Multifamily

ARA SECURES SALE OF MIDDLE BROOK GARDENS

by admin October 10, 2012

CEDAR PARK — ARA has brokered the sale of the 416-unit Middle Brook Gardens, a multifamily community located at 335 Cypress Creek Road in Cedar Park. The community's amenities include two resort-style swimming pools, heated spa, fitness center, playground, sand volleyball court and a pond. The property is 97 percent occupied. Patton Jones of ARA's Austin office represented the seller, Baltimore-based Alex Brown Realty Inc., in the transaction. Newton, Mass.-based Northland Investment Corp. was the buyer.

October 10, 2012

HFF ARRANGES $16M FINANCING FOR ARLINGTON APTS.

by admin October 10, 2012

ARLINGTON — HFF has secured nearly $16 million in financing for Sunset Point and Springmist Apartment Homes, two multifamily communities totaling 408 units. Sunset Point and Springmist are located at 2015 and 2004 Randy Snow Road in Arlington, close to the Dallas Fort Worth International Airport. The properties are 97 percent occupied. John Brownlee of HFF arranged the 10-year loan through Freddie Mac on behalf of the borrower, Pure Multi-Family REIT. Loan proceeds were used to acquire the properties.

October 10, 2012

Multifamily Western

EL ROYALE APARTMENTS IN HOLLYWOOD SELLS FOR $30M

by admin October 10, 2012

HOLLYWOOD, CALIF. – The 56-unit El Royale apartment community in Hollywood has sold for $29.5 million. The community is located at 450 North Rossmore Ave. It was originally built in 1929. The buyer’s acquisition team included Kamran Hakim, a developer and investor, and Farhad Eshaghpour, a real estate professional. The seller, a family trust that had owned El Royale for more than 50 years, was represented by Ron Harris, Stewart I. Weston and Joseph Smolen of Institutional Property Advisors.

October 10, 2012

Seniors Housing Texas

PARTNERSHIP TO BUILD ASSISTED LIVING/MEMORY CARE FACILITY

by admin October 10, 2012

SAN ANTONIO — A partnership between Dallas-based MedProperties Holdings and Dallas-based Suntex Development, the development arm of Suntex Ventures LLC, has made an equity investment for the development of a 60-unit, 56,313-square-foot assisted living/memory care facility, located at the intersection of Lakeside Parkway and Cable Ranch Road in San Antonio. The facility will house 42 assisted living units and 18 memory care units. Austin-based TRISUN Healthcare will operate the facility, which will be designed by Austin-based DFD Architects and constructed by San Antonio-based Metropolitan Contracting Co. The unnamed facility is slated for a summer 2013 completion.

October 10, 2012

Seniors Housing Southeast

CNL AND HRA BREAK GROUND ON $21.6M ASSISTED LIVING COMMUNITY

by admin October 9, 2012

LADY LAKES, FLA. — Orlando, Fla.-based CNL Healthcare Trust and Vero Beach, Fla.-based Harbor Retirement Associates (HRA) have broken ground on the $21.6 million HarborChase of Village Crossing, an assisted living community on Route 441 across from The Villages Regional Hospital in Lady Lakes. The community will include a two-story building with 96 units and approximately 91,000 square feet of space. HRA will provide management services upon the community’s completion in late 2013.

October 9, 2012

Midwest Seniors Housing

AUTUMN LEAVES OF BOLINGBROOK BREAKS GROUND

by admin October 9, 2012

BOLINGBROOK, ILL. — Crews have broken ground on the Autumn Leaves of Bolingbrook, a $10.2 million memory care and assisted living community, which will serve 50 residents. The 26,000-square-foot facility will serve families living with Alzheimer's, dementia and memory impairment. The community will focus on life enrichment programs, nutrition and personalized programs. With its secure design, residents will have access to the entire building, including outdoor courtyards. The community owner, The LaSalle Group, has partnered with RT Partners and BMO Harris Bank on the project. Autumn Leaves is slated to open during the third quarter of 2013.

October 9, 2012

Midwest Seniors Housing

JV ACQUIRES ASSISTED LIVING AND MEMORY CARE PROJECT FOR $9.8M

by admin October 9, 2012

NEW LENOX, ILL. — A joint venture between Focus Healthcare Partners and Artemis Real Estate Partners has acquired an 80-unit assisted living and memory care campus in New Lenox for $9.8 million via a court-ordered receivership sale. The campus consists of five buildings that are substantially identical. The units contain modern amenities, including kitchenettes and private bathrooms. Two of the five buildings are designated for memory care services. The project was built in 2007 by a local developer, but struggled with occupancy. It was placed in receivership in 2010. The new owners plan to upgrade the property and convert an additional building to memory care. Encore Senior Living will manage the property.

October 9, 2012

Multifamily Western

THE VISTAS AT SADDLE ROCK IN AURORA SELLS FOR $45.2M

by admin October 9, 2012

AURORA, COLO. – The 320-unit Vistas at Saddle Rock apartment community in Aurora has sold to Advenir for $45.2 million. This is the highest price per unit ever paid for a multifamily asset in Aurora, according to ARA, which represented the seller, Bascom Group, in this transaction. The community was built in 2002 and updated in 2009 and 2010. It is currently 95 percent leased. Bascom was represented by principals Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks.

October 9, 2012

Multifamily Southeast

FLORIDA PARCEL APPROVED FOR TOWNHOUSES SELLS FOR $2M

by admin October 9, 2012

LAKE WORTH, FLA. — An 18-acre parcel of land at 4411 S. Congress Ave. in Lake Worth has sold for $2 million to Morguard Coral Lakes LLC, an affiliate of Kenner, La.-based Morguard Management Co., that is approved for 169 townhouses. FCB Palm Beach Holdings LLC, an affiliate of Florida Community Bank, sold the site that is located west of Palm Beach State College and north of JFK Medical Center. Fort Lauderdale, Fla.-based Brenner Real Estate Group’s Reese Stigliano represented Morguard Coral Lakes and the seller was self-represented.

October 9, 2012

Midwest Multifamily

L&B REALTY SECURES $47M FINANCING FOR 77 WEST HURON

by admin October 9, 2012

CHICAGO — HFF has arranged a $47 million loan for 77 West Huron, a 25-story apartment tower with ground-floor retail space in Chicago's River North neighborhood. Matthew Schonefeldt led the HFF team that negotiated the 10-year loan through New York Life Insurance Co. 77 West Huron features luxury units that range in size from 536 to 2,862 square feet. Amenities include doorman service, a laundry room, bicycle storage and 192 parking spaces. The borrower, L&B Realty Partners, is currently renovating and upgrading the property.

October 9, 2012

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