Multifamily

Strategic Capital Partners, University of Indianapolis Open Greyhound Village Student Housing Community

by Christina Cannon August 31, 2016

INDIANAPOLIS — A joint venture between the University of Indianapolis and Strategic Capital Partners has opened Greyhound Village, a 486-bed, on-campus student housing community. The $25 million community offers one-, two-, three- and four-bedroom, fully furnished apartments, complete with kitchens, living rooms, private bathrooms, washers and dryers. Amenities include a fitness center, clubhouse and indoor and outdoor common areas. Schmidt Associates architects designed the project, which construction manager CRG Residential built.

August 31, 2016

Illinois Midwest Multifamily Seniors Housing

Novak Construction Breaks Ground on 25-Unit Senior Living Apartment Complex in Illinois

by Christina Cannon August 31, 2016

RICHMOND, ILL. — Novak Construction has broken ground on a 22,000-square foot affordable senior living apartment complex in Richmond, approximately 70 miles northwest of Chicago. Creekview Apartments, to be located at 5615 Liberty St., will offer four two-bedroom units and 21 one-bedroom units. Amenities at the property will include a walking trail, health and wellness programing, a computer lab, a library, community room, concierge and transportation services and on-site property management. The project is slated for completion by the end of the year.

August 31, 2016

California Multifamily Western

IMT Westlake Village Apartment Complex in Los Angeles Sells for $88.2M

by Nellie Day August 31, 2016

LOS ANGELES — A 1031 exchange investor has acquired the 253-unit IMT Westlake Village in Los Angeles for $88.2 million. The community is located at 603 Hampshire Road in the Westlake Village submarket. IMT Westlake Village was built in 1971. Notable employers in the area include Amgen, the Dole Food Co., Kythera Biopharmaceuticals, General Dynamics Corp., J.D. Power & Associates, Teledyne Technologies Inc., ValueClick, Verizon and Volkswagen. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, IMT Capital LLC, in this transaction.

August 31, 2016

Georgia Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Roswell for $29.5M

by John Nelson August 31, 2016

ROSWELL, GA. — Federal Capital Partners (FCP) has purchased River Trace Apartments, a 312-unit apartment community in Roswell, a suburb of Atlanta. The $29.5 million transaction is FCP’s fourth acquisition in the Atlanta area this year. The lakefront property is situated on 34 acres within walking distance of the Chattahoochee River. The one-, two-, three- and four-bedroom apartments feature full-size washer and dryer connections and private balconies or patios. Community amenities include a clubhouse with a fitness center, pool, playground, picnic area and a laundry center. FCP plans to rebrand the asset as River Crossing at Roswell as part of the community’s renovation program.

August 31, 2016

Florida Multifamily Southeast

ARA Newmark Brokers $26.9M Sale of Apartment Community in Orlando

by John Nelson August 31, 2016

ORLANDO, FLA. — ARA Newmark has brokered the sale of Chickasaw Crossing, a 292-unit, garden-style apartment community located at 7960 Pine Crossing Circle in Orlando. The sales price was not disclosed, but the Orlando Business Journal reports the property traded for $26.9 million. Built in 1986, the property comprises one- and two-bedroom units and features gated access, a fitness center, business center, laundry facility, racquetball court and a tennis court. Kevin Judd, Patrick Dufour, Scott Ramey, Marc deBaptiste and Dick Donnellan represented the sellers, Villabar Real Estate Inc. and Westdale Property Management, in the transaction. Oak Residential Partners purchased the property, which was 94 percent occupied at the time of sale.

August 31, 2016

Florida Georgia Southeast Student Housing

Pierce Education Properties Buys Two Student Housing Communities in Florida, Georgia

by John Nelson August 31, 2016

ATHENS, GA. AND TALLAHASSEE, FLA. — Pierce Education Properties LP has acquired two student housing communities located in Florida and Georgia. The acquisitions include The Commons at Tallahassee, a 732-bed community located just north of the Florida State University campus in Tallahassee; and The Reserve at Athens, a 612-bed community located near the University of Georgia campus in Athens. KeyBank Real Estate provided debt financing for both acquisitions. Amenities at The Commons at Tallahassee include a resort-style swimming pool and hot tub, lighted tennis court, 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed wireless internet. Amenities at The Reserve at Athens include a resort-style saltwater swimming pool with a hot tub and sun deck, cook-out and lounge areas, 24-hour fitness center, outdoor basketball court, lighted tennis court, game room, dedicated “Night Life Shuttle” service to downtown Athens and high-speed wireless internet.

