Harrison, Kaplan Form Seniors Housing JV
Chicago—Kaplan Development Group, a Woodbury, N.Y.-based seniors housing operator and developer, and Harrison Street Real Estate Capital, a Chicago-based private equity firm, have formed a new venture focused on the acquisition and development of seniors housing properties in the Northeast and Southeast.
The joint venture plans to acquire and develop $350 million in assets over the next three years. Harrison will provide capital to Kaplan and build a substantial portfolio that can be sold in four to six years, said Chris Merrill, managing director of Harrison Street Real Estate Capital.
AIMCO Sells Complex in Chicago Suburb
Waukegan, Ill.—Fox Crest, a 245- unit complex, has sold in this Chicago suburb for $14.5 million. JEM Realty Advisors was the buyer. AIMCO was the seller.
Average unit size is 819 square feet. Community amenities include a swimming pool, a barbeque area, a business center, a playground, tennis courts, and laundry areas. The complex was 93 percent occupied at the time of the sale.
Joint Venture Buys Kokomo Apartments
Kokomo, Ind.—DDRS, based in Boise, Idaho, has acquired Cambridge Place, a 96-unit apartment complex here, for about $14.4 million. The seller was not disclosed.
The community is situated on 7.7 acres and is about 50 miles from Indianapolis. It was 85 percent leased at the time of the transaction. DDRS is a joint venture of DBSI and Spectrus Real Estate Group.
Private Investor Buys Mammoth Complex
Elkins Park, Pa.—Lynnewood Gardens, a 1,798-unit garden-style complex, has sold here for $135 million. The 122-acre property is one of the nation’s largest apartment developments, with 1,696 one- and two-bedroom units, in addition to 102 three-bedroom townhomes.
A private investor from New York sold the property to a New Yorkbased investment firm. The seller plans to renovate the 31-building property, including upgrading the units and installing a fitness center.
Green Mixed-Use Project Planned in Connecticut
Stamford, Conn.—Metro Green, an environmentally friendly, mixedincome project, will be built here. The development will consist of a residential building and a 17-story office tower. The developers are W&M Properties and Jonathan Rose Cos. The first phase of the project, Metro Green Apartments, has been selected as a pilot project under the Leadership in Energy and Environmental Design Neighborhood Design criteria from the U.S. Green Building Council. The residential component will include 238 units. The first phase will consist of 50 affordable housing units. The entire project is scheduled to be complete by 2010.
The development will feature a courtyard, gardening spaces, a meditation area, and a pedestrian link to the adjacent Stamford Metro-North train station.
Red Cross Building Converting to Condos
Boston—Boston Residential Group is converting the former Red Cross Boston headquarters building into The Lofts at 285 Columbus, a mixeduse project consisting of 63 loft-style one- and two-bedroom condos.
The units will range in size from 750 to 1,600 square feet. Prices will range from about $500,000 to $1.8 million. “We anticipate attracting buyers ranging from empty-nesters to young couples and singles,” said Curtis Kemeny, president and CEO of Boston Residential.
Big Apartment Buy in Oklahoma
Oklahoma City, Okla.—Deep Deuce, a 294-unit luxury apartment complex, has sold here for $26.9 million. At $91,497 per unit, the sale fetched one of the highest prices per-unit for an apartment building in the state, according to Apartment Realty Advisors, which brokered the deal.
New York-based Somerset Partners sold the development to Haley Associates, based in Omaha, Neb.
The project sits on 8.7 acres. Unit sizes range from 515 square feet to 1,345 square feet. The property was 93 percent occupied at the time of the sale.
Houston Portfolio Could Net $280 Million
Houston—The estate of developer Harold Farb has placed a 5,015-unit portfolio on the sales block. The sale would net about $280 million at the $55,000 per-unit average that Houston apartments are selling for.
Farb, who died last October, was one of the most active multifamily developers in Houston. He had constructed more than 30,000 units in the area during his 30-year career, according to an obituary in the Houston Chronicle.
The portfolio includes three properties: Broadway Square, Nob Hill, and Westpoint/Creekside. All were built in the late 1960s and early 1970s. The properties were up for sale previously in late 2005, when Farb was still active in multifamily development. At that time, the portfolio was 92 percent occupied. It is not clear why a deal never materialized then.
Collateral Real Estate Funds Seniors Housing Buy
Atlanta—Collateral Real Estate Capital has financed the acquisition of a 21-property seniors housing portfolio for $217 million. The mortgages were then sold to Freddie Mac, utilizing its Seniors Housing Standard Delivery loan product.
The Merrill Gardens Portfolio properties are located in Arizona, Florida, Georgia, Louisiana, Oklahoma, Tennessee, and Texas. Chartwell Seniors Housing, a real estate investment trust, acquired the properties. The portfolio contains 1,927 independent and assisted-living units.
Each loan features a 10-year term plus a one-year extension period. The fixed-rate loans closed with interest rates in the 5 percent range.
Luxury Condos Planned in Nashville
Nashville, Tenn.—Music Row Partners is set to break ground on its $52 million One Music Row project, which will feature penthouse condominiums and office space.
Office space will be located on the first five floors of the building, which will be constructed adjacent to the historic Hamilton House mansion. Seven penthouse condos will be located atop the office space. The condos are expected to range from 2,200 square feet to 4,100 square feet each. Prices are expected to range from $1.2 million to $2.46 million each.
The project is slated to be complete in mid-2009.
Designer Selected for Student Housing Deal
Irvine, Calif.— American Campus Communities, Inc. (ACC) has selected architecture firm KTGY Group, Inc., to begin design development on its new student housing complex at the University of California, Irvine (UCI). ACC, based in Austin, Texas, is one of the nation’s largest owners, operators, and developers of student housing.
The first phase of the project will get underway in 2008. When complete, the development will include about 4,000 beds. KTGY and ACC recently completed Vista Del Campo and Vista Del Campo Norte projects at UCI. Those student housing projects amount to 3,000 beds.