LONG ISLAND CITY, NY – National real estate investor and developer, Lightstone, announced the start of leasing at ARC, a 428-apartment luxury rental property located at 30-02 39th Avenue in the Dutch Kills section of Long Island City. Consisting of more than 50,000 square feet of indoor and outdoor amenities, the property houses the largest and most diverse lifestyle-driven amenity program in New York City. ARC is available for immediate occupancy.

Amenities at ARC include an expansive rooftop pool club featuring a 70-foot long environmentally efficient outdoor salt water pool, which is accompanied by a rooftop sundeck, rooftop lounge, barbecues, cabanas for outdoor dining, and bocce courts.  As part of the active lifestyle program ARC features a staffed health club with a state-of-the-art fitness center, spin room, yoga studio, private training facilities, locker rooms, basketball court, and golf simulator. ARC also offers a private courtyard park with a greenhouse for year-round gardening and private events, as well as a residential lounge, library, club room, game room, private and collaborative workspaces, entertainment areas, and a gourmet catering kitchen with private dining.  A full-time lifestyle director manages the building’s robust amenity program, catering to the specific needs of each resident.

Additional amenities include a 24-hour concierge doorman; valet services including dry cleaning, apartment cleaning, and dog walking; bike storage; and an on-site indoor valet parking garage with direct access to the building.

“This pioneering property truly has something for everyone – whether you’re hoping for an active lifestyle, a quick commute to Midtown Manhattan, or gorgeous dining and pool facilities to entertain friends and family, ARC has it,” says Mitchell Hochberg, Lightstone President. “We are excited to start leasing and welcome residents to this one-of-a-kind luxury living space.”

Residences include a mix of studios, one bedroom, and two bedroom apartments, all of which feature over 9 foot high ceilings, expansive casement style floor-to-ceiling windows, Bosch appliances, custom cabinets, and quartz stone countertops. Bathrooms feature perfectly appointed tile with custom brass fixtures. All residences offer in-wall heat pumps with remote digital thermostats and in-unit Bosch washers and dryers.

ARC is conveniently located within walking distance to a number of Long Island City’s best attractions, restaurants, and bars, including Dutch Kills Centraal, LIC Beer Project, M Wells Steakhouse, Dutch Kills Bar, LIC Market, Silvercup Studios, MoMa PS1, and the Fisher Landau Center for Art.

ARC’s central location is immediately adjacent to the N and W train stop with access to Midtown Manhattan in less than 10 minutes. Other nearby trains include the E, M, R, and 7 lines.

Studios are available starting at $1,800, one bedrooms starting at $2,300, and two bedrooms starting at $3,500. ARC is available for immediate occupancy.

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LOS ANGELES, CA – The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital designed to address the nation’s growing shortage of affordable workforce housing, has expanded its portfolio with the acquisition of four multifamily housing communities, totaling approximately 1,300 units in the key growth markets of Houston, Atlanta, and Las Vegas. The acquisitions, secured within the past several months, expand the fund’s total portfolio to approximately 4,500 units across eight markets.

The new acquisitions are all garden-style apartment communities, and include: Maravilla, 212 units located northeast of the Las Vegas Strip in Las Vegas; Woodland Ridge, 302 units located northeast of Downtown Atlanta; Sonoma Ridge, 440 units located northeast of Downtown Atlanta, and Bridges of Cypress Creek, 314 units in northwest Houston.

Each acquisition advances the fund’s objective of acquiring, enriching and preserving critically needed rental housing for families who earn less than the area median income and live in densely populated, ethnically diverse communities. Residents include community-serving professionals such as teachers, police officers, health care workers, service workers and others who earn too much to qualify for subsidized housing, but not enough to afford higher-cost apartments or home ownership in areas near their workplaces.

With these recent acquisitions, the fund is on track to buy up to $1 billion in apartment communities in urban markets throughout the United States. The fund has previously made strategic acquisitions in Dallas, Austin, San Antonio, Las Vegas, Atlanta, Broward County, FL and Prince George’s County, MD.

“There are millions of Americans for whom the American dream is simply out of reach. These are families that are working two or three jobs to afford their rent, which comes at the expense of other essentials, like food security and health care,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “These new acquisitions will enable our fund to make a meaningful impact on the lives of over 2,200 residents by providing and preserving affordable housing in three quick-growing metropolitan areas and by enriching their lives with relevant services in the areas of education, healthcare and security that they could otherwise not afford.”

