Multifamily

Joint Venture Completes 186-Residence Seniors Housing Community in Algonquin, Illinois

by Amy Works October 5, 2016

ALGONQUIN, ILL. — Ryan Cos., Life Care Services, an LCS Company, and Harrison Street Real Estate Capital have completed the construction of Clarendale of Algonquin, a $40 million seniors housing community located in Algonquin. The 186-residence property features 76 independent living residences, 56 assisted living and 54 memory care suites in a variety of floor plans based on type of care. Independent living residences range from 720 to 1,285 square feet, while assisted living and memory care residences range from 310 to 835 square feet. The property also features a bistro, pub and billiards rooms, club room and library, living rooms with fireplaces, garage parking, a multipurpose room, wellness center with full-service salon, fitness room, private patio and courtyard, movie theater and a crafts room. Life Care Services of Des Moines, Iowa will manage the community. Clarendale of Algonquin is the second of the Clarendale-branded projects to open in the Chicago area.

October 5, 2016

Midwest Minnesota Multifamily

Timberland Partners Acquires 304-Unit Apartment Community in White Bear Lake, Minnesota

by Amy Works October 5, 2016

WHITE BEAR LAKE, MINN. — Timberland Partners has purchased White Bear Woods, an apartment community located at 4776 Centerville Road in White Bear Lake. Chicago-based LivCor Multi-Family Asset Management sold the 304-unit property for an undisclosed sum. Built in 1998, the property features a mix of studio, one- and two-bedroom apartments in four garden-style buildings. On-site amenities include a clubhouse facility with resort-style swimming pool, outdoor gas fireplaces and seating areas, fitness center, community gathering room and leasing offices. The buyer has improvements planned for the property, including higher-grade kitchen finishes, lighting and appliance packages, parking lot improvements, tennis court updates, and new fencing and landscaping. Abe Appert and Keith Collins of CBRE represented the seller. Joel Torborg of CBRE secured the acquisition financing for the buyer.

October 5, 2016

Illinois Midwest Mixed-Use Multifamily Retail

Jameson Commercial Negotiates $1.7M Sale of Mixed-Use Property in Chicago

by Amy Works October 5, 2016

CHICAGO — Jameson Commercial has arranged the sale of a mixed-use property located at 837 N. Orleans in Chicago’s River North district. An undisclosed investment group acquired the property for $1.7 million. The building features three condo-quality apartments and ground-floor retail space. Justin Collins of Jameson Commercial represented the undisclosed seller in the deal.

October 5, 2016

Multifamily New Jersey Northeast

HFF Arranges $54M Sale of 316-Unit Multifamily Building in Franklin Township, New Jersey

by Amy Works October 5, 2016

FRANKLIN TOWNSHIP, N.J. — HFF has brokered the sale of The Harrison, a 20-story apartment building located at 575 Easton Ave. in Franklin Township. An undisclosed buyer acquired the 316-unit property for $54 million. Originally built in 1974 and renovated in 2015, the property features 38 studio units, 178 one-bedroom units and 100 two-bedroom units featuring hardwood floors, individually controlled heating and cooling, spacious layouts and balconies. On-site amenities include 24/7 concierge service, a clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and two-in-one basketball/tennis court. At the time of sale, the property was 95 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver, and Marc Duval of HFF represented the undisclosed seller in the deal.

October 5, 2016

Multifamily Northeast Pennsylvania Seniors Housing

The Woda Group Opens 50-Unit Affordable Seniors Housing Property in Pennsylvania

by Amy Works October 5, 2016

LEBANON, PA. — The Woda Group Inc., as developer, has opened Kreider Commons, an affordable seniors housing development located at 631 N. Eight St. in Lebanon. An adaptive reuse of a six-story manufacturing/warehouse building, the property features 50 one- and two-bedroom rental apartments for independent seniors aged 62 or older. Additionally, the building features all new systems, two elevators, drive-up entry, on-site parking, a community room with kitchen, library, computer room, grandchild room and crafts rooms. The project team includes Kinsley Construction, Marks Thomas Architects, Steckbeck Engineering, and Woda Management and Real Estate LLC. Financing for the development was provided by PNC Bank, Pennsylvania Housing Finance Agency, Lebanon County, Pennsylvania Department of Community and Economic Development and Federal Home Loan Bank of Pittsburgh.

