Thursday, December 19, 2024
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Lynn Peisner

Exterior of the Exchange at Windsor Hill in Charleston
Investment SalesNewsSouth CarolinaSoutheast

Cushman & Wakefield, Greystone Arrange North Charleston Transaction

by Lynn Peisner

CHARLESTON, S.C. — Cushman & Wakefield and Greystone have arranged the sale of and financing for Exchange at Windsor Hill, a 312-unit community in Charleston. The buyer is American Landmark Apartments, and the seller is Carter Funds and Barrymor Enterprises of NJ. Cushman & Wakefield’s John Phoenix, Louis Smart and Austin Green represented the sellers in the transaction. Greystone Managing Director Donny Rosenberg arranged the 10-year, Freddie Mac Optigo acquisition loan. Exchange at Windsor Hill was built in 2020 in the North Charleston submarket. Amenities include a resort-style pool with …

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Exterior of the Greens of Pine Glen
Affordable HousingInvestment SalesNorth CarolinaSoutheast

Fairfield Buys Greens of Pine Glen in Durham, North Carolina

by Lynn Peisner

DURHAM, N.C. — Fairfield has acquired Greens of Pine Glen apartments in Durham for an undisclosed price. The 168-unit affordable-housing property includes two- and three-bedroom units that rent for up to 60 percent of the area median income (AMI). With this transaction, Fairfield now owns 750 affordable units in the Raleigh-Durham area. San Diego-based Fairfield owns and/or operates 41,000 units nationwide.

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Investment SalesNewsNorth CarolinaSoutheast

CRC Buys Charlotte, North Carolina, Property for $96.3 Million

by Lynn Peisner

CHARLOTTE, N.C. — Continental Realty Corp. (CRC), a Baltimore-based investment and management company, has purchased Sycamore at Tyvola in Charlotte for $96.3 million. The community is the eighth asset CRC has acquired in North Carolina. The 288-unit, four-story property was designed by Switzenbaum & Associates and opened in 2018. It was 95.5 percent leased at the time of sale. Michael Saclarides of Cushman &Wakefield represented the undisclosed seller. Amenities include a fitness center, clubhouse, event studio, pool, tennis court, putting green and wooded walking trails throughout the site’s 31 acres.

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Affordable HousingDevelopmentGeorgiaInvestment SalesNewsSoutheast

City of Atlanta Acquires $39 Million Office Tower for Housing Conversion

by Lynn Peisner

ATLANTA — The city of Atlanta has completed its $39 million purchase of 2 Peachtree Street, a 41-story office tower in downtown Atlanta that was built in 1966. The city’s economic development agency, Invest Atlanta, purchased the 1-million-square-foot building and will hold it until a redevelopment partner is selected. The acquisition was funded through allocations from the Eastside Tax Allocation District. Invest Atlanta will select a development partner, following a request-for-proposals process, by the end of 2023, with the goal of beginning construction in 2024. The number of units or …

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Rendering of Bainbridge Midlothian near Richmond
DevelopmentNewsSoutheastVirginia

The Bainbridge Cos. Breaks Ground on Midlothian Project Near Richmond, Virginia

by Lynn Peisner

MIDLOTHIAN, VA. — The Bainbridge Cos. has broken ground on Bainbridge Midlothian, a 310-unit community in Midlothian, about 16 miles west of Richmond, Virginia. This is the company’s first project in the Richmond market. The community will offer units in one-, two or three-bedroom floor plans. The developers anticipate a summer 2024 completion. The project cost was not disclosed. Bainbridge Midlothian’s amenities will include a resort-style pool and sundeck, a clubhouse featuring work-from-home spaces, a resident lounge and fitness center, a pickleball court, pet spa, fire pit, grilling stations, a …

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A rendering of Tortoise Properties' West Palm Beach mixed-use project
DevelopmentFloridaInvestment SalesMarket ReportsSoutheast

Investors Find South Florida Irresistible

by Lynn Peisner

South Florida’s multifamily investors know a storm is coming. But threats of disaster, natural or economic, seem incapable of toppling confidence in this region’s potential.  The optimism is born out of sustained population and job growth paired with residents’ desires — in many cases their needs — to live in apartments instead of buying homes. The U.S. Census Bureau’s 2022 population estimates, released in December 2022, indicate that Florida is now the nation’s fastest-growing state for the first time since 1957. The state’s population increased by 1.9 percent to 22.2 …

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A rendering of the first building of Clara Bay Harbor's first phase
DevelopmentFloridaNewsSoutheast

Clara Homes Breaks Ground on $26 Million First Phase of Miami Project

by Lynn Peisner

MIAMI — Clara Homes has closed on a $26 million construction loan provided by Maxim Capital to fund the first phase of Clara Bay Harbor in Miami. Construction will be completed in three phases. The first phase, which begins in March and is estimated to be complete by summer 2024, will yield one 28-unit building with one- to five-bedroom floor plans. Amenities will include a rooftop pool and fitness center. Construction of the remainder of the project, which consists of 122 units within two additional six-story buildings, will begin later …

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Park at Humble exterior pool
DevelopmentNewsTexas

FTK Construction Selected for $12.2 Million Renovation of Houston-Area Property

by Lynn Peisner

HUMBLE, TEXAS — FTK Construction Services has been selected as the general contractor to lead a $12.2 million renovation of The Park at Humble Apartments in Humble, about 20 miles northeast of Houston. The owner of the property is Bellevue, Washington-based DevCo Residential Group. Regions Bank is the lender for the rehabilitation-project construction loan. The property was built in 2005 and has 216 one-, two- and three-bedroom townhome units. Construction will begin in May. The property’s interior renovations will include new paint, cabinetry, countertops, plumbing fixtures, flooring, light fixtures and …

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Rendering of Loci Capital and Maifly Development's affordable housing project in Tampa
Affordable HousingDevelopmentFloridaNewsSoutheast

Loci Capital, Maifly Break Ground on Mixed-Use Project in Tampa, Florida

by Lynn Peisner

TAMPA, FLA. — Loci Capital and Maifly Development have broken ground on an unnamed 6-story, 321-unit community in the Tampa Heights neighborhood. The project cost was not disclosed. Thirty-two of the units will be earmarked for residents earning no more than 80 percent of the area median income (AMI), per a negotiation with the city of Tampa. The agreement calls for these residences to remain affordable for 30 years. The development also includes approximately 13,000 square feet of retail. Construction will be complete by approximately 2025. MW Builders is the …

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The pool area of Eden Apartments in Tempe
ArizonaInvestment SalesNewsWestern

IPA Brokers $26.5 Million Sale of Eden Apartments in Tempe, Arizona

by Lynn Peisner

TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $26.5 million sale of Eden Apartments, a 112-unit community in Tempe. IPA Executive Managing Directors Cliff David and Steve Gebing represented the seller, Living Well Homes, and procured the buyer, Rise48 Equity. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant and their team arranged acquisition financing. Eden Apartments comprises eight buildings that rise two stories and are situated on five acres. Amenities include a pool, fitness center, a laundry facility, picnic area and courtyard. Individual units have a balcony or private patio.

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