Multifamily

HAP Investments to Develop 21-Story Residential Towers in Chelsea

by Amy Works May 9, 2016

NEW YORK CITY — HAP Investments is developing a residential complex with both for-sale and rental units at 215 W. 28th St. in Chelsea. Designed by DXA Architects, the two-building, 290,000-square-foot apartment complex will feature residences ranging in size from studios to four-bedroom units, outdoor spaces and 15,000 square feet of amenity space, including a 50-foot pool, full-service gym with yoga studio and children’s interactive space. The residential towers are currently in pre-construction phase with condo units slated for completion in summer 2018 and rental units expected for delivery by year-end 2018.

May 9, 2016

Hospitality Mixed-Use Multifamily Office Texas

Seguin Main Street Program Buys Historic Hotel in Downtown Seguin

by Haisten Willis May 9, 2016

SEGUIN, TEXAS — The Seguin Main Street Program has purchased the historic Aumont Hotel located at 301 N. Austin St. in Seguin. The hotel, which was built in 1916, is vacant but is designed with retail space and an event venue on the first floor, apartments on the second and third floors and office suites on the fourth floor. The almost 20,000-square foot building is celebrating its centennial this year. Suzanne Puente of Berkshire Hathaway Home Services – Don Johnson Realtors represented the buyers, Gregg Woodall and Amy Woodall of New Braunfels, in the sale. Kelley Rose of Heritage Texas Properties represented the seller, Thomas Giles, who purchased the building in 2003 and rehabbed it into its current form. The buyers plan to renovate the apartments and offer premier residential rental space, as well as maintain the retail and office space with minor upgrades.

May 9, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges Three Multifamily Sales in New Jersey Totaling $15.1M

by Amy Works May 9, 2016

BRICK, LONG BEACH AND ASBURY PARK, N.J. — Gebroe-Hammer Associates has arranged the sales of three multifamily properties totaling $15.1 million. In the first transaction, Yannon 41 LLC sold Riviera Lakefront Estates, a 104-unit rental property in Brick, to a private investment group for $8.7 million. The townhome community features a mix of one- and two-bedroom rental units with diverse floor plans, as well as two-story townhomes with lake views. In the second and third transactions, an undisclosed buyer acquired 30 units at Elmwood Gardens in Long Beach for $3.7 million and an out-of-state private family trust sold 24 residential units at Minot Gardens in Asbury Park for $2.6 million. Adam Zweibel of Gebroe-Hammer Associates represented the sellers and procured the buyers in the three transactions.

May 9, 2016

Loans Multifamily Texas

Old Capital Secures $9.2M Acquisition Loan for Apartment Complex in Metro Dallas

by Haisten Willis May 9, 2016

IRVING, TEXAS — Paul Peebles of Old Capital has secured a $9.2 million loan for the purchase of Silverado Apartments in Irving. An unnamed local ownership group purchased the 184-unit property from an unnamed seller. Old Capital provided the 12-year Fannie Mae loan at an 80 percent loan-to-value ratio. The non-recourse loan includes a 30-year amortization schedule.

May 9, 2016

Kansas Midwest Multifamily Seniors Housing

Anthem Buys Two Seniors Housing Communities in Kansas

by Christina Cannon May 9, 2016

WICHITA AND OVERLAND PARK, KAN. — Anthem Memory Care has acquired Morningside Place in Overland Park and Chisholm Place in Wichita, both 66-bed memory care communities, for an undisclosed price. JEA Senior Living previously operated the properties, which were both rebranded as Cypress Springs Alzheimer’s and Memory Support Residences. The acquisitions bring Anthem’s portfolio up to eight properties and mark the Oregon-based operator’s entry into Kansas. LTC Properties Inc., a healthcare REIT, financed the acquisitions. Anthem plans to invest $1 million in upgrades to the communities.

