NEW YORK, NY – Welltower, the global leader in health care infrastructure, and the New York office of Hines, the international real estate firm, announced that they have closed on the acquisition of a development site at 2330 Broadway at 85th Street on the Upper West Side of Manhattan. Existing commercial structures on the site will be demolished to make way for construction of a state of the art 140,000-sq.ft., 17-tale senior living and memory care community.

The 9,100-sq.ft. site on the northeast corner of 85th Street and Broadway is the second Manhattan senior living development site for the joint venture partnership of Hines, Welltower, and a passive institutional investor.  In 2016, Hines and Welltower announced the acquisition of a site at 139 East 56th Street as the first new purpose built Manhattandevelopment aimed at addressing New York’s aging demographics and underserved senior population. The 130,000-sq.ft. facility, named Sunrise at East 56th Street, will top out at 16 tales at the end of January and open for residents in early 2020.

“We are proud to build on our partnership with Welltower to identify and secure brilliant urban sites for the creation of extraordinary senior living communities,” said Tommy Craig, Senior Managing Director of Hines.  Sarah Hawkins, Senior Managing Director of Hines, added “Our partnership in the urban seniors housing sector combines the highest quality of care with gorgeous and functional design focused on dignity, wellness and community, and we are excited to bring this innovative model for seniors to the Upper West Side.”

“We are very pleased to expand our partnership with Hines, which is focused on developing state-of-the-art residential senior care buildings in major urban markets like New York City,” said Tom DeRosa, CEO of Welltower.  “The Upper West Side of Manhattan is a uniquely distinct neighborhood with a large population of affluent seniors yet zero supply of modern, purpose built residential care communities. This location is in the top percentile of the demand curve for our target households and The Welltower West will offer a seamless extension of this unique neighborhood for our residents.”

Design and development plans are currently underway and will be announced in greater detail at a later date. But the developer, in sharing the first rendering of the community, said the development will complement and integrate with the vibrant and well-established residential neighborhood of the Upper West Side. It will be designed by SLCE Architects, LLP, which also designed Sunrise at East 56th Street.

The transaction teams were led by Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower, both out of their respective New York regional offices.

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SEATTLE, WA -Security Properties and funds managed by Oaktree Capital Management bought The Grove at City Center, a 420-unit, Class-B garden style property located in Aurora, CO. This was Security Properties’ fourth joint venture with Oaktree. With this acquisition, Security Properties has now closed on four market rate properties in Colorado within the last 12 months. In addition, they also own affordable housing properties throughout metro Denver.

Located at the crosshairs of East Mississippi Avenue and Interstate-225, The Grove at City Center boasts exceptional accessibility to local and regional amenities. East Mississippi Avenue, a primary east-west corridor, is a highly-traversed road that services 53,000 riders daily, thereby providing fantastic drive-by exposure. Further, located just two blocks from Interstate-225, The Grove at City Center benefits from its quick access to a number of regional amenities / economic drivers within Denver, including the Fitzsimons Medical Campus, BuckleyAir Force Base, as well as the Denver Tech Center.

Units feature a mix of 1- and 2- bedroom floor plans, offering in-unit washers and dryers, a stainless steel appliance package, wood burning fireplaces, and air conditioning. Prior ownership had upgraded all common areas as well as unit interiors; but, Security Properties sees an opportunity to make additional value. The property-level business plot features light cosmetic-upgrades, including the addition of backsplashes, USB outlets, as well as under-cabinet lighting. When finished, the units will offer finishes that are unique to the properties in the comp set. Additionally, the property offers a comprehensive amenity package including a swimming pool, a remodeled clubhouse with lounging areas, a fitness room, as well as a dog park.

Tad Johnson, Senior Investment Manager at Security Properties says, “The recent renovations at The Grove at City Center resulted in an attractive income producing asset. The asset’s central location in Aurora benefits from close proximity to a handful of marquee jobs nodes that are driving demand for housing. We expect the current strong fundamentals in the submarket to continue, resulting in durable cash flow for this long term investment.”

Jared Lazarus, Managing Director at Oaktree, added, “As we continue to expand our income-producing, core-plus business through strategic relationships, we’re excited to partner once again with Security Properties on another compelling transaction in a high-growth, supply constrained market.  The Aurora submarket in the Denver MSA continues to exhibit some of the strongest apartment fundamentals in the United States”

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TAMPA, FL – Providence Real Estate, a multifamily owner operator, announced the completion of the acquisition of the Century Falls Apartments located in the Citrus Park / Westchase area of Tampa, Florida. The Property was bought in a joint venture with a repeat Providence capital partner based in Europe.

The property sits in a serene setting surrounding a lake within a conservation area in a highly desirable location with top ranked schools, brilliant access to Westshore (11 million square feet of office space) and downtown Tampa. The property is anticipated to undergo extensive exterior and interior renovations and will be renamed Seasons at Westchase.

“The acquisition of Century Falls is a continuation of our over three decades of focused experience acquiring well-located apartments in affluent suburbs of growing American cities that may benefit from significant renovation. Providence has built a deep expertise in providing high-quality residences to all segments of the U.S. workforce, generally defined as households annually earning between $40,000 and $80,000, and Century Falls will target the higher-income renters in this segment. Due to the high cost of ground-up multifamily construction, the nationwide supply of new apartments continues to be predominantly focused on making expensive luxury multifamily products offering rents significantly higher than most households in the U.S. workforce can afford, and we believe that a long-term opportunity exists to serve the U.S. workforce with affordable, renovated market rate apartments,” said Alan Pollack, Providence’s Chairman.

Providence Real Estate and its affiliates have been an active owner, operator, manager and asset manager of multifamily residential communities since 1985. Providence consists of an experienced group of professionals dedicated to searching for, identifying, acquiring, renovating and operating multifamily properties in select U.S. markets. Providence is a fully integrated real estate organization with property, asset and construction management, as well as acquisitions, accounting, information technology and human resource divisions. 

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