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Burnside Farms Apartments in Columbia, South Carolina
DevelopmentFinanceNewsSouth CarolinaSoutheast

Walker & Dunlop Arranges $62 Million Construction Financing for Burnside Farms Apartments in Columbia, South Carolina

by Channing Hamilton

COLUMBIA, S.C. — Walker & Dunlop has arranged $62 million in debt and equity financing for the construction of Burnside Farms Apartments in Columbia. Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden of Walker & Dunlop arranged the non-recourse financing on behalf of the borrowers, South Coast Property Investments and Abacus Capital. Burnside Farms Apartments will comprise 308 apartments. A portion of the community will be set aside as affordable housing, but the number of units and income restrictions for the affordable units were not disclosed. The property will …

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MetWest Residential in Tampa, Florida
DevelopmentFinanceFloridaNewsSoutheast

ZOM Living, MetLife Investment Management Secure $63 Million in Construction Financing for MetWest Residential in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — ZOM Living and MetLife Investment Management have secured $63 million in construction financing for MetWest Residential, a 375-unit project located within the Westshore District of Tampa. Looney Ricks Kiss designed the community. MetWest Residential will rise eight stories. The community will offer studio, one-, two- and three-bedroom apartments ranging from 576 to 1,601 square feet. Amenities will include a pool with an outdoor deck, courtyard, fitness center, co-working and conference spaces, a dog park and a lounge on the eighth floor. MetWest Residential will also feature 3,000 …

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Affordable HousingDevelopmentGeorgiaNewsSoutheast

MicroLife Institute, Hope Springs Housing Break Ground on Affordable Housing Project in Atlanta

by Channing Hamilton

ATLANTA — A partnership between MicroLife Institute and Hope Springs Housing has broken ground on Hope Springs Townhomes, an affordable housing development in the Hammond Park neighborhood of Atlanta. Hope Springs Townhomes will comprise 10 townhome-style units, which will be built by Middle Housing Co. This is MicroLife’s first project as a full-time developer. Hope Springs Townhomes will provide housing to women coming out of incarceration for nonviolent offenses, as well as their children. The community will be available at 30 percent of the area median income. Hope Springs Housing …

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John Williams
Affordable HousingDevelopmentFinanceIndustry VoicesMidwestNortheastSoutheastTexasWestern

Public-Private Partnerships: A Creative Approach to Increasing Affordable Housing Supply

by Channing Hamilton

— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …

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The Marquis of Tampa in Tampa, Florida
FloridaInvestment SalesNewsSoutheast

JPM Brokers Sale of 357-Unit The Marquis of Tampa in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — JPM Institutional Multifamily has brokered the sale of The Marquis of Tampa, a 357-unit community in Tampa. The Marquis of Tampa was built in 1998. The community features town-home style units in one-, two-, three- and four-bedroom layouts. The average unit size is 1,199 square feet. Amenities include two pools with sundecks, fitness center, business center, theater room and package lockers. Axonic Properties was the seller. The property will be rebranded as Windsor Highwoods Preserve.

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Tuscany Village in Sanford, Florida
DevelopmentFinanceFloridaNewsSoutheast

Royal Palm Cos., Mattoni Group Secure $86 Million Construction Financing for Tuscany Village Near Orlando

by Channing Hamilton

SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has secured $86 million in construction financing for Tuscany Village, a 420-unit development in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. Tuscany Village is situated at 4201 W. First Street and comprises 21 acres. Construction is slated to begin in May. The community will be delivered in phases by 2026.

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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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Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Stark Enterprises Breaks Ground on Build-to-Rent Community in Bolivia, North Carolina

by Channing Hamilton

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.

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An unnamed conversion project by Carr Properties in Alexandria, Virginia
DevelopmentNewsSoutheastVirginia

Carr Properties Plans 234-Unit Office-to-Multifamily Conversion in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt Street in the Old Town neighborhood of Alexandria. The buyer plans to convert the asset into a 250,000-square-foot community. The development team for the project includes SK+I Architecture, as well as interior design firm Edit Lab by Streetsense. The community will offer 234 apartments in studio through three-bedroom layouts, a portion of which will be set aside as affordable housing. The property will also feature below-grade parking, 15,800 square feet of outdoor space, a …

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Avalon Merrick Park in Miami
DevelopmentFloridaNewsSoutheast

Mast Capital, AvalonBay Complete 254-Unit Avalon Merrick Park in Miami

by Channing Hamilton

MIAMI — Mast Capital and Avalon Bay Communities have completed Avalon Merrick Park, a 254-unit property located at 3811 Shipping Ave. in the Coral Gables neighborhood of Miami. The community offers studio, one-, two- and three-bedroom apartments. Units range from 456 to 1,530 square feet in size. Amenities include a pool, fitness center, resident lounge with co-working spaces and a pet spa. Arquitectonica designed the community. First Florida was the general contractor on the project.

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