Multifamily

Life Care Services, Westminster Funds to Add 24-Unit Independent Living Neighborhood to CCRC in Phoenix

by Nellie Day September 13, 2016

PHOENIX — Life Care Services and Westminster Funds, the joint venture owners of Sagewood, a continuing care retirement community in Phoenix, have announced plans to add a 24-unit independent living neighborhood to the community’s campus. The addition to Sagewood will be named The Estates. The expansion includes a mix of villas, single homes and duplexes, as well as a 15,000-square-foot event center. When The Estates is completed, the CCRC will feature 316 independent living units. The owners also recently expanded Sagewood’s onsite Acacia Health Center. A timeline for the expansion was not disclosed.

September 13, 2016

California Mixed-Use Multifamily Retail Western

Marcus & Millichap Arranges Sale of 5,104-Square-Foot Mixed-Use Building in LA for $1.1M

by Nellie Day September 13, 2016

LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.

September 13, 2016

Hospitality Mixed-Use Multifamily Texas

Gables Residential to Develop Gables Republic Square Mixed-Use Project in Austin

by Haisten Willis September 13, 2016

AUSTIN, TEXAS — Gables Residential plans to develop Gables Republic Square, a 24-story, Class A mixed-use residential and hotel project in downtown Austin. HFF arranged joint venture equity for the project through The Carlyle Group on behalf of Gables Residential. Due for completion in early 2019, Gables Republic Square will be located at 400 Lavaca St. and will include 221 residential units, along with a separately owned, 159-key Hotel ZaZa. The residential component will feature a ground-floor lobby with residential units located on floors 13 through 24. The Hotel ZaZa lobby, valet, bar and spa will occupy the ground floor, while the hotel ballroom, restaurant and swimming pool will be located on floor seven and guest rooms on floors eight through 12. Floors two through six of the property will be reserved for residential parking, and two levels of subgrade parking will be reserved for the hotel. The residential units will feature granite or quartz countertops, stainless steel appliances, in-unit washers and dryers, wood or wood laminate flooring and balconies. Residents will have access to a rooftop amenity area featuring views of the city, as well as a swimming pool, hot tub, outdoor kitchen, fireplace, clubroom, library and fitness center.

September 13, 2016

Multifamily Texas

M&M Arranges Sale of 70-Unit Apartment Building in Dallas

by Haisten Willis September 13, 2016

DALLAS — Marcus & Millichap has arranged the sale of Timberbrook Apartments, a 70-unit apartment property located in Dallas. John Barker and Daniel Burton of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also secured the buyer, an individual/personal trust. The 69,745-square-foot property sits on 3.1 acres at 2468 Laughlin Drive and consists of eight, two-story brick buildings featuring pitched roofs.

September 13, 2016

Florida Southeast Student Housing

Landmark Properties Unveils Student Housing Development Near University of Florida

by John Nelson September 13, 2016

GAINESVILLE, FLA. — Landmark Properties has unveiled The Standard at Gainesville, a 1,200-bed, mixed-use student housing community located near the University of Florida campus in Gainesville. The development will be connected to an AC by Marriott Hotel, and will be occupied by retailers including Target, Chick-fil-A and Bento Café. The 430-unit development will offer 22 different floor plans, ranging from studios to six-bedroom options, including two-story penthouse townhomes. Each unit will be wired for high-speed internet and cable, and will include a flat screen TV, gourmet kitchens with stainless steel appliances and granite countertops and a full-size washer and dryer. Community amenities will include rooftop pools and cabanas, a fitness center, racquetball court, golf simulator, computer labs, 24-hour study lounges and an internet café. Premium VIP units will also feature billiards tables and exclusive access to a private rooftop lounge and a second rooftop pool. The development is scheduled for completion in fall 2017. Pre-leasing for the property will begin this Thursday.

