TODAY'S DEALS: Seniors Portfolio Hits Texas Market

3 min read

Marcus & Millichap is awarded the listing rights for a Texas seniors housing portfolio; ARA brokers the sale of a prime land parcel in Denver's Technological Corridor; and Walker & Dunlop provides a $31.9M Fannie Mae loan.

Seniors Housing

Houston—Marcus & Millichap Real Estate Investment Services has retained the listing rights for two seniors housing communities in Texas. The institutional grade independent living facilities are located in the Dallas and Forth Worth submarkets and are being offered on an open-bid basis.

“Now is an excellent time for seniors housing investors to add to their portfolios or for new investors to gain a foothold in the sector,” says Doug O’Toole, a vice president investments at Marcus & Millichap’s Houston Office. “Nationally, the 65-year-old-plus age group is projected to expand by almost 18 million residents over the next 10 years and account for 17 percent of the U.S. population, up from an estimated 13 percent in 2011.”

The two properties were developed by a local development company and have more than 400 units between them. The community in North Dallas is approximately 232,000 square feet in size and was built in 2009. The asset sits on 14.5 acres and has a 35,000-square-foot clubhouse. One-, two- and three-bedroom suites are available.

The Fort Worth property is approximately 197,000 square feet in size and was built in 2007 on 7.4 acres. The community has one- and two-bedroom units and an impressive amenity package including a movie theater, spa and salon, and a covered heated saltwater pool.

ARA Colorado Sells 3.9 Acre Development Site


Centennial, Co.—ARA has brokered the sale of 360, a 3.9-acre multifamily development site located in Centennial, Co., within the Denver Technological Corridor. ARA Colorado principal Steve O’Dell and senior land associate Chris Cowan represented the seller, Resolute Investments Inc. in the transaction.

Forestar Group Inc. purchased the parcel, which is the only zoned residential site located in the high-density office location. In addition, the land is just a half mile from the Arapahoe Village Light Rail Station, which offers direct access into downtown Denver.

“Located in a submarket that has a larger employment base than downtown Denver, 360 will be positioned to capture a future resident pool that demands high-end finishes, incredible mountain views, and convenient access to light rail transportation,” says Cowan.

The Denver Technological Corridor is the largest employment center in metro Denver with more than 40 million square feet of office space.

Walker & Dunlop provides $31.9M Fannie Mae loan

Murrieta, Calif.—Walker & Dunlop, LLC announced today that it recently provided $31,900,000 in Fannie Mae financing for Waterstone at Murrieta, a garden-style residential apartment community located in Murrieta, Calif.

The acquisition loan was structured with a seven-year term, with the first five years interest only, followed by a 30-year amortization. The prepayment penalty was 6.5-years yield maintenance. The loan was underwritten to a 64 percent loan-to-value with a 1.70 Debt Service Coverage ratio. Walker & Dunlop’s experience in the acquisition market enabled the company to meet the borrower’s interest rate and loan structure objectives within the requested time frame.

Waterstone at Murrieta is a 420-unit apartment development built in 1990 situated on 20 acres. Between 2006 and 2008 over half of the units were renovated with capital improvements ranging from $7,000 to $10,000 per unit. These upgrades include new cherry stained Thermofoil cabinets, faux granite countertops, new flooring, new appliances, new hardware and lighting fixtures, and the installation of flat-screen TVs. The multifamily property also received approximately $450,000 in exterior capital expenditures over the last three years.

Waterstone at Murrieta offers one- and two-bedroom models featuring fully-equipped kitchens, washer/dryer units, covered parking, and a patio or balcony. Community amenities include a resident lounge and business center, fitness center, dog park, children’s playground, two swimming pools, and two spas. Waterstone at Murrieta was 96 percent leased at closing.

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