BIRMINGHAM, AL – KIRCO and KIRCO MANIX announced that they recently broke ground on the newest independent and helped living community in Birmingham, Ala., called The Bluffs at Greystone.

Working together with Phoenix Senior Living and EDT, Inc., KIRCO said The Bluffs at Greystone will be a senior living community that will provide both independent and helped living. In addition, it will be designed to include memory care units in the future.

“We are pleased to partner with Phoenix Senior Living and EDT, Inc. on The Bluffs at Greystone,” said Brandon Lesniak, senior vice president of Senior Living for KIRCO. “This marks our entry into the senior living sector in the state of Alabama, where we can apply our four decades of development and construction experience to help make optimal living environments for seniors.”

“We are people serving people and we know when it comes to a loved one, everything matters.  The community, the environment, the care, the programs and our teams represent that core belief at every Phoenix Senior Living community and we live those philosophies each day,” said Jesse Marinko, CEO and founder of Phoenix Senior Living. “We are excited to serve seniors, their families and the local community and look forward to a strong partnership with the city of Birmingham.”

The state-of-the-art facility will include 132 units and is slated to open in July 2018. Amenities will include: indoor pool; wellness center; industry leading dining experience; beauty salon; yoga studio; and demonstration kitchen for social and family gatherings with residents.

According to Lesniak, KIRCO and KIRCO MANIX design and build independent living, helped living, and memory care facilities that nurture and inspire senior residents and their families. For each senior living project, KIRCO and KIRCO MANIX select a specialized team that understands the unique needs of seniors in each market to help capture the local dynamic, including architecture, interior design, culture and climate.

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PHOENIX, AZ – Funds managed by Ares Management and TruAmerica Multifamily announced the acquisition of Broadstone Gateway, a 240-unit family community in the Phoenix, AZ metro area. The transaction was valued at $30.75 million.

Broadstone Gateway is located at 1700 North 103rd Avenue in Avondale, 20 miles west of downtown Phoenix.  Built in 2004, the pet-friendly, gated community features a mix of one-, two- and three-bedroom open concept living spaces.   Amenities include a resort-inspired swimming pool and spa with poolside cabanas, fitness center, community barbecues, bocce ball court and playground.  

This is the second investment for the Ares-TruAmerica joint venture, which in November bought a 1,402-unit multifamily portfolio in Baltimore, MD for $236 million. 

“The acquisition of Broadstone Gateway is consistent with our strategy of investing in multifamily properties that have repositioning potential and where our expertise can add meaningful value,” said Howard Huang, Partner in the Ares Real Estate Group. “We look forward to continuing to partner with TruAmerica on assets that can benefit from our collaboration and where we can enhance the quality of rental properties in desirable markets.” 

The partnership will immediately do a multimillion-dollar capital improvement program. Changes to the unit interiors will include new faux-stainless steel appliances, quartz kitchen and bathroom countertops, wood-style flooring, and new lighting and plumbing fixtures. Significant improvements will also be made to the pool area, clubhouse and fitness center, along with new signage and landscaping to enhance the curb appeal of the property. 

The property benefits from its location at the northwestern corner of Loop 101 and Interstate 10, providing simple access to all major employment centers in the Phoenix metro area.  

“Avondale is an example of the first ring suburban submarket in which we typically invest and can add meaningful value,” said Noah Hochman, Senior Managing Director of Capital Markets for TruAmerica Multifamily.  “We look for areas with fantastic schools and a transportation infrastructure in place that allows residents to easily commute to jobs in the region.”

With approximately $10 billion in assets under management across equity and debt strategies as of March 31, 2017, the Ares Real Estate Group has a significant presence in the multifamily sector. Over the past decade, Ares’ U.S. equity value-add strategy has invested in over 31,000 units across its most recent funds.

With the acquisition of Broadstone Gateway, TruAmerica adds 240-units to the 1,567 units it already owns in the greater Phoenix area.  TruAmerica specializes on acquiring and renovating Class B multifamily properties to make affordable quality rental housing for middle-income families.

