FORT WAYNE, IN – Besyata Investment Group and The Scharf Group, both NY-based single-family offices, have bought Three Rivers Apartments in Fort Wayne, IN for a Buy Price of $32.25 Million.

Three Rivers Apartments, the tallest residential building in Downtown Ft Wayne, is a 354-unit apartment community offering one of the most comprehensive amenity packages in its submarket. Three Rivers Apartments benefits from being within walking distance of Parkview Field Ballpark, Fort Wayne Museum of Art, as well as outdoor green spaces such as Headwaters Park and the Wabash & Erie Canal Towpath Trails.

Another major advantage is Riverfront Fort Wayne, an initiative to revitalize the areas surrounding the St. Mary’s River. Through the addition of parks and myriad public spaces, Fort Wayne residents will have access to incredible amenities and green space with the benefits that come with it. This $20 million-dollar project will include a promenade park, pavilion, elevated boardwalk and dock.

By capitalizing on the exterior capital improvement program implemented by previous ownership, Besyata and Scharf plot to add value to the property through gradual unit renovations in addition to amenity/common area enhancements to better compete with properties in the area.

A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Besyata currently owns and operates a multifamily portfolio spanning nine states, consisting of 5,000+ units.

A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.

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FORT WORTH, TX – Civitas Senior Living, a senior living management company, and LKP Ventures, a real estate development company, have announced their plans to bring Harvest Senior Living – a new, luxury helped living and memory care community — to Roanoke, Texas. Both companies are local to the Dallas/Fort Worth Metroplex.

“We are thrilled to be partnering with LKP Ventures on this new community,” said Wayne Powell, Founder and CEO of Civitas Senior Living. “We share a passion for next-level hospitality and fantastic development, and I look forward to working together to bring the Roanoke area’s seniors the high level of accommodations, services, and support they deserve.”

The new, 67,000-square-foot community will be situated on 5.25 acres along Texas 114 in Roanoke where it borders Trophy Club, and will be just minutes away from Argyle, Westlake, and Northlake. “This bustling area that encompasses both sides of the Denton-Tarrant County border has become a magnet for both businesses and housing growth,” said Narayan Patel of LKP Ventures. “We reckon the unique combination of Roanoke’s small-town feel and all the modern conveniences that come with an up-and-coming area are a perfect fit for the senior living market.”

Harvest Senior Living will offer 67 helped living and 16 memory careapartments with premium accommodations, including features such as: Private residences; Resort-quality amenities; Concierge-style amenities; Chef-prepared meals; 24/7 professional care.

While this community represents a continued pattern of successful growth and expansion for Civitas Senior Living, it is the first senior living project for LKP Ventures. But, they do have 40 years of experience in the lodging sector of the hospitality and industry.

According to Patel, the expansion into the senior living market is a natural go, representing more than just diversification. “Harvest Senior Living represents a continuation of our efforts to provide our signature high degree of hospitality in new ways.” The community’s name was chosen in part to honor his late grandfather’s legacy. “My grandfather started his career in India as a farmer and planted the seeds of this company’s entrepreneurial spirit by selling his crops door to door,” Patel said. “It was that business that sparked his interest in entrepreneurship, which led him to the hospitality industry.”

Powell said the choice for the two companies to partner on this project was an simple one. “We are known for our passionate approach to senior living. LKP Ventures is passionate about providing outstanding hospitality. It was a simple transition for them, and a natural partnership for both companies,” he said.

“We hope this will be the first senior living community of many,” Patel added.

Harvest Senior Living of Roanoke is a collaborative effort amongst developer LKP Ventures, management company Civitas Senior Living, Arrive Architects, and interior design firm Senior By Design. Groundbreaking is expected to occur Spring 2019.

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ORLANDO, FL – TruAmerica Multifamily has bought Island Club, a 472-unit Class B apartment community in Orlando, FL in a $64 million transaction.

TruAmerica identified the Orlando MSA as its top target market in Florida after entering the state in 2017. The Island Club is TruAmerica’s seventh asset buy in Orlando and boosts the Los Angeles-based real estate investment firm’s Florida holdings to more than 4,200 units.  Other assets are located in Boynton Beach, Fort Myers and Tampa-Clearwater.  

“We continue to look at opportunities and build upon our already significant presence in the greater Orlando area,” said TruAmerica Co-Chief Investment Officer Matthew Ferrari, who oversees the firm’s acquisition team.“ Orlando continues to experience phenomenal job growth, with more than 52,000 jobs having been made in 2018 and 30,000 more expected in 2019, and exhibits some of the strongest multifamily fundamentals in the United States. TruAmerica and our investors certainly want to be here in a huge way.” 

Island Club benefits from a prime location in the desirable Metro West submarket, less than five miles from Downtown Orlando. Located at 1401 S. Kirkman Road, the property sits across the street from Valencia College, the third largest community college in the State of Florida with more than 26,000 students and nearly 1,000 faculty and staff. Other major employers located nearby include Universal Orlando Resort, the second largest employer in Orlando with 21,000 jobs, and the Orlando Heath Regional Medical Center, the seventh largest hospital in the U.S. with 14,000 employees and staff.

Built in 1990, Island Club is a gated community featuring a mix of one-, two-, and three-bedroom apartment homes located on a low-density 42-acre site.   All homes feature walk-in closets, ceiling fans, full-size washers and dryers, and a patio or balcony, while select homes feature vaulted ceilings and fireplaces. Common area amenities include two lakes, two large resort-style swimming pools, two resident clubhouses, business center, bark park, lighted tennis court and picnic and barbecue areas. 

With only 31 of the 427 apartments having been renovated by the seller, Island Club represents a strong value-add opportunity for TruAmerica, which will start renovating apartment interiors through normal apartment turnover.  Other improvements will include upgrading community amenities including pool areas, clubhouses, fitness centers and landscaping.

Shelton Granade, Luke Wickham and Justin Basquill from CBRE’S Orlando office represented the seller in the transaction.

TruAmerica’s investment will benefit from 10-year Freddie Mac debt financing, that is interest only for the first five years of the term.  The financing was arranged by the CBRE Capital Markets team led by Vice Chairman and Managing Director Brian Eisendrath. 

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