Colliers Negotiates Sale of 224-Unit Community in Phoenix

Colliers negotiates the sale of a Phoenix community for $8.3 million; Capital Senior Living completes two mortgage financings totaling $23.8 million; and Marcus & Millichap brokers the sale of a 214-unit community in Connecticut.

Fountain Oaks

Phoenix—Colliers International of Greater Phoenix has negotiated the $8.3 million sale of Fountain Oaks, a 224-unit community located at 1225 North 40th Street in Phoenix. The asset was acquired by Summit Equity Investments Inc. for $8.3 million.

“Driving buyer interest in this property was its proximity to major employment centers,” says Cindy Cook of Colliers. “Fountain Oaks is located within the Gateway Employment Center, home to the Phoenix Sky Harbor International Airport, which has more than 31,000 employees.”

The 1983-built community features 11 garden-style buildings situated on 7.5 acres. All units are two-bedroom, one-bath, and range in size from 702 to 720 square feet. Amenities include a pool and spa, sand volley ball court, playground, barbecue area, and covered parking.

Capital Senior Living completes $23.8M financing

Dallas—Capital Senior Living Corporation has completed two mortgage financings on recently acquired owned communities. One loan for $4.8 million has a fixed interest rate of 4.97 percent and finances a recently acquired community in Indiana. The second loan was for $19 million and has a fixed rate of 4.92 percent and finances a community recently acquired in Ohio. Both financings have a 10-yearm term and are non-recourse to the Company.

The company also announced the planned acquisition of three high-quality senior living communities that are expected to close in October with a purchase price of $30 million. Two of the communities are in South Carolina and one is in North Carolina Additionally, Capital Senior Living is looking at more new properties in areas where the firm already has a strong presence.

“Our strengths enable us to continue to find attractive acquisitions and take advantage of the historically low interest rates,” says Lawrence Cohen, chief executive officer at the company. “These transactions increase the Company’s ownership of high-quality senior living communities, enhance our operations in geographic concentrations, and add to the Company’s growing profitability with incremental earnings and cash from facility operations.”

Marcus & Millichap brokers sale of 214-units in Connecticut

East Haven, Conn.—Marcus & Millichap Real Estate Investment Service’s Steve Witten and Victor Nolletti have brokered the sale of Trolley Park Apartments, a 214-unit community located in East Haven, Conn. The sales price was $9.6 million, or $44,860 per unit.

The property was built between 1972 and 1975 and features 88 one-bedroom and 126 studio units. New Haven’s central business district is a five-minute drive from the community.