MODESTO, CALIF. — A private Southern California-based investor has purchased a two-property multifamily portfolio in Modesto for a total of $32.5 million. The portfolio includes the Commons Apartment Homes, a 100-unit community on Standiford Avenue, and Summerview Apartment Homes, a 136-unit community on Prescott Road. Built on a 4.3-acre site in 1989, the Commons is located at 1600 Standiford Ave., while Summerview is situated on a five-acre site on Coffee Road. Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Massachusetts-based investor, in this transaction.
BOULDER, COLO. — Blue Moon Capital Partners, a Boston-based private equity investor, has acquired The Carillon at Boulder Creek, a 117-unit seniors housing community near the University of Colorado in Boulder. The price was not disclosed. Blue Moon replaces affiliates of Legacy Capital Partners, an Ohio-based private equity investor, in an existing joint venture. The remaining partners are MGL Partners, a Denver-based real estate developer/investor, and Leisure Care, a seniors housing operator. This marks the second Colorado investment for the Blue Moon, MGL and Leisure Care relationship. Northwestern Mutual provided the debt. MGL led the acquisition and redevelopment of The Carillon in 2006 when it was a nine-story assisted living and nursing care building. MGL completely gutted and renovated the existing structure and added two four-story wings on either side of the original building.
LAS VEGAS — CBRE has arranged financing for The Echelon, a 116-unit independent living community in Las Vegas. The borrower is Chicago Pacific Founders, which acquired the property in 2014. Since that acquisition, the new owners have increased occupancy from around 75 percent to 98 percent. Grace Management, a wholly owned subsidiary of Chicago Pacific Founders, operates the community. CBRE secured a non-recourse, five-year, fixed-rate loan that includes 24 months of interest-only payments. A CMBS lender provided the capital. The amount and use of the financing were not disclosed.
MIAMI — Berkshire Group has purchased Aviva Coral Gables, a recently built, 276-unit apartment community located at 3880 Bird Road in Miami, a little more than one mile outside of Coral Gables. Ponce & Bird Miami Development LLC sold the property for $100 million, according to The Real Deal. The property, which will be renamed Berkshire Coral Gables, features a heated saltwater swimming pool and spa, outdoor courtyard and kitchen, cyber café, dog spa and a sports lounge.
BOYNTON BEACH, FLA. — TruAmerica Multifamily has purchased Ashley Lake Park, a 300-unit apartment community located in Boynton Beach, for $49 million. Richard Donnellan, Marc de Baptiste, Hampton Beebe and Avery Klann of ARA Newmark marketed the property on behalf of the seller, a joint venture between Robbins Electra and LEM Capital. Berkeley Point Capital’s Mitch Clarfield arranged financing for the acquisition through Freddie Mac’s Green Rewards program. Ashley Lake Park includes a mix of one-, two- and three-bedroom units and features a clubhouse, fitness center, internet café, two pools, dog park and picnic areas. TruAmerica’s renovation plans include updated interiors, upgraded appliances and improvements to the pool, clubhouse and fitness center.
LOS ANGELES — Apartment Investment and Management Company (Aimco) (NYSE: AIV) has acquired the remaining interest in a Los Angeles multifamily portfolio for $451.5 million. Aimco already owned 53 percent interest in the properties, and bought the remaining 47 percent from its joint venture partners, institutional investors advised by J.P. Morgan Asset Management. The acquisition now gives Aimco complete ownership of three Palazzo communities. These include the 521-unit Palazzo at Park La Brea, the 611-unit Palazzo East and the 250-unit Villas at Park La Brea. All three communities are situated in the mid-Wilshire area of Los Angeles, about two miles from Beverly Hills, Hollywood and Century City, and six miles from downtown LA and Santa Monica. “We appreciate the mid-Wilshire submarket with its highly educated and high-income customers who value the proximity to transportation, job centers and upscale retail … and where we can see clearly that future development is increasingly difficult,” says Terry Considine, CEO and chairman of Aimco. “We expect to continue the operation of the properties and to redevelop each, over time and at the right time, to serve different and distinctive market segments.” The average age of the units within the Palazzo portfolio is 12 years, …
LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) has announced plans to sell the entire skilled nursing portion of its business to BM Eagle Holdings for a total value of $910 million. Kindred is a Louisville-based owner-operator of transitional hospitals, skilled nursing centers, home care, hospice, assisted living and other medical services. The company has been working toward an exit of its skilled nursing business since it posted a $671.3 million loss during third-quarter 2016. The price includes the $700 million that will immediately go to Ventas as part of a previously announced deal. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, will turn over its ownership of 36 Kindred-operated facilities to BM Eagle Holdings, leaving Kindred with a total value of $210 million. BM Eagle Holdings is a joint venture led by affiliates of BlueMountain Capital Management. The Kindred portfolio spans 18 states and includes 89 nursing centers with 11,308 licensed beds and seven assisted living facilities with 380 licensed beds. The buyer did not disclose plans for the future operations of the portfolio. The deal will reduce Kindred’s annual rent expense by approximately $88 million, annual capital expenditures by approximately $30 million, and interest …
BRYAN, TEXAS — Mason Joseph Co. Inc. has closed a $29.5 million loan for the construction and permanent financing of The Residence at Oakmont, a 256-unit apartment community in Bryan. Parkcrest Builders Ltd. and Parkgreen Living LLC will develop the Class A, garden-style community, which will be located at the intersection of Boonville Road and Pendleton Drive. HUD provided the non-recourse loan, which offers a fixed interest rate for the 18-month construction period and subsequent 40-year term.
DALLAS — Wellington Realty has arranged the sale of La Bella Palms, a 117-unit apartment complex located at 9450 Royal Lane in Dallas. Situated near Northpark Center Mall, Southern Methodist University and Richland College, the property features a swimming pool and on-site laundry services. Caleb Jones, Tammy Shaffer and David Shaffer of Wellington procured the buyer, a partnership between Michaelson Real Estate Group LLC and a private equity investor, in the transaction.
LOS ANGELES — Sussex Capital Group has acquired The Hillpointe, a 30-unit apartment property situated in the Hollywood Hills neighborhood of Los Angeles, for $13.4 million. The community is located at 2330 N. Cahuenga Blvd. It was built in 1987. Peter Sherman of Avison Young represented both the buyer and seller, Inco Monterra, in this transaction.