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Lynn Peisner

A rendering of Card Sound Key Apartments

Coral Rock Development Will Break Ground in 2024 on Workforce Project Near Miami

by Lynn Peisner February 6, 2023

FLORIDA CITY, FLA. — Coral Rock Development Group will break ground in 2024 on Card Sound Key Apartments in Florida City, approximately 40 miles south of Miami. Card Sound Key Apartments will be comprised of 342 units in one-, two- and three-bedroom layouts. The developer says 20 percent of the units will be workforce housing, reserved for renters earning 100 percent or less of the area median income (AMI). Amenities will include an outdoor workout circuit called Vita Course, a pool, barbecue area, two-story clubhouse, dog park, playground and a …

February 6, 2023

Facade of ARIUM Charlotte apartment community

Market Reports North Carolina South Carolina Southeast

What’s Driving the Development Wave in the Carolinas?

by Lynn Peisner February 2, 2023

North and South Carolina may fly under the radar when it comes to ranking the nation’s top multifamily markets. But a closer look at the region reveals metrics that rival some of the busiest cities in the country. “One of the common themes across metros in these two states is just how differently both investors and developers view the region versus how they viewed it 10 years ago — and certainly versus 20 years ago,” says Carl Whitaker, director of research for Richardson, Texas-based RealPage, which provides data, analytics and …

February 2, 2023

Features From the Magazines Investment Sales

Tumultuous Market Tests 1031 Exchange Investors

by Lynn Peisner February 2, 2023

The doubling of multifamily mortgage rates to around 6 percent since early 2022 as a result of the Federal Reserve’s monetary tightening efforts has rocked the commercial real estate investment sales market. The higher rates have fueled a stubborn bid-ask spread, and debt-service coverage requirements have limited the amount of leverage buyers can borrow to around 50 percent of an asset’s value, down from roughly 60 percent or more earlier this year. The sharp uptick in the price of debt not only requires borrowers to raise more equity, but those who …

February 2, 2023

Exterior of the recently sold LC by CLG apartment building

California Investment Sales News Western

CBRE Arranges $46.5 Million Sale of LC by CLG in Los Angeles

by Lynn Peisner February 1, 2023

LOS ANGELES — California Landmark Group has sold LC by CLG to a private partnership formed by Santa Barbara, California-based Harrison Yale Hurst and Richard Rosin of H&R Investments. CBRE’s Dean Zander and Stewart Weston arranged the sale and represented the seller, a developer known for its CLG-branded properties. The asset sold for $46.5 million. LC by CLG is adjacent to Paramount Studios and located in the Larchmont Village neighborhood. The 84-unit community includes amenities such as a rooftop deck with a pool, barbecues, fire pits, seating areas and views …

February 1, 2023

Development News North Carolina Southeast

Origin Investments, Spandrel Development Partners to Co-Develop Midrise in Raleigh, North Carolina

by Lynn Peisner February 1, 2023

RALEIGH, N.C. — Origin Investments and Spandrel Development Partners will co-develop an $87.4 million mixed-use project in Raleigh’s central business district. Mira Raleigh will be a seven-story building that will house 288 apartment units and 2,600 square feet of ground-floor office space. Units will be comprised of 80 studios, 130 one-bedroom units and 78 two bedrooms in a variety of floor plans. Amenities will include a club room with chef’s kitchen and bar area, a sky lounge with skyline views, coworking spaces and a 24-hour fitness center with Peloton bikes. …

February 1, 2023

Development News Texas

Toll Brothers, Pondmoon Capital Break Ground on Mirra in Frisco, Texas

by Lynn Peisner February 1, 2023

FRISCO, TEXAS — Toll Brothers and Pondmoon Capital USA are co-developing Mirra, a five-story, 285-unit property in Frisco, about 40 miles north of Dallas. The joint venture will fund the project with equity as well as a $49.5 million construction loan provided by Santander Bank. Amenities will include a resort-style pool, co-working spaces, a bike area and outdoor lounge with games and barbecues. Mirra is located on a 3-acre lot in Frisco Square Town Center, a mixed-use development, and is adjacent to two other properties Toll Brothers developed with other …

February 1, 2023

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