WYNDMOOR, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, a northern suburb of Philadelphia. The building totals 214,288 square feet. A regional buyer acquired the property for an undisclosed price with plans to reposition it. Steve Thomes, Michael Segal and Dan Mahoney of Blueprint were the lead advisors on the transaction.
BREWSTER, MASS. — OREC Securities has brokered the sale of Pleasant Bay Nursing and Rehabilitation Center in the Cape Cod town of Brewster. The community houses 135 skilled nursing beds and 59 assisted living units. Although the original plan was to split the community into two separate sales, a regional owner-operator bought the properties as a single asset. Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the transaction for OREC. The seller and price were not disclosed.
MINNEAPOLIS — Dougherty Mortgage LLC has provided a $10.5 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Holmes Greenway Housing in Minneapolis. The six-story building features 54 units that are restricted to individuals and families earning 60 percent or less of the area median income. Minor upgrades will be completed to the common areas and apartment units. Dougherty originated the 40-year loan on behalf of the borrower, Holmes Housing Partners LP.
KIRKLAND, WASH. — Canada-based Rise Properties Trust has acquired Salix Juanita Village, a mixed-use property located at 9740 NE 119th Way in Kirkland. An undisclosed seller sold the asset for $101.5 million. Rise plans to reposition the 211-unit property, which features 20,891 square feet of retail space. Including Salix Juanita Village, Rise has acquired nine properties with a total capitalization of $588 million this year. The company owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest. Seattle-based Thrive Communities will manage the property. JLL negotiated the transaction.
HAYWARD, CALIF. — KeyBank Real Estate Capital (KBREC) has secured $35 million of Federal Housing Authority (FHA) fixed-rate loans for San Francisco-based Tesseract Capital Group (TCG) for the refinancing of two multifamily assets in Hayward. The company secured $17.5 million for Vivante Apartments and $17.4 million for Solis Garden Apartments. Both transactions closed using FHA’s 223(f) mortgage insurance program. Built in 1965 on two acres, the garden-style Vivante Apartments features 51 market-rate apartments in a mix of two-, three- and four-bedroom floor plans. TCG has completed $1.1 million of renovations, including $400,000 to install solar panels. Solis Garden Apartments, which was built in 1965 on two acres, features 62 market-rate apartments in a mix of studio, one-, two- and three-bedroom layouts in four three-story buildings. The interior and exterior of the property were recently renovated, including the installation of solar panels. Katie Plett of KBREC’s Commercial Mortgage Group and Amy Schroeder of KBREC’s Income Property Group structured the financing for the properties.
The Inland Empire has experienced a significant uptick in multifamily development in the past decade. We are currently seeing a healthy shift toward more units being developed, which is driven by substantial regional economic growth in the years following the recession. Multifamily development has grown from less than 2,000 units annually in 2009 to more than 5,000 units developed this year. The Inland Empire has one of the highest imbalances of housing in comparison to significant population growth and increasing renters’ demand, according to CBRE research. The Inland Empire market currently has 15 developments with a total of 3,445 units under construction. Significant developments are taking place in key cities like Ontario and Rancho Cucamonga. This is partially driven by the nearby Ontario International Airport, as well as Ontario’s position as a major logistics, warehousing and shipping hub. Market rents support the much-needed new supply. The City of Riverside currently has 595 units under construction. Riverside has the highest population in the Inland Empire, with consistent population growth over the past decade. An additional 391 units are under construction in Moreno Valley, which is also buoyed by its growth as a regional logistic center, with new industrial warehouse development adding …
PHILADELPHIA — Will today’s emerging aging-in-place technologies, designed to help the elderly remain in their own home for a longer period of time, lead to significantly reduced demand for seniors housing? The question was a hot topic at the InterFace Seniors Housing Northeast conference last Thursday in Philadelphia following a recent front-page article in The Wall Street Journal under the following headline: “Boomers Want to Stay Home. Senior Housing Now Faces Budding Glut.” The piece argues that aging-in-place technology poses a challenge to builders of senior living communities, particularly at a time when developers are adding new supply at a healthy clip and occupancy rates remain relatively stagnant. Nationwide, the occupancy rate for seniors housing (assisted living and independent living combined) was 88 percent in the third quarter of 2019, up 30 basis points from the prior quarter, but down from 90.2 percent in the fourth quarter of 2014, according to the National Investment Center for Seniors Housing & Care (NIC) based in Annapolis, Maryland. Seniors housing developers added 21,332 units in 2018, more than double the number added in 2014, The Journal reported based on NIC data. Venture capitalists and other companies are expected to invest about $1 billion this year …
VIRGINIA BEACH, VA. —San Antonio-based real estate service company LYND has acquired an apartment community in Virginia Beach for $43 million. Located at 205 34th St., the 16-story, 266-unit Mayflower Apartments is within a block of the Atlantic Ocean and less than a mile from downtown Virginia Beach. Mike Marshall of Newmark Knight Frank (NKF) represented the seller, Harbor Group International, a Norfolk-based real estate investment and management firm. LYND plans to spend over $3 million on capital improvements to both individual units and common areas, including Amazon package lockers, surfboard lockers and renovations to the fitness center. LYND management has been retained to oversee renovations and manage the building. Henry Stimler of NKF arranged a $33 million acquisition loan for LYND through Hunt Real Estate Capital, represented internally by Marc Suarez. The property has 3,140 square feet of ground-floor commercial space and a separate parcel with 11,915 square feet of freestanding retail and on-site and off-site parking. Built in 1950, the last renovations to the building were completed in 2010. The Mayflower currently has studio, one- and two-bedroom units and a penthouse floor. Community amenities include outdoor and indoor pools, a fitness center, restaurant, on-site clothes care center, concierge …
CARY, N.C. — CBRE and affiliate firm CBRE|Raleigh have arranged the $31.4 million sale of Amberwood at Lochmere, a 206-unit multifamily property located in Cary, seven miles west of downtown Raleigh. Inland Private Capital Corp., represented by CBRE|Raleigh’s Howard Jenkins and CBRE’s Kevin Kempf, sold the asset located at 100 Eclipse Drive. CBRE’s Nate Sittema and Kristen Reilley arranged a Freddie Mac loan for the sale on behalf of the buyer, an affiliate of The Beach Co., which plans to make capital improvements to the complex’s exterior and landscaping. Amberwood at Lochmere features one-, two- and three-bedroom apartments, and includes amenities such as a pool, clubhouse, grilling stations, fitness center, playground, tennis court, dog park and access to walking and hiking trails.
MILLBRAE, CALIF. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae LLC, which will finance, construct and own the residential and office components of the project. “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much-needed affordable housing and jobs for the city of Millbrae and San Mateo County,” says Michael Van Every, president and CEO of Republic Urban Properties. The Millbrae BART Station and parking garage will remain open during construction, which is scheduled to begin on Wednesday, Dec. 4. “BART’s transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” says Bevan Dufty, …