Property Type

Pathway to Living Opens 107-Unit Assisted Living Community in Westmont, Illinois

by Kristin Harlow October 4, 2017

WESTMONT, ILL. — Pathway to Living has opened Aspired Living of Westmont in suburban Chicago. The 107-unit assisted living and memory care community is located on a three-acre site at 407 W. 63rd St. Aspired Living of Westmont is the first seniors housing community in the United States to provide residents with Spark of Life, a dementia care and support program. The property features 73 independent and assisted living apartments, including studio, one- and two-bedroom units ranging in size from 400 to 1,180 square feet, as well as 34 memory care studios. The community’s common areas include a restaurant and bistro, resident lounge with demonstration kitchen, cocktail lounge, library, technology center, movie theater, art studio, salon and spa. Residents also have access to fitness options including a yoga studio, gym with personal trainers and outdoor walking paths. In addition, an on-site therapy gym offers physical, occupational and speech therapy.

October 4, 2017

Loans Midwest Minnesota Multifamily

Dougherty Arranges $13.7M Apartment Refinancing Loan in Eagan, Minnesota

by Kristin Harlow October 4, 2017

EAGAN, MINN. — Dougherty Mortgage LLC has arranged a $13.7 million Fannie Mae loan for the refinancing of Aspenwoods Apartments in Eagan. The 162-unit apartment property features one- and two-bedroom units. Amenities include an outdoor pool, grilling area, 24-hour fitness center and tennis court. The 12-year loan features a 30-year amortization schedule. Eagan Apartment Associates LLP was the borrower.

October 4, 2017

Illinois Midwest Multifamily

Essex Brokers $7.2M Sale of Apartment Building in Winnetka, Illinois

by Kristin Harlow October 4, 2017

WINNETKA, ILL. — Essex Realty Group Inc. has brokered the sale of 454 Winnetka Ave. in Winnetka, 16 miles north of Chicago, for $7.2 million. The 52-unit apartment building includes two studios, 16 one-bedroom and 7 two-bedroom units. The property also features 6,000 square feet of office suites on the first floor. The building was renovated 10 years ago. Matt Welke of Essex brokered the transaction. Neither the buyer nor the seller was disclosed.

October 4, 2017

Hospitality Midwest Minnesota

HRI Properties Completes $3.5M Renovation of Hotel in Minneapolis

by Kristin Harlow October 4, 2017

MINNEAPOLIS — HRI Properties LLC has completed a $3.5 million renovation of DoubleTree Suites by Hilton Hotel Minneapolis. The 229-suite hotel underwent renovations to the guestrooms, lobby, restaurant, business center and meeting space. All guestrooms received sectional sofas, new carpeting, 50-inch televisions and contemporary artwork and lighting. Other highlights include upgraded elevators, a complete remodel of the full-service Starbucks onsite and a revamp of the hotel’s restaurant, Lot 57. Studio 11 Design provided design guidance.

October 4, 2017

Midwest Ohio Retail Top Stories

QIC to Acquire Forest City’s Interest in Regional Mall Portfolio for $1.55B

by John Nelson October 4, 2017

BRISBANE, AUSTRALIA AND CLEVELAND — QIC, an Australian institutional investment management firm, has agreed to purchase Forest City Realty Trust Inc.’s (NYSE: FCE.A) interest in a 10-property regional mall portfolio. The overall transaction values the portfolio at approximately $3.18 billion, or $1.55 billion for Forest City’s share. The assets include: The Shops at Northfield Stapleton in Denver; Westchester’s Ridge Hill in Yonkers, N.Y.; The Shops at Wiregrass in Tampa, Fla.; Mall at Robinson in Pittsburgh; Antelope Valley Mall in Palmdale, Calif.; South Bay Galleria in Redondo Beach, Calif.; Victoria Gardens in Rancho Cucamonga, Calif.; Galleria at Sunset in Henderson, Nev.; Promenade Temecula in Temecula, Calif.; and Short Pump Town Centre in Richmond, Va. One additional mall, Charleston Town Center in Charleston, W.Va,, was originally part of the negotiations, but QIC subsequently made the decision not to acquire Forest City’s ownership interest. “This transaction is a win-win for all parties, as we continue to focus our business on urban residential, office and mixed-use assets, and QIC acquires full ownership of a U.S. retail presence with high-quality regional malls in strong markets,” says David LaRue, president and CEO of Forest City. Forest City provided $150 million of seller financing to QIC for a …

