WEST NEW YORK, N.J. — Gebroe-Hammer Associates has arranged the sale of 45 multifamily units at 5907 Boulevard East, a five-story multifamily property located in West New York. A private investor acquired the assets for $8 million, or $177,777 per unit. The property features a mix of one- and two-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer Associates represented the buyer and seller, a private investor, in the deal.
AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has begun construction on Lenox Springs, a luxury apartment community in south Austin that will include 660 Class A apartments. Located along the southbound I-35 frontage road between Old San Antonio Road and FM 1626, the project will be built in two phases with leasing set to begin on the first 400 units in fall 2017. The one-, two- and three-bedroom units in the first phase are expected to rent for between $1,000 and $2,000. The start date of the second phase, consisting of 260 units, has yet to be determined. Lenox Springs will be the fifth south Austin community Oden Hughes has developed since it was founded in 2010. Oden Hughes Taylor Construction will be the general contractor for Lenox Springs, while Oden Hughes Management will lease and manage the community.
CARROLLTON, TEXAS — Dougherty Mortgage LLC has secured a $27.5 million Fannie Mae loan for the acquisition of Westbridge Apartments, a 284-unit market rate multifamily apartment property located in Carrollton. The pet-friendly, gated property is located near hiking/biking trails and includes a dog park, swimming pool, fitness center and complimentary yoga classes. Apartments feature nine-foot ceilings with crown molding, built-in bookshelves, ceiling fans, a patio or balcony, washer and dryer hookup and fireplaces. The 12-year Fannie Mae loan includes five years of interest-only payments and a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for borrower, Westbridge 2300 LLC.
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.
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.
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.
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.
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.
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.
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 …
