TODAY’S DEALS: Clarion Partners Grabs $100M Seniors Portfolio

Clarion Partners acquires three senior housing communities for $100 million; ARA completes an REO sale in Florida; and Alliant Capital arranges a $1.7 million refinance at 4.78 percent interest rate.

Village on the Green

California—Clarion Partners has closed the $100 million acquisition of three Class A seniors housing properties in California. The 586-unit portfolio was picked up in an off market transaction that was facilitated by Marcus & Millichap. The move bolsters the $22 billion worth of assets currently under Clarion Partners’ belt.

The three properties include the 115-unit Buena Vida at Town Center in Rancho Santa Margarita, Calif., the 264-unit Village on the Green in Rancho Cucamonga, Calif., and the 207-unit Oak View in Sonoma Hills, Calif. The communities are all of recent construction. A clubhouse at each property includes a heated pool, fitness center, screening room, library and business center. The communities all have occupancy rates above 95 percent.

“With this acquisition, we are targeting one of the strongest segments of demand with the current real estate market—senior housing units suitable for the aging Baby Boomer population,” says Richard Pink, managing director at Clarion Partners.

According to Clarion’s research, the number of seniors will increase by two million per year starting in 2015.

ARA sells 184-unit REO community in Florida

Shadow Lakes Apartments

Ormond Beach, Fla.—ARA has completed the sale of Shadow Lakes Apartments, a 184-unit REO community located in Ormond Beach, Fla. The city is just north of Daytona Beach.

The ARA team of Kevin Judd, principal, Patrick Dufour, vice president, and Matt Wilcox, vice president, represented an undisclosed seller in what was only the second multifamily transaction of 2011 in the Melbourne-Daytona area. Shadow Lakes was purchased by Soclof Enterprises. The property was 92 percent occupied at the time of sale.

Shadow Lakes Apartments was built in 1975 and offers six floor plans that average 813 square feet. Community amenities include a clubhouse, pool, fitness center and laundry facilities.

Alliant Capital arranges $1.737M refinance at 4.78% rate

Orange, Calif.—Alliant Capital LLC announced the $1.7 million refinance of a 13-unit garden style multifamily property located in Philadelphia. The Fannie Mae DUS Small Loan refinance was closed on Sept. 30, 2011 with a 4.78 percent interest rate and a 10-year fixed-rate term with 30-year amortization.

“The borrower has taken advantage of the historical long-term low rates currently being offered by Alliant/Fannie Mae. This rate of 4.78 percent on a 10-year fixed product has not been seen in the last 20 years,” says Don Frankman, national director of Small Loan Origination in Orange, Calif.

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