CAMBRIDGE, MASS. — Prudential Real Estate Investors has acquired Twenty|20, a newly developed residential tower in Cambridge. Canyon Partners Real Estate LLC, through its Canyon-Johnson Urban Funds, sold the property for an undisclosed price. Built to LEED Silver specifications, the 335-unit apartment tower is part of the NorthPoint development site, a 42-acre master-planned development project transforming a former rail yard into a mixed-use, transit-oriented community. Apartments include high-end finishes, energy-efficient appliances and oversized windows. Common area amenities include a rooftop terrace with panoramic views, a 3,000-square-foot fitness center and yoga sundeck, an open-air courtyard and an indoor basketball court.
HASLETT, MICH. — Love Funding recently provided three loans totaling $8.5 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett targeting persons age 62 and above. Located about nine miles east of Lansing, the three communities serve low-income residents and are all part of the same development, Grange Acres, a 363-unit complex that was built from 1972 to 1982. Grange Acres Non-Profit Housing Corporation owns the properties. Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Part of the loan proceeds will be used to pay for needed repairs and to fund replacement reserves.
CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.
SEATTLE — Capstone Development Partners and Harrison Street Real Estate Capital have opened Cornish Commons, a $49 million, 432-bed student housing development located on the Cornish College campus in downtown Seattle. The property features 16,854 square feet of academic space, with the first and second floors devoted to housing administrative offices, studio movement classrooms and a campus “living room.” The top floor contains amenities including a fitness center, media room, community kitchen, gaming area, lounge, laundry room, music practice rooms and a sky deck. The design and construction team for the project consisted of Ankrom Moisan Architects and Howard S. Wright Construction. Capstone Development Partners, Cornish College and Capstone On-Campus Management will manage the property.
LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.
PHOENIX — Sagewood, a luxury senior living retirement community in northeast Phoenix, plans to add The Estates at Sagewood, a new neighborhood featuring 24 independent living homes. The new homes have multiple floor plans, including villas and duplexes. Sagewood is also expanding its onsite Acacia Health Center. With the addition of The Estates at Sagewood, the community will have 316 independent living residences.
SANTA MONICA, CALIF. — A local private investor has purchased a six-unit apartment complex in Santa Monica for $2.9 million. The community is located at 2820 3rd St. It is situated near Third Street Promenade and the Santa Monica Pier. The property was built in 1962 and recently underwent a total renovation. Kimberly Roberts Stepp of Stepp Commercial represented the seller, 2820 3rd Street LLC, in this transaction.
Surging rental demand for apartments in metro Kansas City during the first six months of 2015 supported a sharp rise in real estate fundamentals following a lackluster second half of 2014. Renters absorbed 2,510 apartments during the first half of this year, surpassing the 1,810 apartments completed during the same period a year ago. With leasing activity exceeding deliveries so far this year, the overall vacancy rate fell 60 basis points to 5 percent by the end of June. The decline followed a spike in vacancy and negative absorption in the fourth quarter of 2014. The recent resurgence in leasing resulted in the vacancy rate in June matching the 5 percent rate one year ago. Supply-side pressure was most noticeable in the Class A apartment segment, which po sted an increase of 60 basis points in the vacancy rate year-over-year to reach 4.2 percent in June. Even with the increase, the vacancy rate was tightest among top-tier apartments, while Class C vacancy tightened 20 basis points during the same period to settle at 5.3 percent in June. A Landlord’s Market As a result of Kansas City’s apartment vacancy rate tightening during the first half of this year, operators were able …
NORTHVILLE, MICH. — Commercial Property Advisors (CPA) has arranged the sale of Northridge Meadow Apartments, a 112-unit multifamily community in Northville, for $7.8 million to Northridge Ventures LLC. The property, located at 19439 Northridge Drive, totals 92,120 square feet. Cary Belovicz of CPA represented the seller, Northridge Apartments.
GOLD RIVER, CALIF. — Inspire Communities has named David L. Gold as its new CEO. The manufactured housing community owner is located in Gold River, just west of Sacramento. Gold has more than 30 years of institutional experience owning, financing and investing in domestic and international commercial real estate, with a focus on low- and middle-income housing. He co-founded Rockland Capital Partners in 2011, and was a managing director at Los Angeles-based real estate private equity firm Paladin Realty Partners for more than a decade. The firm’s former CEO, Matt Follett, will remain as a board member of Inspire Communities. His focus will be limited to acquiring manufactured housing communities in Washington, Oregon and California. Private investment firm American Infrastructure MLP Funds also recently announced it will invest in Inspire’s infrastructure-related operating businesses that are profitable and can expand quickly with additional capital.