ST. AUGUSTINE, FLA. — Tampa, Florida-based Third Lake Development is underway on construction of The Cottages at St. Augustine. CBI Construction is heading up building efforts at the 33-acre site at 300 Bushwood Circle in St. Augustine. Nequette Architecture designed the 250-unit build-to-rent community. Construction began in March, and completion of the $50.8 million project is slated for December 2027.
LAND O’ LAKES, FLA. — NexMetro has opened Avilla Silver Palm, a 180-home build-to-rent community in Land O’ Lakes, about 20 miles north of Tampa, Florida. This is NexMetro’s third Avilla Homes neighborhood in the greater Tampa market (the other two are Avilla Suncoast in Odessa and Avilla Cypress Creek in Sun City Center). Located at 11334 Zion Narrows Trail, Avilla Silver Palm sits on 26 acres and features mostly detached, single-level homes with private fenced backyards, front porches, optional garages and amenities such as a resort-style pool, outdoor lounge …
ST. CLOUD, FLA. — Berkadia has arranged a $19.1 million loan for Miami-based Bayshore Investment Partners’ (BIP) acquisition of Ibis Park at Harmony West in St. Cloud, about 30 miles south of Orlando. Ibis Park at Harmony West is a 101-home build-to-rent community. Coral Gables, Florida-based BIP bought the property from D.R. Horton for $29.4 million. Brad Williamson, Kyle Ryan, Mitch Sinberg, Scott Wadler and Matt Robbins of Berkadia Miami arranged the five-year, fixed-rate loan. This is the fourth Florida BTR community BIP has acquired from D.R. Horton. The other …
OLATHE, KAN. — Chicago-based 29th Street Capital has acquired Chestnut Heights Townhomes in Olathe. The 161-unit townhome community will be managed by 29th Street Living, the company’s property management division. The buyer partnered with New York City-headquartered Basis Investment Group via the firm’s BIG Equity Value-Add Fund II for the acquisition of the property and a capital improvement program. Chestnut Heights is comprised of two- and three-bedroom floor plans.
By Hollie Croft and Nicholas Heckman On July 11, the 21st Century ROAD to Housing Act became law, bringing about several changes designed to increase housing supply and affordability. Section 1001 of the legislation — titled “Homes Are for People, Not Corporations,” creates a sweeping federal prohibition on the acquisition of single-family homes by “large institutional investors,” subject to narrowly defined exceptions. The law represents one of the largest federal interventions in the single-family housing market that we have seen in decades, imposing structural limitations on investment strategies and new …
ST. CLOUD, FLA. — Adam America Real Estate and Stellar Communities have obtained a $35.1 million construction takeout loan for Havens at Hickory Reserve, a newly completed 134-unit townhome build-to-rent community in St. Cloud, about 30 miles south of Orlando. The joint venture secured the financing through lender CoreVest Finance. Walker & Dunlop arranged the loan. Stellar is an Aventura, Florida-based developer, while Adam America Real Estate also is a development firm and is headquartered in New York City. Located at 4896 Stellar Drive, Havens at Hickory Tree Reserve offers …
STOCKBRIDGE, GA. — NexMetro has opened the first units at Avilla Holloway, a 136-unit build-to-rent property on 14 acres in the Atlanta suburb of Stockbridge. The gated neighborhood features single-level, mostly detached homes in one-, two- and three-bedroom floor plans with private entrances, front porches and private backyards. Amenities include a resort-style pool and hot tub, outdoor kitchen and grills, dog park (no breed restrictions), landscaped open spaces, an indoor community meeting space, covered parking, optional garages and a 24-hour maintenance team. A second NexMetro Avilla project in the Atlanta …
KNOXVILLE, TENN. — ARK Homes for Rent has begun pre-leasing at The Reserve at Three Ridges in Northeast Knoxville. The 126-unit community is comprised of two-story townhomes in three- and four-bedroom floor plans with attached garages, open layouts, granite countertops and stainless steel appliances in kitchens, smart home features and walk-in closets. Amenities include a clubhouse, pool, playground and pet park. A construction completion date was not disclosed.
NASHVILLE, TENN. — Forman Capital, a private direct lender, has provided a $49.4 million construction loan for Moda Vista, a 102-unit build-to-rent community at 3320 Curtis St. in the Bordeaux neighborhood of Nashville. The borrower/developer, Moda Homes, is underway on sitework in preparation for vertical construction, which the Illinois-based developer anticipates beginning in summer 2027. Additional project details have not been released.
KENOSHA, WIS. — CBRE has arranged the $7.1 million sale of Bayside Townhomes, a 32-unit community in Kenosha. Campbell Creek Communities LLC was the buyer, and Bayside Townhomes LLC was the seller. CBRE’s Matson Holbrook, Gretchen Richards and Sean Beuche represented the seller in the transaction. Bayside Townhomes is located at 1523 Sheridan Road. The property features three-bedroom floor plans averaging 1,500 square feet. Unit amenities include private entrances, attached garages, patios and balconies and in-unit washers and dryers. The property was 100 percent occupied at the time of sale. …
