SAN ANTONIO — DIJ Properties, a Miami-based asset management firm, has acquired two multifamily properties totaling 678 units in San Antonio. The company acquired the 546-unit Wood Hollow Apartments and the 132-unit Sunny Glen Apartments, both of which are located on the 10000 block of Sahara Street on the city’s north side. The company plans to make capital improvements to both properties and create new picnic areas, laundry rooms, pools, playgrounds and fitness centers.
FORT LAUDERDALE, FLA. — Encore Capital Management has received a $75 million construction loan for The Rise Flagler Village, a 348-unit apartment project located at 405 N.E. 2nd St. in downtown Fort Lauderdale’s Flagler Village. Walker & Dunlop arranged the financing through Pacific Western Bank and Square Mile Capital. G.T. McDonald Enterprises Inc. will serve as the general contractor for the project, and Cohen Freedman Encinosa & Associates Architects Pa Inc. will serve as the architect. The Rise Flagler Village will feature a pool, garden, fitness center, lounge area and ground floor retail. The project will be situated within walking distance to shopping, outdoor entertainment and transit offered within Flagler Village. Construction is expected in begin in January 2018.
BIRMINGHAM, ALA. — Methodist Homes has completed the $42.5 million expansion of Fair Haven, a 375-bed continuing care retirement community (CCRC) in Birmingham. The community is the first in Alabama to fully implement the Household Model for resident care, featuring a front door with doorbell, living room with fireplace, sunroom, den, spa and a home kitchen where meals are prepared and served. The expansion includes the addition of 15 independent living apartments, 23 assisted living apartments and 59 licensed nursing beds. In addition, Fair Haven includes 20 memory care units in a newly renovated building.
LIBERTYVILLE, ILL. — Marcus & Millichap has arranged the sale of Cook Apartments in Libertyville, a northern suburb of Chicago, for $11.3 million. The 86-unit apartment building is located at 201 E. Cook Ave. Built in 1972, the five-story property features a mix of studios, one- and two-bedroom units. The building was fully leased at the time of sale. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company. Scott Harris of Marcus & Millichap represented the buyer, also a limited liability company.
NORTH MIAMI, FLA. — Cushman & Wakefield has arranged the $7.1 million sale of Holly House, a 57-unit apartment community in North Miami. Calum Weaver and Perry Synanidis of Cushman & Wakefield arranged the transaction on behalf of the seller, Barry University Inc. Holly House Partners LLC, a subsidiary of Freshwater Group, acquired the asset. The three-story community totals 45,496 square feet and was constructed in 1968. Barry University acquired the property in 2009 to serve as student housing. The building was vacated in May 2017. Holly House offers a mix of one- and two-bedroom units with an average size of 796 square feet. Community amenities include a pool, courtyard and a laundry room.
Despite the maturing commercial real estate cycle, Boston’s thriving economy continues to generate positive momentum for the metro’s multifamily property marketplace. Over the 12-month period ending June 30, 2017, area employers added 55,700 positions, growing the employment base by 2.1 percent. Job creation was driven by the typically high-wage healthcare and professional fields, and more than 30 percent of the new roles created were in office-using sectors. This healthy growth has supported a surge in household formation, which — along with the high cost of homeownership — is sustaining substantial demand for rental units. The significant affordability gap between renting and homeownership favors renting over homeownership by $591 per month. This, in combination with rising office-using employment, continues to boost apartment demand, which will support this year’s robust construction pipeline. Developers are on track to deliver more than 9,500 units to the marketplace in 2017, marking the highest point of the current cycle. Builders have focused their efforts in the urban core, particularly in the Fenway, Brookline and Brighton submarkets, and in first-ring suburbs. Nearly two-thirds of incoming units will be inside the city limits or in the closest suburban markets like Cambridge and Revere. The two largest deliveries each …
PLAINSBORO TOWNSHIP, N.J. — KeyBank Real Estate Capital has arranged a $67.3 million construction loan for a 260-unit independent living facility located on the Princeton University Healthcare Campus in Plainsboro Township. A joint venture led by SBLP Senior Living Fund I owns the property. The sponsor of the fund is a joint venture between South Bay Partners and LAMB Properties. Sage Senior Living will manage the property. Grant Saunders, Peter Trazzera and Jake Hollinger of Key’s Healthcare Group arranged the financing.
WATERTOWN, MASS. — LCB Senior Living and Washington Capital Management have received a $45 million loan for the recapitalization of The Residence at Watertown Square, located at 20 Summer St. in Watertown. Built in 2014, the property features 90 independent living, assisted living and memory care units. Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged the financing for the borrower. LCB will continue to operate the community.
WILTON, CONN. — Avison Young has brokered the sale of a development site located at 200 Danbury Road in Wilton. The Kent House LLC sold the parcel to 200 Danbury Road LLC for $1.2 million. The buyer plans to develop a mixed-use residential and retail center on the site. Sean McDonnell and Alison Luisi of Avison Young represented the seller in the deal.
WESTMINSTER, COLO. — Castle Lanterra Properties has purchased the 280-unit Sunset Ridge Townhomes in Westminster for an undisclosed sum. The community is located at 8300 Sheridan Blvd. Sunset Ridge was built in 1972. It was 95 percent occupied at the time of sale. Community amenities include an updated clubhouse, Wi-Fi Café, lounge area, fireplace, zero entry swimming pool, barbecue grills, dog park, parking lot and playground. ARA Newmark represented the seller, WillMax Capital Management, in this transaction.
