TODAY’S DEALS: Archstone Buys 224-Unit Asset in Marina del Ray
Archstone acquires a 224-unit community in Marina del Ray, Calif.; Marcus & Millichap sells two New England assisted living facilities; and Transwestern negotiates the sale of a $4.3 million portfolio in Phoenix.
Marina del Rey, Calif.—Archstone has acquired Villa Venetia, a 224-unit apartment community in Marina del Rey, for a purchase price of $44.8 million. Archstone plans to invest $25 million in renovations into the community over the next year. Once completed it will be renamed Archstone Breakwater at Marina del Rey.
“We are very excited about the acquisition of yet another apartment community in one of the nation’s most attractive cities,” says Scot Sellers, chief executive officer at Archstone. “Archstone Breakwater at Marina del Rey will be an outstanding addition to our portfolio, and its renovation into a well-appointed apartment community will be an excellent investment for us.”
The property is located on the southeast shore of the famous marina along the Ballona Creek Bike Path. Almost all units have views of the marina, the wetlands or the Playa del Rey hillside. The renovated community will offer two pools and a 24-hour fitness center. Archstone at Breakwater will be the company’s third community in Marina del Rey.
Marcus & Millichap sells two assisted living facilities for $40M
Bennington, Vt.—Marcus & Millichap Real Estate Investment Services has arranged the sale of two assisted living care facilities. The portfolio’s sales price was $40 million. The two properties include the Village at Fillmore Pond in Bennigton, Vt., and The Inn at Spruce Wood in Durham, N.H. NE4 Senior Living Facilities LLC was the seller; the buyer was Emeritus Senior Living.
“Each property in this portfolio has sustained occupancy levels greater than 90 percent through the economic downturn, while increasing rents between 4 percent and 6 percent annually since 2007,” says Christopher Hyldahl, a senior associate at Marcus & Millichap’s West Los Angeles office who represented seller in both transactions. “Currently, the two properties have a combined total of 201 stabilized units, with expansion potential for another 16 cottages at the Bennington, Vt., facility.”
The Village at Fillmore Pond is comprised of 30 independent living units, 45 assisted living units, 12 memory-care units and 14 newly built independent living cottages. The property is situated on 85 acres of land and draws residents from Massachusetts, New York and Vermont.
The Inn at Spruce Wood is located one hour north of Boston in Durham, Vt., which is only nine miles from the 115-bed Wentworth Douglas Hospital. The 2004 built facility has 35 independent living units and 65 assisted living units, 25 of which are dedicated to memory care.
Transwestern negotiates $4.3 million Phoenix portfolio sale
Phoenix—Transwestern has negotiated the sale of a 187-unit multifamily portfolio comprised of two assets located in the Arcadia area of Phoenix. Both properties, Silktree and Palmwood Terrace, were sold by Blue Valley Apartments Inc. and bought by Weidner Investment Services.
“Weidner is enthusiastic about the acquisition of Silktree and Palmwood Terrace,” says Jack Hannum, a vice president at Transwestern who represented the seller alongside Bret Zinn. “The prime infill location is expected to see strong rental growth as the multifamily sector continues to recover.”
The 101-unit Palmwood Terrace and 86-unit Silktree are located adjacent to each other within walking distance of the Arcadia Crossing Shopping Center. Both properties are over 90 percent occupied.
