Civitas Senior Living and LKP Ventures are developing Harvest Senior Living, a new, luxury assisted living and memory care community in Roanoke, Texas.

The new, 67,000 square-foot property will be situated on 5.25 acres.

"We are thrilled to be partnering with LKP Ventures on this new community," said Wayne Powell, Founder and CEO of Civitas Senior Living. "We share a passion for next-level hospitality and great development, and I look forward to working together to bring the Roanoke area's seniors the high level of accommodations, services, and support they deserve."

"We think the unique combination of Roanoke's small-town feel and all the modern conveniences that come with an up-and-coming area are a perfect fit for the senior living market," said said Narayan Patel of LKP Ventures.

Harvest Senior Living will offer 67 assisted living and 16 memory care apartments with premium accommodations, including features such as:

• Private residences
• Resort-quality amenities
• Concierge-style amenities
• Chef-prepared meals
• 24/7 professional care

This community represents a continued pattern of successful growth and expansion for Civitas Senior Living, it is the first senior living project for LKP Ventures. However, they do have 40 years of experience in the lodging sector of the hospitality and industry.

The decision for the two companies to partner on this project was an easy one. "We are known for our passionate approach to senior living. LKP Ventures is passionate about providing outstanding hospitality. It was a simple transition for them, and a natural partnership for both companies," said Powell.

InvesRes has purchased Oakwood Apartments, a multifamily property located in Sarasota, Fla. The 148-unit two-story garden-style community sits on 10 acres and is located just five minutes from the Sarasota airport, 15 minutes from award-winning beaches, and 20 minutes from the business district and downtown Bradenton.

Oakwood is a high-quality community constructed in 2015, offering one- to three-bedroom apartments with floor plans of 730 to 1,229 square feet. The transaction includes an assumable, long-term fixed rate Housing and Urban Development loan.

Fully 25 percent of rents are subject to affordable restrictions based on median income levels. Oakwood, a 148-unit community, will be managed by InvestRes' in-house property management division, ResProp Management.

The capital improvement program includes improving site visibility through new signage, renovating amenities such as the pool and fitness areas, and enhancing the interior of the apartment homes.

"Oakwood is an off-market deal sourced through a longstanding relationship. We believe this investment offers high-risk-adjusted return potential for our investors, and we look forward to adding value for the community's residents by improving several resident amenities," said Joe Facchini, CIO of InvestRes, which now owns over 6,000 units in Florida.

Fannie Mae has increased the loan limit of small multifamily mortgage loans to $6 million, from $3 million or less nationwide and $5 million or less in high-cost markets. The objective was to ensure an adequate supply of affordable housing.

The changes will simplify the definition of a small loan and provide more opportunities for borrowers to realize the benefits of streamlined third-party report, underwriting and asset management requirements, according to Fannie Mae. The increase in the small mortgage loan limit is effective immediately and the higher loan amounts will be offered across the U.S.

"Increasing the loan limit for our small mortgage loan program will provide more capital and liquidity to the small loan marketplace and help address the significant affordable workforce housing supply issues facing our country today," said Michael Winters, vice president, multifamily customer management for Fannie Mae. "Our commitment to providing sustainable financing solutions that enhance affordability, security, and convenience of financing smaller properties plays an important role in securing a key source of housing for working families."

In addition to increasing the small mortgage loan size limit, Fannie Mae has added several new eligible markets that receive pricing and underwriting benefits. The new metropolitan statistical areas are: Denver, Miami, Minneapolis, and Salt Lake City. These markets have seen credit and economic performance that is comparable to the metropolitan statistical areas that are in the program, including Baltimore; Boston; Chicago; Los Angeles; New York City; Oxnard, Calif., Philadelphia; Portland, Oregon, Sacramento; San Diego; San Francisco; San Jose; Seattle; and Washington, DC.