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.
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.
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.
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.
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.
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.
LITTLE FERRY, N.J. — NorthMarq Capital has arranged a $31.3 million loan for the refinancing of North Village I and II in Little Ferry. North Village I contains 160 market-rate apartment units and North Village II contains 248 units. Robert Ranieri and Greg Nalbandian of NorthMarq Capital arranged the seven-year loan through Freddie Mac.
AUSTIN — ARA has brokered the sale of the 608-unit Preserve at Travis Creek, a multifamily community located at 5800 SW Parkway in Austin. Amenities of the community include two resort-style swimming pools, a fully-equipped fitness center, aerobic studio, barbecue grills and a biking trail. The property is currently 96 percent occupied. Patton Jones of ARA's Austin office represented the seller, Dallas-based Invesco Real Estate, in the transaction. The buyer was Chicago-based Heitman. Preserve at Travis Creek is the largest multifamily property to have traded in Austin year to date.
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.
WESTMINSTER, COLO. – The 228-unit Park Place apartments in Westminster has sold to the Bascom Group for $16.6 million. Financing for the purchase was arranged by HFF’s Charles Halladay, Josh Simon, Jake Young and Anthony Ansevin. The property will be managed by Apartment Management Consultants. Bascom was represented in-house by Scott McClave and Paul Miszkowicz.