ATLANTA — Locally based Crown Bay Group has acquired Cameron Run in southwest Atlanta for $35 million from an undisclosed seller in an off-market transaction. The 284-unit property was built in approximately 1972 and was 93 percent occupied at the time of sale. Amenities include a recently renovated fitness center, a playground, artificial-turf sports field and a dog park. Units are offered with one, two or three bedrooms.
BESSEMER CITY, N.C. — WinnCompanies has broken ground on an affordable-housing, adaptive reuse project that is converting a mill building, constructed in 1896, into 139 apartments in Bessemer City, which is approximately 29 miles west of Charlotte, North Carolina. The $35 million project will provide units for tenants earning 60 percent or less of area median income (AMI). The 250,000-square-foot Osage Mill building has been vacant since 1995. Financing is supported by tax-exempt bonds from the North Carolina Housing Finance Agency (NCHFA) that were issued by the Gastonia Housing Authority. …
GREENVILLE, S.C. — Multifamily software company Grace Hill has acquired Edge2Learn and Ellis Partners in Management Solutions (Ellis). Financial terms of the transaction were not disclosed. Edge2Learn and Ellis provide e-learning services as well as policy, survey and data services to multifamily property owners and operators. Together, Ellis and Edge2Learn offer approximately 600 online training courses for the conventional, affordable, student and seniors housing markets.
CHARLOTTE, N.C. — Urban Atlantic, in partnership with Inlivian and its nonprofit development subsidiary, Horizon Development Properties (HDP), has secured $84 million in debt and public financing for the construction of Trella Uptown, a mixed-income apartment community to be built at 426 North Tryon Street in uptown Charlotte. Inlivian is the City of Charlotte’s housing authority. Totaling 353 units and 330,000 square feet, the community will feature 106 affordable housing units. Of these, 35 will be reserved for residents earning 80 percent of area median income (AMI); two will be …
NEWPORT NEWS, VA. — Blackfin Real Estate Investors LLC has purchased Riverlands Apartments, a 404-unit multifamily community located in the Hampton Roads town of Newport News, for $44.2 million. Hank Hankins, Charles Wentworth, Victoria Pickett and Garrison Gore of Colliers represented the seller, an undisclosed developer that has owned the property since it was delivered in 1989. Riverlands features one-, two- and three-bedroom apartments, as well as a pool and fitness center. The property is adjacent to Westover Station, a 108-unit property that Blackfin acquired in November 2020. Overall Blackfin …
WILDWOOD, FLA. — JLL has arranged $48 million in construction financing for the development of Solamar Wildwood, a 243-unit build-to-rent development in Wildwood. Churchill Real Estate provided the two-year, non-recourse loan to the borrower, a partnership between TRUSOT Developments and Agador Spartacus Development (AS). Max La Cava, Kenny Cutler and Karim Khaiboullin of JLL arranged the financing on behalf of TRUSOT and AS, which are co-developing several residential projects across Florida. Situated adjacent to The Villages, a master-planned community in Central Florida for active adults, Solamar Wildwood will comprise townhomes …
