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Lynn Peisner

River City Landing exterior facing lake
FloridaInvestment SalesNewsSoutheast

NAI Hallmark Brokers $30.9 Million Sale of River City Landing in Jacksonville, Florida

by Lynn Peisner

JACKSONVILLE, FLA. — Toro Real Estate Partners has sold River City Landing Apartments in Jacksonville to Koda Capital for $30.9 million. NAI Hallmark Senior Vice President John Rutherford, Vice President Luke McCann and Associate Andrew Tyrrell brokered the transaction on behalf of both the buyer and seller. The community, located in the University Park submarket of Jacksonville, was built in 1968 and consists of 320 one-, two- or three-bedroom units within nine two-story buildings. Amenities include two pools, a playground, dog park and a two-story clubhouse. The apartments overlook a …

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Rendering of future mixed-use project at Brightline site in Miami
BerkadiaDevelopmentFloridaNewsSoutheast

Berkadia Arranges $39.5 Million Sale of Miami TOD Site

by Lynn Peisner

MIAMI — A joint venture consisting of The John Buck Co., Florida Value Partners, BH Group and PEBB Enterprises has acquired a development site in Miami for $39.5 million. Berkadia arranged the sale. The property is entitled for the development of 301 residential units, 244,000 square feet of office space and approximately 7,000 square feet of retail. The 1-acre site, referred to as Miami Station, is located across from the Miami Central Brightline station. The Brightline is a rail system that runs between Miami and Orlando.  Senior Managing Directors Jaret …

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Company NewsNewsWestern

AIMCO Names Dary Stone Chairman of the Board

by Lynn Peisner

DENVER — Apartment Investment and Management Co. (AIMCO), a publicly traded real estate investment trust (REIT) that trades on the New York Stock Exchange under the symbol AIV, has named R. Dary Stone chairman of the board. Stone was first appointed to Aimco’s board in December 2020, serving under various leadership roles. Stone has led several real estate companies throughout his career, including as president and chief operating officer of Cousins Properties. He continues to serve on Cousins Properties’ board as chairman of the nominating and governance committee. His current …

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DevelopmentGeorgiaNewsSoutheast

Geosam Capital to Develop Mixed-Use Project Near Atlanta with 7,000 Units

by Lynn Peisner

HAMPTON, GA. — Geosam Capital, a Florida-based investment firm and developer, will break ground in 2024 on The Grove, a 1,280-acre, mixed-use project in Hampton, about 36 miles south of Atlanta. The Grove will include approximately 7,000 residential units, ranging from multifamily complexes to single-family units and townhomes. A project cost and estimated completion date were not disclosed. Geosam has retained NELSON Worldwide and Falcon Design Consultants for land planning and civil engineering, Taylor English Duma and Hilliard Starkey Law for legal counsel and NV5 for traffic planning and engineering. …

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A rendering of Card Sound Key Apartments
DevelopmentFloridaNewsSoutheast

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

by Lynn Peisner

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 …

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Facade of ARIUM Charlotte apartment community
Market ReportsNorth CarolinaSouth CarolinaSoutheast

What’s Driving the Development Wave in the Carolinas?

by Lynn Peisner

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 …

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FeaturesFrom the MagazinesInvestment Sales

Tumultuous Market Tests 1031 Exchange Investors

by Lynn Peisner

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 …

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Exterior of the recently sold LC by CLG apartment building
CaliforniaInvestment SalesNewsWestern

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

by Lynn Peisner

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 …

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Rendering of Mira Raleigh
DevelopmentNewsNorth CarolinaSoutheast

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

by Lynn Peisner

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. …

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DevelopmentNewsTexas

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

by Lynn Peisner

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 …

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