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AcquisitionsMidwestMultifamilyOhioSeniors HousingTop StoriesWashingtonWestern

Welltower Agrees to Acquire 25-Property Affinity Living Active Adult Portfolio for $969M

by Kristin Harlow

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …

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Affordable HousingArizonaDevelopmentLoansMultifamilySeniors HousingWestern

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans. Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas. Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central …

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Marina-Square-Bremerton-WA
LoansMultifamilyWashingtonWestern

TPG Real Estate Provides $79M Refinancing for Marina Square Apartments in Bremerton, Washington

by Amy Works

BREMERTON, WASH. — JLL has arranged $79 million in refinancing for Marina Square, a waterfront apartment property at 280 Washington Ave. in Bremerton. Seth Heikkila, Tom Wilson and Steve Petrie of JLL Capital Markets Debt Advisory secured the five-year, floating-rate loan through TPG Real Estate Credit for the borrower, Sound West Group. Situated on the Puget Sound waterfront, Marina Square features 270 studio, one- and two-bedroom units with water and mountain views, large windows, vinyl plank flooring, quartz countertops, stainless steel appliances and full-size washers/dryers. Community amenities include a rooftop deck, a club room with indoor and outdoor space, a landscaped public plaza with three venue spaces, a kayak launch and grilling stations. Additionally, Marina Square features 9,158 square feet of retail space divided into three units. Currently named tenants include The Market at Marina Square and YMCA.

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Thunderbird-Commerce-Park-Scottsdale-AZ
ArizonaDevelopmentIndustrialWestern

Creation Breaks Ground on $60M Thunderbird Commerce Park in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Creation has broken ground on Thunderbird Commerce Park, a $60 million industrial center in Scottsdale. Situated on 18 acres within Scottsdale Airpark, Thunderbird Commerce Park will feature 243,360 square feet of Class A industrial space. The asset will offer 51 truck doors, 32-foot clear height, 3,000A power, four electric vehicle charging pedestals, a 130-foot truck court depth and 322 car spaces. LGE Design Build is general contractor and LGE Design Group is architect for the project. Completion is slated for late 2024.

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AcquisitionsLoansMultifamilyWashingtonWestern

Berkadia Arranges $21.5M Acquisition Loan for Duo Apartments in University Place, Washington

by Amy Works

UNIVERSITY PLACE, WASH. — Berkadia has secured $21.5 million in financing for the purchase of The Duo Apartments, a Class A multifamily community in University Place, a suburb of Tacoma. Located at 4201 Bridgeport Way West, The Duo Apartments features 104 studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet. Apartments offer washers/dryers, stainless steel appliances, faux wood flooring, designer finishes and patios or balconies. The pet-friendly community features a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad Williamson of Berkadia Miami, arranged the financing on behalf of the buyer, a private investor. The borrower acquired the asset for $30.5 million. Coral Gables, Fla.-based Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms.

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5116-Denali-Park-Dr-Herriman-UT
AcquisitionsRetailUtahWestern

SRS Real Estate Partners Brokers $5.3M Sale of PetSuites Location in Herriman, Utah

by Amy Works

HERRIMAN, UTAH — SRS Real Estate Partners has arranged the purchase of a newly constructed retail property, located at 5116 Denali Park Drive in Herriman, approximately 20 miles southwest of Salt Lake City. A Washington-based private investor in a 1031 exchange acquired the asset from a developer for $5.3 million. PetSuites, which opened in November 2023, occupies the 10,953-square-foot property. The tenant has a 20-year lease in place. PetSuites operates more than 80 locations nationally with services including daycare, boarding, grooming and training for pets. Susan Harris of SRS represented the buyer, while JLL represented the seller in the deal.

