A couple of institutional investors traded a portfolio of four active adult communities in three states. All recently built and boasting occupancy above 95%, these communities total 481 units in three MSAs: Pittsburgh, Pennsylvania, Louisville, Kentucky, and Indianapolis, Indiana. Each community also featured on-site beauty salons/barber shops, fitness centers, community family rooms with kitchens, and numerous amenities.
CBRE’s Indianapolis Multifamily team consisting of Steve LaMotte and Dane Wilson, CBRE’s Pittsburgh Multifamily team consisting of Laura Lawrence, and CBRE’s National Senior Housing team members John L. Sweeny, Jr., Aron Will, Garrett Sacco and Scott Bray represented the seller, an institutional investor and experienced active adult developer/owner/operator. In addition, CBRE National Senior Housing’s Debt & Structured Finance team arranged the acquisition financing on behalf of the institutional buyer/borrower. CBRE secured a low-leverage, seven-year, fixed-rate loan through its Fannie Mae DUS Lending platform. According to the borrower, the fixed rate spread was one of the lowest that they have executed on in the history of their investment platform. Aron Will and Matt Kuronen represented the buyer in securing the financing.
