Southeast

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

by Channing Hamilton July 30, 2024

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 …

July 30, 2024

Finance Florida News Southeast

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

by Channing Hamilton July 26, 2024

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 …

July 26, 2024

Development Finance News North Carolina Southeast

JLL Arranges $85 Million Construction Financing for West End II in Raleigh, North Carolina

by Channing Hamilton July 24, 2024

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 …

July 24, 2024

Finance Georgia News Southeast

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

by Channing Hamilton July 24, 2024

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 …

July 24, 2024

Georgia Investment Sales News Southeast

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

by Channing Hamilton July 22, 2024

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 …

July 22, 2024

Investment Sales News Southeast Tennessee

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

by Channing Hamilton July 18, 2024

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 …

July 18, 2024

Affordable Housing Development Features Finance Midwest Nevada Northeast Southeast Texas Western

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton July 16, 2024

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 …

July 16, 2024

Industry Voices Midwest Northeast Operations Southeast Texas Western

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

by Channing Hamilton July 12, 2024

— 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 …

July 12, 2024

Development Georgia News Southeast

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

by Channing Hamilton July 8, 2024

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.

July 8, 2024

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

Berkadia Development Florida Investment Sales News Southeast

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

by Channing Hamilton July 8, 2024

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.

July 8, 2024

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