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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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509 North Apartments in Albany, Georgia
FinanceGeorgiaNewsSoutheast

Greystone Provides $15.5 Million Refinancing for 509 North Apartments in Albany, Georgia

by Channing Hamilton

ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent. 509 North Apartments was constructed in 1987. The garden-style community consists of 14 buildings. Units come in one- and …

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Georgetown Crossing in Savannah, Georgia
GeorgiaInvestment SalesNewsSoutheast

Peach Hill Capital, RK2 Property Group Acquire Georgetown Crossing in Savannah, Georgia for $25.6 Million

by Channing Hamilton

SAVANNAH, GA. — A joint venture between Peach Hill Capital and RK2 Property Group has acquired Georgetown Crossing, a 168-unit community in the Georgetown neighborhood of Savannah. The asset traded hands in an off-market transaction for $25.6 million. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed seller in the deal. Georgetown Crossing was built in 1994. Located at 1015 King George Boulevard, the property comprises seven three-story residential buildings surrounding a clubhouse and a pool. Units come in one- and two-bedroom layouts. Other amenities include a series of …

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Bradford Woods in Nashville, Tennessee
Investment SalesNewsSoutheastTennessee

Lion Real Estate Group Acquires 312-Unit Bradford Woods in Nashville, Tennessee

by Channing Hamilton

NASHVILLE, TENN. — Dallas-based Lion Real Estate Group LLC has purchased Bradford Woods, a 312-unit community in Nashville, for an undisclosed price. The acquisition was financed through Fannie Mae loan. Walker & Dunlop’s Nashville office brokered the deal. Located at 5242 Edmondson Pike, Bradford Woods offers one- to four-bedroom apartments. The new ownership plans to implement a value-add program at the property, which will be rebranded as “The Grove Brentwood.” Lion Real Estate Group plans to completely renovate the leasing office/clubhouse, gym, pool and other amenity spaces. Unit interiors will …

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The Perch PDX in Portland, Oregon
Affordable HousingDevelopmentFeaturesFinanceMidwestNevadaNortheastSoutheastTexasWestern

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units.  If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

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Industry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Property Managers Need a Holistic Approach to Prop Tech to Streamline Operations

by Channing Hamilton

— By Mike Branam, director of multifamily, PointCentral Renters increasingly desire smart technology features and personalized automation that can save time, money and improve property security. A 2022 survey from Rent.com reported that a staggering 82 percent of renters wanted at least one smart device in their home.  This has encouraged property owners and operators to invest in technology as part of a wider strategy to both attract and retain a resident base that is a good fit for their communities. Technological advancements such as artificial intelligence (AI), as well …

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DevelopmentGeorgiaNewsSoutheast

Thompson Thrift to Develop 212-Unit The Levi in Atlanta Suburb

by Channing Hamilton

STOCKBRIDGE, GA. — Thompson Thrift has unveiled plans to develop The Levi, a 212-unit community located at 2245 Jodeco Road in the southeast Atlanta suburb of Stockbridge. The Levi will offer one-, two- and three-bedroom apartments averaging 1,100 square feet in size. Amenities will include a fitness center, pool, outdoor grills, work suites, a pickleball court, dog park, pet spa and a Starbucks coffee bar. The Levi will be situated within the 158-acre master-planned Bridges at Jodeco development. A construction timeline was not disclosed.

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3043 S.E. Port St. Lucie Blvd. in Port St. Lucie, Florida
BerkadiaDevelopmentFloridaInvestment SalesNewsSoutheast

Berkadia Brokers $8.5 Million Sale of 22-Acre Development Site in Port St. Lucie, Florida

by Channing Hamilton

PORT ST. LUCIE, FLA. — Berkadia has negotiated the sale of a 22-acre site located at 3043 S.E. Port St. Lucie Blvd. in Port St. Lucie. Development firm Ciprés acquired the parcel from Sympatico Real Estate for $8.5 million. Ciprés plans to develop a 324-unit community on the site. A construction timeline for the project was not disclosed. Omar Morales, Jaret Turkell, Roberto Pesant and Yoav Yuhjtman of Berkadia Florida arranged the deal. Javier Herrera of Franklin Street acted as the land lender broker, and Vertix provided acquisition financing.

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Oxenfree at WeHo in Nashville, Tennessee
Build-to-RentFeaturesMidwestNortheastSoutheastTexasWestern

Strong Tenant, Investor Demand Ensures Build-to-Rent Model Is Here to Stay

by Channing Hamilton

Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes.  For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home.  These properties provide more living space and privacy than a typical apartment and at a more …

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The Dylan Apartments in Murfreesboro, Tennessee
Investment SalesNewsSoutheastTennessee

Cohen Investment Group Acquires The Dylan Apartments in Murfreesboro, Tennessee

by Channing Hamilton

MURFREESBORO, TENN. — Cohen Investment Group has acquired The Dylan Apartments, a 152-unit property located in the Nashville suburb of Murfreesboro, from Archway Equities for an undisclosed price. The Dylan Apartments comprises 113,396 square feet of rentable space. The community features amenities such as a clubhouse, barbeque grills, dog park, fitness center, pool and more. Tyler Mayo of Cushman & Wakefield brokered the transaction. 

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