MIDDLETON, Wis. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.
ENGLISHTOWN, N.J. — JLL Capital Markets has arranged the $29.9 million sale of Royal Pines at Marlboro, an 89-unit active adult community in Englishtown, approximately 20 miles south of New York City. JLL represented the seller, a joint venture between GRJ and Castellan Real Estate Partners, in the sale to F.M. Ferrari Investments. Royal Pines at Marlboro comprises one- and two-bedroom units averaging 859 square feet. Although the property is restricted to residents age 55 and above, 20 percent of residents can be age 35 and older. The property was …
MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential …
DALLAS, Ga. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit single-family, built-to-rent, active adult community located in the Atlanta suburb of Dallas. Russ Hardy of Berkadia Atlanta and Brooks Minford and Simona Wilson of Berkadia Seniors Housing & Healthcare completed the $47.8 million sale on behalf of the seller, Georgia-based Highlands Residential. The buyer was South Carolina-based Blaze Partners. Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and …
DAYTON, Ohio — United Church Homes has unveiled plans for Longfellow Commons, a 126-unit active adult community targeting LGBTQ seniors in Dayton. The project will include the redevelopment of the former Longfellow School on Salem Avenue and ultimately comprise a new apartment building and shared community spaces on its two-acre campus CareSource, a nonprofit health plan and the Dayton area’s largest employer, recently donated $1 million to United Church Homes to support the development. The community will be the first senior living community of its kind in Dayton and only …
VERNON, N.J. — OneKey LLC has acquired several parcels on Theta Drive in Vernon, approximately 50 miles northwest of New York City, with plans to build an active adult community on the site. NAI James E. Hanson’s Dominic Fittizzi represented the buyer in the transaction. The seller, Theta 456 Associates, originally planned to implement another use on the site, but let its approvals lapse during the COVID-19 pandemic. OneKey plans to construct and retain the building while managing the property as part of its portfolio. Construction is slated to begin …
NORTHVALE, N.J. — Coldwell Banker has opened The Monroe and Madison Building at Paris Square, a 10-building, 111-unit active adult condominium community in Northvale, approximately 18 miles north of Manhattan. Anne Van Dyke from Coldwell Banker Realty’s Closter/Alpine Office and Coldwell Banker Realty New Homes announced the new building’s completion, and will also lead sales and marketing efforts. Prior to Coldwell Banker Realty New Homes’ involvement, Paris Square had undergone a 15-year construction process that had only resulted in the completion of half of its planned units. Years of no …
GREENVILLE, S.C. — Aspens Senior Living has completed construction of The Aspens Verdae, a 159-unit active adult community in Greenville. The property totals 196,000 square feet and offers one-and two-bedroom options ranging from 607 square feet to 1,243 square feet. Aspens broke ground on the project in December 2020. It is the company’s second community in the Carolinas. The site is close to Legacy Park, The Preserve at Verdae Golf Club and the Prisma Health Swamp Rabbit Trail. Shiel Sexton served as general contractor for The Aspens Verdae, with Arrive …
The seniors housing market has had its fair share of well-documented struggles, including plunging occupancies during COVID-19 and continuing labor challenges. Like the rest of the commercial real estate market, the sector is now confronting higher interest rates and recession. Despite those headwinds, investor demand for seniors housing assets remains strong, says Dawn Davis, an advisor specializing in seniors housing and skilled nursing with NAI Greywolf in Milwaukee. But sellers are only now grudgingly coming to terms with the fact that, because capital has become more expensive, the price buyers …
DALLAS, Ga. — Blaze Capital Partners has acquired Hardy Springs, a 149-unit active adult community in Dallas, approximately 30 miles northwest of Atlanta. Hardy Springs is a cottage-style community with 149 units spread across 53 buildings. Completed in May 2022, the community is built on 31 acres of land and consists of one- and two-bedroom apartments. The property marks the firm’s first acquisition of an active adult community, but with several more planned. Blaze now owns six multifamily properties in Georgia, with a total unit count of more than 860. …
