Southeast

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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EDEN at Kendall West in Jacksonville, Florida
Build-to-RentDevelopmentFloridaLeasing & MarketingNewsSoutheast

EDEN Living Delivers 265-Unit Build-to-Rent Community in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — EDEN Living has completed EDEN at Kendall West, a 265-unit build-to-rent community in Jacksonville. The community is situated on 20 acres at 9105 Tredinick Pkwy. EDEN at Kendall West offers 193 single-story units and 72 two-story townhomes. Units come in one-, two- and three-bedroom layouts and range from 700 to 1,300 square feet. Each residence features a private backyard. The townhomes also include private garages. Community amenities include a clubhouse, fitness center, pool, dog grooming station, dog park, walking trails and clubroom. Leasing and resident move-ins have …

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FinanceNewsSoutheastTennessee

Eastern Union Secures $13 Million Refinancing for Garden View Apartments in Memphis, Tennessee

by Channing Hamilton

MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a 156-unit community located at 1033 and 1087 Whitaker Drive in Memphis. Built in 1963, the property comprises 15 buildings spanning 131,000 rentable square feet. The unit mix includes 60 one-bedroom and 96 two-bedroom residences. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate. Dov Bakon of Eastern Union served …

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Jonathan Treble, Founder and CEO of WithMe Inc.
Industry VoicesMidwestNortheastOperationsSoutheastTechnologyTexasWestern

Amenities Anchor Communities, Foster Live-Work-Play Environment

by Channing Hamilton

— By Jonathan Treble, Founder and CEO of WithMe Inc. In today’s multifamily landscape, amenities play a pivotal role that goes beyond attracting and retaining prospective residents. The right amenity package can enhance residents’ daily experience, nurture a thriving sense of community and ultimately increase the asset’s overall value. By thoughtfully outfitting an asset with the right amenities, property owners and operators can cater to today’s renters’ live-work-play and remote-work lifestyles. Modern Renters Desire “Third Spaces” Post-pandemic, the traditional boundaries between home, office and social spaces have blurred. Remote and …

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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 Parker Aiken Apartments in Aiken, South Carolina
DevelopmentFinanceNewsSouth CarolinaSoutheast

IPA Capital Markets Brokers $37.3 Million Construction Loan for The Parker Aiken Apartments in Aiken, South Carolina

by Channing Hamilton

AIKEN, S.C. — IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), has arranged $37.3 million in construction financing for The Parker Aiken Apartments, a 336-unit development in Aiken, 20 miles northeast of Augusta, Georgia. The borrower was New York City-based developer JEM Holdings. Max Herzog, Marko Kazanjian and Andrew Cohen of IPA Capital Markets secured the seven-year, fixed-rate loan through Protective Life Insurance Co. The Parker Aiken Apartments will comprise 14 buildings on a 30-acre site. Planned amenities include a clubhouse with fitness center, co-working spaces, an outdoor grilling …

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The Mav Channelside in Tampa, Florida
FinanceFloridaNewsSoutheast

BWE Arranges $76.8 Million Refinancing for The Mav Channelside in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — BWE has negotiated a $76.8 million loan for the refinancing of The Mav Channelside, a 324-unit property located at 601 N. 12th St. in Tampa’s Channelside District. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE secured the five-year, fixed-rate loan using Fannie Mae’s Near-Stabilization Execution. The borrower was a joint venture led by Birmingham, Ala.-based Daniel Corp. The Mav Channelside was built in 2022. The mid-rise community offers a mix of 108 studio, 163 one-bedroom and 53 two-bedroom apartments. Community amenities include a fitness …

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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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