Southeast

Linx Plaza Apartments in Mobile, Alabama
AlabamaFinanceNewsSoutheast

L2 Investments Secures $14.7 Million to Refinance Two Properties in Mobile, Alabama

by Channing Hamilton

MOBILE, ALA. — L2 Investments has acquired $14.7 million to refinance two properties in Mobile comprising a total of 334 units. Alex Jaffa and Michael Muller of Eastern Union brokered the transaction. The lender was Arbor Realty Trust. Eastern Union arranged a $9.2 million loan for the refinancing of Linx Plaza Apartments, which comprises 214 units across 16 buildings on a 109,000-square-foot site. Linx Plaza Apartments was constructed in 1976. Eastern Union also arranged $5.5 million to refinance Plantation Apartments, a 120-unit community that was built in 1977. Plantation Apartments …

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The Aronson in Fayetteville, Arkansas
Build-to-RentDevelopmentFeaturesMidwestNewsNortheastSoutheastTexasWestern

RentCafe: Number of New Build-to-Rent Projects is Skyrocketing

by Channing Hamilton

The construction of new build-to-rent (BTR) homes hit a record in 2022, with more than 14,500 houses completed, according to a RentCafe analysis of Yardi Matrix data. This is a 47 percent increase in deliveries from 2021.  Now, approximately 44,700 BTR homes are under construction across America, triple the number of new homes completed in 2022. Prior to 2020, RentCafe notes, only about 6,000 BTR units were completed annually. RentCafe cited data from the firm’s sister company, Yardi Matrix. The data includes properties defined as single-family homes for rent that are in build-to-rent, …

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The Keys at Wildwood in Oxford, Florida
Build-to-RentDevelopmentFloridaInvestment SalesNewsSoutheast

Blue Vista Acquires 190-Unit BTR Development in Oxford, Florida

by Channing Hamilton

OXFORD, FLA. — Blue Vista Capital Management has acquired The Keys at Wildwood, a BTR development situated on 19 acres in Oxford, which is in central Florida. The project is currently being developed in partnership with Belleair Development and Mize & Sefair Development. The Keys at Wildwood will offer 190 single-story, three-bedroom units including features such as in-unit laundry, private patios, and dedicated parking spots. The new community is the sixth built-to-rent community Blue Vista has acquired or developed since 2020. 

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The Reserve at Sugarloaf in Duluth, Georgia.
GeorgiaInvestment SalesNewsSoutheast

Cushman & Wakefield Brokers $91 Million Sale of Reserve at Sugarloaf Apartments Near Atlanta

by Channing Hamilton

DULUTH, GA. — Cushman & Wakefield has brokered the sale of The Reserve at Sugarloaf in the Atlanta suburb of Duluth. Olen Properties acquired the asset for $91 million. Robert Stickel, Alex Brown, Ashlyn Warren and Wesley Lacefield of Cushman & Wakefield arranged the transaction on behalf of the seller, an institutional client of New York Life Real Estate Investors. Built in 2002, The Reserve at Sugarloaf offers 333 units, as well as amenities such as an indoor-outdoor fitness center, pool, pet park, internet café and car care center. 

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A 3D render of Atlantica at Daytona in Daytona, Florida.
DevelopmentFinanceFloridaNewsSoutheast

Joint Venture Secures $77 Million to Construct Atlantica at Daytona in Daytona Beach, Florida

by Channing Hamilton

DAYTONA BEACH, FLA. — A joint venture between Sovereign Properties and Invest Capital Group has secured $77 million in construction financing to develop Atlantica at Daytona, a garden-style community in Daytona Beach. Gregory Nalbandian, Jesse Wright and Joshua Odessky of JLL Capital Markets arranged the three-year, 75 percent loan to cost, construction loan through Broadshore Capital Partners. Atlantica at Daytona will offer 341 one-, two- and three-bedroom units, and is slated for completion in October 2024. Amenities will include a pool, BBQ grill station, outdoor summer kitchen, dog park, co-working space, game …

