TUSCALOOSA, ALA. AND THOMASVILLE, GA. — Bellwether Enterprise Real Estate Capital LLC has recently closed two loans totaling $8.4 million for Section 8 apartment communities in Tuscaloosa and Thomasville. The affordable housing properties include the 124-unit Creekwood Village Apartments in Tuscaloosa and the 88-unit Wood Valley Apartments in Thomasville. Creekwood Village, which uses two units for the Boys and Girls Club and a daycare center, was built in 1972 and renovated in 2002 with Low Income Housing Tax Credits (LIHTC). Wood Valley was built in 1974 and renovated in 2003 with LIHTC. Bellwether Enterprise arranged both loans, which featured seven-year terms, through Freddie Mac on behalf of the borrower, LEDIC Realty Co. LLC.
ATLANTA — With affordability becoming a major issue for the multifamily industry nationwide, the Atlanta apartment market compares favorably with several other major metros. It’s one reason the metro area continues to be a magnet for apartment investors, concluded the 2016 Atlanta Apartment Market Outlook. “Atlanta is a market that investors want to move in and out of, which they like. Atlanta will remain an incredibly active investment market going forward,” said Malcolm McComb, vice chairman of CBRE, during his presentation to the 554 attendees. The breakfast outlook meeting was held on Friday, Feb. 12 at the Cobb Galleria Centre. In Atlanta, renters are only paying 22 percent of their median household income ($56,000) on rent ($1,043 monthly, or $12,516 annually). In San Francisco, renters are paying $3,242 monthly on average, or 49 percent of their median household income ($80,000), according to data from Axiometrics. In New York, renters are paying 54 percent of their median household income and in Boston renters are paying 36 percent. Atlanta is one of the most active transaction markets in the country. The metro area ranked fourth behind only Manhattan, Dallas and Los Angeles in terms of 2015 sales volume, according to Real Capital …
TOLEDO, OHIO AND TORONTO — A joint venture between Welltower Inc. (NYSE: HCN) and Canada Pension Plan Investment Board (CPPIB) has acquired a 97.5 percent interest in a seniors housing portfolio located in Florida for $555 million.The seller was Kayne Anderson, which bought the portfolio in late 2013 for an estimated $400 million from GE Healthcare Finance. Of the 97.5 percent interest that the joint venture acquired, CPPIB owns 45 percent while Welltower owns 55 percent. Discovery Senior Living owns the remaining 2.5 percent and operates the six properties that make up the portfolio. “As a long-term investor, CPPIB provides a large, global alternative capital source to the public markets that enables us to continue driving the evolution of healthcare infrastructure with our unparalleled network of leading health system and seniors housing operating partners,” says Thomas DeRosa, CEO of Welltower. The portfolio, known as Aston Gardens, is comprised of six private-pay seniors housing properties that have a total of 1,930 units. The communities, all located in Florida, include: Aston Gardens at Pelican Marsh in Naples Aston Gardens at Parkland Commons in Parkland Aston Gardens at Sun City Center in Sun City Center Aston Gardens at the Courtyards in Sun City Center Aston Gardens …
LAS VEGAS — Meridian Capital Group has arranged $20 million in financing for the acquisition of a single-tenant, 16,000-square-foot Walgreens located on the Las Vegas Strip. Steven Tessler of Meridian secured the 10-year, interest-only loan through a balance sheet lender. The property is located at 3025 S. Las Vegas Blvd. near the Wynn and Encore hotels. The buyer and seller were not disclosed.
SAN BERNADINO, CALIF. — JCH Consulting Group has arranged the sale of an assisted living community in San Bernardino. The community was built in 2002. It includes 86 units, of which 24 are for memory care. A national owner/operator purchased the community from the single-asset owner for $13.6 million, or $158,140 per unit. The community was 86 percent occupied at the time of sale.
CHULA VISTA, CALIF. — Interstate 5 Center LLC has acquired a 71,490-square-foot retail center located at 1008 Industrial Blvd. in Chula Vista for $8 million. Toys ‘R’ Us occupies 42,540 square feet at the center, while two buildings totaling 28,950 square feet currently remain vacant. Chris Amble and Brian Chambers of Wells Fargo Bank arranged financing for the transaction. A redevelopment and lease-up is currently planned for the site.
DENVER — OliverMcMillan, in partnership with Invesco Real Estate, has acquired Clayton Lane, a mixed-use property located in Denver’s Cherry Creek North, for an undisclosed price. Whole Foods Market and Crate & Barrel anchor Clayton Lane, which features over 182,000 square feet of retail across six separate buildings. The property also features underground parking.
PAHRUMP, NEV. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Inspirations Senior Living, a 78-unit seniors housing community in Pahrump, approximately 60 miles west of Las Vegas. The seller and purchase price were not disclosed. Inspirations provides independent living, assisted living and memory care services in a two-story building. The community will retain its name as part of the deal. This is CPF’s second acquisition in Nevada, and seventh total community. Grace Management will take over operations. CPF is a Chicago- and San Francisco-based healthcare private equity investment firm.
BRASELTON, GA. — Ackerman & Co. plans to develop a 1 million-square-foot bulk distribution center in Braselton, roughly 50 miles northeast of Atlanta. Ackerman recently purchased the 107-acre site off of Broadway Avenue and BDC Parkway from Synovus Bank for $4.5 million. The site is situated less than two miles from I-85 and the Georgia Highway 211 interchange. The building, known as Braselton Logistics Center, will feature 40-foot clear heights, ductilcrete floors and parking for trailers and automobiles. Ackerman plans to deliver the property in the first quarter of 2017. Julian Brown of Transwestern and Brett Buckner of Ackerman & Co. will lease the asset. The design team includes architect Randall Paulson, civil engineer Elberly Associates and general contractor Conlan Co.
ATLANTA — Amli Residential, a Chicago-based apartment developer, has selected JE Dunn Construction to build AMLI Arts Center, a 26-story, 350-unit apartment tower in Midtown Atlanta. The property will feature studio, one- and two-bedroom apartment units, as well as a precast parking deck providing 543 spaces and an upper level pool amenity deck. Cooper Carry is serving as JE Dunn’s architect of record for AMLI Arts Center. JE Dunn is also building AMLI 3464 in Atlanta’s Buckhead district. The general contractor expects to finish construction on AMLI 3464 in late 2016 and AMLI Arts Center in November 2017.