PARK CITY, UT – Security Properties bought Elk Meadows, a 96-unit multifamily affordable housing property in Park City, Utah. Elk Meadows is a garden-style community comprised of family units that are income restricted.

The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits (LIHTCs) from the Utah Housing Corporation (UHC). A Regulatory Agreement tied to that original source of financing deed restricts the property as affordable housing through 2023.

The acquisition of Elk Meadows is Security Properties’ first in the state of Utah. The greater Salt Lake City metro in particular is a market that the company is quite bullish on and has been actively targeting for some time now.

The relatively low cost of living, proximity to outdoor recreation, and abundant employment opportunities continue to attract new businesses and residents to the area, which is promising for long-term investments in multifamily real estate.

“This acquisition positions Security Properties into a highly desirable region from which to expand, and allows us to preserve high-quality affordable housing for the long-term in an area where there is an extreme shortage of affordable housing options,” states Bryon Gongaware, Managing Director of the Affordable Housing Group for Security Properties. 

KeyBank provided a 5-year term floating-rate loan on the property. The property will be managed by Security Properties Residential, an affiliate of Security Properties.

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DAYTON, OH – Sugarcreek Township, Ohio trustees unanimously approved construction for The Grand of Sugarcreek and Rollandia Greene, a $60 million luxury senior living and multi-family community just south of Dayton.

The senior community will be built on of 16 of the 42-acre Rollandia Golf Course in Sugarcreek Township, Greene County. Groundbreaking for the senior living community is expected to start in the third quarter of this year, with completion scheduled for winter, 2019, said Ian Guttman, CEO of Guttman Properties. The multi-family community will follow soon thereafter.

Located at 4990 Wilmington Pike in Dayton, the community will offer 242 senior living residences and 276 multi-family residences. The senior community will have a mix of independent senior lifestyle cottages, helped living suites, and memory care suites. 

The Grand of Sugarcreek is a joint venture between developer Guttman Properties, a Cincinnati-based development company focusing on senior housing and upscale apartment communities, and Civitas Senior Living, LLC, a Fort Worth, Texas, management company known for its innovative culture and dedication to delivering a passionate experience for every resident. General contractor is DMK Development Group of Louisville, Ky., and the architect is Ph7 Architects, of Columbus, Ohio.

The Grand of Sugarcreek will offer a maintenance-free lifestyle that allows senior citizens independence and privacy, as well as connectedness to a caring community. Features include: private residences; resort-quality amenities and services; chef-prepared meals; 24-hour professional care; and elegantly landscaped grounds in a serene setting. 

“Civitas and Guttman Properties have a shared commitment to building and operating brilliant living communities for seniors,” said Guttman. “Studies have shown that seniors who live in housing that offers a resort-like experience feel connected to a community and have a better quality of life.” 

“Our passion is people, and our mission is to inspire active, healthy, and pleased lives,” said Powell. “From activity programming to medication management to culinary experiences and more, Civitas’ Passion Program is the guiding force behind our company’s mission: To live every day with passion.”

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IRVINE, CA – The Bascom Group has bought Sunset Cove Apartments, a 123-unit infill apartment community located in the coastal community of Costa Mesa, California. The $33.3 Million acquisition ($270,731/unit) closed on April 30, 2018. Brian Eisendrath, Annie Rice, and Brandon Smith of CBRE arranged the debt financing. The sale was brokered by Jim Fisher, Jeff Rowerdink, Joe Leon and Mike Smith of Berkadia.

Built in 1970, Sunset Cove is located in the growing Westside Costa Mesa community with immediate access to major transportation routes including SR-55, I-405, and SR-73 freeways. Sunset Cove offers a serene location close to renowned retail venues like South Coast Plaza and Pacific City, in addition to numerous golf courses and pristine beaches that highlight Orange County’s retail and recreation attractions. The property’s access to employment hubs like Irvine Business Complex, South Coast Metro, and Newport Center provide Sunset Cove residents convenient commutes to some of Southern California’s preeminent employers in high-tech manufacturing, biotechnology, healthcare, tourism, and professional business services. 

Chad Sanderson, Senior Principal of Bascom, comments, “Sunset Cove was a rare opportunity to buy a core asset in a very desirable Orange County coastal market. We were impressed by the quality of the asset and its proximity to numerous retail, entertainment, and employment centers. This marks the third acquisition by Bascom’s fourth fully discretionary equity fund.”

Paul Diamond, Senior Vice President of Operations for Bascom, comments, “We plot to implement some modest property upgrades that will make Sunset Cove a top choice among multifamily properties in the immediate area. These improvements will help to sustain the property over the long term and offer a higher quality living experience for tenants.”

Since 1998, Bascom and its affiliates have bought 313 multifamily properties throughout the United States, totaling 82,557 units and currently holds 18,305 units in its portfolio. Over the past twelve months Bascom has completed over $1.0 billion in multifamily transactions throughout the United States.  Sunset Cove marks Bascom’s 170th multifamily property closed in California. Over the past twelve months Bascom has bought $1 billion in multifamily transactions throughout the United States.  

Chris MacLeod, Vice President of Bascom, also added, “The market fundamentals in Costa Mesa are strong. Costa Mesahas extremely high barriers for new multifamily development. Additionally, we continue to see the demographics in the market improve year after year.”

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