Southeast

Herndon-Atlanta
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Construction Wraps on Phase II of Atlanta Public Housing Redevelopment

by Lynn Peisner

ATLANTA — Capstone Building Corp. has completed construction of Herndon Square Phase II, a $57 million development that’s part of the larger Legacy at Herndon Square redevelopment in Atlanta’s Westside. Atlanta Housing, Hunt and Pennrose are the developers, and the architect is Thriven Design. Herndon Square Phase II spans 335,348 square feet and consists of a six-story residential building featuring 201 apartments in one-, two- and three-bedroom floor plans. Thirty-one of the units are rented at market rates while the remaining apartments are rent-capped at 30 to 80 percent of …

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Ponte-Verde-West-Palm-Beach
FloridaInvestment SalesNewsSoutheast

Kamson Corp. Buys Florida Condo Property for $90.5M, Plans Multifamily Conversion

by Lynn Peisner

WEST PALM BEACH, FLA. — Kamson Corp. has acquired the 400-unit Ponte Verde at Palm Beach Lakes in West Palm Beach for $90.5 million. The New Jersey-based buyer plans to convert the property from condos to multifamily. IPA’s Luke Wickham, Shelton Granade and Justin Basquill and Marcus & Millichap’s Evan Kristol brokered the sale. According to the brokerage team, condo conversions are increasing  in Florida as older properties face rising maintenance costs, mandatory structural reserve funding and evolving regulatory requirements. Ponte Verde at Palm Beach Lakes is a gated, two- …

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Havens-at-Hickory-Tree-St-Cloud
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

Joint Venture Secures $35.1M Refinancing for Newly Completed BTR Project in Orlando Metro

by Lynn Peisner

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 …

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Metro-Parc-Hialeah
DevelopmentFinanceFloridaNewsSoutheast

Baron Property Group Lands $226.5M Refinancing for Miami Project

by Lynn Peisner

HIALEAH, FLA. — Baron Property Group (BPG) has closed on a $226.5 million refinancing for Metro Parc, a 559-unit development in Hialeah that is now 50 percent leased. The financing replaces the project’s construction loan and serves as a bridge to permanent financing. The lenders were Madison Realty Capital and Yellowstone Real Estate. HKS Real Estate Advisors and DIA Capital Group advised BPG. Ben Suky of Bensco arranged the financing. Designed by Modis Architects, Metro Parc is the first phase of BPG’s 2.3-million-square-foot mixed-use development in Hialeah. The property is …

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Verona-Fairburn
DevelopmentGeorgiaNewsSoutheast

Vida Cos. Developing Verona in Metro Atlanta

by Lynn Peisner

FAIRBURN, GA. — Vida Cos., an Atlanta-based multifamily, mixed-use and build-to-rent developer, has broken ground on Verona, a 280-unit community in Fairburn, approximately 20 miles southwest of Atlanta. Verona will consist of four-story garden-style buildings containing one-, two- and three-bedroom units, all with balconies. Amenities include a courtyard with a saltwater pool and grilling stations, a fitness center, clubhouse, coworking lounge, indoor mail kiosks, a dog park and private and public green spaces. The project also includes a 1,500-square-foot retail space for a coffee shop that will be open to …

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Wyndchase-Aspen-Grove-Franklin
Investment SalesNewsSoutheastTennessee

Waterton Buys Metro Nashville Asset for $128M

by Lynn Peisner

FRANKLIN, TENN. — Waterton, a Chicago-based real estate investor and operator, has acquired Wyndchase Aspen Grove in Franklin. The Nashville Business Journal reports the sales prices was approximately $128 million and the seller was an affiliate of Boston-based Berkshire Residential Investments. The 560-unit garden-style property was built in 1997 and offers one-, two- and three-bedroom units complemented by a game room, fitness center, dog park, two resort-style pools, an outdoor fireplace and an outdoor kitchen and grilling stations. Waterton is planning to update residences with the addition of quartz countertops, …

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Colina-Hillside-Birmingham
AlabamaDevelopmentNewsSoutheast

Dobbins Group, Capstone Building Corp. Complete Development of Colina Hillside in Birmingham, Alabama

by Lynn Peisner

BIRMINGHAM, ALA. — Dobbins Group along with general contractor Capstone Building Corp., both locally based, have completed construction of Colina Hillside in Birmingham. The 475-unit property was designed by Williams Blackstock Architects and features two saltwater pools with cabanas and outdoor entertainment areas, pet spa and parks, a clubhouse, coworking areas, a firepit, electric vehicle charging stations, a market, garages, storage spaces and a walking path. Floor plans include one-, two- and three-bedrooms set within four- and five-story buildings.

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Grove-at-Cheney
AlabamaInvestment SalesNewsSoutheastStudent HousingWashingtonWestern

JV Secures $38.4M to Acquire Three Former Student Housing Properties

by Lynn Peisner

NEW YORK CITY — Eastman Residential and Triangle Capital Group have acquired a three-property portfolio of former student housing communities that will be converted to conventional multifamily assets. JLL arranged a $39.4 million three-year, floating rate acquisition loan. The portfolio consists of Grove at Cheney (192 units) in Cheney, Washington, Arch at Troy (192 units) in Troy, Alabama, and CB at Radford (222 units) in Radford, Virginia. Each property was originally developed as off-campus student housing but has underperformed because of distance from their respective university campuses relative to competing …

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Bend-on-Bluebonnet-Baton-Rouge
FinanceLouisianaNewsSoutheast

JLL Arranges $42.8M Refinancing for Bend on Bluebonnet in Baton Rouge

by Lynn Peisner

BATON ROUGE, LA. — JLL Capital Markets has arranged a $42.8 million loan to refinance Bend on Bluebonnet, a 301-unit luxury community at 10231 Bluebonnet Blvd. in Baton Rouge. TWG Development and Mandrake Capital Partners are the owners/borrowers. The lender was Balbec Capital. Bend on Bluebonnet was completed in 2023 on a 13-acre site and is comprised of one-, two- and three-bedroom units as well as a pool, 24-hour fitness center, coworking lounge, coffee bar, pet park with washing stations, grills and a firepit. Michael Zaremski and Clayton Ross headed …

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Ekos-at-Rockledge-Park-Rockledge
Affordable HousingDevelopmentFloridaNewsSoutheast

McDowell Housing Partners Breaks Ground on $38.2M Affordable Housing Community in Rockledge, Florida

by Lynn Peisner

ROCKLEDGE, FLA. — McDowell Housing Partners (MHP) has begun construction of Ekos at Rockledge Park, a $38.2 million, 100-unit affordable housing community in Rockledge. The property’s one-, two- and three-bedroom units will be reserved for households earning up to 30, 60 and 70 percent of area median income. The LIHTC project will be built to National Green Building Standards. Units will be equipped with Energy Star-rated appliances, low-flow plumbing fixtures, LED lighting and other energy-efficient features. Amenities feature a clubhouse, fitness center, business center with computer stations, package lockers, community …

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