GRANBURY, TEXAS — Marcus & Millichap has brokered the sale of Lakeshore at Granbury, a 41-unit apartment property located at 800 Panama Court near Highway 377 in Granbury. The community offers residents easy access to Lake Granbury with its private dock and private boat ramp. Robert Denninger of Marcus & Millichap's Dallas office represented the seller and procured the buyer, both limited liability companies, in the transaction.
SAN DIEGO – The 57-unit Pacific Pines Village in San Diego has sold to Vista International for $6.5 million. The community is located at 4355 46th Street and 4366-4406 Menlo Ave. Vista International was represented by Mark Hughes of KW Commercial. The sellers, Double RP Investments LLC, AMB Capital and Blue Corner Capital LLC, was represented by Rita Lancaster-Hannah of Colliers International and Robert Weinberger of RJW Properties.
DEEPHAVEN, MINN. — A joint venture has broken ground on Deephaven Woods Senior Living, a 78-unit seniors living community in Deephaven, about 15 miles west of Minneapolis. St. Therese Catholic Church partnered with Ebenezer Society to form the joint venture, St. Therese Senior Living LLC. The senior living community is located on a 14-acre site on the church’s 26-acre campus. The two-story development will include independent, assisted living and memory care apartments. Deephaven Woods Senior Living is expected to open by summer 2014. Kraus-Anderson will build the community, and Ebenezer Management Services will provide daily operational and management services.
KATY, TEXAS — Dallas-based three: living architecture, a boutique design firm, has designed The Solana at Cinco Ranch, a 20,000-square-foot expansion to the existing seniors housing community in Katy, which three also designed. The expansion will feature 20 new memory care units and six additional assisted living units. Formation Development Group and its affiliates own the development, and The Arbor Co. manages it. The expansion is set to open in July.
LAKE CITY, FLA. — Marcus & Millichap has arranged the sale of WillowBrook Assisted Living, a 37,358-square-foot assisted living facility in Lake City, for $6.7 million. The property is located at 1580 S. Marion Ave. and is situated on 5.2 acres, which includes a gazebo and pond. The facility caters to a private pay population, with most residents needing some assistance. The Class A property includes 64 units. Krone Weidler of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor from Florida.
CARY, N.C. — Elco Landmark Apartment Trust Holdings LLC has acquired two garden-style apartment properties in Cary for $56 million. Together, the properties contain 788 units and are 95 percent occupied. Landmark at Eagle Landing, formerly known as Hidden Oaks, was constructed in two phases in 1986 and 1988 and is located at 100 Northwoods Village Drive. The 344-unit Landmark at Watercrest, formerly known as Woodbridge, was constructed in two phases in 1992 and 1995 and is located at 100 Appledown Drive. Elco plans to renovate the properties in the next 12 to 24 months. Planned upgrades include new signage, a remodeled clubhouse, the addition of a dog park and new interior lighting.
DALLAS — Forest City Enterprises Inc. has closed a strategic capital partnership with AIG Global Real Estate for the development of 3700M, a 381-unit apartment project in the West Village neighborhood of Dallas. The project, located at 3700 McKinney Ave. at Blackburn Street, will include a 21-story tower, as well as a five-story mid-rise component. Forest City and AIG will share ownership and fund the equity requirements for the project. The new community began construction in December 2012 and will wrap up construction in the third quarter of 2014. Amenities will include a pool, cooking areas, covered seating, a water feature and 37,000 square feet of ground-level retail. Cityplace Co. will own 3700M's ground-level retail component. Civitas Capital Management is providing construction financing through the government's EB-5 loan program.
GOODYEAR, ARIZ. – The 226-unit Broadstone Canyon Trails in Goodyear has sold to HSL Acquisitions, LLC for $23.6 million. The community is located at 16450 W. Van Buren Street. It was originally developed by Alliance Residential in 2008. The seller was Broadstone Canyon Trails, LLC. The transaction was executed by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Group.
HOUSTON — McCann Realty Partners LLC has started construction on the 323-unit Retreat at Vintage Park Apartments in Houston's Champions submarket. The property will be located in the Vintage development adjacent to the 420,000-square-foot Vintage Park Lifestyle Center. The Class A community will feature attached and detached garages, a fitness center, resort-style swimming pool, cyber cafe and a gourmet kitchen. Pegasus Residential LLC will manage the community, which is slated to begin lease up in the first quarter of 2014. Wells Fargo Bank N.A. funded the construction loan, and McCann will act as its own general contractor for the project.
SAN ANTONIO AND AKRON, OHIO — Johnson Capital's Dallas office has arranged $18.6 million in joint venture equity financing for the construction of two new student housing developments in San Antonio and Akron. The NRP Group LLC (NRP), the borrower and developer of the communities, has broken ground on the projects and is expecting to wrap up construction before the fall 2014 semester. The San Antonio complex is called The Luxx, which will house students from the University of Texas at San Antonio. The 668-bed development costs approximately $32 million to build. The Akron facility is called The Depot, which will house students from the University of Akron. The 624-bed facility costs approximately $37 million to construct. A corporate investor provided the equity capital.
