South Carolina

A property included in a portfolio of seven assets in Spartanburg and Mauldin, South Carolina

SPARTANBURG AND MAULDIN, S.C. — JLL Capital Markets has negotiated $53.4 million in bridge financing for a portfolio consisting of 877 units across five properties in Spartanburg and two communities in Mauldin. All seven properties were constructed between 1971 and 1986. The portfolio was 70 percent occupied at the time of sale.  Of the total unit count, 139 have been recently renovated. Additionally, the sponsor plans to remodel an additional 300 apartments. Planned restorations include updates to in-unit features such as new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet …

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Ingleside Apartments in North Charleston, South Carolina

NORTH CHARLESTON, S.C. — American Landmark Apartments has purchased Ingleside Apartments, a 304-unit community located at 9345 Blue House Rd. in North Charleston. The community was built in 2008. Amenities include a fitness center, pool, barbecue and picnic area, multipurpose clubhouse and dog park. The new owner plans to rebrand the property as Sage at Ingleside. The seller and sales price were not disclosed.

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The investment panel at InterFace Carolinas Multifamily 2024

The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below …

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The Parker Aiken Apartments in Aiken, South Carolina

AIKEN, S.C. — IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), has arranged $37.3 million in construction financing for The Parker Aiken Apartments, a 336-unit development in Aiken, 20 miles northeast of Augusta, Georgia. The borrower was New York City-based developer JEM Holdings. Max Herzog, Marko Kazanjian and Andrew Cohen of IPA Capital Markets secured the seven-year, fixed-rate loan through Protective Life Insurance Co. The Parker Aiken Apartments will comprise 14 buildings on a 30-acre site. Planned amenities include a clubhouse with fitness center, co-working spaces, an outdoor grilling …

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NORTH MYRTLE BEACH, S.C. — The Klotz Group of Cos. and Longleaf Real Estate plan to break ground on The Preserve, a $250 million mixed-use development in North Myrtle Beach, this summer. The plans for the 110-acre project call for 370 apartment units, 207 build-to-rent homes, 227 paired villa lots and 10,000 square feet of commercial space. An expected completion date for the development has not been disclosed. The Preserve will eventually be a part of a planned development district situated between the Intercoastal Waterway and the Carolina Bays Parkway. …

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Kenyon at Cross Creek in Central, South Carolina

CENTRAL, S.C. — Gateway Development Corp. has opened Kenyon at Cross Creek, a $40 million affordable housing development in Central. Gateway partnered with Synovus Bank (construction lender and federal tax credit equity investor), Monarch Private Capital (state credit investor) and Bellwether Enterprises (permanent lender), to complete the project. The Kenyon at Cross Creek was one of the first non-metro communities developed with the South Carolina state housing credit, according to Gateway. The project consists of 168 units across seven three-story residential buildings. Units come in one-, two- and three-bedroom layouts …

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Burnside Farms Apartments in Columbia, South Carolina

COLUMBIA, S.C. — Walker & Dunlop has arranged $62 million in debt and equity financing for the construction of Burnside Farms Apartments in Columbia. Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden of Walker & Dunlop arranged the non-recourse financing on behalf of the borrowers, South Coast Property Investments and Abacus Capital. Burnside Farms Apartments will comprise 308 apartments. A portion of the community will be set aside as affordable housing, but the number of units and income restrictions for the affordable units were not disclosed. The property will …

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Avenues at Verdier Point in Charleston, South Carolina

ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …

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NOVEL Harpeth Heights in Nashville, Tennessee

NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two communities totaling 642 units in the Southeast. TA Realty acquired both assets from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights, comprises 322 apartments in Nashville. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, spa and fitness center. Crescent Communities developed the property in partnership with Pearl Street Partners. The second property, NOVEL Cary, features 320 units in studio, one-, two- and three-bedroom floor plans within the Raleigh suburb …

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INMAN, S.C. — TruAmerica Multifamily has purchased a 33-acre site in the Spartanburg suburb of Inman to develop Hartley View, an $86 million build-to-rent community. Brad Morris of New Deco Inc. represented the seller, Converse Development, in the land sale. Hartley View will offer a total 281 units, including 214 townhome units and 67 detached single-family residences. Amenities will include a pool, dog parks, playgrounds, community parks and four acres of open wooded and recreation spaces. TruAmerica Multifamily plans to begin horizontal construction at the site in summer 2024 and …

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