KINGMAN, ARIZ. — Boston Capital has invested an undisclosed amount of capital for the rehabilitation of Kingman Heights Apartments and Amy Neal Retirement Center, two affordable seniors housing communities in Kingman, located approximately midway between Phoenix and Las Vegas. The two communities feature a total of 57 units. Tax credit equity from the Low Income Housing Tax Credit (LIHTC) program will help fund the rehabilitation. The Foundation for Senior Living (FSL), a nonprofit senior living organization, owns the communities. This will be Boston Capital’s sixth partnership with FSL. Kingman Heights features seven one-story buildings containing 33 one-bedroom units and a community building. Amy Neal Retirement Center features four one-story buildings containing four studios and 20 one-bedroom units and a community building. After the rehabilitation, units will feature central air conditioning, blinds, ceiling fans, microwaves and patios. Improvements will also feature the installation of new smoke detectors, windows, doors, flooring, cabinets, kitchen appliances and roll-in showers. Boston Capital is a Boston-based investment and advisory firm specializing in affordable housing.
NEW YORK CITY — Red Apple Group and Mc Gowan have completed construction at The Margo, a 15-story, mixed-use building featuring 228 apartments and ground-floor retail space at 180 Myrtle Avenue in downtown Brooklyn. Construction management firm Mc Gowan oversaw construction of the 250,000-square-foot building for developer Red Apple Group. Dattner Architects designed the property. Features include south-facing gardens and terraces, an exercise room, playroom and lounge. More than 10,600 square feet of commercial space anchors the first floor, along with a community area. Additionally, the building has approximately 133 ground-floor parking spaces with the capacity to increase available parking through the use of stackers. The building also features a 114-space bicycle room. Tenants began moving into the building in early September.
NEW YORK CITY— Meridian Capital Group has arranged $34 million in acquisition financing for the purchase of a multifamily property with retail and parking, located at the intersection of the Bedford Stuyvesant, Clinton Hill and Williamsburg neighborhoods in Brooklyn. The six-story property, located at 756 Myrtle Avenue, comprises 72 units; 17,000 square feet of retail space on the ground floor, partially occupied by Duane Reade; and a 48-car parking garage. Sam Shifer of Meridian negotiated the five-year loan, which provided by a regional balance sheet lender and features a fixed-rate of 3.25 percent as well as an interest-only component.
CINCINNATI — The Global Operations Center has opened at The Banks mixed-use development in Cincinnati. More than 2,000 employees will work in the 12-story, 338,000-square-foot tower. The main entrance will be at the corner of Second and Rosa Parks streets. The new building is located in Phase II of The Banks, and includes 19,000 square feet of street-level retail space. Taste of Belgium and Pies & Pints are under construction and will open in the coming weeks. Next door, the Radius at The Banks apartment community is also now open. GE has signed a 15-year lease with Carter and Nicol Investment Co., co-owners of the building. PNC Financial Services led the construction financing for the project, and Brasfield & Gorrie oversaw construction along with Cincinnati-based Jostin Construction. RJTR is the architect and CBRE will manage the property.
SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA), in partnership with Bywater Development Group and Bi-State Development (BSD), is developing a $10.5 million seniors housing project adjacent to the Swansea MetroLink station in Swansea, Ill. The Illinois Housing Development Authority (IHDA) in Chicago approved the transit-oriented development project on Sept. 16. The new development, Metro Landing of Swansea, will feature a three-story building with 62 one- and two-bedroom apartments for older adults. Located adjacent to the Swansea MetroLink Station, residents can reach restaurants, retail and entertainment via mass transit. Construction will begin next summer and is scheduled for completion in late summer 2018.
SAN ANTONIO — Electra America and Robbins Property Associates have acquired Vantage at Alamo Ranch, a 288-unit apartment complex in San Antonio. The JV bought the asset from Vantage Communities and will rebrand it as Verandas at Alamo. With this acquisition, Electra/Robbins’ Texas portfolio now includes over 7,000 apartment units in cities including San Antonio, Houston and Dallas. Constructed in 2015, Vantage at Alamo is located at 6831 Alamo Parkway and features one-, two- and three-bedroom units. The project totals 240,916 square feet. Community amenities include swimming pools, a fitness center, on-site maintenance, gated access, business center, picnic area, pet park and high-speed Internet. The property is 87 percent occupied. Unit amenities include nine-foot ceilings, balconies/patios, hardwood floors, walk-in closets and granite countertops.
FREDERICK, MD. — Wagman Construction has completed construction of The Lodge at Willow Ponds, a new independent living expansion on the Willow Ponds continuing care retirement community (CCRC) campus in Frederick, approximately 50 miles west of Baltimore. Homewood Retirement Centers of the United Church of Christ owns the CCRC, which is located on over 100 acres. The $50 million expansion project added a four-story, 277,000-square-foot building totaling 150 apartments and patio homes. An additional 50 units may be added in the future. Noelker and Hull served as lead architect and designer on the project. Wagman is a construction firm with offices in Pennsylvania and Virginia. Homewood is a faith-based operator with communities throughout Pennsylvania and Maryland.
TAMPA, FLA. — Marcus & Millichap has brokered the $30 million sale of a four-property apartment portfolio in Tampa. The properties include the 70-unit Palm River Apartments, the 122-unit Laurel Chase, the 228-unit Rivertree Landing and the 232-unit Puritan Place. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
MARIETTA, GA. — Emma Capital Investments Inc. has purchased two apartment communities in Marietta, a northern suburb of Atlanta, for a combined $15.7 million. The two properties include the 144-unit Somerpoint Apartments located at 1788 Austell Road and the 100-unit Brix on Beech located at 16 Beech Road S.E. Emma Capital plans to invest in upgrades for the two properties. This is Emma Capital’s 17th and 18th acquisitions in the United States and brings its total units acquired to date to approximately 4,000.
CHATSWORTH, CALIF. — Marcus & Millichap has brokered the $72.5 million sale of Waterstone Apartment Homes, a 348-unit multifamily community located in Chatsworth, roughly 30 miles outside Los Angeles. The property was built in 1971 at 9901 Lurline Ave. The community is located one block south of the 615,400-square-foot Westfield Topanga shopping mall and approximately one mile away from the Chatsworth Metrolink station. Waterstone offers studio, one- and two-bedroom units with community amenities including lighted tennis courts; barbecue and picnic area with fire pit; clubhouse with billiards; a fitness center; pool and hot tub; and laundry facilities. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Paul Darrow of Marcus & Millichap’s IPA division represented the seller and procured the buyer in the transaction. Both parties were undisclosed. “The acquisition gives the new ownership the ability to complete a strategic renovation in a market where there is a significant affordability gap to home ownership, and strong demand for high-end rental housing,” says Green. — Katie Sloan