Southeast

Kathleen Milisky, principal, Utility Revenue Services
DevelopmentIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Smart Utilities Management Can Eliminate Pain Points and Reduce Unnecessary Costs

by Channing Hamilton

— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …

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Broadstone Berry Hill in Nashville, Tenn.
DevelopmentNewsSoutheastTennessee

Alliance Residential Opens Broadstone Berry Hill Apartments in Nashville, Tennessee

by Channing Hamilton

NASHVILLE, TENN. — Alliance Residential Co. has opened Broadstone Berry Hill, a 303-unit community located at 2500 Bransford Ave. in Nashville. Units come in studio, one- and two-bedroom floor plans. Amenities include a clubroom, sky lounge, fitness center, private focus rooms, a fenced pet bark, bike room with a repair station and two courtyards. One of the courtyards features a grilling area, miniature golf and a pool. The other includes an outdoor TV lounge, fire pit and turf area for lawn games. The property also includes a coffee shop and …

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Oxenfree at Princeton in Princeton, Texas
Build-to-RentColoradoDevelopmentIllinoisMidwestNewsNorth CarolinaSoutheastTennesseeTexasWestern

Core Spaces Expands Build-to-Rent Brand, Plans 4,000-Unit Pipeline

by Channing Hamilton

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 …

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Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

Oppidan Breaks Ground on 119-Unit Affordable Housing Project in Raleigh, North Carolina

by Channing Hamilton

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. …

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Charlotte Commons Apartments in Port Charlotte, Florida
FloridaInvestment SalesNewsSoutheast

JBM Brokers $66.5 Million Sale of Charlotte Commons Apartments in Port Charlotte, Florida

by Channing Hamilton

PORT CHARLOTTE, FLA. — JBM Institutional Multifamily Advisors has negotiated the $66.5 million sale of Charlotte Commons in the southwest Florida city of Port Charlotte. Image Capital, along with an undisclosed New York-based company, purchased the asset for $66.5 million. The seller was SC Bodner Co., who developed Charlotte Commons in 2022. Charlotte Commons comprises 264 apartments across 11 three-story buildings. Units come in studio, one- and two-bedroom floor plans and average 846 square feet in size. Amenities include a pool with a sun deck, outdoor lounge area, fitness center, …

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Affordable Housing Demand Berkadia Marge Novak quote
Affordable HousingBerkadiaBerkadia FeatureContent PartnerDevelopmentFeaturesIndustry ContentInvestment SalesMidwestNortheastSoutheastTexasWestern

Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities

by Sarah Daniels

Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …

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The Kavista in Miami
DevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges $60.9 Million for Refinance of The Kavista in Miami

by Channing Hamilton

MIAMI — JLL Capital Markets has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit development within the El Portal neighborhood of Miami. JLL worked on behalf of the borrower, Barrington Brothers, to secure the two-year, floating rate loan through Värde Partners. Melissa Rose, Michael DiCosimo and Maddy McMillen led the JLL Capital Markets Debt Advisory Team. Upon completion in February of 2024, TheKavista will offer  one-, two- and three-bedroom units, as well as amenities such as a pool, lounge, theater, fitness center and EV chargers. The building …

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LEO at Cypress Creek in San Antonio, Florida
Build-to-RentDevelopmentFloridaNewsSoutheast

Advenir Capital Underway on $93.5 Million Build-to-Rent Community in Tampa Suburb

by Channing Hamilton

SAN ANTONIO, FLA. — Advenir Capital is underway on the development of LEO at Cypress Creek, a $93.5 million build-to-rent community in the Tampa suburb of San Antonio. The property will comprise 315 units across a 40-acre site. Units will come in a mix of standalone cottages, duplexes and townhomes. Floor plans range from one bedroom and 728 square feet to three bedrooms and 1,510 square feet. Planned amenities include a pool, clubhouse, fitness center, internet lounge, Wi-Fi connectivity, green spaces and a pet wash station. Site work for the …

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DevelopmentFinanceFloridaNewsSoutheast

Madison Communities, Heitman Secure $44 Million Construction Loan for Madison Bonita Springs in Bonita Springs

by Channing Hamilton

BONITA SPRINGS, FLA. — Madison Communities and Heitman have secured a $44 million construction loan for Madison Bonita Springs, a 252-unit project in the southwest Florida city of Bonita Springs. Patterson Real Estate Advisors arranged the funds through First Citizens Bank on behalf of the developers. BenCo is the general contractor. The development team plans to deliver the community by the end of 2025.

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Affordable HousingCaliforniaDevelopmentFinanceLouisianaNewsSoutheastWestern

American South Fund Management Closes $174 Million Affordable Housing Fund

by Channing Hamilton

LOS ANGELES AND SHREVEPORT, LA. — American South Fund Management (ASFM), a joint venture between SDS Capital Group and Vintage Realty, has closed its second real estate fund with $174 million in equity commitments. SDS Capital Group is a Los Angeles-based impact fund manager. Vintage Realty is a property developer and manager that is headquartered in Shreveport, Louisiana. ASFM’s fund will provide preferred equity and equity financing for affordable housing projects in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. The fund includes a $50 …

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