Friday, March 28, 2014

$25 Million Four-Property Seniors Housing Portfolio Sold by Marcus Millichap in Marshall, IL

Villas at Holly Brook, Marshall, IL

Mark Myers
 CHICAGO, March 27, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a four-property seniors housing  portfolio in Illinois.

 The total sales price for all four properties is $25,024,084 million or $135,265 per unit.

            Mark Myers, a senior vice president investments in Marcus & Millichap’s Chicago O’Hare office, along with Alex Blagojevich, a vice president investments in the firm’s Tampa office and David Gaines, a vice president investments in the Chicago Downtown office of Marcus & Millichap, represented the seller, a private investor/owner.

 The buyer is American Realty Capital and the operator for the buyer is Meridian Senior Living.

            The properties are:
·         The Villas at Holly Brook, Effingham, IL
·         The Villas at Holly Brook, Herrin, IL
·         The Villas at Holly Brook, Marshall, IL
·         The Villas at Holly Brook, Shelbyville, IL

Alex Blagojevich

            “The seniors housing assets in this portfolio are all newly constructed purpose-built assisted living facilities,” says Myers. “The Villas of Holly Brook are the only assisted living facilities in their respective cities licensed by the state of Illinois.”

            The Villas of Holly Brook properties were all constructed within the past five years and are all 35,000-square-foot or larger one-story buildings with approximately 46 units situated on at least two acres. 

The facilities typically feature efficiency studios, one-bedroom apartments, two-bedroom units and deluxe corner suites.

            The buildings have sprinkler systems and each unit is equipped with a 24-hour centrally monitored emergency call system, a walk-in shower with grab bars, a walk-in closet and private patio. 

The facilities’ common areas feature an on-site hair salon, central dining room with large flat-screen HDTV, wellness and fitness center, library, spa room, billiards room, enclosed courtyard with outdoor fireplace and sitting area and covered patio area. Some of the facilities have an outdoor fireplace and sitting area and a full-service theatre room.

For a complete copy of the company’s news release, please contact:

Gina Relva,
Public Relations Manager

(925) 953-1716

Northeast Private Client Group Sells Apartment Building in Randolph, MA for $3 Million

Thompson Estates, 14 Thompson Drive, Randolph, MA

Edward Jordan

 FRAMINGHAM, MA – Investment sales broker Northeast Private Client Group has announced the sale of Thompson Estates, a 24-unit apartment building located at 14 Thompson Drive in Randolph, MA. 

Edward Jordan, JD, CCIM, the firm’s managing director, represented both the seller and the buyer in the $3 million transaction that closed on March 14.  Christopher Donato, regional manager in the firm’s Framingham, MA, office, supported Mr. Jordan.

“The success of this transaction is the direct result of our relation approach to investment sales,” said Mr. Jordan.  “With our regional brokerage platform, we were able to identify the right buyer for this off-market assignment and get the deal closed.”

Christopher Donato
The Thompson Estates property comprises a fully leased three-story apartment building built in 1981, with 24 two-bedroom units, on-site laundry and ample off-street parking on 1.25 acres.  Originally designed as condominium units, all utilities are individually metered to the tenants. 

“High occupancy and positive rent growth are driving strong demand in the Boston area submarkets, especially for multifamily properties,” said Mr. Donato.  “With uncertainty in the financial markets, income-producing real estate remains one of the best opportunities for generating and preserving wealth.”

The Quincy, MA-based buyer purchased the property for a price that equates to $125,000 per unit, which represents a gross rent multiplier of 7.9 and a capitalization rate of 8.7% on current net operating income. 

The transaction was made contingent on the assumption by the buyer of the existing FNMA mortgage on the property.  The seller, Newman Properties of Brookline, MA, intends to focus on Boston-based investment opportunities moving forward. 

For a complete copy of the company’s news release, please contact:

Randy Savicky
Connecting the New PR & Marketing to Business Goals
21 Brierbrook Lane, Weston CT 06883
T: 203-226-6156
M: 203-571-8151
T: @randysavicky
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