Author

Lynn Peisner

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

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

Exterior of the Exchange at Windsor Hill in Charleston

Investment Sales News South Carolina Southeast

Cushman & Wakefield, Greystone Arrange North Charleston Transaction

by Lynn Peisner February 21, 2023

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 …

February 21, 2023

Affordable Housing Investment Sales North Carolina Southeast

Fairfield Buys Greens of Pine Glen in Durham, North Carolina

by Lynn Peisner February 20, 2023

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.

February 20, 2023

Investment Sales News North Carolina Southeast

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

by Lynn Peisner February 17, 2023

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.

February 17, 2023

Affordable Housing Development Georgia Investment Sales News Southeast

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

by Lynn Peisner February 17, 2023

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 …

February 17, 2023

Rendering of Bainbridge Midlothian near Richmond

Development News Southeast Virginia

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

by Lynn Peisner February 17, 2023

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 …

February 17, 2023

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

Development Florida Investment Sales Market Reports Southeast

Investors Find South Florida Irresistible

by Lynn Peisner February 16, 2023

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 …

February 16, 2023

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