Multifamily

Moceri to Develop $300M Seniors Housing Community in Southeast Michigan

by John Nelson October 6, 2016

STERLING HEIGHTS, MICH. — Moceri Cos., a homebuilder based in metro Detroit, plans to develop a $300 million, master-planned community for seniors in Sterling Heights. Situated adjacent to the 27-hole Maple Lane golf course, the 807-unit development, known as Verandas, will feature a mix of townhouses, condominiums and apartments targeting adults age 55 and above. “Verandas will exceed the expectations of the active adult lifestyle in the entire region,” said Dominic Moceri, vice president of Moceri Management Group. Verandas will include a 30,000-square-foot event center featuring dining, fitness, indoor and outdoor pools and spas, retail space and other venues accessible to the public, as well as private spaces for residents only. “We are thrilled to have the Verandas development coming to our city, as it represents Sterling Heights’ commitment to exploring innovative housing options to meet the desires of our community,” said Sterling Heights Mayor Michael Taylor. “This development allows our city to attract new residents, as well as provide a new housing opportunity for those currently living in Sterling Heights who no longer want to reside in a traditional single-family home.” Verandas will include the 160-unit Blossom Lane, featuring one- and two-bedroom independent and assisted living apartments and studio …

October 6, 2016

Features Multifamily Seniors Housing Top Stories

NIC: Seniors Housing Occupancy Remained Stable in Third Quarter While Asking Rents Increased

by Jeff Shaw October 6, 2016

ANNAPOLIS, Md. — The occupancy rate for seniors housing properties in the third quarter held steady, even as asking rents increased, according to the National Investment Center for Seniors Housing and Care (NIC), the industry’s main data tracking agency. NIC’s data is gathered from more than 14,000 properties across 140 metro markets nationally. The average occupancy for the quarter was 89.8 percent for seniors housing, which includes independent living, assisted living and memory care. That number was identical to the average occupancy over the last three years, and an increase of 10 basis points from the previous quarter. From a historical perspective, the average occupancy in the third quarter was 290 basis points above the industry’s cyclical low of 86.9 percent during the first quarter of 2010. Independent living properties led the industry in occupancy rate, with an average of 91.1 percent, an increase of 20 basis points over the prior quarter. The average occupancy at assisted living properties trailed at 88 percent, the same as the previous quarter but a drop of 20 basis points from the year prior. Healthy Tenant Demand Although occupancy was largely unmoved, absorption stayed positive as the market successfully took on new supply. Annual …

October 6, 2016

Michigan Midwest Multifamily Student Housing

Wayne State University Selects Corvias to Execute $300M Housing Master Plan in Detroit

by Amy Works October 5, 2016

DETROIT — Wayne State University has selected Corvias to develop, construct, manage and maintain its student housing in a 40-year public-private partnership. The program will allow Wayne State to defease $102 million of existing debt and execute all facets of its 10-year master plan, which includes 842 new beds, renovating 3,100 existing beds and the construction of commercial and university spaces without issuing any new university debt. The master plan includes the development of Anthony Wayne Drive Apartments, which calls for the delivery of 400 new beds in fall 2018 and another 442 beds in fall 2019; and the demolition of the 415-bed Helen L. DeRoy Apartments by 2019, with the space being converted into open green space to enlarge the existing space on Williams Mall. Additionally, the project includes more than 18,000 square feet of retail space and 9,000 square feet for the Campus Health Center and related services.

October 5, 2016

Illinois Midwest Multifamily Seniors Housing

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

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