OCEANSIDE, CALIF. — Cushman & Wakefield has negotiated the $9.7 million sale of the 88-unit Forest Glen multifamily property located at 612 Los Arbolitos Blvd. in Oceanside. The 89,119-square-foot for-rent condominium development features one-, two- and three-bedroom units ranging from 700 to 1,220 square feet. Cushman & Wakefield’s Alejandro Lombrozo and Rachel Stankowski represented both the buyer, Virtu Investments, and the seller, Pacifica Companies, in the transaction.
SOUTH CAROLINA — Royal Senior Care has brought on Cornerstone Healthcare Plus REIT as an 80 percent partner in two assisted living properties in a deal worth $27 million. The developments are located in South Carolina and total 180 units. Royal Senior Care will continue managing the properties. CLW Health Care Services Group represented Royal Senior Care in the transaction.
DOUGLASVILLE, GA. — Batson-Cook has finished the construction of the 39,000-square-foot Benton House senior housing facility in Douglasville. The $3.7 million project has 59 units and can house 130 residents. Amenities include an activity kitchen and a hair salon. Marietta, Ga.-based Lamas Architects designed Benton House.
OAKLAND, CALIF. — BRIDGE Housing Corp. has begun redevelopment for the 84-unit St. Joseph's Senior Apartments property located at 2647 International Blvd. in Oakland. Slated for completion in June 2011, the multifamily property will offer affordable apartments for very-low-income seniors, age 62 and older, within the main building of the Oakland historic landmark, “St. Joseph's Home for the Aged,” which closed in 1979. On-site amenities will include a spacious, ground-floor community room opening onto a senior garden and approximately 3,200 square feet of commercial office space.
CHICAGO — A private investor has acquired Madison Terrace, which is located at 3153 W. Madison St. in Chicago. The 96-unit multifamily property was listed for $3 million. The property features a mix of two-, three- and four-bedroom units in eight buildings. Ralph DePasquale of Hendricks & Partners’ Chicago office represented the seller, Atlanta-based LB Madison Terrace LLC, in the transaction.
PARSIPPANY, N.J. — Gebroe-Hammer Associates has brokered the sale of a rental retirement community in Parsippany for $19 million. Baldwin Oaks is located on 10.5 acres at 299 Baldwin Ave. It consists of two four-story buildings containing 251 units. Amenities include life safety services, a community room, a billiards rooms, a bocce court, a courtyard and on-site parking. The community was fully occupied at the time of closing and currently has a 2-year waiting list. Joseph Brecher and Stehen Tragash of Gebroe-Hammer represented the seller, AIMCO, and the undisclosed buyer.
NEWARK, N.J. — Development plans have been unveiled for what will be Newark's tallest building. One Theater Square will be a 44-story residential building located on 1.2 acres downtown, adjacent to the New Jersey Performing Arts Center. The tower will contain more than 300 units, 20 percent of which will be set aside as affordable housing for artists. In addition, the tower will contain more than 20,000 square feet of ground-floor commercial space for restaurants, cafés, galleries and other retail uses. A partnership between The N.J. Performing Arts Center and Dranoff Properties is developing the project. The New Jersey Economic Development Authority has already awarded the project a $38 million Urban Transit Tax Hub Tax Credit.
COOK, MINN. — Ryan Companies US has completed the construction of Carefree Living – Cook, a senior housing project in Cook. Owned by Spectrum Health Co., the 20,000-square-foot property features 16 assisted-living suites and 13 memory-care units. DJR Architects provided architectural services for the $3.1 million project.
TAMPA, FLA. — Gamla-Cedron Group has purchased 144 units of the 240-unit Promenade at Tampa Palms condominium complex from Guaranty Bank for $6 million. Guaranty had foreclosed on the property, which is located at 16200 Enclave Village Drive in Tampa, in February. T. Sean Lance and John Burpee of NAI Tampa Bay represented the buyer. Marcus & Millichap's Still Hunter represented the bank.
FERGUSON, MO. — Clayton, Mo.-based Oakmont Partners has acquired Oakmont Townhomes in Ferguson. Located at 1624 Northwinds Estates Dr., the 184-unit multifamily community was 89 percent occupied at the time of closing. Blue Valley Apartments sold the property for an undisclosed price. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners’ St. Louis office represented both parties in the transaction.