BOLIVIA, N.C. — Stark Enterprises, in collaboration with its affiliated companies Stark Living and Arbor Construction, has begun constructing Oak Harbor Village, a 23-acre build-to-rent community in Bolivia, 22 miles southwest of Wilmington, North Carolina. The asset will offer 130 ranch-style and townhome units. Units will come in one- to three-bedroom floor plans. Planned amenities include a clubhouse, fitness center, dog park, playground, pool, sundeck, grilling stations and entertainment areas. The project is slated to complete in the summer of 2025, with pre-leasing slated to begin several months beforehand.
CONCORD, N.C. — Lansing Melbourne Group and Denholtz Properties have begun pre-leasing for Novi Rise, a 167-unit community located at 30 Market Street in Concord. The property will rise seven stories. Community amenities include a lounge, fitness center, work pods, conference room, dog wash station and package lockers. Novi Rise will also feature 4,757 square feet of ground-level retail space, which will be leased to Salon Lofts. Novi Rise is scheduled to open on May 15.
PINEVILLE, N.C. — JLL Capital Markets has negotiated the sale of Blu South, a build-to-rent community in the Charlotte suburb of Pineville. Hines U.S. Property Partners purchased the asset from Cornerstone Development for an undisclosed price. The transaction consists of the sale of 365 existing units, as well as the forward sale of 186 units. Casey Sherman and John Gavigan led the JLL Capital Markets Investment Sales Advisory team. Construction on Blue South began in 2022 and is slated for full completion in 2025. At full build-out, the property will feature …
ASHEVILLE, N.C. — TruAmerica Multifamily, in partnership with Spoke Real Estate Capital, has purchased Westmont Commons, a 252-unit community in Asheville, for $49.9 million. The seller was not disclosed. Greystone provided a Freddie Mac Optigo loan to finance the acquisition. Rob Russell and Richard Kourbage originated the loan. Westmont Commons was built in two phases in 2003 and 2008. The community offers one-, two- and three-bedroom floor plans. Amenities include a clubhouse with a kitchen and game room, pool with a sundeck, dog park, fitness center and picnic area with …
CHARLOTTE, N.C. AND ALEXANDRIA, VA. — FCA Management and Bonaventure have merged to create an enhanced third-party property management firm and platform. FCA Management is a third-party property management firm, which is based in Charlotte and serves clients in the southeast and mid-Atlantic. Bonaventure is an asset management firm with a focus on investment, development and construction in the southeast and mid-Atlantic. As part of the agreement, Bonaventure’s Property Management Services will become part of FCA Management, which will manage all current and future Bonaventure market-rate communities. The combined platform …
CHICAGO — Core Spaces plans to expand its build-to-rent brand, Oxenfree. The Chicago-based developer currently has a pipeline of approximately 4,000 units under development in markets such as Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast. The company plans to begin leasing at its first two communities — Oxenfree at WeHo in Nashville, Tennessee, and Oxenfree at Princeton in Princeton, Texas — in March, with the first units slated to deliver by April. Oxenfree at WeHo is located in Nashville’s Wedgewood-Houston neighborhood. The asset offers 96 townhome units …
RALEIGH, N.C. — Oppidan Investment Co. has broken ground on The Pines at Peach, a 119-unit affordable housing community in Raleigh. Apartments will come in one-, two- and three-bedroom layouts. Income restrictions were not disclosed. The project is financed with Low Income Housing Tax Credits from the North Carolina Housing Finance Agency, Tax Exempt Bonds issued by Raleigh Housing Authority, debt financing from Redstone, tax credit equity from Aegon and gap financing from the City of Raleigh. Construction is slated to complete in summer 2025. Cline Design designed the project. …
ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …
PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …
CHARLOTTE, N.C — JLL has arranged a total of $132.9 million in construction financing for a 389-unit project located at 2125 N Davidson in Charlotte’s Mill District. Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL brokered a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. 2125 N Davidson will offer studio, one-, two- and three-bedroom units with an average size of 762 square feet. …