WELLINGTON, FL – ZOM Senior Living has contracted Balfour Beatty as construction manager for the first phase of Wellington Green Senior Living, its mixed-use senior housing community located in Wellington, Fla. Situated on a 46-acre lakefront site in Palm Beach County, the development will offer residents a resort-style community with significant green space in close proximity to well loved retail and dining options. The project is a venture between ZOM Senior Living and Liberty Senior Living.

The Class AA senior living rental community will offer luxury rental housing in a variety of formats, including single-tale villas with attached garages, three-tale garden flats, and residences within a six-tale building, attached directly to the main amenity building. The community’s focal point will be a two-tale, 65,000-square-foot clubhouse and amenity building, including multiple dining venues, indoor and outdoor swimming pools, spa, salon and wellness center, billiards and cards room, and a theater. Designed to include 424 units at full build-out, the first phase of Wellington Green Senior Living will include 267 independent living, helped living and memory care residential units.

“ZOM Senior Living and Liberty Senior Living are redefining the senior housing experience with this luxury rental community at Wellington Green, and Balfour Beatty is thrilled to be their partner in bringing this vision to reality,” said Scott Skidelsky, president of Balfour Beatty’s buildings operations in Florida. “We thrive on building unique, market-leading assets for our clients and Wellington Green will be a ‘crown jewel’ of senior living in Palm Beach County. ZOM continues to be a fantastic partner to Balfour Beatty, this being our second project with ZOM in South Florida and our third project nationally. We look forward to pushing the boundaries of senior living in Florida.”

ZOM and Balfour Beatty recently completed their first project together, the award-winning Solitair at Brickell, a 438-unit, 50-tale high-rise in the heart of Miami. “Solitair represented one of the most demanding designs and logistically challenging sites that we have ever developed,” said Graham Hatcher, senior vice president of construction, ZOM Living. “Balfour Beatty performed extremely well, executing at the highest possible level. We also recently broke ground on our second deal together in Dallas, and are excited to venture into the senior housing space with them at Wellington Green.”

With construction scheduled to commence in the first quarter of 2019, LS3P Architects and MSA Architects are providing design and architectural services.

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LAS VEGAS, NV – TruAmerica Multifamily has bought two apartment communities in Las Vegas, NV totaling 504 units for  $77.2 million. With the acquisition of Crossing at Green Valley and The Retreat, TruAmerica’s local portfolio now counts more than 3,200 units. 

“By leveraging our significant presence in this market, we can take advantage of economies of scale, to cost-effectively improve the appearance and amenities and achieve operational efficiencies at both properties,” said TruAmerica’s Director of Acquisition Zach Rivas, who led this acquisition effort. “Our renters will benefit from living environments comparable to newer product in the market, yet at rents which are affordable for working Las Vegas families.” 

In addition to increasing its footprint in one of the most dynamic multifamily investment markets in the country, the Los Angeles-based real estate investment firm seized the opportunity to team up with two equity partners with whom they had successfully aligned with in the past. 

Bought in partnership with Cleveland-based Citymark Capital, The Retreat is a 120-unit multifamily community in East Las Vegas. Built in 1996, the community features a mix of one-, two-, and three-bedroom apartment homes.  Each unit features nine-foot ceilings, full-size washers/dryers, walk-in closets, and private balconies or patios. It is TruAmerica’s second joint venture with Citymark, who earlier this year partnered to buy Central Park, a 362-unit multifamily community in Orlando, FL.

“The acquisition of The Retreat is a perfect fit for our national apartment investment platform,” said Dan Walsh, founder and CEO of Citymark Capital.   “Citymark’s unique platform provides investors with access to strong apartment investment opportunities across the United States, like The Retreat, by partnering with top operating companies like TruAmerica.”
 
Crossing at Green Valley, is a 384-unit multifamily community in Henderson which was bought in partnership with an institutional investor.  Built in 1986, Green Valley features a mix of one- and two-bedroom apartments, each with full-size washers/dryers, walk-in closets and private balconies. The property’s grounds include two swimming pools, two spas, a fitness center, barbecue areas, a playground and a dog park.   It is the fourth investment with this institutional investor, which includes Montego Bay, a 420-unit community in Henderson bought in 2016.  

Occupancy in Las Vegas has averaged 95 percent over the last 12 months and rents have grown by an average of roughly 5.5 percent since 2015, according to research firm Axiometrics. The market also saw employment growth of 3.4 percent over the past 12 months. And with just 6,400 new rental units having been delivered since 2012 according to Fannie Mae, the need for affordable multifamily housing remains high. 

“We like the long-term outlook for Las Vegas based on positive demographics and the high demand for rental housing and will continue to be net buyers,” added Matthew Ferrari, Senior Managing Director of Acquisitions for TruAmerica. 

Both properties will benefit from a multimillion capital improvement program that will include interior renovations as units become vacant, upgraded common area amenities, as well as new paint, signage and landscaping to improve curb appeal. 

The acquisitions were leveraged with 10-year financing through Freddie Mac’s select sponsor program arranged by Mitch Clarfield and Ryan Greer of Berkley Point Capital. 

Charlie Steel, John Cunningham and Darcy Miramontez in the Phoenix office of JLL represented the seller, Acacia Capital and TruAmerica in the transaction.

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BOSTON, MA – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of the 230-unit Ocean 650 on behalf of its real estate funds.

Located at 650 Ocean Drive in Revere, Mass., the asset represents an opportunity for Greystar to buy a best-in-class property in the rapidly evolving Boston metro submarket, which continues to outpace the rest of the area in rent growth. The seller is a joint venture between Upton & Partners and TA Realty.

“The acquisition of Ocean 650 complements Greystar’s strategy of acquiring high-quality transit-oriented assets where we can add value through operational improvements in infill, rapidly improving submarkets of Boston metro,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “Northern Boston continues to be a top performer in the metro, and we believe our plot to leverage Greystar’s operational efficiencies will allow us to seek to maximize the property’s potential. We believe the outlook for this market is bullish and expect to see rapid transformation as a result of the potential redevelopment of Suffolk Downs and the surrounding areas.”

Completed in 2017, Ocean 650 benefits from a prime location across the street from Revere Beach, which provides 3.5 miles of beachfront and breathtaking views of the Boston skyline. The property is steps away from the new MBTA Wonderland station, which provides Blue Line access to downtown Boston in less than 20 minutes.

Residences boast nine- to 11-foot ceiling heights, plank wood flooring, white quartz countertops with tile backsplashes, stainless steel Whirlpool Energy Star appliances, and in-unit washers and dryers. Ocean 650’s ample amenities include a rooftop deck, outdoor pool, fire pit and grilling area, dog walk and groom room, fitness center with spin and yoga studios, and resident work spaces, among others.

As the nation’s largest apartment operator with 480,000 units under management, Greystar currently owns approximately 3,000 units in the Boston area and manages 10,000 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Boston area.

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