Author

Lynn Peisner

RXR Secures Site for $3 Billion Mixed-Use Project in Research Triangle

by Lynn Peisner March 6, 2023

APEX, N.C. — RXR has acquired a 1,000-acre development site in Apex, about 15 miles west of Raleigh, North Carolina. The New York City-based developer will build a $3 billion mixed-use project called Veridea on the site. Development plans include the construction of a new 340,000-square-foot campus in partnership with Wake Technical Community College as well as a new elementary school. In the first phase, RXR will develop about 1,000 multifamily units, and Lennar will develop 1,100 townhomes and single-family homes. Phase I also will include about 750,000 square feet …

March 6, 2023

Development News Southeast Tennessee

Chartwell and Southstar Break Ground on $500 Million Mixed-Use Project in Nashville Suburb

by Lynn Peisner March 3, 2023

FRANKLIN, TENN. — Chartwell Hospitality and Southstar, a developer active in Middle Tennessee, have begun construction of a $500 million, 22-acre mixed-use project called Aureum in Franklin, which is about 30 miles southwest of Nashville. The first phase will consist of 355 units for sale and for rent, which Chartwell Residential, an affiliate of Chartwell Hospitality, will develop. At completion, the development will consist of office space, retail and entertainment venues, along with two hotels to be developed by Chartwell Hospitality. In addition, Aureum, which is Latin for gold, will …

March 3, 2023

Alabama Development News Southeast

RCP Cos. Secures $62.1 Million Construction Loan for Huntsville Project

by Lynn Peisner February 28, 2023

HUNTSVLLE, ALA. — Northmarq has arranged $62.1 million in construction financing through an undisclosed regional bank for RCP Cos. The financing is partially funding the $108 million multifamily development called The Wellory. Locally based RCP, along with Grounded Capital Partners, is building the 328-unit property, with 13,582 square feet of ground-floor retail space, within its master planned MidCity District project. According to RCP, The Wellory will be a net zero community with a LEED Platinum rating. Amenities will include a clubroom, located on the sixth floor and dubbed “sky lounge,” …

February 28, 2023

View of the pool area at The Falls at Mill Creek in Nashville

Investment Sales News Southeast Tennessee

WhiteRock Buys Nashville Value-Add Property for $35.5 Million

by Lynn Peisner February 28, 2023

NASHVILLE, TENN. — Capstone has arranged the $35.5 million sale of The Falls at Mill Creek, a 204-unit community in Nashville, located about seven miles southeast of downtown. Capstone represented both the seller, Alexander Properties, and the buyer, WhiteRock Real Estate, who plans to upgrade the fitness center, clubhouse and exterior leisure areas. The property was built in 1973 and renovated in 2016. The Capstone transaction team was led by Adam Klenk, Austin Heithcock, Jordan Arand and Joshua White. Falls at Mill Creek is made up of one-, two- and …

February 28, 2023

Exterior pool shot of The Maggie, a new project in Jacksonville delivering in 2024.

Development Florida News Southeast

RangeWater Acquires Land for Its Sixth Jacksonville Development

by Lynn Peisner February 27, 2023

JACKSONVILLE, FLA. — RangeWater Real Estate has acquired 28.6 acres in the San Jose neighborhood of Jacksonville for the development of a 280-unit property. This project, called The Maggie, will be the Atlanta-based developer’s sixth in the Jacksonville market. ParkProperty Capital is RangeWater’s equity partner. San Jose is a historic neighborhood, founded in the early 1900s, that is about 8 miles south of downtown Jacksonville. The Maggie will feature a clubhouse with a meeting space, a resident’s lounge and a fitness center with cardio, yoga and strength training equipment. The …

February 27, 2023

Arkansas Build-to-Rent Development Southeast

ITEX Will Develop Cinema-Themed BTR Project in Fayetteville, Arkansas

by Lynn Peisner February 24, 2023

FAYETTEVILLE, ARK. — The ITEX Group and Time Warp Enterprises have released plans for The Aronson, a build-to-rent (BTR) project in Fayetteville that will be anchored by a new moviegoing concept from Austin, Texas-based Alamo Drafthouse Cinema. The 214 units will be available as single-family, duplex or triplex configurations. Amenities will include a clubhouse, fitness center, pool, playgrounds, dog parks and bike parking. The project is anticipated to deliver by 2024. The Aronson will be home to Alamo Drafthouse Cinema + Drive-In, developed via a partnership among Catchlight Entertainment, the …

February 24, 2023

A view of the pool at the 264-unit Windsong property near Dallas

Features Investment Sales Texas

Texas Roundtable: Despite Overwhelming Renter Demand, Investor Hesitancy Emerges

by Lynn Peisner February 23, 2023

Investment sales professionals are bracing for a slower, more complicated year compared with the buying and selling frenzy that characterized the Texas apartment market in late 2020 and most of 2021. Owners who acquired assets in the past few years using floating-rate debt could face some difficult choices in 2023, say industry veterans. But a slowdown in the development pipeline, the unaffordability of for-sale housing and job and population growth will keep asset performance solid while investors wait and see what the interest rate environment will bring this year. Texas …

February 23, 2023

Exterior shot of the pool of Verge Atlanta, a new development by Fairfield

Affordable Housing Development Georgia News Southeast

Fairfield Opens 319-Unit Atlanta BeltLine Project

by Lynn Peisner February 23, 2023

ATLANTA — Fairfield has completed Verge, a 319-unit, partially affordable project along the southside corridor of the BeltLine, a 22-mile loop in Atlanta’s urban core. The project is located between the Peoplestown and Chosewood Park neighborhoods. Atlanta BeltLine Inc. (ABI), an economic development group, pairs developers with public and private partners to ensure multifamily projects constructed in the BeltLine Tax Allocation District (TAD) include affordable units. San Diego-based Fairfield acquired the land for the site in 2019, according to Curbed Atlanta. The developer did not release rent restrictions on the …

February 23, 2023

Exterior rendering of the Estate Cos. new project in Pompano Beach that will deliver in 2024

Development Florida News Southeast

The Estate Cos. Breaks Ground on Broward County Mixed-Use Project

by Lynn Peisner February 22, 2023

POMPANO BEACH, FLA. — The Estate Cos. has broken ground on Soleste Pompano Beach, an eight-story, mixed-use community with 253 apartments and 4,000 square feet of commercial space. The project is in Pompano Beach, about 10 miles north of Fort Lauderdale. Soleste Pompano Beach will offer studios, one- and two- bedroom units and “live-work units,” which the developer defines as apartments with a combination of residential and business space ranging in size from 450 to 1,050 square feet. Amenities will include a resort-style pool and amenity deck with a fitness …

February 22, 2023

Exterior of Marina Shores in Virginia Beach, Virginia

Investment Sales News Southeast Virginia

Cushman & Wakefield Arranges $101.9 Million Sale of Marina Shores in Virginia Beach, Virginia

by Lynn Peisner February 21, 2023

VIRGINIA BEACH, VA. — FPA Multifamily has acquired Marina Shores Apartment Homes in Virginia Beach for $101.9 million. Cushman & Wakefield’s Jorge Rosa and TJ Liberto partnered with NAI Global to represent the seller in the transaction. The 392-unit property consists of one-, two- and three-bedroom units. Amenities include a saltwater pool, fitness center, resident clubhouse and kitchen, two dog parks, outdoor grilling and lounge areas, a tennis court and covered parking. The property is about half a mile from the Chesapeake Bay waterfront. According to ApartmentRatings, monthly rental rates …

February 21, 2023

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