ATLANTA — The Atlanta Beltline, Pennrose, Radiant Development Partners and other project stakeholders broke ground Aug. 4 on Overlook at Garson, a 130-unit affordable housing community along the Atlanta Beltline’s Northeast Trail in the Lindbergh neighborhood. The studio, one- and two-bedroom units will be rent restricted at 50, 60 and 80 percent of the area median income. The single-building community will include parking and 10,300 square feet of commercial space on approximately 3 acres. Financial partners for the Low-Income Housing Tax Credit (LIHTC) project include Atlanta Beltline Inc., Invest Atlanta, …
Southeast
APEX, N.C. — Wood Partners and Marcus Partners have broken ground on Altera Heights in Apex. The 280-unit community is located at the intersection of Jenks and Wimberly roads and will be comprised of one-, two- and three-bedroom units, some of which will be income-restricted. Marcus Partners is providing an undisclosed sum of equity for the project. Altera Heights will have a freestanding clubhouse featuring a fitness center, coworking space and gaming and lounge areas. Additional amenities include a resort-style pool, outdoor fitness area, dog park and pet spa. The …
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 …
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- …
Joint Venture Secures $35.1M Refinancing for Newly Completed BTR Project in Orlando Metro
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 …
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 …
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 …
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, …
Dobbins Group, Capstone Building Corp. Complete Development of Colina Hillside in Birmingham, Alabama
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.
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 …