DALLAS, ANTIOCH, TENN. AND KNOXVILLE, TENN. — S2 Capital has acquired a portfolio of five distressed properties facing foreclosure in Dallas, Antioch and Knoxville. S2 invested $60 million of rescue capital in a new joint venture with the existing Limited Partner through a structured preferred equity investment. ACORE Capital provided a $170 million senior loan for the acquisition. The loan features a five-year term. The five properties included in the portfolio were:
Investors are attracted to the fundamentals underpinning North and Central Florida’s multifamily market for good reason. Even before the pandemic, Tampa and Orlando — the region’s two largest metros — were in growth mode, with large corporate relocations and expansions driving demand for housing. Florida’s population surge between 2020 and 2022 accelerated that process. The state had the highest net migration increase in the country, gaining about a quarter of a million new residents in 2022 alone. Orlando and Tampa ranked fourth and fifth, respectively, among the top 10 metros nationally …
HUNTSVILLE, ALA. — WSS Development LLC has completed 2020 at Providence, a $100 million mixed-use community in Huntsville. The two-tower project is situated within the larger 305-acre Village of Providence master-planned development, which also includes a town center featuring more than 800,000 square feet of office, restaurants, retail and hotels. 2020 at Providence consists of 360 apartments, as well as 23,000 square feet of retail space. According to the property website, 2020 at Providence rises seven stories and offers one-, two- and three-story floor plans. Monthly rates begin at $1,500 …
MONTGOMERY, ALA. — A partnership between DWG Capital Partners and Dorado Holdings has purchased Cloverdale Estates, a 106-unit community located at 3453 Audubon Road in Montgomery. Josh Jacobs of Marcus & Millichap’s Birmingham office represented the seller, an entity doing business as RK Cloverdale LLC, in the deal. The sales price was not disclosed. Cloverdale Estates offers one-, two- and three-bedroom apartments ranging from 725 to 1,350 square feet. Each residence features a patio or balcony, and select units also include in-unit washer and dryer connections. Roughly 70 percent of …
MIAMI — Locally based developer Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use project located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story apartment buildings that house 470 market-rate units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay …
MIAMI, FLA. — Starwood Property Trust has provided $63.5 million for the refinancing of Fourteen Main Street Residences, a two-tower mixed-use development located at 1470 NW 36th St. in Miami. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia negotiated the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors. Once completed in the first quarter of 2025, Fourteen Main Street Residences will consist of 14-story building that houses 180 apartments, and a five-story building with 57 units. The community will offer studio, …
Security is a top priority in the multifamily industry. Monitoring and controlling access to a property protects owners and their residents from the impacts of violent crime, theft, vandalism and trespassing. The benefits of an effective security, monitoring and access system run deep. “Access control is not just about security,” says Roger Solomon, a senior associate at Trio Advisory Group. The company offers consulting services on access control, video surveillance and other technologies for commercial real estate properties. “Access control is also about ensuring convenience for residents and staff, enhancing …
APOLLO BEACH, FLA. — Scottsdale, Arizona-based Taylor Morrison has purchased a 25.7-acre development site located within the 2,734-acre Waterset master-planned community in Apollo Beach, roughly 18 miles south of Tampa, Florida. Matt Mitchell and Chris Burtner of Berkadia North and Central Florida arranged the deal on behalf of the seller, Brookfield Residential, which is based in Costa Mesa, California. Taylor Morrison plans to develop a build-to-rent (BTR) community on the site. The asset will feature a mix of one-, two- and three-bedroom single-family rental units, with each residence including a …
ATLANTA — When considering a single-family, build-to-rent (BTR) development or acquisition, the main priority of the developer or investor is to focus on finding a place where people want to live, said Zach Persky, vice president of acquisitions for Quinn Residences. Access to jobs, retail corridors and good school districts are all important factors for potential residents. Persky was one of the speakers on the BTR panel at the 15th annual InterFace Multifamily Southeast conference, which took place Wednesday, Dec. 4 at the Cobb Galleria Centre in Atlanta. Kyle Palmer, …
MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit community in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the asset for $190 million. Located at 555 N.E. 34th St., the property is situated less than three miles north of downtown Miami and five miles from the city’s Brickell financial district. Originally built in 1984, The Hamilton offers one-, two-, three-, four- and five-bedroom units. The average apartment size is 1,373 square feet. Each unit includes a terrace, which average 326 square feet, with some larger …
