Friedkin Buys a 374-Unit Illinois Asset
- Aug 02, 2013
Bolingbrook, Ill.—Holliday Fenoglio Fowler has closed the sale of Lincoln at River Run, a 374-unit, Class A, garden-style community located in Bolingbrook, Ill. The firm represented the seller, Multi-Employer Property Trust, and its real estate advisors, Bentall Kennedy. The buyer was Friedkin Realty Corp., which acquired the asset free and clear of existing debt.
Lincoln at River Run is located at 350 Whitewater Drive right on the border of Bolingbrook and Naperville, about 30 miles southwest of Chicago. The 95 percent leased asset has units that average 945 square feet in size, and an amenity packaging featuring an outdoor resort-style swimming pool, 24-hour fitness center, clubhouse and business center.
Titan SenQuest acquires Texas seniors asset
Bryan, Texas—SenQuest, the seniors housing division of Los Angeles-based Titan Real Estate Investment Group, has acquired a 180-unit seniors housing asset in Bryan, Texas, known as Waldenbrooke Estates. The luxury independent living community was built in 1985 and received $260,000 in upgrades from 2011 to 2013.
“Waldenbrooke Estates is typical of the high-quality senior living communities that we are focused on acquiring,” says Doug Allen, a Titan partner and head of acquisitions for SenQuest. “Our strategy is based on our assessment of future returns. As the aging baby-boom generation enters retirement, the expectation to maintain a comfortable independent lifestyle will increase the demand for independent senior living communities like Waldenbrooke.”
The purchase puts SenQuest on target to invest over $100 million into seniors housing acquisitions in 2013. Amenities at Waldenbrooke include a pool with hot tub, a beauty and barber shop, scheduled transportation to shopping and medical appointments, a pet friendly policy, fitness center, library and gardening center.
Beech Street closes $10.5M Freddie Mac loan
Layton, Utah—Beech Street Capital has closed a $10.5 million Freddie Mac loan for the acquisition of Hidden Cove Apartments, a 144-unit property located in Layton, Utah. Mitch Sinberg, a senior vice president of originations in Beech Street’s Fort Lauderdale office, originated the transaction. The fixed-rate loan has a 10-year term, two-years of interest only, 9.75 years of yield maintenance, and a 30-year amortizing schedule. The borrower is Su Casa Investments, which acquires and repositions multifamily apartments throughout the Western states.
Hidden Cove is located about 25 to 30 minutes from Salt Lake City. It currently boasts 96.5 percent occupancy, and has a community amenity package that includes a swimming pool, clubhouse, fitness center, billiards table, picnic area with fire pits, on-site laundry and basketball courts.