The Maravilla consists of 212 units in 27 two-tale residential buildings built in 1994. Amenities include a swimming pool, clubhouse with a lounge, and fitness center. The property is located near public transit and proximate to major employers on the Las Vegas Strip, such as hotels and casinos, as well as businesses in Downtown Las Vegas.

Woodland Ridge was built in 1986 and consists of 32 two-tale residential buildings and a clubhouse spread across 23.3 acres. Amenities include a swimming pool, fitness center, two dog parks, playground, tennis court, sports court, and landscaped grounds. The property is easily accessible by public transit and located in Atlanta’s largest technology market.

Proximate to Woodland Ridge, Sonoma Ridge consists of 440 units in 21 two- and three-tale residential buildings built in 1986. Amenities include a swimming pool, a fitness center, playground, business center, tennis court, sports court, and landscaped grounds. Many of the property’s residents work nearby for employers in the customer service, management, and sales related sectors.

Bridges of Cypress Creek consists of 314 units in 25 two-tale residential buildings built in 1980. Amenities include a clubhouse, business center, fitness center, tennis court, dog park, playground, laundry rooms, picnic areas, and two swimming pools. The property is located six miles northwest of George Bush Intercontinental Airport as well as a variety of major healthcare and retail employers.

“Houston, Atlanta, and Las Vegas are dense, high-demand areas with a workforce population in need of quality, affordable housing options,” said Gee Kim, President of Multifamily Housing Initiatives. “As we’ve done throughout our portfolio, we’ll be enriching these properties by making multi-purpose spaces that can accommodate targeted programs and services which will bring fantastic value to residents; additionally, we will be completing energy and water saving retrofit projects as part of the fund’s broader sustainability program.”

Turner Impact Capital previously announced that celebrated actress and philanthropist Eva Longoria and NBA superstar Chris Paul had joined forces with the firm as partners and ambassadors for the Turner Multifamily Impact Fund. In those roles, Longoria and Paul help raise awareness about the critical need for workforce housing in the United States and help ensure that the fund is meeting the needs of residents in urban communities.

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ORLANDO, FL – American Healthcare Investors and Griffin Capital Company, the co-sponsors of Griffin-American Healthcare REIT IV, announced  the REIT has completed the acquisition of the 1,140-unit, nine-property Central Florida Senior Housing Portfolio for approximately $110 million at a capitalization rate of 7.03 percent.

The portfolio’s properties are located throughout the Greater Tampa and Greater Orlando communities of Bradenton, Brooksville, Lake Placid, Lakeland, Pinellas Park, Sanford, Spring Hill and Winter Haven.

The acquisition was completed pursuant to a joint venture with an affiliate of Meridian Senior Living, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare REIT IV owns approximately 98 percent of the joint venture and acts as its managing member. The portfolio was bought under a RIDEA structure, which allows for the joint venture partners to participate in both the rental and operational cash flow of each property.

Central Florida Senior Housing Portfolio totals approximately 814,000 square feet of helped living, independent living and memory care space and has an aggregate occupancy rate of approximately 84 percent, as of September 30, 2017. During the past three years, approximately $6.5 million in capital investments have been made to modernize and improve the properties by the former owner.

Washington, D.C.-based Meridian Senior Living is an experienced senior living operator, which manages a portfolio valued in excess of $1.25 billion throughout 19 states and the District of Columbia. The company employs more than 4,000 professionals who care for approximately 5,000 senior residents in 71 communities.

“The addition of Central Florida Senior Housing Portfolio provides the REIT with a significant footprint in Florida amidst a large and aging population that is increasingly likely to transition to senior living communities,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “We also expect to enhance the value from these assets through our partnership with Meridian Senior Living, a senior living operator with extensive expertise and experience, which will use its proven active management strategies in an effort to realize greater occupancy, higher tenant satisfaction and financial efficiencies.”

Central Florida Senior Housing Portfolio was bought from New Senior Investment Group, an unaffiliated third party represented by Cody Tremper of Greystone Real Estate Advisors.

Griffin-American Healthcare REIT IV bought its first property in June 2016 and, as of the date of acquisition of Central Florida Senior Housing Portfolio, has bought a portfolio of 40 medical office buildings and senior housing facilities for an aggregate contract buy price of approximately $466 million.

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