October 5, 2016

Arizona Multifamily Western

Aukum Management Acquires Cantera Apartments in Chandler for $46M

by Nellie Day October 5, 2016

CHANDLER, ARIZ. — Aukum Management has purchased the 288-unit Cantera apartments in Chandler for $46 million. The community is located at 2475 W. Pecos Road. Cantera was built adjacent to the Price Road Corridor, the area’s largest high-tech employment hub, in 2002. About 200 units will undergo a renovation. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch executed the transaction. The seller was Rockwood Capital.

October 5, 2016

Arizona Multifamily Student Housing Western

Western Wealth Capital Buys Multifamily Property Near ASU for $17M

by Nellie Day October 5, 2016

TEMPE, ARIZ. — Canada-based Western Wealth Capital has acquired Amber Gardens, a 164-unit multifamily community located less than one mile away from the Arizona State University campus in Tempe, for $17 million. The property — built in 1985 — features a mix of studio, one- and two-bedroom units. Amenities include two pools, a spa, 24-hour fitness center, clubhouse and laundry facilities. United Development Group was the seller in the transaction. Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented the buyer.

October 5, 2016

Multifamily Texas

29SC to Convert Clear Lake Condominiums in Metro Houston to Rental Apartments

by Haisten Willis October 5, 2016

WEBSTER, TEXAS — 29th Street Capital (29SC), a privately held real estate investment and advisory firm, has acquired Clear Lake Condominiums, a 284-unit multifamily community in Webster. The transaction is 29SC’s seventh acquisition in metro Houston. The firm plans to invest $2 million into renovations to upgrade unit interiors, enhance the property exterior and add or update resident amenities. The firm will rebrand the community as Barringer Square Apartments. The property is located on Galveston Road between NASA’s Johnson Space Center and Ellington Airport. Interior unit upgrades will include new stainless steel kitchen appliances, cabinets, countertops, backsplashes, flooring and fixtures. Exterior improvements will include new roofing, siding and paint, as well as façade repairs. The firm also plans to overhaul the leasing center and clubhouse, adding a playground, covered outdoor grilling areas and a dog park.

October 5, 2016

Loans Multifamily Texas

NorthMarq Capital Secures $17.6M Loan for Maxey Village Apartments in Houston

by Haisten Willis October 5, 2016

HOUSTON — NorthMarq Capital’s Denver office has secured a $17.6 million acquisition loan for Maxey Village Apartments, a multifamily community located at 666 Maxey Road in Houston. Constructed in 1974, the property consists of 409 units across 10 two-story buildings. The one- and two-bedroom floor plans range from 580 to 986 square feet. Mark Jeffries of NorthMarq Capital arranged the financing on behalf of the borrower, Angelus Capital, a private equity firm headquartered in Austin.

October 5, 2016

Georgia Seniors Housing Southeast

CBRE Arranges $50.5M Sale of Two Arbor Senior Communities in Georgia

by John Nelson October 5, 2016

PEACHTREE CITY AND MARIETTA, GA. — CBRE National Senior Housing has arranged the sale of Arbor Terrace Peachtree City and Arbor Terrace at East Cobb, two seniors housing communities located in Georgia, for $50.5 million. Arcapita Investment Management purchased the two communities, respectively located in the Atlanta suburbs of Peachtree City and Marietta, from Capitol Seniors Housing. The Arbor Co. will continue to operate the two communities. Arbor Terrace Peachtree City features 112 independent living units and 34 assisted living units. Arbor Terrace at East Cobb features 56 assisted living units and 34 memory care units. Lisa Widmier and Matthew Whitlock of CBRE represented the seller in the transaction. The firm’s Aron Will also arranged a seven-year, fixed-rate loan with 36 months of interest-only payments to fund the acquisition. The financing is secured through Freddie Mac.

October 5, 2016

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