BRUSH, COLO. — OZ Architecture has launched its design plan for phases two through four of the Eben Ezer Lutheran Care Center in Brush, located approximately 90 miles northeast of Denver. The new phases are part of a 10-step master plan for redesigning the 100-year-old seniors housing community. Phase II involves designing the new short-term rehabilitation and long-term skilled nursing facility, with the addition of two wings of 14 beds each. There will also be a small amenity node with a living room, dining room, country serving kitchen and physical therapy gym. Phase III includes the addition of a commercial kitchen, receiving areas and staff areas for maintenance and management. Phase IV will add 28 memory care units, each with access to a shared living space. Here, residents with a higher level of acuity will have access to a courtyard wandering garden and spa, with a more robust nursing component. The designs have also eliminated dead-end corridors, and increased security elements throughout. Last year, Eben Ezer selected OZ Architecture to complete the design of its two-story building. Spanning 54,000 square feet, the goal is to increase the overall capacity and elevate the design of the existing campus. The new assisted living …
ORLANDO, FLA., JACKSONVILLE, FLA., AND PHOENIX — The U.S. real estate investment arm of Investcorp has acquired six multifamily properties in Florida and Arizona for $350 million. Acquisitions include Highpoint Club and Montevista at Windermere, which together total 708 units in Orlando; Aqua Deerwood, a 616-unit, garden-style community located in the Southside neighborhood of Jacksonville; and Arcadia Cove, Tuscany Palms and Midtown on Main, which total 1,486 units in the Phoenix metropolitan area. The seller in the transaction was undisclosed. Highpoint Club and Montevista at Windermere in Orlando offer one- and two-bedroom units. Shared amenities at both properties include a resort-style pool with cabanas, state-of-the-art fitness center, internet café with coffee bar, dog park and clubhouse. Arcadia Cove, located in Phoenix, offers one-, two- and three-bedroom units. Tuscany Palms and Midtown on Main, located about 18 miles east of Phoenix in Mesa, offer a mix of one- and two-bedroom units. Shared amenities at each property include a resort-style pool and fitness center. “The U.S. multifamily market remains attractive for new investment opportunities,” says Herb Myers, managing director of real estate investment at Investcorp. “This recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth …
HAPPY VALLEY, ORE. — Kennedy Wilson has purchased the 210-unit Latitude Apartments in Happy Valley for $58 million. The community is located at 11282 S.E. Causey Circle. Latitude Apartments was built in two phases between 2008 and 2014. It is situated near Clackamas Town Center. Amenities include a dog run and grooming station, electronic parcel lockers, bike repair station, fitness facility, pool, basketball court and direct-entry garages. HFO represented both the buyer and the seller, the Reliant Group, in this transaction.
VISALIA, CALIF. — Living Care Lifestyles has broken ground on Quail Park at Shannon Ranch, a 120-unit independent living and memory care community in Visalia, located in the San Joaquin Valley midway between Los Angeles and San Francisco. Navigator Development Group is developing the property. Living Care Lifestyles, Kaweah Delta Health Care District, Shannon Senior Care LLC and BTV Senior will be co-owners once the project is completed. Teter A+E and Fresno/Visalia are providing architectural and design services. The project is scheduled for completion in early 2019. Living Care Lifestyles was founded in 1999 and has senior living communities in California, Washington, Texas and Oregon.
MONTEBELLO, CALIF. — Omnia Pacific Construction has completed renovations on a 21,000-square-foot industrial property in Montebello. The project included a series of tenant improvements. Omnia Pacific will now commence work on an 8,000-square-foot tenant improvement project at a Los Alamitos office building.
NEWPORT BEACH, CALIF. — Clearwater Living, a Newport Beach-based operator, has been selected to provide management services for The Wolff Company’s 18-community independent living platform located throughout the West. Clearwater Living began management on Sept. 1 at seven Wolff communities in Colorado, Nevada, Washington and California. Additional properties will come under Clearwater’s management as they are further developed. The portfolio consists of all new construction.
LAS VEGAS — Planet Hollywood Resort & Casino will debut a new restaurant concept called Café Hollywood. The redesigned space, in the former Planet Dailies location, will open as the hotel marks its 10-year anniversary this fall Created by the same team that created Planet Dailies, the 5,500-square-foot restaurant will offer a multimedia celebration of iconic Planet Hollywood moments. Open 24 hours, the Café Hollywood wine bar and lounge will offer over 40 different wine varietals. Café Hollywood also features a private dining room featuring bi-fold doors for complete privacy and the ability to accommodate up to 65 people. Planet Hollywood Resort & Casino, which is located on the Las Vegas Strip, offering 2,500 guest rooms and suites, shopping, dining, entertainment and nightlife.
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American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M
AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …
LOS ANGELES — InvenTrust Properties Corp. has purchased River Oaks, a grocery-anchored retail center located in the San Fernando Valley submarket of Los Angeles. An undisclosed seller sold the property for $115 million. Target, Sprouts, buybuyBaby, ULTA, Total Women Gym & Spa, Pier 1 Imports and Big 5 Sporting Goods occupy the 275,000-square-foot retail center.
PERRIS, CALIF. — Progressive Real Estate Partners has closed three new leases at Perris Marketplace, located at 1700 N. Perris Blvd. in Perris, bringing the retail center to 100 percent leased. Baskin Robbins, Jamba Juice and Daniel’s Jewelers have signed leases at the 225,000-square-foot retail center, which Walmart Supercenter anchors. Additional tenants at the center include Starbucks Coffee, Popeye’s, Pieology, Chipotle, Yogurtland, Dickey’s Barbecue, America’s Best Contacts and Eyeglasses, Pacific Dental and Sally Beauty Supply. Paul Gamarini and Gretchen Lastra of Progressive Real Estate Partners represented the owners/developers, Trachman Indevco and Evergreen, in the transactions.