ATLANTA — Atlanta-based PeakMade Real Estate (PeakMade) has promoted Sam Owens to the role of regional vice president of multifamily operations. In this role, Owens will be responsible for overseeing all property operations, client relations and regional managers for PeakMade’s multifamily portfolio. Owens has worked with PeakMade for over 12 years. She began her career as a part-time leasing consultant and has served in on-site leadership roles such as leasing manager, assistant manager and property manager. Most recently, she worked as a regional manager for three years, supporting operations for …
DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden units, townhomes and cottages. Amenities include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room.
KISSIMMEE, FLA. — Pinnacle and Birdsong Housing Partners have jointly secured $33.9 million in financing to begin constructing Pinnacle at the Wesleyan, a 96-unit affordable housing community in Kissimmee. Pinnacle at the Wesleyan will be available to households earning up to 60 percent of the area median income (AMI). Ten percent of units will be reserved for extremely low-income residents at 33 percent AMI. The complex will offer 12 one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. The developers broke ground on the project at the beginning of December. …
Atlanta has experienced a dip in rents amid a surge of supply. The number of deliveries in the third quarter of this year increased 63 percent compared with the same period in 2022. Most data sources indicate about 15,000 units have been delivered so far this year, but only about 5,000 have been absorbed. In short, new supply is greatly outpacing tenant demand, and effective rents fell on a year-over-year basis as of the third quarter. Still, industry experts say this is likely only a temporary condition with developers struggling …
ATLANTA — Shortened attention spans and the desire for instant gratification are a couple of the changing consumer behaviors that impact the multifamily operations industry. Karen Key, a president with Houston-based Asset Living, said that 75 percent of consumers expect a response time in less than 24 hours from a business. Twenty percent expect a response time within minutes. “If you’re missing that mark and someone else is responding to them, whether it’s a client, prospect or resident, you’ve lost them. They’re gone.” Key’s remarks came during the operations panel …
ATLANTA — Brook Farm Group, an Atlanta-based development company, has hired Matt Cotton as Vice President of Land Acquisition. Cotton will be based in the company’s Atlanta office. In this role, Cotton will oversee Brook Farm Group’s strategy to identify and acquire new land sites for multifamily development across the southeast. Cotton previously worked in in the Atlanta suburb of Alpharetta as a director of site selection for the Southeast Region of Trilogy Residences. Prior to this, he served as a real estate development manager for Circle K in Charlotte, North …
MIAMI — JLL Capital Markets has arranged $115 million in financing for Metro Edgewater, a 279-unit high-rise development in the Edgewater neighborhood of Miami. The building rises 32 stories and offers one-, two- and three-bedroom units averaging 955 square feet in size. Units feature walk-in closets, stainless steel appliances, hardwood and plank vinyl flooring, quartz countertops, and balconies. Amenities include a pool with cabanas and dry beds, fitness center, clubroom, a sky lounge, dining room and coffee bar. The borrower was a consortium consisting of Lujeni Corp., Camino Capital Management …
CHARLOTTE, N.C. — S2 Capital has acquired Timber Creek, a 352-unit property in the Collingwood neighborhood of Charlotte. Financial terms of the transaction were not disclosed. Located at 1100 Falls Creek Lane, Timber Creek offers studio, one- and two-bedroom apartments. Amenities include a pool, grilling station, clubhouse, fitness center, dog park and nature trail. S2 Capital plans to make exterior renovations to buildings and outdoor amenities, as well as upgrade unit interiors. The asset will be rebranded as “The Marley.”
WARNER ROBINS, GA. — Berkadia has arranged a $36.8 million loan for Pointe Grand Warner Robins, a 288-unit property in Warner Robins. Located at 1601 Leverette Road, Pointe Grand Warner Robins consists of ten residential buildings and a clubhouse. Each residential building rises three stories. Units come in two-bedroom layouts and are 1,170 square feet in size. Amenities include a pool, fitness center and business center. Berkadia’s Proprietary Lending Group provided the loan, which features a two-year, competitive floating-rate with extensions and full-term interest only. Michael Weinberg and Wesley Moczul …
ATLANTA — Depending on the era in which you came of age and the general experiences you’ve had in life, the notion that “things can always get worse” can be easy to endorse. As it pertains to commercial lending and borrowing, the consensus narratives that have prevailed ever since the Federal Reserve began jacking up interest rates in early 2022 has largely followed the same script: “Hunker down.” “Survive till ’25.” “Delay and defer.” In other words, do whatever you have to do to avoid the sting of the 11 …