution of its products. Eric Banks of Dominion Real Estate Advisors represented the landlord, Skins-Plyfield LLC. Phil Konopitski of Friedman Real Estate Solutions represented the tenant.
NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …
Driven by continued job and population growth, metro Atlanta’s multifamily market remains strong. Rarely a week goes by without an announcement of another corporate relocation or expansion somewhere throughout the metro area. This, in addition to an increasing population seeking the region’s quality of life, relative affordability and dynamic economy, has sustained the current cycle of development in the multifamily market. Investors appear to share this conclusion and have made Atlanta a top destination for acquisitions over the past several years. Despite some potential challenges on the horizon, namely rising construction costs, metro Atlanta’s apartment market is poised to continue its expansion over the near term. Market Fundamentals While new supply has outpaced absorption, most data providers still show metro Atlanta’s overall occupancy rate above 94 percent. Many market observers estimate that the multifamily market is on the cusp of, or has just moved past, its short-term peak of deliveries. Spiraling land and construction costs, coupled with the current labor shortage being felt across the economy, are acting governors of future supply expansion. These increases in costs are also translating into much higher required rents, which are testing the size of the renter pool capable of affording them. Despite concerns …
NEW YORK CITY — HFF has secured a $32 million loan to refinance Caesura, a newly completed, 123-unit apartment building in Brooklyn’s cultural district. Located at 280 Ashland Place, the 12-story property comprises a mix of 74 market-rate and 49 affordable units. Amenities at Caesura include walk-in closets, in-unit washers and dryers, and a fitness center. Steven Klein and Geoff Goldstein of HFF secured the 10-year, fixed-rate financing on behalf of the borrower, Jonathan Rose Companies through lender Allegiant Real Estate Capital LP. Loan proceeds were used to replace the existing construction loan.
