Multifamily

The project will include 160 new units of high-quality, affordable rental housing for older adults and adults with special needs.

The 337,892-square-foot property consists of 16 three-story buildings. Waypoint Residential recently upgraded all unit interiors, which resulted in a notable rent increase and therefore now presents a strong value-add opportunity for the new ownership, according to Cushman & Wakefield.

The campus is currently used for administrative functions of the New York State Office for People with Developmental Disabilities, which occupies four buildings on the site as well as the on-site power plant. In March 2017, ESD issued a Request for Expressions of Interest for the site.

The New York-based firm is financing the property through Freddie Mac, whose debt was secured by HFF.

“Siena is indicative of active living communities, a rapidly growing subsector of senior living that appeals to adults ready to downsize, live near neighbors like themselves, but not quite ready for the more traditional independent senior living community,” says Michael Hartman, principal – active living, Capitol Seniors Housing.

Darby, the president and CEO of The Beach Co., a full-service real estate brokerage, development, management and construction services business, says office tenants are looking for space that is fully-equipped and with all the amenities that will keep their respective workforces productive and happy.

Multifamily rents are growing rapidly in San Diego, and the city may start to see some of the community push-back that has been growing in Los Angeles and San Francisco.

"With its current occupancy rate of 98%, strong fundamentals, along with corporate and business expansion, we believe this acquisition is an excellent opportunity to increase our presence in Georgia, a target area for our firm,” says Albert Lord III, founder and CEO of Lexerd.