BLOOMINGTON, IND. — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired The Fields, a student housing project near the main campus of Indiana University in Bloomington. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank N.A. Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes two pools, two 24-hour fitness centers, a business and media center, a 10-acre park and a clubhouse. At closing, The Fields was 98 percent leased for the 2016-2017 school year. The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal.
DES PLAINES, ILL. — CBRE represented the owners of Kingston Pointe in the $42 million sale of a 144-unit multifamily property located at 1646 River St. in Des Plaines. San Francisco-based Friedkin Realty Group was the buyer. Kingston Pointe, located in downtown Des Plaines, includes one-, two- and three-bedroom units featuring floor-to-ceiling windows, stainless steel appliances, granite countertops and in-unit washer/dryers. Amenities include a fitness center, swimming pool, on-site management and heated garage parking. John Jaeger and Dan Cohen of CBRE represented ownership in the sale.
LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $21.6 million in bonds for the acquisition and construction for The Beacon Center, an affordable housing complex in Washington, D.C. The project is a redevelopment of the historic Emory United Methodist church now standing at 6100 Georgia Ave. N.W. in D.C.’s Brightwood neighborhood. The financing comprises $14.3 million in short-term bonds and $7.3 million long-term. The $42.5 million development will include sanctuary space for Emory United Methodist and 99 units of affordable housing reserved for renters earning 60 percent or less of the area median income (AMI). In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of $16 million of equity raised through the syndication of low income housing tax credits (LIHTCs) by Red Stone Equity Partners, a $17.2 million loan from the D.C. Department of Housing and Community Development’s Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development. The District’s Local Rent Supplement Program will be used to provide rental assistance for eight permanent supportive housing units within The Beacon Center reserved for formerly homeless …
SCOTTSDALE, ARIZ. — Western States Lodging & Management and Colmena Group have announced plans for Legacy Village at Sale River, a 230-unit assisted living and memory care community within the Pima Center business park in the Phoenix suburb of Scottsdale. Development costs are estimated at $30 million. Construction on the multi-building project is expected to begin in early 2017, for opening in 2018. When completed, Legacy Village will feature a three-story building with 130 assisted living units and a two-story building with 70 assisted living units and 30 memory care units. Beecher Walker Architects designed the community. Pima Center is a 232-acre mixed-use development within the Salt River Indian Reservation. Mainspring Capital is developing the business park, which includes more than 1 million square feet of office space and 430,000 square feet of industrial/flex facilities. Western States is a developer of hotels and seniors housing communities, including the Legacy brand. Colmena is a development and investment group with a portfolio of nearly 11,000 housing units. Both companies are based in Salt Lake City.
LAKEWOOD, COLO. — Inland Real Estate Acquisitions has purchased the 244-unit WestLink at Oak Station in Lakewood for an undisclosed sum. The community is located at 1665 Pierson St., about nine miles west of downtown Denver. The property was 97 percent leased at the time of sale. Community amenities include a resort-style swimming pool and spa, fitness center with a yoga studio, sundeck with cabanas and business center. Mark Cosenza facilitated the transaction on behalf of an Inland affiliate.
PHOENIX — Caliber has purchased the Palms Weekly Portfolio, which contains three multifamily properties in Phoenix, for $14 million. The portfolio includes Siesta Palms, Palm Shadows and Twin Palms. All three communities were built in the 1970s. The gated communities feature swimming pools, barbecue areas and laundry facilities.
ORLAND PARK, ILL. — Caddis and Pathway Senior Living have begun construction on Heartis Village Orland Park, a seniors housing community in Orland Park, 26 miles southwest of Chicago. The 94-unit, 89,950-square-foot assisted living and memory care community will be located at 159th Street and Harlem Avenue. A Caddis affiliate will own the community, and Pathway Senior Living LLC will be the operator. Amenities will include fitness classes, excursions, games, movies, fishing, boating and horseback riding. The community will feature a salon and spa, two interior courtyards, a private dining room, arts and crafts room, media room, 24-hour emergency call system, laundry services and personal transportation. Heartis Village Orland Park will be complete in fall 2017. Austin, Texas-based Katus LLC is the architect for the project, and McShane Construction Co. is the general contractor.
GROSSE ILE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Elbamar Apartments, a 24-unit multifamily building located at 10033-45 Groh Road in Grosse Ile, Mich., a suburb of Detroit. I & L Properties LLC acquired the property from seller Phillip Byers. Greg Hornby of Friedman represented both the seller and the purchaser in the transaction.
ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.