Southeast

Alexan Summerhill in Atlanta
DevelopmentGeorgiaInvestment SalesNewsSoutheast

Cushman & Wakefield Arranges Sale of 315-Unit Alexan Summerhill in Atlanta

by Channing Hamilton

ATLANTA — Cushman & Wakefield has arranged the sale of Alexan Summerhill, a recently built 315-unit community in Atlanta’s Summerhill neighborhood. Weinstein Properties purchased the asset from the developers, Trammell Crow Residential and PGIM Real Estate, for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick of Cushman & Wakefield represented the sellers in the transaction.  Alexan Summerhill was built in 2022 as part of an ongoing 72-acre transformational mixed-use redevelopment plan. The community will feature direct access to the adaptive reuse retail spaces on …

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Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Advantage Capital Provides Financing for Affordable Housing Development in South Hill, Virginia

by Channing Hamilton

SOUTH HILL, VA. — Advantage Capital has provided financing to construct Mecklenburg Manor, a 51-unit affordable housing community in South Hill, a rural town 80 miles south of Richmond. Mecklenburg Manor will comprise seven buildings. The complex will offer one-, two- and three-bedroom units to households earning between 40 and 60 percent of the area median income.  The company has partnered with Gateway Development Associates and NFP Affordable Housing Corp. to construct the community. Advantage Capital invested in the development through the Virginia Housing Opportunity Tax Credit program, which is …

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FinanceFloridaNewsSoutheast

Greystone Provides $22 Million to Refinance Three Communities in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — Greystone has provided a total of $22 million to refinance three communities in Tampa. The loans feature a private-label offering and carry five-year terms with fixed rates and 30-year amortizations, including interest-only payments for periods ranging one to five years. Anthony Cristi, managing director at Greystone, originated the financing. The properties include: the 33-unit Palms at Humphrey; the 36-unit Oaks at University; and the 95-unit Uptown Gardens.

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DevelopmentGeorgiaNewsSoutheast

Brook Farm Group, Emory Equity Break Ground on The Sinclair at Callaway Farm in Atlanta Suburb

by Channing Hamilton

COVINGTON, GA. — Brook Farm Group and Emory Equity have begun constructing The Sinclair at Callaway Farm, a 388-unit community in the southeast Atlanta suburb of Covington. SilverCap Partners provided preferred equity for the development. First Horizon Bank and TrustMark Bank provided construction financing. The Sinclair at Callaway Farm will feature 11 residential buildings across two distinct neighborhoods. Construction is slated to be completed by the end of 2025.

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Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

Stryant Investments to Redevelop Historic Atlanta Motel into 54-Unit Affordable Housing Community

by Channing Hamilton

ATLANTA — Stryant Investments has broken ground on Ralph David House, an adaptive-reuse development that converts a former motel in Atlanta’s Reynoldstown neighborhood into 54 units of permanent supportive housing. The community will be affordable to households earning at or below 30 percent of the area median income. Rents and utility costs combined will also be capped at 30 percent of each tenant’s income. The complex is slated to open in the fall of 2024.  Atlanta Beltline Inc. invested $550,000 into the project through the BeltLine’s TAD Increment Fund, which …

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1910 NW 29th Street in Miami
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Negotiates $2.8 Million Sale of Two Properties in Miami

by Channing Hamilton

MIAMI — Marcus & Millichap has brokered the sale of two properties located at 1910 and 1920 NW 29th Street in Miami’s Allapattah neighborhood. The buildings comprise 8,840 square feet and 16 units altogether. Units come in studio, one- and two-bedroom floor plans. 7 Crowns LLC purchased the properties from a local LLC for $2.8 million. Nicholas McAndrew, Felipe Echarte and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller and procured the buyer.

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Parkside on Dresden in Brookhaven, Ga.
DevelopmentFeaturesGeorgiaOperationsSoutheast

New Multifamily Starts to Slow to a Crawl in 2024, Say InterFace Panelists

by Channing Hamilton

ATLANTA — Multifamily developers are bracing for the uncertainty of 2024 as their projects are delivering into a landscape where new supply is outpacing demand by a significant margin. In the third quarter, a total of 114,000 new multifamily units were delivered compared to 82,100 absorbed, according to research from CBRE. The absorption figure is technically rebounding as it represents the highest quarterly figure since early 2022, but there is still a sizeable delta compared to supply growth. The trailing four-quarter total for multifamily deliveries stands at 376,500 units, which …

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Audubon Estates in Alexandria, Virginia
FinanceNewsSoutheastVirginia

JLL Negotiates Refinancing for 700-Site Manufactured Housing Community in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — JLL Capital Markets has arranged the refinancing for Audubon Estates, a 700-site manufactured housing community in the Washington, D.C. suburb of Alexandria. JLL worked on behalf of the borrower, Hometown America, to secure the seven-year, fixed-rate loan through Freddie Mac. Zach Koucos, Chris Collins and Bharat Madan led the JLL Capital Markets Debt Advisory team. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the financing. Audubon Estates was built in 1972 at 7930 Audubon Ave. According to JLL, the property was 100 percent occupied at the time …

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Investment SalesNewsNorth CarolinaSoutheast

Northmarq Brokers $107 Million Sale of Alta Filament Apartments in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Northmarq has negotiated the sale of Alta Filament, a 352-unit community located at 525 E. 21st St. in Charlotte. Wood Partners sold the asset to Mid-America Apartment Communities for $107 million. Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson of Northmarq represented the seller in the deal. Alta Filament offers amenities such as a clubhouse, conference room, fitness club, grilling areas, a pool, sundeck trellis, pet spa and package delivery service. The property also includes two courtyards, a podcast/content creator studio and …

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A build-to-rent development site by LyvWell Communities in Tampa, Florida
DevelopmentFloridaNewsSoutheast

LyvWell Communities Develops Wellness-Centered Townhomes in Tampa’s Deer Valley

by Channing Hamilton

TAMPA, FLA. — LyvWell Communities announces its latest build-to-rent development in Tampa: 115 new townhomes in the Westchase district. Land development is currently underway, with move-in dates available as early as summer 2024. LyvWell Communities caters to the health-conscious preferences of residents, developing properties with amenities such as pools, dog parks, outdoor fitness areas, zen zones, community pavilions, and community gardens. From fenced yards and garages to versatile living spaces equipped with air and water filtration systems, blackout shades for restful sleep, and circadian lighting, LyvWell Communities offers a comprehensive approach to …

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