September 13, 2016

Florida Georgia Multifamily Southeast

Blue Rock Partners Buys Two Multifamily Communities in Atlanta, Orlando for $44.4M

by John Nelson September 13, 2016

ORLANDO, FLA. AND ATLANTA — Blue Rock Partners LLC has purchased two apartment communities in Orlando and Atlanta totaling $44.4 million. The acquisitions included the $21 million purchase of the 320-unit Silver Oaks Apartments in Orlando and the $23.4 million purchase of the 450-unit Landings at Oak Hill in Atlanta. Blue Rock Partners purchased the Orlando asset from Madison Exchange LLC and the Atlanta complex from Chartwell Multifamily LLC. The Tampa-based company purchased both assets in partnership with Canadian investor Rosdev Group. Blue Rock plans to invest $5.8 million in interior and exterior upgrades at the two apartment communities. The company will also rebrand Silver Oaks as The Park at Highgate and Landings at Oak Hill as The Park at Morella. Marcus & Millichap brokered the sale of the Orlando community, and Cushman & Wakefield brokered the sale of the Atlanta project. Pembrook Capital Group provided acquisition financing for the Orlando community, and Wells Fargo Multifamily Capital provided acquisition financing for the Atlanta complex.

September 13, 2016

Midwest Minnesota Multifamily Retail

The Opus Group to Develop 30-Story Multifamily, Retail Development in Minneapolis

by Amy Works September 13, 2016

MINNEAPOLIS — The Opus Group plans to develop a 30-story multifamily and retail development at 365 Nicollet Ave. in downtown Minneapolis. The pet-friendly high-rise will feature 369 apartments and 9,500 square feet of ground-level retail space. Floor plans will range from alcove units to three-bedroom options, including 36 penthouse suites. All units will include granite countertops, stainless steel appliances and floor-to-ceiling windows. On-site amenities include residential parking, a bike lounge with repair station and seating areas, sauna steam room, a yoga room, hot tub, pool and outdoor cabanas. Construction of the project, which is designed to meet LEED certification, is slated to begin in early October with completion scheduled for summer 2018. Opus Development Co. and Opus Design Build will be the project’s developer and design-builder, respectively. Opus AE Group is the architect and structural engineer of record.

September 13, 2016

Loans Multifamily Northeast Pennsylvania Seniors Housing

CBRE Arranges Sale, Financing of Assisted Living/Memory Care Community in Suburban Philadelphia

by Amy Works September 13, 2016

NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.

September 13, 2016

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $7.2M Sale of Mixed-Use Property in Manhattan

by Amy Works September 13, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 239 Elizabeth St. in Manhattan’s Nolita neighborhood. An estate sold the property to a private investor for $7.2 million, or more than $900 per square foot. The six-story property comprises a studio unit, five two-bedroom apartments, five one-bedroom apartments and one retail unit. Peter Von Der Ahe, Joe Koicim and Joshua Grossman of Marcus & Millichap represented the seller and buyer in the transaction.

September 13, 2016

Conference Coverage Features Multifamily Seniors Housing Southeast Feature Archive Top Stories

More Flexibility, Consumer Choice Will Be Key to Future Seniors Housing Development, Say InterFace Panelists

by Jeff Shaw September 13, 2016

ATLANTA — With so many new facilities and operational models altering the seniors housing landscape, what will be the key to a successful seniors housing development in the future? According to panelists at the InterFace Seniors Housing Southeast Conference, the answer is flexibility. Colleen Blumenthal, managing director with Florida-based seniors housing advisory firm HealthTrust, moderated the “State of the Industry” panel at the event, which drew approximately 315 industry professionals to the Westin Buckhead in Atlanta on Aug. 25. The panelists included Richard Hutchinson, president and CFO of Florida-based owner-operator Discovery Senior Living; Joe Weisenburger, vice president of seniors housing for Ohio-based REIT Welltower; Kevin Pascoe, executive vice president of investments for Tennessee-based REIT National Health Investors (NHI); Charles Turner, president of Texas-based developer PinPoint Senior Living; and Mark Spiegel, president of Georgia-based developer Formation Development Group. Flexible Spaces Create Agile Buildings When asked about the successful seniors housing communities of the future, several panelists cited flexibility as a top consideration — including everything from room sizes to price point to use of common spaces. “As we’re building new product, we’re trying not to have common areas that guess what the future trends are going to be,” said Spiegel. Formation …

September 13, 2016

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