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BerkadiaBerkadia FeatureBuild-to-RentContent PartnerDevelopmentFeaturesIndustry ContentLeasing & MarketingMidwestNortheastSoutheastTexasWestern

Single-Family Rental, Build-to-Rent Sector Increases Supply Volume, Attracts Institutional Capital

by Sarah Daniels

By Jeff Coles, Berkadia Over the last 15 years, even during the Great Recession, single-family rentals continued to deliver excellent returns through appreciation and rental income. As demand for the sector has increased significantly, driven by changing migration patterns, many investors are shifting their investment strategies to include single-family rental/build-to-rent homes (SFR/BTR), also referred to as built for rent (BFR) houses. Development and Interest in SFR/BTR Despite recessionary rumors, development is continuing, often undertaken by some of the leading developers in the for-sale single-family market. Also, institutional investors have shown …

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Investment SalesNewsNorth CarolinaSoutheast

Carter Exchange Sells Station at Poplar Tent in Concord, North Carolina

by Channing Hamilton

CONCORD, N.C. — Carter Exchange Fund Management Co. has sold Station at Poplar Tent, a garden-style community in the Charlotte, North Carolina suburb of Concord, for $74.7 million. The buyer was not disclosed. Carter Exchange took ownership of the property in 2020. During the approximately 2.7-year hold period, the firm renovated unit interiors at the property with features such as smart home packages and updated flooring, as well as installed parcel lockers in the clubhouse. Station at Poplar Tent was 94.9 percent occupied at the time of sale. 

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A 3D render of The River Rapids in Miami, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

ROVR Development Buys $23.5 Million Site for Development of 10.2-Acre Community in Miami, Florida

by Channing Hamilton

MIAMI, FLA. — ROVR Development has acquired 6.2 acres in Miami for $23.5 million to build The River Rapids, a 1,600-unit community in Miami. The development site for the property now comprises 10.2 acres. ROVR Development expects to complete The River Rapids in five phases. The first two phases of the project, Tides and Moorings, will deliver 600 units across two buildings. Tides and Moorings are currently under permit approval to move forward on construction. The next three phases will deliver an additional 1,000 units. A development timeline has not …

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A 3D render of EDEN at Tradition in Port St. Lucie, Florida
DevelopmentFinanceFloridaNewsSoutheast

EDEN Living Secures Joint Venture Equity for 214-Unit BTR Development in Port St. Lucie, Florida

by Channing Hamilton

PORT ST. LUCIE, FLA. — EDEN Living has received joint venture equity for EDEN at Tradition, a 214-unit build-to-rent development project located in Port St. Lucie. Max La Cava, Kenny Cutler and Shane Ciacci of JLL Capital Markets JLL worked on behalf of EDEN Living to secure the joint venture equity. The community is currently slated for completion in 2025, and will feature two and three-bedroom townhome units with attached garages and private backyards. EDEN at Tradition is part of Tradition, an 8,300-acre master-planned development that includes office, retail, single-family, …

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The Station at Savannah Quarters in Pooler, Georgia
GeorgiaInvestment SalesNewsSoutheast

Stoneweg US Acquires 244-Unit The Station at Savannah Quarters in Savannah, Georgia Suburb

by Channing Hamilton

POOLER, GA. — Stoneweg US has acquired The Station at Savannah Quarters, a 244-unit asset located in the Savannah, Georgia suburb of Pooler. Built by Tynes Development 2019, The Station at Savannah Quarters comprises three residential buildings, a leasing center, a clubhouse, four carriage buildings and 34 garage stalls. Units come in one-, two- and three-bedroom floor plans. Stoneweg US plans to renovate the property through an ESG and value-add program, including EV chargers, installation of solar panels to the clubhouse, new pool cabanas and turf installation for cornhole toss. The …

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