Wednesday, December 18, 2024
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Alabama

Stella at Five Points in Huntsville, Alabama
AlabamaDevelopmentFeaturesLeasing & MarketingOperationsSoutheast

Huntsville is a City of Opportunity for Community Building

by Channing Hamilton

Huntsville is a land of opportunity for new projects. The “Rocket City” is the most aggressive market in the nation for apartment development, according to data from RealPage. The city claimed that title in 2022 and has maintained it ever since. Developers completed roughly 5,900 units in the first quarter of 2024, according to RealPage. This expanded supply by 15.9 percent. Another 9,895 units are currently under construction, with 6,900 of those apartments slated to deliver by the end of the first quarter of 2025. RealPage estimates the city will …

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AlabamaFinanceNewsSoutheast

Greystone Provides $14.5 Million Refinancing for 700 Riverchase Near Birmingham, Alabama

by Channing Hamilton

HOOVER, ALA. — Greystone has provided a $14.5 million Fannie Mae Delegated Underwriting & Servicing loan for the refinancing of 700 Riverchase, a 216-unit property in the southern Birmingham, Alabama suburb of Hoover. The non-recourse, fixed-rate financing features a five-year term and 30-year amortization, with interest-only payments for the full term of the loan. Rob Meehan of Greystone originated the financing, with HKS Capital Partners acting as correspondent. The borrower was not disclosed. Built in 1983, 700 Riverchase comprises 12 buildings. Units come in one-, two- and three-bedroom floor plans. …

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The Taylor in Opelika, Alabama
AlabamaLeasing & MarketingNewsSoutheast

Arey Group Begins Pre-Leasing for 198-Unit The Taylor in Opelika, Alabama

by Channing Hamilton

OPELIKA, ALA. — Arey Group has begun pre-leasing at The Taylor, a 198-unit community in the historic downtown area of Opelika. Located at 411 South 10th Street, The Taylor will offer one-, two- and three-bedroom layouts. Apartments feature stainless steel appliances and quartz countertops. Monthly rents begin at $1,250. Amenities include an entertainment area and fitness center. The community is slated to open in Q3 2024. The Taylor was designed by Geheber Lewis Associates. Focus Design Interiors provided interior design services.

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AlabamaCompany NewsNewsPeople NewsSoutheast

Capstone Development Partners Hires Jordan Gaston as Vice President for New Workforce Housing Business Line

by Channing Hamilton

BIRMINGHAM, ALA. — Capstone Development Partners has hired Jordan Gaston to the new leadership role of vice president, head of workforce housing. In this role, Gaston will take part in the company’s efforts to expand its business into the financing, development and operation of workforce housing. He previously served as the Director of Finance within Capstone’s finance division from 2016 to 2021. Most recently, he held the position of vice president in Citigroup’s public finance department.

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St. Andrews Villa in Madison, Alabama
AlabamaInvestment SalesNewsSoutheast

Marcus & Millichap Broker $21.7 Million Sale of St. Andrews Villa in Madison, Alabama

by Channing Hamilton

MADISON, ALA. — Marcus & Millichap has brokered the sale of St. Andrews Villas, a 96-unit townhome-style community in Madison. The project’s developer, Keelon Development Inc., sold the asset to an undisclosed buyer for $21.7 million. Josh Jacobs and Royce Emerson of Marcus & Millichap represented Keelon Development in the deal. Built in 2023, St. Andrews Villas offers one-level rental townhomes with 9-foot ceilings, walk-in showers and garages with EV chargers. Amenities include a swimming pool, coworking space and a fitness center. The community is situated at 29789 Hardiman Road, …

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Front Row in Huntsville, Alabama
AlabamaDevelopmentFinanceNewsSoutheast

Essex Capital, Ascend Property Group Break Ground on $220 Million Mixed-Use Project in Huntsville, Alabama

by Channing Hamilton

HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre, mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is currently underway, following recent news that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated to deliver in late 2025, followed by apartments and office space in early 2026. At full build-out, the first phase of Front Row will comprise …

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Metronome at MidCity in Huntsville, Alabama
AlabamaDevelopmentFinanceInvestment SalesMarket ReportsSoutheast

Alabama: A Tale of Two Markets

by Channing Hamilton

As secondary markets, the Huntsville, Birmingham and the Gulf Coast areas can’t lay claim to the dramatic population growth and major corporate relocations that have driven apartment demand in many neighboring Sun Belt cities.  That, however, has not prevented some developers from rushing into Huntsville. As a result, that market, like many others, is adjusting to what is arguably too much new supply. Meanwhile, Birmingham is growing at a more measured pace.  Those who invest in Alabama multifamily say the state may be close to attracting institutional investors’ attention because …

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Linx Plaza Apartments in Mobile, Alabama
AlabamaFinanceNewsSoutheast

L2 Investments Secures $14.7 Million to Refinance Two Properties in Mobile, Alabama

by Channing Hamilton

MOBILE, ALA. — L2 Investments has acquired $14.7 million to refinance two properties in Mobile comprising a total of 334 units. Alex Jaffa and Michael Muller of Eastern Union brokered the transaction. The lender was Arbor Realty Trust. Eastern Union arranged a $9.2 million loan for the refinancing of Linx Plaza Apartments, which comprises 214 units across 16 buildings on a 109,000-square-foot site. Linx Plaza Apartments was constructed in 1976. Eastern Union also arranged $5.5 million to refinance Plantation Apartments, a 120-unit community that was built in 1977. Plantation Apartments …

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AlabamaInvestment SalesNewsSoutheast

Marcus & Millichap Brokers Huntsville-Area Sale

by Lynn Peisner

ATHENS, ALA. — Marcus & Millichap has arranged the sale of Creekside Athens, a 98-unit property in Athens, which is located about 28 miles northwest of Huntsville, Alabama. Creekside Athens has 10 acres of additional land zoned for 120 more multifamily units. Marcus & Millichap’s Josh Jacobs and Royce Emerson marketed the property on behalf of the seller, a limited liability company. The buyer and sales price were not disclosed. Constructed in 2021, Creekside Athens has two- and three-bedroom floor plans with sunrooms, walk-in closets, patios and porches. Amenities include …

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Rendering of The Wellory in Huntsville
AlabamaDevelopmentNewsSoutheast

RCP Cos. Secures $62.1 Million Construction Loan for Huntsville Project

by Lynn Peisner

HUNTSVLLE, ALA. — Northmarq has arranged $62.1 million in construction financing through an undisclosed regional bank for RCP Cos. The financing is partially funding the $108 million multifamily development called The Wellory. Locally based RCP, along with Grounded Capital Partners, is building the 328-unit property, with 13,582 square feet of ground-floor retail space, within its master planned MidCity District project. According to RCP, The Wellory will be a net zero community with a LEED Platinum rating. Amenities will include a clubroom, located on the sixth floor and dubbed “sky lounge,” …

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