ANNAPOLIS, MD. — Demand for seniors housing has reached an all-time high, according to the National Investment Center for Seniors Housing & Care (NIC). In a press release, the Annapolis-based organization reported that occupancy rates in the United States increased 30 basis points — from 87.1 percent in the fourth quarter of 2024 to 87.4 percent in the first quarter of 2025 — referencing data from NIC MAP, which tracks occupancy rates in 31 primary markets throughout the country. Occupancy across independent living properties rose to 89 percent from 88.6 percent in the same period, and occupancy rates in assisted living communities increased to 85.8 percent from 85.5 percent. The first quarter of 2025 marked a record for occupied seniors housing units, with roughly 621,000 units occupied, an increase from 617,000 in the fourth quarter of 2024. Simultaneously, construction starts in the seniors housing sector were at only 1,076 units, their lowest since the second quarter of 2009. Approximately 19,500 units total were under construction in the first quarter of 2025, marking the lowest level since 2013. Rental rates, on average, saw a slight decrease quarter-over-quarter.
WESTLAND, MICH. — Marcus & Millichap has arranged the sale of Five Star Store It, a 1,103-unit self-storage property in the Detroit suburb of Westland. The sales price was undisclosed. The facility sits on 22 acres at 5235 S. Merriman Road and features 30 climate-controlled units, 774 non-climate-controlled units and 229 parking spaces totaling 115,707 net rentable square feet. A retail component on the property will be converted into climate-controlled storage. Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the private regional seller and procured the buyer, MyPlace Storage.
CAROL STREAM, ILL. — Lee & Associates of Illinois has negotiated a 188,142-square-foot industrial lease at 815 Kimberly Drive in the Chicago suburb of Carol Stream. The 406,000-square-foot property is now fully leased. Kenneth Franzese, John Cassidy and Jay Farnam of Lee & Associates represented the landlord, Prologis. NAI Hiffman represented the tenant, Bulldog Cartage, which is undergoing an expansion from its primary location in Addison, Ill.
SHEBOYGAN, WIS. — NAI Pfefferle has brokered the sale of two office buildings in Sheboygan totaling 64,736 square feet. The sales price was undisclosed, but the asking price was $3.7 million. The properties are located at 4135 and 4136 Sud Parkway. Dane Checolinski and Tom Fisk of NAI Pfefferle brokered the sale.
DETROIT — Bernard Financial Group (BFG) has arranged a $2.9 million loan for the refinancing of a 24,000-square-foot retail building in Detroit. Dan Duggan of BFG arranged the loan through a credit union. The borrower was IDG Woodward LLC.
HUNTLEY, ILL. — Amsco Distributing has signed a 15,000-square-foot industrial lease at 11419 Smith Drive in the Chicago suburb of Huntley. Kevin Kaplan of Entre Commercial Realty negotiated the lease. The tenant will utilize the facility for its third-party logistics operations. The multi-tenant building is also home to Pound for Pound Fitness.
GRANBURY, TEXAS — Locally based developer Realty Capital is underway on construction of a 47-acre mixed-use development in Granbury, located southwest of Fort Worth. Known as LakeView Landing, the development will feature both single-family (105 homes) and multifamily (289 units) residential components, retail and restaurant space, a hotel that will be operated under the SpringHill Suites by Marriott flag and a lakefront public park. Texas Bank & Trust provided construction financing for the project, and the City of Granbury has also partnered with Realty Capital on the project. Full completion is slated for 2028.
FORNEY, TEXAS — A partnership between two California-based firms, developer Legacy Partners and investment manager Resmark Cos., has begun leasing a 336-unit multifamily project in the eastern Dallas suburb of Forney. Rylan at Gateway consists of five three-story buildings on a 14-acre site. Units come in studio, one- and two-bedroom formats and range in size from 540 to 1,360 square feet. Amenities include a pool, outdoor kitchen and gaming courtyard, fitness center, coworking lounge, coffee bar and two dog parks. JHP Architecture designed the project, and BBL Building Co. served as the general contractor. Monthly rents start at under $1,000 for a studio apartment. Construction began in April 2023.
GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Storage Fit, a 140-unit self-storage facility in Garland, a northeastern suburb of Dallas. The facility is located at 3701 Dividend Drive and features 47,539 net rentable square feet. A West Coast-based 1031 exchange investor sold the property to a private, locally based investment group for an undisclosed price. Danny Cunningham and Brandon Karr of Marcus & Millichap brokered the deal.
PARIS, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of The Gardens Apartments, a 52-unit multifamily complex in Paris, about 115 miles northeast of Dallas. The property was built in 1970 and expanded in 2017, and unit interiors were recently upgraded. According to Apartments.com, residences come in one-, two- and three-bedroom units. Yonnic Land of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.