BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.
MIDDLETOWN, CONN. — Equus Capital Partners has completed the disposition of two apartment communities in Middletown. Hampshire Properties acquired the properties for an undisclosed price. The 650-unit portfolio consists of Madison Chestnut Hill and Madison Northwoods and features a mix of one-, two- and three-bedroom apartments. Community amenities include outdoor swimming pools, tennis and indoor racquetball courts, fitness centers, a playground and a nature trail. At the time of acquisition, the communities were 95 percent occupied. Victor Nolletti and Steve Witten of Institutional Property Advisors represented the seller in the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of Manhattan. The asset sold for $3.2 million, or $350 per square foot. Built in 1980, the 9,315-square-foot property features 13 apartments and 1,050 square feet of retail space. Greg Corbin, Miguel Jauregui and Saadya Notik of Besen & Associates represented the seller and procured the buyer in the transaction.
BOCA RATON, FLA. — A joint venture partnership between Rosemurgy Properties, Giles Capital Group and Lewis Rental Properties has sold a three-property student housing real estate portfolio in South Florida for $105.3 million. University Park, University View and University Square are located in Boca Raton near Florida Atlantic University. The properties were purchased by an affiliate of Investcorp, a Bahrain-based investment manager, according to The Real Deal. University Park, which sold for $70 million according to The Real Deal, opened in April 2015. The 11-acre, 280,000-square-foot community features eight, four-story buildings with 598 beds in 159 units. Units in University Park are fully furnished and include flat-screen TVs, private bathrooms and in-unit washers and dryers. The complex includes a clubhouse with a lounge, 24-hour gym, gaming rooms and computer labs. Outdoor amenities include a resort-style pool, fire pits and free transportation to and from nearby universities and colleges. Boca Sol was purchased in January 2014, repositioned for student housing and rebranded as University Square. The property, which was built in 1969 and sold for $15 million according to The Real Deal, consists of five, two-story buildings totaling 90 units with 128 beds. Addison Park was purchased in March 2013 and …
WINTER GARDEN, FLA. — Sonata Senior Living, an Orlando-based owner and operator of senior living communities located in central Florida, has started construction of Sonata West. The luxury independent living and assisted living community will be located in the Orlando suburb of Winter Garden. The property will be located adjacent to Serenades by Sonata, a memory care community also owned and operated by Sonata. The community will feature 78 independent living units and 35 assisted living units in a 139,000-square-foot, two-story building. The community is scheduled for completion in early 2017. Development costs were not disclosed.
LONG GROVE, ILL. — William A. Randolph Inc. has broken ground on Long Grove Senior Care, a project in Long Grove, approximately 35 miles northwest of Chicago. GART Partners selected William A. Randolph Inc. to serve as the general contractor for the two-story, 100-unit senior living community, which includes assisted living and memory care. The project will be situated on 10 acres and will feature a bistro, a pub and billiards room, outdoor patios, walking paths, gardens, a theater and a greenhouse.
DENVER and COLORADO SPRINGS, COLO. — A joint venture of Arcapita, a global investment management firm, and MorningStar Senior Living, an owner/operator based in Denver, has acquired a three-community seniors housing portfolio in Denver and Colorado Springs for $85 million. The portfolio totals 196 units of assisted living and memory care. The communities were built in 2013 and 2014. The names of the communities were not disclosed. MorningStar will operate the communities. Arcapita, which is based in the small middle-eastern island country of Bahrain, plans on many more U.S. seniors housing acquisitions in the near future. The investment firm previously acquired, managed and sold a $1.5 billion seniors housing portfolio in the U.S. and U.K. Colorado was specifically targeted because its seniors population is projected to grow at twice the national average over the next five years, according to Martin Tan, Arcapita’s chief investment officer.
CHICO, CALIF. — CBRE Multifamily Capital has originated a $32.3 million loan for The Terraces Senior Living, a 138-unit independent living and assisted living community in Chico, approximately 90 miles north of Sacramento. The community is part of a master planned age-restricted community. The borrower, California-based owner/operator Westmont Living, will use the money to convert assisted living units into memory care units. The non-recourse, 10-year, fixed-rate loan includes four and a half years of interest-only payments. CBRE secured the loan through its Fannie Mae program. Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.
NEW YORK CITY — Forest City Realty Trust has completed the disposition of a development site located at 625 Fulton St. in Brooklyn. Brooklyn-based Rabsky Group acquired the unencumbered site for $158 million, or approximately $255 per square foot. Forest City originally purchased the property in 1989, and the company demolished the existing 359,000-square-foot office building on the site, with plans to develop a residential tower. Rabsky Group has approximately 1,850 units in the pipeline in Brooklyn and 400 more planned in Queens. The company’s two largest current projects are a 398-unit rental building at 10 Montieth St. and a 777-unit rental property at 249 and 334 Wallabout St. in Brooklyn.
NEW YORK CITY — New York City-based SGW Properties has completed in excess of $10 million in capital improvements to nine multifamily properties in the East Flatbush and Crown Heights neighborhoods of Brooklyn. The capital improvement program included renovation and upgrades to roofs, sidewalks, brickwork, windows, boilers, lighting, intercom systems and plumbing.
