WICKLIFFE, OHIO — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe in Wickliffe, about 15 miles northeast of Cleveland. The assisted living facility features 160 units. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.
CHICAGO — Kiser Group has brokered the sale of a fully leased multifamily property in Chicago’s West Town neighborhood for nearly $4 million. The four-building asset was renovated in 2019. Noah Clark and Jack Petrando of Kiser Group brokered the sale. The locally based buyer is assuming the loan on the property.
RIVERSIDE, CALIF. — AB Potomac Apts LLC has completed the sale of Potomac Apartments, a multifamily asset in the Inland Empire city of Riverside. KEBA Potomac Street LLC acquired the property for $7.7 million, or $227,941 per unit. Located 1.5 miles from California Baptist University, Potomac Apartments features 34 studio, one- and two-bedroom floor plans, averaging 626 square feet. Community amenities include patios, laundry facilities and covered parking. Eric Chen, Kevin Sin and Blake Torgerson of CBRE represented the buyer and seller in the deal. Ryan Wilkinson of CBRE arranged acquisition financing for the buyer.
SPRINGFIELD, MASS. — The Michaels Organization, an affordable housing owner-operator, has completed the renovation of Bergen Circle Housing Community, a 201-unit complex in the western Massachusetts city of Springfield. The unit mix consists of 89 one-bedroom units, 72 two-bedroom apartments, 20 three-bedroom residences and 20 four-bedroom units. The majority (170) of the units are reserved for households earning between 50 and 80 percent of the area median income. Michaels bought the eight-building property in 2021 and invested $17 million in capital improvements. MassHousing financed the renovations.
COLLEGE STATION, TEXAS — A joint venture between Harrison Street, The Dinerstein Cos. and Up Campus Student Living will develop an 873-bed student housing community near the Texas A&M University campus in College Station. Dubbed Aspire A&M, the community will be situated within the city’s Northgate neighborhood and will rise 19 stories. The property will include 11,000 square feet of ground-floor retail space and a 718-space parking garage. Shared amenities will include two rooftop pools, fitness facilities, study rooms, a theater and game lounge. The community is expected to be complete in advance of the 2026-2027 academic year.
LOS ANGELES — R.D. Olson Construction has broken ground on The Alcove, a seven-story, 238,000-square-foot affordable housing project in the Woodland Hills neighborhood of Los Angeles. Meta Housing Corp. is the developer. Located at 21300 W. Oxnard St., the first phase of construction will include 173 units ranging in size from 620-square-foot studios to 1,300-square-foot three-bedroom apartments, with completion slated for fall 2025. The second phase, which is in planning stages, will add 128 units and will be located on the north section of the 2.25-acre lot. Community amenities will include a community room, designated exercise area, storage room for 200 bicycles, tot lot playground and common outdoor areas with barbecues. The first level will be dedicated to parking and management offices, with a 6,000-square-foot courtyard on the third level. Additionally, each floor will have a laundry room and centralized trash chute system. The complex will offer units to families earning between 30 percent to 80 percent of the area median income, with restrictions for affordability to stay in place for 55 years. A.C. Martin is serving as architect, with management from AMJ Construction Management.
WESTMINSTER, CALIF. — CBRE has negotiated the sale of La Pat Courtyard Apartments, a multifamily asset in the Orange County city of Westminster. An Orange County-based private investor acquired the property from a Los Angeles-based seller for $10 million. Dan Blackwell and Andrew Boukather of CBRE represented the seller, while Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction. Located at 13812 La Pat Place, La Pat Courtyard consists of 21,416 square feet of space spread across two two-story buildings. Originally built in 1961, the property recently underwent extensive interior and exterior renovations, totaling more than $1.4 million in improvements. The 30-unit community offers one studio unit, 17 one-bedroom units and 12 two-bedroom units, all completely remodeled during the renovation process. The units offer washers/dryers, stainless steel appliances, a wall air conditioner, mirrored closet sliding doors and plank vinyl flooring. Community amenities include a courtyard with picnic tables, barbecues and pergolas; front and rear security gates; and 49 parking spaces, including three garage spaces, 27 covered spaces and 19 open spaces.
MassDevelopment Provides $11M Bond Financing for Student Housing Project in Fitchburg, Massachusetts
FITCHBURG, MASS. — MassDevelopment has provided $11 million in tax-exempt bond financing for a student housing project in Fitchburg, about 55 miles west of Boston. The project will add a two-story building to the campus of Applewild School, a private day and boarding school, that will house 20 bedrooms for 40 students and six faculty apartments. Construction is underway and expected to be complete before the start of the fall 2024 semester. Proceeds will also be used to fund renovations to the preschool and toddler facilities in the Marshall Building. Enterprise Bank purchased the bond.
BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $6 million bridge loan for a multifamily conversion project in Buffalo. The project will convert a 272,000-square-foot office complex in the downtown area that was formerly known as the Atrium Building into a residential building with an undetermined number of units. Kevin Coscia and Ned Perlman of Largo arranged the debt. The direct lender and borrower were not disclosed.
WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 6465 W. 38th Ave. in Wheat Ridge, a suburb west of Denver. The property traded for $5.3 million, or $220,833 per unit. The names of the seller and buyer were not released. Built in 1962, the 24-unit property offers seven one-bedroom/one-bath units and 17 two-bedroom/one-bath units each with private balconies or patios. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyer and seller in the deal. The buyer assumed the seller’s existing debt on the property, which had seven years of term left at a fixed rate of 3.14 percent.