HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 300-unit independent living community in Houston. The community spans 206,000 square feet across 7.6 acres. The seller was an undisclosed owner-operator that wanted to sell a non-core asset and shift its investment strategy to higher acuity seniors housing assets, including skilled nursing. The buyer was an undisclosed California-based investment firm. Matthew Alley, Vince Viverito, Brad Goodsell and Jason Punzel of SLIB brokered the deal.
AUSTIN, TEXAS — Locally based developer The Geyser Group is underway on construction of The Johnny, a 76-unit multifamily project in Austin. Geyser Group is developing the project in partnership with The Sephira Group. Units will come in studio, one- and two-bedroom formats and will be furnished with quartz countertops, stainless steel appliances and individual washers and dryers. In addition, 16 of the residences will be reserved for renters earning 60 percent or less of the area median income. Communal amenities will include a fitness center, and a rooftop deck with an outdoor kitchen. Construction began last November, and completion is slated for January 2023.
AUSTIN, TEXAS — Los Angeles-based Thorofare Capital has provided a $27 million acquisition loan for a portfolio of four undisclosed multifamily properties totaling 184 units in Austin. The portfolio also includes 20,272 square feet of retail space. The loan carried a floating interest rate and a three-year initial term with an extension option. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
BROOKHAVEN, GA. — Terwilliger Pappas has broken ground on Solis Dresden Village, a mixed-use development in Brookhaven comprising 176 apartments, seven townhomes and 30,000 square feet of ground-floor retail space. Atlanta-based Connolly is partnering with Terwilliger Pappas on the retail component. Set to open near the Brookhaven MARTA station in mid-2024, apartments and townhomes at Solis Dresden Village will include quartz countertops and stainless steel appliances. Amenities will include a rooftop deck, pool, wine tasting room, pet spa, fitness center, coworking spaces and a private meditation room. The project team includes general contractor New South Construction, architect Rule Joy Trammell + Rubio and civil engineer Kimley-Horn.
ATLANTA — SHR Residential, a subsidiary of Songy Highroads, has broken ground on The Howell, a 210-unit apartment community located at 1850 Howell Mill Road in Atlanta’s Upper Westside district. The site fronts I-75 and previously housed the Atlanta Food Truck Park & Market. Set to open in early 2024, The Howell will feature one-, two- and three-bedroom apartments, along with coworking and retail space. Walton Street Capital is an equity partner with SHR Residential on the project. Development team members include architect Cooper Carry, general contractor Reeves Young and construction lender Ameris Bank. Rivers Residential will manage The Howell upon completion.
BIRMINGHAM, ALA. — Parkview Financial has provided a $22.5 million loan for the redevelopment of a former American Red Cross office building in Birmingham. Built in 1947, the five-story, 140,000-square-foot building has sat vacant since 1999. The borrower, EPT Holdings, plans to use the financing to convert the property into Market Lofts on 3rd, which will comprise 192 affordable housing units and a 4,000-square-foot retail unit with 60 parking spaces. The unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units featuring stainless steel appliances, wood cabinets, ceramic tile and polished concrete floors. Amenities will include onsite laundry services, a fitness center, lounge on the third floor and a central courtyard. Construction is underway, and EPT Holdings plans to open the property in December 2023. The project team includes Birmingham-based Wyatt General Contractor LLC and Birmingham-based Hendon + Huckestein Architects.
HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.
PROVIDENCE, R.I. — Developer EQT Exeter has begun leasing Emblem 125, a 249-unit apartment community in Providence. Designed by Torti Gallas + Partners, Emblem 125 features studio, one-, two- and three-bedroom units, and amenities include a fitness center, game area, resident lounge, concierge services and an outdoor courtyard. The building also houses 19,398 square feet of retail space. Shawmut Design & Construction served as the general contractor for the project, construction of which began in October 2020. Rents start at roughly $2,100 per month for a studio apartment. Bozzuto is the property manager.
NEW YORK CITY — JLL has negotiated the $44 million sale of the Kokot Portfolio, a collection of seven multifamily properties totaling 133 residential units and one retail space in Manhattan. Specifically, the properties are located in the Chelsea, East Village and Gramercy neighborhoods. Hall Oster and Teddy Galligan of JLL represented the undisclosed seller in the transaction. The buyer was Aya Acquisitions.
JOHNSTOWN, COLO. — Carson Development is developing Ledge Rock Center, a 200-acre, master-planned, mixed-use community in Johnstown, approximately 25 miles southeast of Fort Collins. At full build out, Ledge Rock Center will offer more than 1 million square feet of retail space, 1,200 apartments and 200 single-family residences. Murdoch’s Ranch and Home Supply has already committed to one anchor tenant space, pre-leasing 85,000 square feet. Phase I of the retail development is slated for completion at the end of 2022 or first-quarter 2023. Michael Kendall, Daniel Miller and Cameron Flint of CBRE will handle retail leasing efforts for the development.