Author

Lynn Peisner

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Affordable HousingInvestment SalesNewsNortheastSoutheastTexasWestern

TruAmerica Closes $708M Workforce Housing Fund

by Lynn Peisner

LOS ANGELES — TruAmerica Multifamily has raised $708 million from investors that is being used to acquire $2 billion worth of workforce housing. Approximately $320 million has already been invested via the acquisition of 14 properties in nine cities. TruAmerica Workforce Housing Fund II will be used to buy Class B communities near major central business districts in markets that demonstrate supply-demand imbalances and limited inventory of attainable rental housing, according to the company. Target markets are located in the Southeast, Northeast, West Coast, Mountain West and throughout the Sun …

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GeorgiaInvestment SalesNewsSoutheast

ECI Group Sells 260-Unit Corwyn South in Metro Atlanta

by Lynn Peisner

MCDONOUGH, GA. — ECI Group has sold The Corwyn South Point Apartments in McDonough, 30 miles southeast of Atlanta, to Morgan Properties. Monthly asking rents for the one- to three-bedroom units range from $1,463 to $3,567, according to Apartments.com. Newmark’s David Gutting represented ECI Group in the transaction. Corwyn South Point residents have access to a 2,000-square-foot clubhouse with a kitchen; a fitness center with a yoga/spin room; a lounge with fireplace, TV and media center; a dog park; resort-style pool; and grilling and fire pit areas. Conshohocken, Pennsylvania-based Morgan …

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Highline Vista Residential Partners
ColoradoInvestment SalesNewsWestern

Vista Residential to Break Ground on 172-Unit Development in Littleton, Colorado

by Lynn Peisner

LITTLETON, COLO. — Vista Residential Partners is planning to break ground later this year on Highline Vista, a four-story, 172-unit, garden-style property on 5.6 acres in Littleton. Highline Vista will offer a mix of studio, one-, two- and three-bedroom residences. Amenities include a 3,500-square-foot clubhouse with fitness and business centers, a resort-style pool with cabanas and grilling areas, multiple outdoor pavilions and a community park. The development is being designed by Rosemann Architects, with Apex Multifamily Construction, a Vista affiliate, serving as general contractor. Construction begins in August, with completion slated …

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Company NewsIdahoInvestment SalesNewsOregonWashingtonWestern

Walker & Dunlop Hires Mark Washington to Lead Pacific Northwest Multifamily Sales

by Lynn Peisner

SEATTLE — Walker & Dunlop has hired Mark Washington as managing director of capital markets, multifamily investment sales. Washington will be based in Seattle and will lead multifamily sales across the Pacific Northwest. Prior to joining Walker & Dunlop, Washington served as an executive vice president with CBRE’s capital markets team in the Pacific Northwest, where he focused on institutional multifamily investment sales. Earlier in his career, he held roles at Eastdil Secured, JLL and TH Real Estate, advising clients on complex asset transactions and portfolio strategies.

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Affordable HousingDevelopmentNewsSouth CarolinaSoutheast

CF Evans Construction Breaks Ground on Hilton Head Workforce Project

by Lynn Peisner

HILTON HEAD, S.C. — CF Evans Construction has broken ground on Northpoint on Jarvis Creek, a 157-unit workforce housing project on Hilton Head Island. The Town of Hilton Head Island, OneStreet Residential and Royal Bank of Canada Community Investments (RBC-CI) are leading the public-private development team. Under the terms of the partnership, the Town provides: a 65-year ground lease; $1 million to support eligible site work with contributions secured from the American Rescue Plan Fund; affordability covenants to maintain a workforce neighborhood in perpetuity; zoning entitlements; and long-term programming support. …

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FinanceFloridaNewsSoutheast

Advenir Azora Secures $24.4M Refinancing for Florida Property

by Lynn Peisner

NEW SMYRNA BEACH, FLA. — Florida-based investment firm Advenir Azora has obtained a loan provided by Balbec Capital for approximately $24.4 million to refinance Lymestone Ranch in New Smyrna Beach. Jesse Wright, Joshua Odessky, Luke Maganas and Duncan Miller of JLL Capital Markets arranged the financing. Lymestone Ranch, located about 50 miles northeast of Orlando, was developed in 2004 on approximately 19 acres. The property features 216 one-, two- and three-bedroom units and amenity highlights that include a fitness center, a pool, clubhouse and a business center.

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DevelopmentIllinoisInvestment SalesMidwestNews

Synergy Construction Buys Seven Acres in Chicagoland for Luxury Development

by Lynn Peisner

HOFFMAN ESTATES, ILL. — SVN Chicago Commercial has arranged a $3.7 million land sale in Hoffman Estates, approximately 30 miles northwest of Chicago. The 7.2-acre parcel at 2350 W. Higgins Road is adjacent to a 101,769-square-foot shopping center and is the former site of a Kmart and a Mendard’s store. The buyer, an affiliate of Chicago-based Synergy Construction Group, is planning to develop a 330-unit luxury apartment project on the site. The sellers were Depa Holding Co., based in The Netherlands, and its U.S. partner Caruso Development. The Village of …

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DevelopmentGeorgiaInvestment SalesNewsSoutheast

Alliance Residential Acquires Land in North Atlanta for 300-Unit Luxury Project

by Lynn Peisner

ATLANTA — Alliance Residential Co. has acquired approximately 3.7 acres of land in Atlanta’s Vinings/Smyrna area for the development of Broadstone Lola, a 300-unit luxury property. Designed by Brock Hudgins Architects, Broadstone Lola will offer floor plans ranging from 600-square-foot junior one-bedrooms to 1,100-square-foot two-bedroom units. Interiors will include quartz countertops, stainless-steel appliances and plank flooring.   Amenities include a resort-style saltwater pool and landscaped deck with grill stations, a grab-and-go market, a fitness center and a gaming lounge. The community will also offer a clubroom with an indoor fireplace, …

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FeaturesInvestment SalesNevadaWestern

Investors, Take Note of Reno’s Supply Pipeline, Income Trends and Home-Ownership Costs

by Lynn Peisner

By David NelsonTo the general public, Reno, Nevada, conjures up visions of casinos, nightlife, giant neon signs and vintage mid-century motels, as well as the beauty of nearby Lake Tahoe. In the multifamily investment world, the metro is drawing increased attention because of its limited incoming supply, steady population growth, business-friendly environment and diversified employment base, which combine to create a strong apartment market that can deliver attractive returns. Reno, which calls itself “The Biggest Little City in the World,” may not be on investors’ radar as prominently as some …

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FinanceFloridaInvestment SalesNewsSoutheast

Dermot Co. Obtains $110M Loan for Palm Beach Property

by Lynn Peisner

PALM BEACH GARDENS, FLA. — The Dermot Co., in partnership with Dutch pension fund provider PGGM and TD Asset Management (TDAM), has acquired The Quaye, a 341-unit community in Palm Beach Gardens. Affinius Capital originated a $110 million loan to support the acquisition. Walker & Dunlop’s South Florida Investment Sales team, led by Still Hunter, arranged the sale, while Walker & Dunlop’s Aaron Appel, Dustin Stolly and Michael Ianno arranged the financing. The community is comprised of one-, two-, three- and four-bedroom apartments and townhomes. It is situated on a …

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