May 9, 2016

Multifamily Southeast Tennessee

GBT Realty to Develop $20M Multifamily Community in Nashville

by John Nelson May 9, 2016

NASHVILLE, TENN. — GBT Realty Corp. plans to develop Belcourt Park, a $20 million, 76-unit multifamily development located in Nashville’s Hillsboro Village. The new property is designed for Nashville’s workforce population in need of affordable housing. Situated on a 0.7-acre site on Belcourt Avenue, the new apartment community will replace a building that most recently housed the Belmont Nursing Home, which closed in 2015. GBT Realty will develop the four-story property consistent with Nashville’s T4 Neighborhood Plan that outlines the need for more live/work/play developments in the city. The property will feature an onsite leasing and management office, concealed 84-space parking structure, limited street parking, bike racks and common amenities including a Wi-Fi workspace, espresso bar, fitness facility and a landscaped patio area with cabanas and fire pits. Floor plans will include studio, one- and two-bedroom residences, each equipped with complimentary Google Fiber and NEST Learning Thermostats. GBT Realty is not seeking public funding or concessions for the project. The Brentwood, Tenn.-based developer purchased the site for Belcourt Park in 2015 for $3.4 million. GBT Realty is also developing the $45 million Village 21 at Regions Park, which will be located roughly two blocks west of Belcourt Park. The development …

May 9, 2016

State On Campus Morgantown West Virginia University

Multifamily Southeast Student Housing West Virginia

Core Spaces Acquires 420-Bed Student Housing Community in West Virginia

by John Nelson May 9, 2016

MORGANTOWN, W.VA. — Core Spaces has acquired a three-year-old, 420-bed student housing community located less than half a mile away from the West Virginia University campus in Morgantown. Originally called Beech View Place Apartments, the facility will be rebranded State On Campus Morgantown. Core Spaces will implement a capital improvement program to include the addition of a fitness center replete with a steam room and sauna, and a full overhaul of the interior courtyard to include a hot tub and areas for grilling and socializing. Core Spaces will add a new computer lab that will feature new computers, printers, multiple group study areas and individual study spaces. The leasing offices, lobby and reception area will also be redesigned and repositioned. Renovations are expected to begin this summer and be complete by late fall.

May 9, 2016

Florida Hospitality Multifamily Southeast

Marcus & Millichap Brokers $13M Sale of ‘Apartment Hotel’ Property in Miami Beach

by John Nelson May 9, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $13 million sale of Sadigo Court South Beach, a historic 30-unit boutique “apartment hotel” building located at 334 20th St. in Miami Beach’s Collins Park neighborhood. Originally built in 1936 about two blocks from the Atlantic Ocean, Sadigo Court features five junior suites with kitchenettes and 25 fully furnished one-bedroom suites with full kitchens. The buyer, a private investor based in Bay Harbor Islands, Fla., has options to renovate and reposition the property as a 50-room hotel, as well as construct a new building on the south side of the property. Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and seller, a private investor based in Miami Beach, in the transaction.

May 9, 2016

California Healthcare Multifamily Seniors Housing Top Stories Western

HCP to Spin Off HCR ManorCare Portfolio of Skilled Nursing, Assisted Living Assets Into Separate REIT

by Christina Cannon May 9, 2016

IRVINE, CALIF. — HCP (NYSE: HCP), one of the largest healthcare real estate investment trusts in the United States, will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. The company’s board of directors approved the plan today. The newly formed REIT, SpinCo, will be composed of more than 320 properties operated by HCR ManorCare. The portfolio has an expected in-place annual rent of approximately $485 million. “Post spin, HCP will own a stable, private-pay portfolio that has a track record of delivering consistent, attractive returns,” says Lauralee Martin, president and CEO of Irvine-based HCP. “HCP will be able to sharpen its focus on high-growth healthcare sectors.” This is the second major REIT to spin off its skilled nursing portfolio in the past year. In August, Ventas created Care Capital Properties as a way to spin off its skilled nursing assets. “We need to eliminate the overhang that exists from the current challenges facing HCR ManorCare so the rest of our business can flourish,” said Micheal McKee, executive chairman of the board, on the company’s first-quarter earnings call this morning. “As we reviewed our options, for many reasons it became clear …

May 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $165M Sale of Mixed-Use Portfolio in Manhattan

by Amy Works May 6, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use, elevator-serviced buildings in Manhattan’s Washington Heights neighborhood. WHP LLC acquired the portfolio, which totals 487,700 square feet, from Intervest Development Corp. for $165 million. Located on major corridors between W. 164th and W. 192nd streets, the portfolio consists of 413 apartments, of which 70 percent contain two or more bedrooms; 48 street-level retail stores; two professional offices; and one rooftop antenna. Marcia Rose Yawitz, Ron Solarz and Wade Hazelton of Eastern Consolidated represented the seller and procured the buyer in the deal.

May 6, 2016

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