GRAND ISLAND, NEB. — Marcus & Millichap has brokered the sale of Continental Gardens in central Nebraska for $10.3 million. The 150-unit apartment property is located at 3111 College St. Built in 1977 with 120 units, the property was expanded in 2016 with an additional 30 units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a local private investment partnership.
NEW YORK CITY — Eastern Consolidated has negotiated the $100 million sale of a residential development assemblage in the NoMad neighborhood of Manhattan to the Rockefeller Group. The assemblage includes 170,000 square feet across three contiguous buildings at 30-36 E. 29th St. and includes surrounding air rights. The existing buildings will be razed to make room for a ground-up condominium development with just under 100 feet of frontage on East 29th Street. Eastern Consolidated’s Brian Ezratty represented the three sellers: Extell Development, the owner of 30-32 E. 29th St.; W Brothers, the owner of 34 E. 29th St.; and 29th Street Partners LLC, the owner of 36 E. 29th St. Ezratty and Eastern Consolidated’s Ron Solarz procured the buyer, the Rockefeller Group.
NEWARK, N.J. — Cushman & Wakefield has brokered the $4.8 million acquisition of a 68-unit apartment portfolio in Newark. Cushman & Wakefield’s Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Ryan Dowd represented the buyer, a private investor. The portfolio includes two communities located one block from each other on Roseville Avenue. Both properties are three stories tall and were built in the early 1970s. The first, 467-479 Roseville Ave., contains 46 units and totals 37,000 square feet on 0.46 acres. The second, 385-391 Roseville Ave., includes 22 units and totals 17,600 square feet on 0.3 acres.
SAN DIEGO — American Assets Trust Inc., a San Diego-based REIT, has acquired Pacific Ridge, a 533-unit apartment complex near the San Diego coastline, for $232 million. The sale is one of the largest multifamily transactions in San Diego history, according to Berkadia, which brokered the transaction. Pacific Ridge is a Class A luxury community located on 15 acres with unobstructed ocean views. Carmel Partners developed the 577,147-square-foot property, which opened in 2010. Outdoor amenities include Moroccan-styled common areas, lounges, two saltwater pools and spas, an outdoor grill and dining pavilion, yoga deck, bocce court, fire pits, jogging trail and dog walk. Indoor amenities include a wine bar, coffee bar, demonstration kitchen, fitness center, tanning studio, board sport and bicycle storage, saltwater aquarium and concierge. The property is located near San Diego International Airport, SeaWorld San Diego and Petco Park, home of Major League Baseball’s San Diego Padres. Berkadia cited a declining unemployment rate — falling 60 basis points year-over-year to 4 percent at the end of February — as a reason for San Diego’s attractiveness as a market. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller, identified only as “a San Francisco-based entity,” …
Average U.S. apartment rents saw a modest increase of 0.2 percent from March to April 2017, but rents increased in 81 percent of markets nationwide, according to a report from RENTCafé. The report uses data from the apartment listing service’s parent company, software provider Yardi. The RENTCafé research team analyzed data across the 250 largest cities in the United States for buildings containing 50 or more units. Based on the data, the average U.S. apartment saw a $2 increase in rent between March and April 2017. Rents increased in April in 203 of the 250 cities tracked by Yardi, while they decreased in 13 cities and stayed flat in 34. Year-over-year, rents went up 2 percent nationwide, which is “a significant reduction in regard to historical performance at this time of the year and is the lowest annual growth rate we’ve seen in more than three years,” according to the report’s author, Ama Otet. By comparison, average rents increased at triple that rate — 6 percent — from April 2015 to April 2016. California cities make up the bulk of the April rent-growth list, with 11 of the top 20 growth cities located in the state. Stockton, Calif., took the …
TORRANCE, CALIF. — The Bascom Group has acquired the 64-unit Harvard Villa Apartments in Torrance for $14 million. The community is located at 20341 Harvard Blvd. Harvard Villa is situated near the Pacific Ocean and the 405, 110, 710 and 105 freeways. The seller is a long-term private owner. Erich Pryor, Eric Snyder and Thomas Sherlock of Talonvest Capital arranged a $11.4 million acquisition loan from TCF National Bank. Hooman Emanuel of Emanuel Real Estate Group represented Bascom in the transaction.
SIERRA VISTA, Ariz. — A limited liability company has purchased the 60-unit Sierra Antigua apartments for $2 million. The community is located at 800 N. Lenzner Ave. in Sierra Vista, just southeast of Tucson. Hamid Panahi and James Crawley of Marcus & Millichap represented the buyer. Panahi, Crawley and Cliff David and Steve Gebing of the same firm represented the seller, also an LLC.
LINDON AND SALT LAKE CITY, UTAH — Ridgeline Management Co. has added two Osmond Senior Living properties to its operational portfolio, both in the Salt Lake City metro. The two properties are Osmond Senior Living in Lindon and Osmond Senior Living Memory Care in Salt Lake City. Ridgeline began operating the communities April 1. Ridgeline Management Co. is a seniors housing operator based in West Linn, Ore., with a portfolio of 24 communities in 10 states.
RESTON, VA. — Atlantic Realty Cos. has kicked off construction today on Hunters Woods at Trails Edge Senior Living Community located at 2222 Colts Neck Road in Reston, about 22 miles west of Washington, D.C. The $72 million seniors housing facility will span 230,000 square feet on a 4.3-acre lot. The development team, which comprises Atlantic Realty, AEW Capital Management and IntegraCare, is demolishing the existing United Christian Parish Church to make way for the 210-unit community by January 2019. The property will feature 90 independent living, 81 assisted living, 15 special needs and 24 memory care units. The project will offer 20 percent of the independent living units as affordable units and 4 percent of the assisted living beds will be available for residents who are eligible for the Virginia Department of Aging and Rehabilitative Services Auxiliary Grant Program. Community amenities will include an arts studio, barbershop, salon, advanced security and communication technology and community-wide Wi-Fi. Jim Kornick of Avison Young’s Washington, D.C., office was the lead advisor bringing the project to fruition.
STILLWATER, OKLA. — Integrated Facility Services (IFS) has begun work on a $7.1 million HVAC and plumbing project for The Ranch, a $58 million retirement community under the Epworth Living brand in Stillwater that is currently under construction. Situated on 55 acres near Oklahoma State University, the 325,000-square-foot property will feature amenities such as 35,000 square feet of common area space, a fitness center, coffee shop and library. Completion of The Ranch is slated for March 2018.