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CaliforniaCivicDevelopmentMixed-UseStudent HousingTop StoriesWestern

Greystar Delivers $282M Student Housing Development at UC Law in Downtown San Francisco

by John Nelson

SAN FRANCISCO — Real estate development firm Greystar has delivered Academe at 198, a $282 million student housing property in downtown San Francisco. Located at 198 McAllister St. in the city’s Civic Center district, the mixed-use property is Phase I of the Academic Village expansion at UC Law San Francisco, formerly known as UC Hastings College of the Law. Academe at 198 spans 14 stories and features 656 units (667 beds) for students at UC Law SF, as well as faculty and staff. The property website also says students from nearby University of California San Francisco, San Francisco State University, University of San Francisco and University of the Pacific Dugoni School of Dentistry can apply for housing. The units come in a variety of layouts: efficiency (232 square feet); studio (275 square feet); one-bedroom (397 square feet); and two-bedroom (568 square feet). Monthly rental rates begin at $1,850 for an efficiency apartment, which is below market rates, according to the property website. In addition to housing, the 365,000-square-foot property includes 43,000 square feet of office and academic space that is leased and operated by UC Law, including an incubator space for start-up tech firms that doubles as event space called LexLab. …

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IdahoMarket ReportsMultifamilySeniors HousingWesternWestern Market Reports

Asset Consolidation Will Continue in the Boise Metro Seniors Housing Market

by Jeff Shaw

— By Blake Bozett, founder and CEO, The Zett Group — The Boise metro (Boise, Eagle, Meridian, Garden City) is made up of 75 licensed assisted living facilities, 42 of which have more than 30 licensed beds. Of those 42 assisted living facilities, the ownership type is made up of: national owner/operator (18), local owner/operator (12), REIT (4), regional owner/operator (3), local development company (2), privately held real estate investment firm (1), 1031 investment platform (1) and non-profit (1). These ownership stats aren’t necessarily unique to other metros such as Seattle and Portland with institutional capital typically owning a large share of the buildings. What’s interesting to me on a micro level is that the single asset, one to two off owners are more interested in selling than years past. What started as a simple mom-and-pop operating business a few decades ago has turned into a sophisticated and challenging operating business with extreme expense, inflationary and regulatory pressures. Having come from the operations side of the business I’ve seen many of these challenges firsthand. Therefore, it no surprise why the local owner who has owned his/her assisted living facility for 20 years may have greater appetite for selling despite less …

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The-Cartwright-Irvine-CA
CaliforniaLoansMultifamilyWestern

Northmarq Arranges $82M Refinancing for The Cartwright Apartment Complex in Irvine, California

by Amy Works

IRVINE, CALIF. — Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel and Chandler Kaye has arranged an $82 million refinancing for The Cartwright, a multifamily property in the Orange County city of Irvine. The firm arranged financing on behalf of the first-time developer through a correspondent relationship with a life insurance company. The refinancing features a five-year term with interest-only payments for the full life of the loan. Built in 2021, The Cartwright features 272 affordable workforce apartments. The property is located at 17600 Cartwright Road.

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Dana-Point-Harbor-Dana-Point-CA
CaliforniaCivicDevelopmentRetailWestern

Burnham Ward Properties Starts Construction of Dana Point Harbor Revitalization in California

by Amy Works

DANA POINT, CALIF. — Burnham Ward Properties, a partner in Dana Point Harbor Partners (DPHP), has started construction of the landside portion of the commercial core revitalization at Dana Point Harbor in Dana Point, a coastal city in Orange County. The five-phase, 120,000-square-foot landside portion will include a three-level parking structure, underground utility infrastructure upgrades, landscaping and site work updates, an added pedestrian pathway and new extension of the road leading into the Harbor, Golden Lantern. The 984-stall parking structure will include 93 boater-dedicated spaces and boater-service amenities, including restrooms, showers, changing rooms, a corral of service carts to aid boaters carrying supplies to boats, and a valet drop point for boaters. Additionally, the new structure will feature electric vehicle charging stations, an increase in parking spaces and convenience for sportfishing, whale watching and Catalina Express customers departing from Dana Wharf. Phases I and II are slated for completion in 12 months. Following the completion of the first two phases, construction will begin on Phase III of the commercial core, which includes development along the waterfront. Phase III is scheduled to begin in March 2025. The final phases will include redevelopment of the buildings within The Wharf. Main features of the …

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