August 31, 2016

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Should Seniors Housing Developers Focus More on Hospitality or Healthcare?

by John Nelson August 31, 2016

ATLANTA — Seniors housing by design has both elements of hospitality and healthcare. But which is more important to developers trying to build the next wave of senior facilities? Each developer has a different opinion, based on a development panel at the third-annual InterFace Seniors Housing Southeast conference, held Aug. 25 at the Westin Buckhead in Atlanta. The all-day event drew approximately 315 industry professionals. Zach Bowyer, managing director of CBRE, moderated the panel entitled “The Outlook for Seniors Housing Development: What’s Being Built, Where, and are Supply and Demand in Balance?” Jeff Arnold, chief operating officer of The United Group of Cos., mostly develops independent living assets in New York, Florida and Georgia. Arnold’s main concern is with the hospitality side of the business, as his projects tend to be lower acuity than some of his counterparts on the stage. “From a design standpoint, we’re trying to drive our age down as much as we can. Right now we trend at about 78 years old. If we could push that under 75, that will give us longevity,” said Arnold. “We try to design more active communities, focusing on things that are more modern.” The independent living sector has legs …

August 31, 2016

Connecticut Multifamily Northeast

WinnDevelopment Acquires Schoolhouse Apartments in Connecticut for Rehabilitation

by Amy Works August 30, 2016

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, has acquired the historic 213-unit Schoolhouse Apartments in Waterbury for an undisclosed price. The company has a $16.4 million rehabilitation project planned for the occupied property, which was converted to residential use in 1982. The rehab project includes a restoration of masonry exteriors; the replacement of exterior lighting; the repair and replacement of roofs, siding and wood trim; new signage and security cameras; and improved handicap accessibility. The apartments will undergo mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. WinnResidential will manage the property, which is slated for completion by fall 2017. The project will utilize an allocation of low income housing tax credits from Connecticut Housing Finance Authority, as well as financing from the Connecticut Department of Housing and federal subsidies from the U.S. Department of Housing and Urban Development. Boston Financial Investment Management is the project’s equity investor, and the design team includes Keith Construction as general contractor and The Architectural Team as project architect.

August 30, 2016

Multifamily Texas

Morgan Opens Pearl at The Mix Apartment Community in Midtown Houston

by Haisten Willis August 30, 2016

HOUSTON — Morgan, a company specializing in multifamily development, construction and property management, has opened Pearl at the Mix in Houston’s Midtown district. Located at 2910 Milam St., the new apartment community sits on the city block bound by Louisiana, Tuam, Milam and Anita streets. Pearl at the Mix, the second Midtown property Morgan has opened in the past two years, is one block away from Pearl Midtown. Pearl at the Mix consists of five residential levels above a two-level parking garage. The property’s 196 units are a mix of studios, one- and two-bedroom units. Unit interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, walk-in closets with wood shelving, full-size washers and dryers, USB charging ports and floor-to-ceiling windows. Community amenities include a WiFi-enabled club lounge furnished with a pool table, two classic arcade machines, TVs, a patio facing downtown, swimming pool, outdoor kitchen, fitness center and grilling stations. Cadence Bank provided construction financing for Pearl at the Mix.

August 30, 2016

Florida Multifamily Southeast

Passco Cos. Purchases Apartment Community in Tampa Bay for $75M

by John Nelson August 30, 2016

BRADENTON, FLA. — Passco Cos. has purchased ParkCrest Landings, a 400-unit, Class A apartment community located on a 67-acre site at 5725 1st Ave. East in Bradenton, a city in the Tampa Bay area. Passco Cos. bought the asset from the Tampa-based developer, CKT Development, for $75 million. Built in 2015 by CKT Development, the grounds include nine acres of lakes, 1.5 miles of walking trails and 40 acres of nature preserves along a tributary of the Manatee River. The property is also situated next to Tom Bennet Park, a 200-acre park owned by Manatee County. ParkCrest’s community amenities include a resident clubhouse and theater, fitness center, lakeside sundecks, resort-style swimming pools, children’s splash area, 1.2-acre dog park, cyber café, game room and kayak storage. Jamie May of JBM represented Passco and CKT Development in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.

August 30, 2016

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