NEW YORK, NY – Ventas announced that it has signed a definitive agreement to buy a premier seniors housing community located in the appealing Battery Park City neighborhood of downtown Manhattan for approximately $194 million from Brookdale Senior Living.

“The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” said Debra A. Cafaro, Ventas Chairman and Chief Executive Officer. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics. We are pleased to reach another mutually beneficial transaction for Ventas and Brookdale and we look forward to growing and improving this high-quality residence for seniors.”

The 14-tale Community, which includes 217 units overlooking the Hudson River, is a premier independent living community for New York City’s senior population and benefits from first class services, gardens, natural light and spacious units. It is located in a thriving downtown Manhattan neighborhood that offers high-end retail, residential and commercial space in addition to simple access to other highly sought after neighborhoods such as Tribeca, SoHo and the Financial District.

The acquisition is attractively valued below replacement cost and represents an approximately 5 percent going-in yield on net operating income with redevelopment opportunities offering additional potential upside. Brookdale, which has successfully operated the Community for nearly 20 years since its opening, will continue to operate the Community under a management contract with Ventas upon closing of the transaction. While the Company expects the closing to occur by year-end 2018, it remains subject to customary closing conditions and there can be no assurance whether or when the closing will occur.

Ventas, an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of approximately 1,200 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, life science and innovation centers, inpatient rehabilitation and long-term acute care facilities, health systems and skilled nursing facilities.

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WORCESTER, MA – Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, and an owner, manager, and developer of luxury lifestyle-oriented multifamily and mixed-use properties, celebrated the official opening of 145 Front at City Square, a new collection of studio, one- and two-bedroom luxury apartment homes in Downtown Worcester. Roseland executives were joined at the event by Worcester city officials, including Mayor Joseph Petty and City Manager Edward M. Augustus, Jr.

A key component of a $565-million, master-plotted development that is bringing more than 22-million square feet of commercial, medical, retail, entertainment, and residential space to the area between City Hall and Union Station, 145 Front at City Square features 365 residences, complimented by a curated mix of amenities and 10,000 square feet of ground-floor retail space. Roseland designed the property to cater to residents who value open floor plans that allow them to tailor their living areas and entertain in modern comfort. 

Additionally, the company has infused 145 Front at City Square with state-of-the-art amenities including a dog run; resort-style pool with sundeck, courtyard with fire pits, grills, TV, and bocce ball; fitness center with yoga and spin room featuring Fitness on Demand™; clubroom with billiards, skee-ball, foosball, shuffleboard and computers; onsite concierge; package lockers; and a parking garage.

“We’re thrilled to celebrate the opening of 145 Front at City Square, a premier apartment community that sits right at the center of Worcester’s vibrant and continuously evolving downtown, and within steps of a growing roster of restaurants, nightlife, and retail options,” said Gabriel B. Shiff, Chief Operating Officer of Roseland Residential Trust. “This property offers a level of luxury finishes and amenities that is truly unrivaled in Worcester, and it has been extremely exciting to see the community come to life as more and more residents go into their new homes here.” 

Ranging in size from approximately 500 to 1,250 square feet, the homes at 145 Front at City Square feature wood-plank-style flooring and contemporary kitchens equipped with stainless steel appliances and fixtures, Caesarstone® countertops, gray subway-tile backsplashes, and sleek, modern cabinetry. Every residence features pendant lighting, ceramic tile soaking tubs, in-unit washers and dryers, and solid-shelving closets. Select residences feature private balconies and terraces as well as dens and studies.

As the desirability of Downtown Worcester continues to grow, 145 Front at City Square has been especially attractive to Worcester’s growing workforce in the advanced manufacturing, information technology, biotechnology, and healthcare sectors. 

Part of a public-private development project that is driving a dramatic transformation of the city, 145 Front at City Square is located adjacent to Worcester’s Union Station, which provides multiple transport options, including Massachusetts Bay Transportation Authority (MBTA) trains, Amtrak, and MBTA, which offers service to Boston’s South Station in approximately 90 minutes.

The community is reflective of Roseland’s focus on developing in select transit-oriented markets throughout the Northeast – a strategy that’s also apparent in East Boston, where the company is developing Portside at East Pier – a master-plotted, mixed-use waterfront development of 550 luxury apartment homes and retail space. 

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DALLAS, TX – Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, and Dallas-based developer Wynne/Jackson announced the completion of the second phase of a mixed-use development project to expand and enhance the housing options available to students at the University of Texas at Dallas. The two-phase Northside development now provides more than 1,500 University students with a modern, amenity-rich living experience at the northern edge of campus.

The second phase adds 900 beds in both mid-rise apartment and townhome styles, featuring studio, one, two, three and four-bedroom floor plans. Northside’s second phase also brings a variety of new amenities including a second resort-style pool with spacious patio and lounge areas, a tournament sand volleyball court, a second, much larger indoor/outdoor fitness center, individual study rooms on each floor, a “sky lounge” amenity space, and more than 7,000 square feet of additional retail space.

Completed in 2016, Northside’s first phase brought 600 beds with significant amenities and a parking garage, as well as a variety of restaurants and pubs and a recently opened state-of-the art 7-Eleven, to the 13 acre tract of land located north and west of the Synergy Park Boulevard and Floyd Road intersection, adjacent to the proposed site of a future DART rail station.

Key participants in the Northside phase 2 development include lead equity partner Star America and the overall design/build team headed by Andres Construction featuring lead design firm Architecture Demarest, landscape architect TBG Partners, and interior designer Keaton Interiors. Balfour Beatty Communities will continue to provide residential leasing and management services for the comprehensive Northside development, while Wynne/Jackson will continue to provide leasing and management services for the retail components of the property and asset management of the property.

“This is an exciting milestone for UTD and our development partners and it is truly gratifying to take in the remarkable transformation this area has undergone since we broke ground on the multiphase Northside project more than three years ago,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “Our teams have worked tirelessly over the past year to achieve an on-time delivery of Phase 2 and we’re thrilled to help the University achieve its goal of providing students with expanded options for high-quality, modern housing that is convenient to campus.”

“The intent of Northside was to make a walkable gathering spot with high quality services and amenities along with a safe and comfortable living environment for students. We are proud to have accomplished this evidenced by Phase 1 being 100% leased for 3 years in a row and Phase 2 being full in advance of delivery,” said Clyde Jackson, President & CEO of Wynne/Jackson. “Stay tuned for more exciting announcements about the Northside Restaurant Park that is part of Phase 2.”

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