The CBRE Capital Markets Houston Multifamily Group and CBRE National Senior Housing handled the sale of an active adult community in Houston, Texas. Built in two phases in 2006 and 2012, Elate Royal Oaks, previously known as Camden Royal Oaks, consists of 340 units (236 were built in Phase 1, and 104 were built in Phase II). Clint Duncan, Matt Phillips, Jock Naponic, Nolan Mainguy and Philip Kerr of the Multifamily Group, as well as Aron Will and John Sweeny on the seniors housing side, represented the seller.
CBRE National Senior Housing also acted as the advisor in securing acquisition financing on behalf of the buyer through its Debt & Structured Finance team. Aron Will and Michael Cregan originated the five-year, fixed rate loan on behalf of the joint venture between GEM Realty Capital and Middle Street Partners. Post-closing, the community will be operated by Greystar under a third-party management contract.
GEM Realty Capital acquired a separate active adult community in June for $32.925 million, or $204,500 per unit, with Inspired Real Estate Partners. Built in 2020, Lakeview at Germantown, previously known as Avenida Watermarq, is a 161-unit, Class-A community in Germantown, Tennessee, that was 87% occupied at the time of sale. The joint venture brought on Gallery Residential to manage the community. Newmark handled that transaction.
