Construction Begins on Inland’s Orlando Student Housing Project

Construction begins on Inland's Fla. student housing; Marcus & Millichap's Mark Myers brokers $87 million in seniors housing investment sales; and Cushman & Wakefield sells a Florida condo community for $5.2 million.

University House of Central Florida

Orlando, Fla.–Ground has been broken on University House Central Florida, an off-campus student housing project located near the University of Central Florida campus. Winter Park Construction is building the 416-unit project, with Inland American Communities acting as the developer and management company.

University House Central Florida will offer one-, two-, three- and four-bedroom apartments that range 500 to 1,600 square feet in size. All units come fully furnished. Amenities include a large pool and patio deck, fitness center, sand volleyball, basketball court, putting green, clubhouse with multi-media lounge and parking garage.

The student housing project is expected to be completed in August 2012.

Marcus & Millichap sales show growing investor interest in seniors housing

Chicago–Mark Myers in the Chicago office of Marcus & Millichap Real Estate Investment Services brokered the sale of $87 million in seniors housing assets in the past four months, states Gregory LaBerge, regional manager of the firm’s Chicago office. Myers closed 10 seniors housing property sales during that time period.

Myers is a senior vice president investments in the Chicago office of Marcus & Millichap, and a senior director of the firm’s National Seniors Housing Group (NSHG). Since January 2010, he has arranged a total of 26 transactions valued at more than $190 million, demonstrating growing investor interest for seniors housing facilities nationwide

“Particularly in primary retirement markets, there’s intense interest in seniors housing properties because of the aging population of baby boomers,” Myers says.

One of his major recent closings occurred in the warm-weather climate of Mesa, Ariz. Cypress Court, a 126-unit, 145-bed assisted living and memory care property, traded for $12,855,000. “This asset is one of the best-designed assisted living facilities around, which heightened its investor appeal,” says Myers. “The seller was successful in completing the divesture of one of its last remaining assets in the nonprofit.”

In fact, Myers assists and advises many seniors housing operators, nonprofits and county governments in divesting their assets.

“Another driver of investment activity in the seniors housing sector right now has arisen from the privatization of county homes,” adds Myers. “We are seeing a growing number of county health care systems selling off their real estate.” Myers has arranged the recent sale of several county nursing homes in the Eastern U.S., such as a 200-bed skilled nursing facility in Weatherly, Pa., which traded for $11.05 million in a transaction that Jacob Gehl, a vice president investments in the Chicago Downtown office, also brokered.

One of Myer’s largest recent transactions was the sale of the four-property Highgate Manor portfolio in New York State. The bankruptcy trustee retained Marcus & Millichap to sell the two million square-foot, 512-bed portfolio located in upstate New York. Myers brokered the $22.7 million portfolio sale along with Gehl and Benjamin Firestone, a senior associate in the Chicago Downtown office, at the end of October 2010.

With nearly two decades of investment sales experience, Myers has closed all types of seniors housing, including assisted-living facilities, skilled nursing homes, independent living facilities and land. This includes sales of properties in Arizona, Missouri, Pennsylvania, Iowa, Illinois, New York State and Ohio.

Myers arranged the transactions in conjunction with David Guido, regional manager of Marcus & Millichap’s Phoenix office; Jerome Smart, broker of record for Missouri; Spencer Yablon, regional manager of the Philadelphia office; Matt Fitzgerald, regional manager of the firm’s Des Moines office; J.D. Parker, regional manager of the Manhattan office; and Michael Glass, regional manager of the Cleveland office.

Cushman & Wakefield brokers sale of Florida condos for $5.2M

Conway Crest Condominiums

Belle Isle, Fla.–Cushman & Wakefield has arranged the sale of the 29-unit Conway Crest Condominium Community and 2.6-acrea Belle Island Mobile Home Park located on the Conway Chain of Lakes in Belle Isle, Florida. Conway IG LLC purchased the property. Jay Ballard, Ken Delvillar and Lindsey Pfaernder of Cushman & Wakefield’s Apartment Brokerage Services team represented the seller, Redus Florida Condos LLC, in the $5,175,000 deal.

An REO asset, the property was offered on a cash basis with no financing contingency, and the brokerage team qualified an extensive list of investors prior to the letters of intent being accepted.

“This REO sold asset attracted plenty of interest from investors as a result of the opportunity to purchase an asset at well below estimated replacement cost,” says Jay Ballard, senior director, Apartment Brokerages Services Team.

Built in 2008, Conway Crest was originally 90 percent pre-sold, but no units closed due to unfavorable market conditions. The lender was forced to foreclose on the borrower as a result.