Southeast

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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St. Andrews Villa in Madison, Alabama
AlabamaInvestment SalesNewsSoutheast

Marcus & Millichap Broker $21.7 Million Sale of St. Andrews Villa in Madison, Alabama

by Channing Hamilton

MADISON, ALA. — Marcus & Millichap has brokered the sale of St. Andrews Villas, a 96-unit townhome-style community in Madison. The project’s developer, Keelon Development Inc., sold the asset to an undisclosed buyer for $21.7 million. Josh Jacobs and Royce Emerson of Marcus & Millichap represented Keelon Development in the deal. Built in 2023, St. Andrews Villas offers one-level rental townhomes with 9-foot ceilings, walk-in showers and garages with EV chargers. Amenities include a swimming pool, coworking space and a fitness center. The community is situated at 29789 Hardiman Road, …

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BerkadiaInvestment SalesNewsSoutheastVirginia

Berkadia Brokers Sale of 651-Unit Belmont Hills in Richmond, Virginia

by Channing Hamilton

RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit community located at 4037 Lamplighter Drive in Richmond. Belmont Hills features one-, two- and three-bedroom units. Amenities include a pool, dog park, fitness center, clubhouse and a business center. A joint venture led by Levco Management acquired the property from Weinstein Properties for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller in the deal. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing …

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Front Row in Huntsville, Alabama
AlabamaDevelopmentFinanceNewsSoutheast

Essex Capital, Ascend Property Group Break Ground on $220 Million Mixed-Use Project in Huntsville, Alabama

by Channing Hamilton

HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre, mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is currently underway, following recent news that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated to deliver in late 2025, followed by apartments and office space in early 2026. At full build-out, the first phase of Front Row will comprise …

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Natura Gardens in Miami
FinanceFloridaNewsSoutheast

Terra, New Valley Secure $127 Million to Refinance Natura Gardens in Miami

by Channing Hamilton

MIAMI — Development partners Terra and New Valley have secured $127 million in permanent financing for Natura Gardens, a 460-unit complex in the West Hialeah neighborhood of Miami. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the financing. The funds will be used to pay off and refinance an existing $65 million construction loan, which Bank OZK provided in 2021. Natura Gardens was completed in the summer of 2023. Situated on a 23-acre site, the garden-style community …

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