SAN FRANCISCO, CA – Trumark Urban announced the complete sellout of Knox, a mixed-use residential development consisting of 91 condominiums in the heart of San Francisco’s Dogpatch neighborhood. Knox experienced a complete sellout in just under 10 months, making it one of the fastest selling communities in San Francisco since launching sales in March 2017, which were led by West Coast condominium sales and marketing firm Polaris Pacific. Located just steps from the 22nd Street Caltrain station and within a bourgeoning neighborhood brimming with eclectic shops, galleries and eateries, Knox represented the only for-sale residential community in the Dogpatch neighborhood.

“The sales success we experienced at Knox is truly unprecedented and is a key indicator that homebuyers are beginning to recognize the tremendous value of residing in the budding Dogpatch neighborhood central to diverse services, amenities and transit options,” said Arden Hearing, Managing Director of Trumark Urban. “When we identified the location for this project, we saw the limitless potential that the Dogpatch neighborhood held and with limited for-sale housing in the area, we knew that Knox would satisfy the demand for much-needed new housing inventory in the market.”

Located at the corner of 22nd Street and Mississippi Street, Knox is made up of one-, two-, and three-bedroom homes boasting organic modern interiors accentuated by natural elements with an industrial edge. Designed by BDE Architecture, Knox’s architecture and interiors emphasize effortlessly elegant living spaces that are deeply rooted in comfort and composed in organic textures and finishes. The landscaping, designed by Miller Company, features lush plantings in the courtyard and around the building’s exterior, including a butterfly habitat for native butterflies. Additional community amenities include a fitness center, community lounge, green roof and a central courtyard with barbecues, fire pits, and a water feature. Further, there is onsite car and motorcycle parking, personal storage, designated car-share spaces, and bike storage with a bike repair shop. 

Trumark Urban has also reached more than 90 percent sold at its other prominent San Francisco project, The Pacific, since launching sales in summer 2016; and sold out of its project in The Mission District, Rowan. The Pacific is a collection of 76 residences located in San Francisco’s prestigious Pacific Heights neighborhood and is considered the crown jewel of Trumark Urban’s portfolio, breaking a price record earlier this year at $3,921 per square foot.  Rowan is a residential community consisting of 70 condominiums located in The Mission District boasting an expansive communal rooftop deck with panoramic city views. 

“We are extremely proud of everyone involved in the success of this project from our sales and marketing team to our architects, designers, contractors and beyond,” said Gregg Nelson, Co-founder and Principal of Trumark Companies.

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MESA, AZ – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Lakeview at Superstition Springs Apartments in Mesa, AZ.

Lakeview at Superstition Springs is a 676-unit apartment community built in two phases between 1995 and 1998 within the Superstition Springs Master plot. The property offers brilliant drive-by visibility from two major cross-streets and is surrounded by some of the East Valley’s largest employers.

Lakeview is situated on over 38 acres featuring five lakes and walking paths throughout. The property offers a unit mix of one-, two-, and three bedroom units including townhomes. Other resort-style amenities include four swimming pools and spas, a fitness center, two resident clubhouses and lakeside ramadas with barbeques.

MG Properties Group plans to continue the interior upgrade program in progress and enhance common area amenities.

The sellers were represented by Tyler Anderson, Sean Cunningham, Asher Gunther and Matt Pesch of CBRE. The acquisition was financed with a $70.7M Fannie Mae Loan arranged by Rocco Mandala of CBRE.    

According to Mark Gleiberman, MGPG’s Chief Executive Officer, “Phoenix continues to be an attractive rental market with strong employment growth and net in-migration. Lakeview at Superstition Springs is positioned to capitalize on this in a walkable location with access to major employers.”

MG Properties Group has bought 11 properties in the past 12 months.  These acquisitions total over $817,000,000 in buy price and 4,000 units.  The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada. 

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TULSA, OK – National Health Investors announced that it has bought The Country Club of Woodland Hills, a 200-unit independent living and helped living community in Tulsa, Oklahoma.

NHI’s investment is $35.1 million, including $500,000 for capital improvements expected to be fully funded by the end of 2019.

The facility will be leased to NHI’s current tenant, Discovery Senior Living, for a term of 15 years, with renewal options, at an initial lease rate of 7.0% plus annual fixed escalators. The acquisition was funded with a draw on NHI’s revolving credit facility.

Eric Mendelsohn, NHI President and CEO, stated, “This is an opportunity to buy a high-performing seniors housing community and expand our current relationship with Discovery Senior Living, an operating partner with a very experienced management team. This is a fantastic addition to NHI’s exceptional seniors housing portfolio.”

Discovery Senior Living is an award-winning industry leader in developing and managing seniors housing communities. They currently operate 47 senior living communities, with nearly 7,000 units in 13 states throughout the United States.

National Health Investors is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, helped and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

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