FLAGSTAFF, ARIZ. — American Campus Communities has broken ground on its fourth student housing community in partnership with Northern Arizona University in Flagstaff. The 284,982-square-foot residential community, to be named SkyView, will house 626 students in 163 units. The property will comprise three-, four- and five-story buildings with flat and townhome floor plans. The community offers two-, three- and four-bedroom units with bed-to-bath parity. Select two-bedroom units will also feature a half bath. A two-story, 12,602-square-foot community center will be located on the property, and will offer academic amenities including private study rooms, a quiet study loft and an academic success center. The community center will also feature a large community plaza with a fire pit, active gaming and lounge areas, and mail and leasing services. The property will also contain a two-story fitness center with storage lockers and bike parking. The SkyView transaction was structured under ACC’s American Campus Equity program, which gives universities the opportunity to expand their student housing portfolio while taking on the least amount of risk. Under the ACE program, no university financial resources will be used. The development is set to open in fall 2017.
YUBA CITY, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $13.5 million sale of Summerfield Senior Living, a 71-unit assisted living and memory care community in Yuba City, approximately 40 miles north of Sacramento. The community opened in 1993. A California-based entrepreneur bought the community in 2005 as a value-add opportunity. It was the only seniors housing property in the owner’s portfolio, so it was sold to a growing owner/operator. Neither party was disclosed. The purchase price equates to approximately $190,000 per unit. Jacob Gehl and Mike Segal were the lead advisors on the transaction.
BOISE — Denver-based Cardinal Group Management has been awarded management of a student housing community with 539 beds in Idaho. The student housing community, called The Vista, was built in 2015 near Boise State University in Idaho.
SAN FRANCISCO — Construction crews have begun infrastructure work on the redevelopment of Treasure Island and Yerba Buena Island in the San Francisco Bay Area. The total development costs for the 10-year project will be $6 billion, according to the San Francisco Business Times. The development team, known as Treasure Island Community Development LLC, includes Lennar Urban (NYSE: LEN), Kenwood Investments, Stockbridge Capital Group and Wilson Meany. The San Francisco Planning Commission approved the project in 2011, and Skidmore, Owings and Merrill LLP developed the master architectural and engineering plan. The development will feature up to 8,000 residential units, including 7,700 to 7,850 on Treasure Island and 150-300 units on Yerba Buena Island. At least 25 percent of the multifamily units will be offered at below-market rates. The project will also include up to 140,000 square feet of new retail space, 300 acres of parks and public open spaces, up to roughly 500 hotel rooms, a joint police/fire station and 100,000 square feet of office space. The development team will also repurpose Building 1 and Hangars 2 and 3 on Treasure Island and the historic buildings on Yerba Buena Island. According to Kenwood Investments’ website, the development could feature a …
ENGLEWOOD, COLO. — Steadfast Apartment REIT has purchased the 217-unit Fielder’s Creek Apartments in the Denver submarket of Englewood for $32.4 million. The community is located at 3205 W. Floyd Ave., nine miles from downtown Denver. It was built in 1983. Fielder’s Creek is currently 97 percent occupied. The REIT plans to implement a value enhancement program at the property.
HUNTINGTON BEACH, CALIF. — Hanley Investment Group has arranged the $18.6 million sale of a newly redeveloped retail center located on the corner of Brookhurst Street and Adams Avenue in Huntington Beach. Tenants at the fully occupied, 24,000-square-foot center include PetSmart, U.S. Bank, Phenix Salon, Tenet Healthcare and Orangetheory Fitness. LBG Real Estate Cos. LLC sold the property to an Orange County-based private investor. Ed Hanley, Bill Asher and Eric Vu of Hanley Investment Group arranged the sale of the property in an off-market transaction.
TEMPE, ARIZ. — Wentworth Property Co. has purchased a 228,000-square-foot office building in Tempe for $16.5 million. The building is located at 1515 W. 14th St. It was vacant at the time of sale. The buyer is undertaking significant renovations to the property. CBRE’s Barry Gabel and Chris Marchildon and JLL’s Karsten Peterson, Dave Seeger and Mark Gustin represented the seller, BF Enterprises, in this transaction. The same team will lease the property.
WOODBURN, ORE. — Bradley C. Shepard, Stanley V. Shepard and Growing Investments LLC has purchased a 52,524-square-foot industrial property in Woodburn for $3.2 million. The property is located at 2257 Progress Way. The building is fully leased to Columbia Helicopters. The purchase includes an additional 5.6 acres of industrial-zoned land for future development. Thomas McDowell and Raymond Duchek of Norris & Stevens represented the buyers. Peter Stalick, Steven Klein and Jeff Kiersey of Kidder Mathews represented the seller, Mercer Holdings, in this transaction.
FOOTHILL RANCH, CALIF. — SeneGence International has leased 50,000 square feet of office space in Foothill Ranch. The new space is located at 19651 Alter. The beauty and personal care company is relocating from its current headquarters in the Irvine Spectrum. Andrew Morrow of Savills Studley represented SeneGence. CBRE’s Gregg Haly and Tyler Haly represented the landlord, Western States, in this transaction.
PEORIA, ARIZ. — Love Funding, a lender based in Washington, D.C., has arranged a $15 million FHA bridge loan for the construction and financing of Agua Fria Senior Living, a 90-unit assisted living and memory care community in the Phoenix suburb of Peoria. The private-pay community will feature 32 units of assisted living and 58 units of memory care. Robyn Cunningham, senior director, and Adrian Hartman, director, arranged the financing. Love Funding’s parent company, Midland States Bank, provided the capital. The closing of the Agua Fria loan caps the first year for Love Funding’s bridge-loan program, which saw the company finance nearly $60 million in bridge loans.