Wednesday, December 18, 2024
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Cedar Ridge Apartments in Gastonia, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

Gindi Equities Sells Cedar Ridge Apartments Near Charlotte, North Carolina, for $13.5 Million

by Channing Hamilton

GASTONIA, N.C. — Gindi Equities has sold Cedar Ridge Apartments, a 104-unit community located at 1680 Herman Dr. in the Charlotte suburb of Gastonia. Cedar Ridge Apartments offers a mix of two- and three-bedroom units. The asset traded hands for $13.5 million. The buyer was not disclosed. Gindi Equities acquired the property for $10 million in 2021. Over the course of ownership, the company implemented a renovation program at Cedar Ridge, which included upgrading on-site amenities and apartment interiors. Amenities now include a new playground and dog park. The complex’s …

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Braxton at Lake Norman in Mooresville, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

Northmarq Brokers $55 Million Sale of Braxton at Lake Norman in Charlotte Suburb

by Channing Hamilton

MOORESVILLE, N.C. — Northmarq has brokered the sale of Braxton at Lake Norman, a 232-unit community located at 118 Plantation Creek Drive in the Charlotte suburb of Mooresville. Inwood Holdings LLC purchased the property from Passive Investing for $55 million. Andrea Howard, Caylor Mark, John Currin, Allan Lynch, Jeff Glenn and Austin Jackson of Northmarq represented the seller in the deal. Braxton at Lake Norman was built on a 20-acre site in 2014. The average apartment size is 1,055 square feet. Community amenities include a pool, fitness center with rock …

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Speakers at the build-to-rent panel at InterFace Carolinas Multifamily
Build-to-RentDevelopmentFeaturesFinanceNorth CarolinaSoutheast

Build-to-Rent Residential Sector Remains in a Sweet Spot, Say InterFace Panelists

by Channing Hamilton

CHARLOTTE, N.C. — Build-to-rent (BTR), or purpose-built neighborhoods of single-family rental homes, has been an emerging subsector of the multifamily continuum the past several years. The housing type fills a niche for renters as it offers more living space and privacy than typical apartments, but is more affordable and amenitized than for-sale homes. The BTR sector began its ascent during the early years of the COVID-19 pandemic when a confluence of factors —the rise in work-from-home and hybrid work schedules, an increase in household formation of younger millennials, the desirability …

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Harrington Square in Leland, North Carolina
FinanceNewsNorth CarolinaSoutheast

JLL Capital Markets Arranges $50 Million Refinancing for Harrington Square in Leland, North Carolina

by Channing Hamilton

LELAND, N.C. — JLL Capital Markets has secured a $50 million bridge loan for the refinancing of Harrington Square, a 349-unit complex located in the Wilmington, North Carolina suburb of Leland. JLL worked on behalf of Latitude Management Real Estate Holdings to secure the four-year, floating-rate bridge loan from Bridge Investment Group Holdings Inc. Brian Halpern, Jeff Sause, Ward Smith, Jason Rosin and Jalynn Borders led the JLL Capital Markets Debt Advisory team. Harrington Square was built in two phases. Completed in 2018, the first phase included 189 apartments, as …

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The investment panel at InterFace Carolinas Multifamily 2024
Conference CoverageFeaturesFinanceInvestment SalesNorth CarolinaSouth CarolinaSoutheast

Investors Need to Capitalize on ‘Golden Window’ to Buy Below Replacement Cost, Say InterFace Panelists

by Channing Hamilton

The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below …

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West End II in Raleigh, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Arranges $85 Million Construction Financing for West End II in Raleigh, North Carolina

by Channing Hamilton

RALEIGH, N.C. — JLL has arranged $33.6 million in joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit project underway in downtown Raleigh’s West End neighborhood. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. The equity partner is an investment fund from South America. The lender is an unnamed national life insurance company. Located at 510 W. Cabarrus St., West End II …

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An unnamed project in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

Concord Summit Capital Arranges $75 Million Construction Financing for Development in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Concord Summit Capital has arranged $75 million in financing for the development of a community in Charlotte. Daniel Eidson of Concord Summit arranged the financing on behalf of the borrower, whose identity was not disclosed. The borrower plans to use the funds to refinance the existing land loan and complete construction. Once completed, the community will offer amenities such as a pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, a top-floor lounge and kitchen with a bar, garage parking with EV chargers, …

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Accent Southrail in Charlotte, North Carolina
FinanceNewsNorth CarolinaSoutheast

BWE Negotiates $35.9 Million Refinancing for Accent Southrail in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — BWE has brokered a $35.9 million loan for the refinancing of Accent Southrail, a 304-unit community located at 6026 Station Crossing Ave. in Charlotte’s Lower South End district. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the three-year, fixed-rate loan through a life company lender. The financing features flexible prepayment options. Westplan Investors was the borrower. Accent Southrail was built in 2021. The project offers one-, two- and three-bedroom floor plans. Amenities include a gym, pool with loungers and Orbit daybeds, clubroom with …

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Poplin Glen in Charlotte, North Carolina
Build-to-RentDevelopmentFinanceNewsNorth CarolinaSoutheast

Tower Capital Arranges $19.1 Million Refinancing for Build-to-Rent Community in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Tower Capital has arranged a $19.1 million loan for the refinancing of the first phase of Poplin Glen, a 268-unit build-to-rent project in the Charlotte. The borrower was a real estate investment company headquartered in Arizona. The loan replaced a bridge loan that Tower Capital arranged in July 2021 to facilitate the acquisition of the townhomes at certificate of occupancy with the intention to lease all the units. The initial phase of Poplin Glen comprises 99 units and was completed in 2021 and 2022. The community offers …

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Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Redwood Living Underway on 154-Unit Build-to-Rent Community in Hickory, North Carolina

by Channing Hamilton

HICKORY, N.C. — Ohio-based developer Redwood Living is underway on Redwood Hickory, a 154-unit build-to-rent community in Hickory, 59 miles northwest of Charlotte. Residences will come in two-bedroom layouts ranging from 1,294 to 1,381 square feet. Units will feature vaulted ceilings, bonus living space, attached two-car garages, washer and dryer hookups, full-size appliances and patios. Monthly rents start at $2,099 per month. A construction timeline for the project was not disclosed.

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