WESTMINSTER AND ENGLEWOOD, COLO. — CA Ventures has sold its Anthology of Westminster and Anthology of Englewood senior living assets to Harrison Street. “Anthology’s Westminster and Englewood assets have leased incredibly well — particularly having opened their doors at the onset of the COVID-19 pandemic in February 2020,” says Justin Dickinson, president of Anthology Senior Living. “The strong financial performance of each asset despite a volatile global macroeconomic environment and never-before-seen headwinds across the industry is a testament to both our investment strategy and the talent of our team.” The Westminster community totals 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The Englewood community totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories.
TUCSON, ARIZ. — Gantry has secured $8.5 million in acquisition financing for The Zone Apartments, a 104-bed student housing community located near the University of Arizona campus in Tucson. Adam Parker and Chad Metzger of Gantry secured the financing through an undisclosed regional bank on behalf of the borrower, a private real estate investor. The loan features a five-year term, fixed rate and two years of interest-only payments. The borrower acquired the property through a reverse 1031 exchange. The Zone is master leased to operator Tripalink and offers four-bedroom units with bed-to-bath parity.
NEW YORK CITY — Walker & Dunlop has arranged a $204 million loan for the refinancing of The Axel, a 29-story apartment building in Brooklyn. Designed by Morris Adjmi Architects, The Axel features 284 units in studio, one-, two- and three-bedroom units. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, a golf simulator, dining and entertainment terrace, conference rooms, game lounge and an executive meeting room. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the loan through MF1 Capital on behalf of the sponsor, Hope Street Capital.
TRENTON, N.J. — CBRE has brokered the sale of Colonial Gardens and Grand Court Villas, two multifamily properties totaling 160 units in Trenton, for a combined price of $20.5 million. Colonial Gardens totals 97 units in primarily one- and two-bedroom formats. Grand Court Villas was constructed in the 1930s and offers 63 loft-style apartments. Rich Gatto, Fahri Ozturk and Zach McHale of CBRE represented the seller, Metropolitan America, in the deals. The team also procured the separate buyers, both of which requested anonymity.
KINGS PARK, N.Y. — General contractor EW Howell Construction Group has completed St. Johnland Assisted Living, an 80-unit seniors housing project in Kings Park, located on Long Island’s North Shore. Designed by KDA Architects, the two-story, 68,000-square-foot facility totals 100 beds and is situated adjacent to the existing 100-acre St. Johnland Nursing Center complex. St. Johnland is a locally based provider with specialties in dementia, head injury rehabilitation, subacute care and adult day care.
Like many communities across the West, affordable housing is a top issue in Denver. Monthly rent in Denver is now around $2,005, according to Zillow’s June 2022 data. This is up 20.4 percent since June 2019. The city is trying to do something about the lack of affordability. It approved the Expanding Housing Affordability Policy (EHA) this June, which overhauled Denver’s affordable housing requirements for new development. EHA was allowed after the 2021 passage of a Colorado statute, HB21-1117, which overturned a Colorado Supreme Court case commonly known as the Telluride decision. HB21-1117 expanded the ability of local Colorado governments to require inclusion of income-restricted units within new rental housing — something that had previously been prohibited in Colorado. While Denver has led within the state with EHA, other municipalities in Colorado, such as Littleton and Aspen, are beginning to consider new affordable housing policies in response to HB21-1117. In Denver, EHA primarily affects multifamily projects of 10 or more units. Those projects must proceed under EHA unless they submitted a concept site plan by June 30, 2022, and achieve final site development plan approval by Aug. 30, 2023. Non-residential projects and residential projects of nine or fewer units may …
MIAMI — PMG and private equity firm Greybrook have opened the Elser Hotel & Residences, a 49-story hospitality tower in downtown Miami. Highgate is managing the property, which features 646 hotel rooms and short-term residences ranging from studios to three-bedroom suites. The tower features a 10,200-square-foot fitness center and a 19,000-square-foot sun deck, which includes eight electric grills, a pool deck, bar, poolside LED screening wall, an outdoor plunge pool and event space all overlooking Biscayne Bay. Other amenities include a cocktail bar and restaurant, a coffee shop by Café Domino and coworking space.
MADISON, WIS. — CRG has purchased a land site near the University of Wisconsin-Madison campus with plans to build a 534-bed student housing project named Chapter at Madison. Construction is expected to begin in December on the 10-story building. Completion is slated prior to the 2024-2025 academic year. Amenities will include a fitness center, private study spaces and conference rooms, a rooftop terrace and underground parking garage. The site is currently home to the former Buckingham’s Bar & Grill, Faith Community Bible Church, the former Fraboni’s Italian Specialties and Delicatessen and two rental houses. All the buildings have been acquired and are slated for demolition. Financing comes from Old National Bank, Johnson Bank and Bremer Bank.
AUSTIN, TEXAS — Minneapolis-based developer United Properties has broken ground on Shelby Ranch, a 302-unit apartment community that will be located in South Austin. The project will comprise two four-story buildings on an eight-acre site at 2212 Lynbrook Drive. Units will come in studio, one-, two- and three-bedroom floor plans and will feature stainless steel appliances, quartz countertops and private patios/balconies. Amenities will include a pool, resident garden, arts and crafts studio, fitness center, coworking lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, which is slated for a late 2024 completion.
ROMEOVILLE, ILL. — JVM Realty Corp. has acquired Seasons at Romeoville, a 240-unit luxury apartment property in the Chicago suburb of Romeoville. Fiduciary Real Estate Development Inc. was the seller. JVM plans to rename the community as The Bluffs. Built in 2021, the property features amenities such as a fitness center, clubhouse, pool, outdoor living area, dog park and pet washing area. Monthly rents start at $1,575, according to Apartments.com. Wick Kirby, Amanda Friant and Kevin Girard of JLL represented the seller. With this latest acquisition, JVM now owns and manages seven apartment communities in Illinois and 22 properties representing $1.6 billion in assets under management throughout the Midwest.