Southeast

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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FloridaInvestment SalesNewsPeople NewsSoutheast

JLL Capital Markets Adds Nick Lavin to South Florida Multifamily Investment Sales Team in Miami

by Channing Hamilton

MIAMI — JLL Capital Markets has added Nick Lavin to its South Florida multifamily investment sales team as a Director in the Miami office. In his new role, Lavin will focus on growing the firm’s multi-housing investment sales platform throughout the South Florida region. He will work alongside the current South Florida multi-housing and land investment sales team, which includes Matthew Lawton, Maurice Habif and Simon Banke. Prior to his time in the Los Angeles office, Lavin also spent almost three years in Chicago with HFF. He earned his degree as a double major …

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One Riverwalk in Knoxville, Tennessee
Investment SalesNewsSoutheastTennessee

Passco, Greystone Acquire One Riverwalk in Knoxville, Tennessee, for $120.7 Million

by Channing Hamilton

KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit community located at 151 E. Blount Ave. in Knoxville. The joint venture acquired the property from the developer, Southeastern, for $120.7 million. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. Built in 2019, One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from …

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Canvas at Savannah in Savannah, Georgia
FinanceGeorgiaInvestment SalesNewsSoutheast

CBRE Provides $27.7 Million Loan to Acquire Affordable Housing Community in Savannah, Georgia

by Channing Hamilton

SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Canvas at Savannah was built in 2003 and recently renovated. The garden-style community features one-, two- and three-bedroom units, as well as amenities such as a fitness center, coffee bar, package lockers and a pool.

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Avasa Hammock Landing in West Melbourne, Florida
FloridaInvestment SalesNewsSoutheast

Venterra Realty Acquires Avasa Hammock Landing in West Melbourne, Florida

by Channing Hamilton

WEST MELBOURNE, FLA. — Venterra Realty has acquired Avasa Hammock Landing, a 300-unit community in West Melbourne. Avasa Hammock Landing was recently built in 2023. The garden-style community offers one-, two- and three-bedroom apartments. Units range from 769 to 1484 square feet in size. Amenities include a pool, pavilion with grills and TVs, hammock lawn, fitness center, yoga studio, remote workspaces, dog park and dog wash station. Venterra Realty plans to implement several resident-focused programs, including a 48-hour maintenance guarantee.

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Build-to-RentDevelopmentGeorgiaNewsSoutheast

Parkland Communities Secures Zoning Approval for 124-Unit Build-to-Rent Development in Fayetteville, Georgia

by Channing Hamilton

FAYETTEVILLE, GA. — Parkland Communities has received zoning approval from the City of Fayetteville’s Planning & Zoning Commission the development of Morgan Park, a 124-unit build-to-rent community. Situated on 9.3 acres roughly 22 miles outside of Atlanta, Morgan Park will offer two- and three-bedroom townhome-style units. Each unit will include a clubhouse, pool, cabana and dedicated mail kiosk. Monthly rental rates at the community will begin at $2,400. A construction timeline for the project was not disclosed.

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Investment SalesNewsSoutheastVirginia

Bonaventure Acquires Monticello Station Apartments in Norfolk, Virginia, for $42 Million

by Channing Hamilton

NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit complex in downtown Norfolk, for $42 million. The property will be rebranded as Attain Downtown East. The community offers one-, two-, three- and four-bedroom units featuring full-size washers and dryers, granite countertops, private patios, stainless steel appliances and energy efficient design throughout. Amenities include a swim spa, courtyards with gas grills and firepits, a fitness center and conference room. The property also includes 33,000 square feet of ground-floor retail space, with current tenants including Buffalo Wild Wings, 7-Eleven and …

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Metronome at MidCity in Huntsville, Alabama
AlabamaDevelopmentFinanceInvestment SalesMarket ReportsSoutheast

Alabama: A Tale of Two Markets

by Channing Hamilton

As secondary markets, the Huntsville, Birmingham and the Gulf Coast areas can’t lay claim to the dramatic population growth and major corporate relocations that have driven apartment demand in many neighboring Sun Belt cities.  That, however, has not prevented some developers from rushing into Huntsville. As a result, that market, like many others, is adjusting to what is arguably too much new supply. Meanwhile, Birmingham is growing at a more measured pace.  Those who invest in Alabama multifamily say the state may be close to attracting institutional investors’ attention because …

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FinanceIndianaMidwestNewsOhioSoutheastTennessee

United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton

MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …

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FinanceFloridaNewsSoutheast

Lument Provides $22.6 Million Fannie Mae Loan to Refinance Pinebrook Apartments in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — Lument has provided a $22.6 million Fannie Mae loan to refinance Pinebrook Apartments, a 208-unit property in Jacksonville. Tim Stevens of CREFCO brokered the transaction. The loan features a 10-year year term with seven years of interest only payments and a 30-year amortization schedule. The financing originated in June 2021 as a Lument proprietary bridge loan through Lument’s Real Estate Investment Strategy group. Originally built in 1974, Pinebrook Apartments consists of 16 buildings on an 11.1-acre site. The garden-style community offers amenities such as a pool, fitness center, clubhouse, …

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