Atlanta Seniors Housing Sells for $83.5M

Cassidy Turley arranges a seniors housing sale; ARA brokers the $37.3 million sale of a multifamily asset to Passco Companies; and CBRE/New England recapitalizes a LEED-Silver certified apartment in Massachusetts.

Alpharetta, Ga.—A 282-unit seniors housing community has traded hands in Alpharetta, Ga. The sale was brokered by Cassidy Turley and carried a price of $83.5 million. Somerby Alpharetta is comprised of 187 independent living units, 56 assisted living units and 23 memory care units. The asset was built in 2007-2008, and maintains occupancy in the mid-90 percent range.

Cassidy Turley’s Allen McMurty arranged the sale. The buyer was a publicly traded REIT. Cassidy Turley’s Tampa Senior Housing Team has sold 153 communities in 29 states with an aggregate sales volume of over $1.9 billion.

ARA brokers $37.3M sale of multifamily asset to Passco Cos.

Charlottte - Carrington at Brier CreekRaleigh, N.C.—Atlanta-headquartered ARA announced the sale of Carrington at Brier Creek, a 270-unit multi-housing community, built in 2004 located inside the Brier Creek master-planned community, adjacent to the Brier Creek Country Club.

The ARA Carolinas team of principals, Blake Okland and Dean Smith, along with partners, Sean Wood and John Heimburger, represented Centerville, Ohio-based real estate investment firm The Connor Group in the transaction. With $1.5 billion in assets throughout North Carolina, Georgia, Ohio, Tennessee and Texas, this was the sixth property sale in 2014 for The Connor Group.

The property was acquired by Irvine, Calif.-based Passco Companies LLC, a nationally recognized market leader in the acquisition, development and management of multifamily and commercial properties throughout the United States. Carrington at Brier Creek marks Passco’s third multifamily acquisition in the Triangle area over the past nine months; they also acquired Wakefield Glen Apartments, another Class-A luxury multifamily community brokered by ARA in December 2013.

According to Smith, “The sale of Carrington at Brier Creek provides further evidence as to the strength of the Brier Creek submarket which has proven to be an outstanding hub for high quality renters in the Triangle Market.” Household incomes of over $90,000 within a three-mile radius of the property and over $105,000 in a one-mile radius is well above Raleigh’s average household income of $77,614.

The property is located less than three miles from the Research Triangle Park, home to more than 50,000 employees with a potential to add 100,000 more jobs after the redevelopment of an additional 100 acres recently acquired by the park for $17 million.

CBRE/New England recapitalizes Massachusetts asset

ParksideCommonsChelsea, Mass.—The CBRE/New England Capital Markets team has recapitalized a 228-unit, LEED Silver-certified apartment in Chelsea, Mass., known as Parkside Commons. Simon Butler, executive vice president/partner, and Biria St. John, executive vice president/partner, exclusively represented the owner, Parkside Commons Apartments Limited Partnership, a joint venture between John M. Corcoran & Company and a foreign institutional investor, and procured the new partner, a domestic institutional investor.

“We are pleased to have executed this recapitalization on behalf of our client,” says CBRE/NE’s Butler. “The transaction allowed John M. Corcoran & Company to remain in the ownership structure, while allowing the existing equity partner to cash out at market value.”

Built in 2008, Parkside Commons consists of one four-story elevatored building above at-grade garage parking (five stories in total). The building features a wood frame podium structure above a poured concrete foundation with HardiPlank clapboard exterior. The roof consists of asphalt shingle covering over a hip roof with solar panels supplementing the common area electricity.

The community is required to maintain 24 affordable apartments, governed by both income and rent limits. The affordable apartments are set aside to households earning up to 80 percent of area median income.

Community amenities include a 24/7 fitness center, resort-style swimming pool with sun deck and barbecue area, Wi-Fi hotspots throughout common areas, a resident community room, garage parking, resident storage available, indoor bicycle racks and three private courtyard areas.