Author

Channing Hamilton

A rendering of Estrella, a 96-unit complex in San Marcos.
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Breaks Ground on Estrella Affordable Housing Development Near San Diego

by Channing Hamilton

SAN MARCOS, CALIF. — Affirmed Housing has begun construction on Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will offer 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The …

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The pool at Urbana Court, a multifamily property in Brooklyn Park.
Investment SalesMidwestMinnesotaNews

Turner Impact Capital Acquires Urbana Court in Minneapolis Suburb

by Channing Hamilton

BROOKLYN PARK, MINN. — Trident Development has sold Urbana Court to Turner Impact Capital for an undisclosed price. Urbana Court is a 207-unit community in the northern Minneapolis suburb of Brooklyn Park. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL Capital Markets represented the seller in the transaction. Urbana Court was completed in 2021. Located in Brooklyn Park’s Twin Cities medical alley, the property offers studio, one- and two-bedroom units. Community amenities include a pool with a pool house, fitness center, pickleball courts and a dog park.

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A 3D render of the Edition in Minneapolis.
Market ReportsMidwestMinnesota

National Investors Bullish on Minneapolis Market

by Channing Hamilton

The downtown Minneapolis apartment market continues to rebound from the COVID-19 pandemic’s lingering effects and the civil unrest that occurred following the murder of George Floyd in May 2020. A growing number of residents who fled to the suburbs during that tumultuous year have returned to the city. More broadly speaking, apartment rental demand is up across the metro area, rents have hit an all-time high, and occupancy rates have remained steady in the mid-90s percentagewise. Perhaps best of all for investors is that cap rates in the Minneapolis market …

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News

Wood Partners, Trei Real Estate Break Ground on Alta Ivy in Raleigh, North Carolina Suburb

by Channing Hamilton

CARY, N.C. — Wood Partners and Trei Real Estate have broken ground on Alta Ivy in Cary, which is a western suburb of Raleigh, North Carolina. Alta Ivy will offer 300 one-, two- and three-bedroom units. Community amenities will include a pool, dog park and a clubhouse with 5,000 square feet of office space. The property is located in proximity to Research Triangle Park, the largest research park in the U.S. Alta Ivy is expected to begin leasing in early 2024.

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A 3D render of The Virginia in Seguin, Texas
Investment SalesNewsTexas

Joint Venture Secures $32.1 Million in Financing For The Virginia Near San Antonio

by Channing Hamilton

SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has secured $32.1 million in construction financing for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL Capital Markets represented the venture in acquiring the 15-year, floating-rate loan through an undisclosed regional bank. The Virginia will rise three stories and offer one-, two- and three-bedroom units. The first phase of the community is scheduled for completion in 2024. A second phase is set to …

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A 3D render of 2 Rivers Apartment Homes, a complex in Williamsburg.
DevelopmentNewsSoutheastVirginia

S. L. Nusbaum Realty Co. Begins Construction on 2 Rivers Apartment Homes in Williamsburg

by Channing Hamilton

WILLIAMSBURG, VA. — S. L. Nusbaum Realty Co. has begun construction on 2 Rivers Apartment Homes, an 119-unit affordable community in Williamsburg. The Norfolk, Virginia-based company worked with AGM Financial Services and TowneBank to secure financing. The cost of the project is expected to total approximately $26 million. Harkins Builders is the general contractor. 2 Rivers Apartment Homes will be constructed in two phases. The first phase of the community will comprise 59 units in one-, two- and three-bedroom floorplans. Amenities will include a clubhouse, fitness center, business center with …

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A 3D render of Ltd. Med Center, a contemporary-style community in Houston.
FeaturesInvestment SalesNortheastOperationsWashington, D.C.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

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A 3D render of District in Davie, a 5-building mixed-use development.
DevelopmentFloridaNewsSoutheast

El-Ad National Properties Plans $1 Billion District in Davie Mixed-Use Project Near Miami

by Channing Hamilton

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer …

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An aerial view of the development site for Our Collection at Boerne.
News

Embrey to Develop Build-to-Rent Community in Boerne, Texas

by Channing Hamilton

BOERNE, TEXAS — San Antonio-based investment firm Embrey has acquired a 27.5-acre property in Boerne, 31 miles northwest of San Antonio, for an undisclosed price. Russell Noll of Transwestern Real Estate Services represented the seller, JCH 1607 River Rd. Investment, in the transaction. Embrey plans to develop a build-to-rent community called Our Collection at Boerne. The development will offer amenities such as a clubhouse, fitness center, pool with grilling stations and an activity lawn, wi-fi connectivity, dog parks, outdoor sitting areas and walking trails. A development timeline for the project …

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Kingston Cove, a lakefront multifamily community.
Investment SalesKansasMidwestNews

Post Road Management Acquires 11-Property Portfolio in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — Post Road Management has acquired a portfolio totaling 1,002 units across 11 properties in Wichita for an undisclosed price. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the seller and procured the buyer. The communities in the portfolio include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. The firm plans to invest an average of $12,000 per unit in renovations. About 21 percent of the units …

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