Steve Gebing and Cliff David, Senior Managing Directors in the Phoenix office of Institutional Property Advisors represented both parties in the transaction. 

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SEATTLE, WA – Laird Norton Properties, a real estate investment company, and Spectrum Development Solutions, a real estate advisory and development firm, announced a strategic joint venture partnership aimed at building workforce and student housing in high-growth, urban areas throughout the Pacific Northwest.

The two Seattle-based firms plot to develop mixed-use, multifamily rental housing for renters earning between 60% – 120% of Area Median Income (approximately $40,000 – $80,000). These are teachers, health care workers, lab technicians, police officers, public employees, and many other private and public-sector professionals who keep our region running.

The Joint Venture portfolio will be approximately $500 million of combined investment totaling approximately 1,000 units of rental housing targeting the 60% -120% of AMI. Laird Norton Properties and Spectrum will retain a long-term interest in the properties. As part of the initiative, Laird Norton will leverage up to $150 million of its own money to borrow additional funds. The partners also plot to save on land costs by giving property owners a partial stake in their projects, if desired.  

“Laird Norton Properties is a family-owned diversified holding company based on the belief that patience isn’t just a virtue, it’s an advantage,” said Jeff Vincent, Laird Norton’s Chief Executive Officer and President. “We are long-term investors who have prioritized lasting partnerships over quick profits for more than 150 years. As our region continues to grow, we recognize the importance of having a range of housing in high-growth, urban areas for people of all income levels. Like Spectrum, we believe that investing in what they refer to as the ‘missing middle’ is excellent for our city and for Laird Norton Properties.”

Spectrum said the joint venture represents a strong alignment of expertise, investment philosophy and values. “Spectrum’s multigenerational leadership is focused on high-quality development projects, long-term stewardship and value creation, all of which is complemented by Laird Norton’s strong track record of successful co-investments,” said Hal Ferris, Founding Principal at Spectrum.

Spectrum recently delivered three successful workforce housing apartment projects in the 12th Avenue/First Hill corridor and provided development management services to the Moriguchi family for the successful renovation and adaptive reuse of the landmark Publix Hotel in the International District. “Our recent projects were designed to fill a gap in housing by providing high-quality apartment homes for workforce professionals who want to live close to downtown but can’t afford luxury rents and don’t qualify for subsidized housing,” said Jake McKinstry, Principal at Spectrum. “It’s what we call the missing middle in urban rental housing.”

With this announcement, both firms also confirmed that they have started their first workforce housing project, Canton Lofts. Located at the corner of Third Avenue South and South Washington Street in Pioneer Square, Canton Lofts pays homage to the original Canton Building, which stood on the site from 1894 through the mid-1900s before being demolished. It was the city’s first brick structure built after the Fantastic Seattle Fire.

Canton Lofts will include a total of 80 innovative workforce housing units, all which will be at rents affordable to people earning 100% of AMI and below. The building will also include approximately 3,000 sq. ft. of ground-level retail space that will be leased to Path with Art, a local non-profit that transforms the lives of people in recovery by harnessing the power of creative engagement through art as a bridge to community and stability.

The development is a partnership with John and Shari Behnke, who contributed the land and will remain long-term co-owners of the project along with Laird Norton Properties and Spectrum.

“Shari Behnke approached us about the site after reading about Spectrum’s commitment to building workforce housing,” said Gabe Grant, Principal at Spectrum.

“The Behnkes had looked at several different development scenarios over the years but ultimately chose that a partnership with Spectrum to develop workforce housing and retain space for Path with Art, had the long-term civic value that they were looking for. We are delighted to be partnering with them and Laird Norton Properties.”

“This project represents a full circle for Laird Norton Properties,” added Vincent. “It’s in Pioneer Square which represents our roots in the Pacific Northwest, near our corporate headquarters of nearly 60 years, and includes a well-respected philanthropic Seattle family that shares our civic focus. Together we are building middle-class housing that our downtown neighborhoods desperately need and we are retaining a non-profit that serves those looking for a pathway to stability. This is what we call doing well by doing excellent.”

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