TODAY’S DEALS: Foursquare Foundation Breaks Ground on $10M Senior Living Community
The Foursquare Foundation breaks ground on a $10 million senior living community; IPA brokers the sale of a 343-unit multifamily property; and Hendricks & Partners brokers an apartment sale.
Los Angeles—The Foursquare Foundation has broken ground on Parkview Living, a new $10 million senior living community in historic Echo Park. The eco-friendly, pedestrian- and transit- oriented, urban infill redevelopment project was designed by the architectural firm KTGY Group Inc. The 75 new affordable senior apartment homes are replacing some older housing units on the 1.24-acre plot.
“The project will bring sorely-needed housing for seniors to Echo Park,” says Eric Garcetti, Los Angeles City Council President. “I want to acknowledge the community members who participated in dialogue with Foursquare to improve the project so that the new senior housing is a better fit for the neighborhood.”
Echo Park is located northwest of Downtown Los Angeles at 1902 Park Avenue. Amenities at Parkview Living include a pool, barbecue area, fitness center, hobby and craft room, computer center, espresso café, rooftop terraces, lounging areas, and a dog park. There is also a 3,000-square-foot multi-purpose room that will be used as a community Chapel. Additionally, there is a “Victory Garden” and potting shed so residents can follow their own horticultural pursuits.
“An affordable senior community like Parkview Living can make all the difference in someone’s life,” said Dr. Greg Campbell, executive director for Foursquare Foundation of Los Angeles.
The property will offer 66 one-bedroom and 9 two-bedroom single-story flats. Each apartment has central heat, ceiling fans, a covered patio or balcony, energy-efficient kitchen appliances, washer/dryer hookups and internet.
IPA brokers sale of $28.3M multifamily asset
Fort Myers, Fla.—Institutional Property Advisors has brokered the sale of Bay Harbor Apartments, a 385,900-square-foot, 343-unit multifamily property in Fort Myers, Fla., for $28,277,000. The community is located at 13881 McGregor Blvd., near major employment centers, beaches, shopping centers and entertainment venues.
“With Class A occupancies reaching well over 90 percent, very limited competition and virtually no new development planned in the market, Bay Harbor is well positioned to provide the new owner with excellent investment returns,” says Jamie May, an IPA senior director in Tampa, who represented both the seller, Bay Harbor Homes LLC, and the buyer, Northland Fund IV LP.
The Bay Harbor multifamily community was built in 2003 on 38.4 acres. The property has a jogging path and nature preserve areas that surround a six-acre lake. There are 38 New England cottage-style residential buildings with interiors that offer faux-granite counters, oak cabinetry, and cathedral ceilings. Amenities include a clubhouse, fitness center, outdoor grilling/entertainment room, volleyball and tennis courts, and a resort-style lakeside pool.
Hendricks & Partners brokers sale of apartment property
Dallas–Hendricks & Partners is pleased to announce the sale of the 297-unit McCallum Meadows, located at 7760 McCallum Boulevard in Dallas.
McCallum Meadows, built in 1988, has 11 studio, 283 one-bedroom, and three two-bedroom units. The property is located within a mile of the University of Texas at Dallas, as well as being within a short drive of retail and employment centers.
The seller was Texas McCallum Meadows Partners Ltd. of Newport News, Va. The buyer was MMeadows Apts LLC of Saratoga, Calif. The transaction was negotiated by Peter Hartnett of the Dallas office and George Deuillet III of the Austin office of Hendricks & Partners on behalf of the seller.