October 4, 2017

Market Reports New Jersey Northeast Northeast Market Reports Office Pennsylvania

Greater Philadelphia Office Fundamentals Reflect Continued Strength

by Taylor Williams October 4, 2017

The Greater Philadelphia office market is seeing a few exciting development projects and steady interest in investment opportunities. Southern New Jersey The office sector in Southern New Jersey has exhibited overall strong fundamentals, underpinned by increased new investments from outside of the Greater Philadelphia region and economic inflows to support local economic expansion. The U.S. economy continues to grow moderately and add jobs, with the national unemployment rate dropping to a 16-year low. These conditions are helping to generate demand that is reverberating throughout the real estate sector, especially for office space. Office leasing activity has been on an upswing in 2017. The overall tone is positive, and vacancy rates have been stable for the past few quarters, hovering just above 10 percent. The second quarter posted approximately 395,155 square feet of new leases and renewals. This is a 24 percent increase in activity from the first quarter and an incredible 58 percent increase compared to the second quarter a year ago. New leases represented approximately 43.4 percent of all deals for the quarter. Notable deals ranged from 5,000 to 31,000 square feet. The office investment and sales market is also showing increased activity. Buyers continue to take advantage of …

October 4, 2017

Arizona Multifamily Western

Bascom Acquires Apartment Portfolio in Arizona for $70.2M

by Nellie Day October 3, 2017

TUCSON, ARIZ. — Bascom Arizona Ventures has acquired three apartment communities in Tucson and Sierra Vista for $70.2 million. The communities include the 290-unit Springs at Silverbell, the 196-unit Springs at Continental Ranch and the 186-unit La Entrada in Tucson. All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center and private garages. Bascom Arizona Ventures assumed the existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the portfolio transaction. The on-site property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services.

October 3, 2017

Colorado Multifamily Western

Castle Lanterra Buys Mountain Vista Apartments in Lakewood for $38M

by Nellie Day October 3, 2017

LAKEWOOD, COLO. — Castle Lanterra Properties has purchased Mountain Vista, a 257-unit apartment community located at 474 S. Wright St. in Lakewood, for $38 million. Built in 1973, the property has undergone renovations in 221 units. It is situated near Green Mountain Open Space and Matthews Winters Park, which contains nearly 5,000 acres of open space and 30 miles of hiking and biking trails. Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Jackson Square Properties, in the transaction.

October 3, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $80M Sale of Apartment Building in Manhattan

by Amy Works October 3, 2017

NEW YORK CITY — Cushman & Wakefield has brokered the sale of Madison Park Tower, an apartment building located on 34th Street between Madison and Park avenues in Manhattan. Affiliates of CIM Group sold the property to Morgenstern Capital and TLM Equities for $80 million. Constructed in 2009, Madison Park Tower is a 36-story building featuring 110 studio, one- and two-bedroom rental units, a 24-hour attended lobby, fitness center, bike storage and 2,950 square feet of ground-level retail space. Adam Spies, Doug Harmon, Adam Doneger, Kevin Donner and Avery Silverstein of Cushman & Wakefield represented the seller in the transaction. Additionally, Steve Kohn, Gideon Gil, Dave Karson, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance arranged $65 million in acquisition financing for the purchaser. The financing was provided by affiliates of Square Mile Capital Management.

October 3, 2017

Massachusetts Multifamily Northeast

The Davis Cos. Develops 85-Unit Condominium Building in Boston’s Allston Neighborhood

by Amy Works October 3, 2017

BOSTON — The Davis Cos. is developing Telford 180, a condominium building located at the corner of Soldiers Field Road and Telford Street in the Allston neighborhood of Boston. Slated to open this fall, the six-story building features 85 residences in a mix of studio, one-, two- and three-bedroom layouts, including six affordable, family-sized units targeted for first-time home buyers. On-site amenities include an 84-space underground parking garage, a fitness center, a clubhouse with private courtyard, a dog washing station, private conference rooms, a biking garage and a rowing room. Designed by CUBE 3 Studio, the property features 17 unique floor plans that each include a washer and dryer and modern kitchen designs. The opening of the property will mark the completion of the Charlesview Apartments development, a multi-phase project that commenced in 2011 with the construction of 280 mixed-income and affordable units in the Charlesview Residences located adjacent to Telford 180. The Davis Cos. celebrated the project with an official ribbon cutting on Monday, Oct. 2.

October 3, 2017

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