Multifamily

Kisco Underway on $22.5M Expansion of Emerald Court Seniors Housing Community in Anaheim

by Nellie Day February 13, 2017

ANAHEIM, Calif. — Kisco Senior Living has started the $22.5 million expansion and renovation of Emerald Court, a 194-unit independent living and assisted living community in Anaheim. The project was originally announced in March 2016, but the company added more plans and committed more money. The project is currently underway, with a scheduled completion of fall 2017. Plans call for a two-story building adding 58 new assisted living units to the property, as well as a demonstration kitchen, dining venue and wellness center. Kisco will also renovate the existing dining room, corridors, lighting, activity room and salon. The project will add a total of 58,000 square feet to the property. Emerald Court’s assisted living units are currently full with a waiting list. The expansion will more than double the number of assisted living units. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.

February 13, 2017

Arizona Multifamily Western

Jevan Capital Buys Desert Place Apartments in Phoenix for $11.3M

by Nellie Day February 13, 2017

PHOENIX — Jevan Capital has purchased a 260-unit apartment community in Phoenix for $11.3 million. The community is situated on 7.8 acres along 27th Avenue near the I-17 Black Canyon Freeway. It is known as Desert Place Apartments. The seller was IPA Phoenix-Foxwood. Bob Farrell of Orion executed the transaction.

February 13, 2017

Midwest Minnesota Multifamily

CBRE Arranges $85M Sale of Multifamily Property in Eden Prairie, Minnesota

by Kristin Harlow February 13, 2017

EDEN PRAIRIE, MINN. — CBRE has arranged the sale of Eden Place in Eden Prairie, 12 miles southwest of Minneapolis, for $85 million. The 508-unit apartment community is located at 13000 Garden Lane. The property consists of eight three-story buildings and a clubhouse with shared amenities on 31 acres. The apartment buildings were originally constructed in 1986 and the seller has remodeled 22 of the units. The clubhouse was built in 2007 and features a fitness center, community room, outdoor veranda for grilling and a business center. Other property features include two outdoor pools, two tennis courts, underground parking, a playground, dog park and walking/biking paths. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented the seller, a separate account client of Invesco Real Estate.

February 13, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Monticello Provides $9M Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works February 13, 2017

CANONSBURG, PA. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg. The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The 140-bed facility was built in 1985 and renovated in 1995. Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently in the process of making more capital expenditures. The property consists of a 52,909-square-foot, single-story skilled nursing building, a 1,700-square-foot maintenance building and a 4,000-square-foot, two-story medical office building.

February 13, 2017

Florida Multifamily Southeast

Colliers Brokers $26.5M Sale of Apartment Community in Jacksonville

by John Nelson February 13, 2017

JACKSONVILLE, FLA. — Colliers International has brokered the $26.5 million sale of Canopy at Belfort Park, a 192-unit, Class A apartment community located at 7750 Belfort Parkway in Jacksonville. Built in 2013, the property was 93 percent occupied at the time of sale. Community amenities include a clubhouse, pool and private lake, and units range in size from 844 square feet to 1,434 square feet. Bradley Coe, Douglas Blair and Morgan Williams of Colliers International’s Jacksonville office brokered the transaction between the private buyer, Mid-Atlantic-based TC Belfort Park LLC, and the seller, Canopy at Belfort Park Apartments LLC.

February 13, 2017

Loans Multifamily Southeast Tennessee

Financial Federal Bank Secures $15.5M Acquisition Loan for Apartment Complex in Nashville

by John Nelson February 13, 2017

NASHVILLE, TENN. — Financial Federal Bank has secured a $15.5 million acquisition loan for Hillwood Pointe Apartments, a 180-unit garden-style multifamily community in Nashville. Steve Curnutte of Financial Federal Bank arranged the 10.5-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule through an unnamed life insurance company on behalf of the buyer, a commercial property owner based in Nashville. The property was 97 percent occupied at the time of closing.

February 13, 2017

Florida Multifamily Southeast

Marcus & Millichap Arranges $14.1M Sale of Apartment Community in Orlando

by John Nelson February 13, 2017

ORLANDO, FLA. — Marcus & Millichap has brokered the $14.1 million sale of Shoreview at Baldwin Park, a 184-unit apartment community located at 1001 Shoreview Drive and 5533 Lehigh Ave. in Orlando. Situated near Rollins College, Florida Hospital Orlando, University of Central Florida and Walt Disney World, the 160-unit Shoreview Drive structure was built in 1976 and the 24-unit Lehigh Avenue portion was constructed in 1973. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, which plans to upgrade the property’s interiors.

February 13, 2017

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

Rent Growth, Leasing Activity to Remain Robust in D.C.’s Apartment Market

by John Nelson February 13, 2017

There are many things to be optimistic about in metropolitan Washington, D.C.’s multifamily market. Here are some facts to consider: — The D.C. metro multifamily vacancy averages 3.4 percent compared to the national average of 4.5 percent. — The D.C. region has seen $3.174 billion in multifamily sales activity year-to-date with an average cap rate of 5.2 percent. — Private investors are leading multifamily sales activity in the D.C. metro region and responsible for 64 percent of the deal flow. — Multifamily investment sales are up by 4.5 percent compared to the first half of 2015. — An influx of new workers to fill the 92,500 new jobs added in the last year has heightened demand for multifamily units despite an abundance of new supply. With a low unemployment rate of just 4.1 percent and job growth far exceeding the national average, and at its highest point since December 2000, the Nation’s Capital is humming with activity. Last year, D.C.’s multifamily market saw staggering amounts of new construction deliver with net absorption levels that surpassed all expectations. Many of the young workers are interested in an urban live-work-play environment ripe with amenities and relish the opportunity to decrease commute times …

February 13, 2017

Florida Multifamily Seniors Housing Southeast

Autumn Senior Living Breaks Ground on $100M Seniors Housing Portfolio Near Tampa

by John Nelson February 10, 2017

SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.

February 10, 2017

Mixed-Use Multifamily New York Northeast Office Retail

Brooklyn Standard Properties Acquires Four-Building Mixed-Use Portfolio in the Bronx for $16.5M

by Amy Works February 10, 2017

NEW YORK CITY — Brooklyn Standard Properties has purchased a four-building mixed-use portfolio for $16.5 million. Fordham Apartments LLC sold the 56,836-square-foot portfolio that offers a total of 74 apartments, three retail spaces, office space and a 12-car parking lot. The portfolio includes a five-story, 22-unit building at 615 E. 189th St.; two four-story buildings at 2476 and 2483-2489 Cambreleng Ave. totaling 38 units; and a five-story, 14-unit mixed-use building at 2470 Belmont Ave. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

February 10, 2017

Newer Posts

Older Posts