RIDGELAND, MS – Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, has expanded its multifamily portfolio with the acquisition of a new property in Ridgeland, MS. The acquisition of Lexington Apartments—a 220-unit community—was completed as part of a joint venture with longtime partner, ApexOne Investment Partners.

The gated community built in 2000—which is being rebranded as Ridgeland Place—is ideally located in the upscale Northeast section of Jackson, MS and within close proximity of several major employers including Select Specialty Hospital, Nissan North America and Comcast.

Apartment homes are available in one, two, and three-bedroom models and feature a number of amenities including private outdoor areas, fully-equipped kitchens and ample storage space. In addition, Ridgeland Place showcases several community amenities including a sparkling pool with sundeck, fitness center, and playground.

“Ridgeland appealed to us given its premier location within an award-winning school district, flourishing retail and entertainment offerings and accessibility to major highways,” said Michael Price, vice president of residential transactions for Balfour Beatty Communities. “We look forward to adding value to the community through modern renovations and raising the bar for an exceptional living experience with our management expertise.”

Balfour Beatty Communities will self-perform property management services and invest in a series of capital improvements at the property, including upgrades to unit interiors, the community amenity package and overall curb appeal.

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PORTLAND, OR – Strategic Student & Senior Housing Trust, Inc. (SSSHT), a public, non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC (SmartStop), announced its acquisition of Courtyard at Mt. Tabor, a continuum of care senior housing community offering 286 units of independent living, helped living and memory care in Portland, Oregon. SSSHT bought the facility for $92 million. 

Located at 6125 and 6323 SE Division St., Courtyard at Mt. Tabor is currently 94 percent occupied and 100 percent private pay. An expansion project that will add an additional 23-unit memory care building to the facility is scheduled to break ground in the fall of 2018. 

“As an established, award-winning retirement community, Courtyard at Mt. Tabor aligns perfectly with our strategy to buy stabilized properties that also offer an opportunity to enhance value through operational or structural improvements,” said John Strockis, chief investment officer. “The property also benefits from its ideal location in Portland, a welcoming city with premier senior housing fundamentals and high cultural acceptance of senior living communities. This property is Strategic Student & Senior Housing Trust’s fourth senior housing acquisition and a welcome addition to our diversified and growing real estate portfolio.”

Courtyard at Mt. Tabor is a full-service retirement community that offers extensive dining service options, wellness care and activities, transportation, personal care and support services, housekeeping, and a 24-hour front desk staff. The property received the Caring Stars award in 2015 and 2016, a program that honors the best senior living communities in the United States based on consumer reviews. 

Situated on 7.1 acres of land in the Mt. Tabor submarket of Portland, the community was constructed between 1999, 2000 and 2009. 

Integral Senior Living, a premier senior living operator that manages independent, helped living and memory care properties throughout 18 states, has managed the property since 2011 and will continue to manage the property on a day-to-day basis on behalf of the REIT.

“We look forward to being partners with Strategic Student & Senior Housing Trust at Courtyard at Mt. Tabor,” said Collette Valentine-Gray, Integral Senior Living’s CEO and COO. “SSSHT is a top-notch company that intends to continue to invest in senior-living communities, with an eye to enhancing amenities and services. They share our vision and mission of making our communities vibrant, healthy and welcoming environments for residents and their families.

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NEW YORK, NY – An affiliate of Red Stone bought $20.160 million of tax-exempt bonds, the proceeds of which will provide mortgage capital for the acquisition, rehabilitation, and permanent financing of two affordable senior rental communities. The properties are in the city of Rensselaer, NY which is directly across from Albany along the Hudson River. The properties both benefit from Section-8 rental subsidies that ensure the affordability of the communities for their low-income senior tenants.

The properties, Van Rensselaer Heights and Renwyck Place (originally constructed in 1980), will benefit from modernization via rehabilitation budgets exceeding $45,000 per unit. The redevelopment of the properties will be completed by Millennia Housing Development, Ltd. (Millennia). Millennia is a Cleveland, Ohio based industry leader with extensive experience acquiring, recapitalizing and redeveloping affordable housing across the United States. Boston Capital Corporation, a leading affordable multifamily housing investment company, bought approximately $9.5 million in Low-Income Housing Tax-Credits (“LIHTCs”).

“Millennia is thrilled to close on the acquisition/construction financing of these properties and looks forward to immediately mobilizing on the rehabilitation of these buildings. Both are truly special properties filled with wonderful residents who deserve a first-class home in which to live,” commented Tom Mignoga, Development Manager for Millennia. “We are honored to have worked with Red Stone Partners, Boston Capital, the City of Rensselaer and the Buffalo HUD Office; all of who worked tirelessly to ensure that this transaction kept moving forward. We appreciate our strong relationships with Red Stone Partners and Boston Capital and look forward to working with them again in the future.”

Brian Renzi, Managing Director at Red Stone, noted that, “these were complicated transactions that were separate but needed to close simultaneously. All participants were crucial in the recapitalization process of these communities. Millennia is one of Red Stone’s strongest developer relationships and over the past five years we have worked together to preserve and rehabilitate nearly 2,000 units utilizing tax-exempt bonds in conjunction with the Low-Income Housing Tax-Credit. A solid relationship between developer and lender can make all the difference on a transaction like this.”

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