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Tricon Announces Plans to Deliver Over 3,000 Build-to-Rent Homes Across 23 Communities to Satisfy Growing Housing Demand

Tue, 12/07/2021 - 02:40
SANTA ANA, CA - Tricon Residential, an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, provided an update on its active build-to-rent community pipeline, which has now expanded to over 3,000 rental units in 23 new home communities across the U.S. Sun Belt. The communities are under development or under contract to be developed within Tricon's existing single-family rental investment vehicles THPAS-JV1 and Homebuilder Direct JV, and are being built by a number of national and regional homebuilders including four of the top 25 largest homebuilders in the United States. Tricon has always been committed to increasing access to high-quality housing options for American families and believes this can be accomplished in part through the construction of new purpose-built single-family rental communities, within close proximity to excellent schools, parks, neighborhood retail centers, and major job nodes. The planned communities are targeting the middle market resident demographic and are located in high-growth Sun Belt states, aligning with Tricon's broader single-family rental strategy. The communities consist predominantly of single-family detached homes with 3 - 4 bedrooms and two or more bathrooms, and typically have access to a range of resident-centric amenities including community parks, pools and recreational areas. "COVID-19 has cast light on the shortage of affordable housing options across the U.S.," said Gary Berman, President and CEO of Tricon Residential. "At Tricon, we are committed to expanding the supply of accessible, high-quality housing for families who are seeking a single-family home and prefer the convenience and flexibility of a rental lifestyle. We are also focused on building sustainable communities that enrich the lives of our residents and the local neighborhoods they live in, which is central to our corporate strategy and our Environmental, Social and Governance ("ESG") priorities. Our build-to-rent pipeline makes a positive contribution to alleviating America's housing shortage, while stimulating local economic growth and catering to the needs of modern residents." The 23 communities are located across ten MSAs, including: Texas (Dallas-Fort Worth, Houston, Austin, and San Antonio); California (Sacramento and Inland Empire); Phoenix, Arizona; Jacksonville, Florida; and Reno, Nevada. Tricon is currently on track to have over 600 new homes in these communities constructed and available for rent by the end of 2022, with the full pipeline expected to be delivered by the end of 2024. The homes will feature convenient and controlled access through Tricon's smart home package, which includes smart locks, door sensors, smart thermostats, energy-efficient HVAC systems, leak detection systems, as well as high-efficiency ENERGY STAR® certified appliances. Using its technology-enabled operating platform, Tricon aims to deliver an exceptional resident experience within these rental communities, from leasing and maintenance to community activities and ancillary services.

The Bascom Group Enters Reno Market With Off-Market Acquisition of 147-Unit Sierra Point Apartment Community for $31 Million

Tue, 12/07/2021 - 02:36
RENO, NV - The Bascom Group has acquired Sierra Point Apartments in the Reno, Nevada metro area. Bascom purchased Sierra Point, a 147-unit garden-style multifamily community for $31,000,000, or $210,884 per unit, in an off-market transaction. The property, built in 1996 & 1998, consists of 84% two-bedroom floorplans. Financing for the acquisition was provided by LoanCore and was arranged by Charles Halladay, Jamie Kline, and Annie Rice at JLL Capital Markets. Property management will be provided by AMC Management Services and construction management will be provided by SD Cap Construction Management. Reno is the third largest city in Nevada and enjoys a central location to several major western U.S. cities including San Francisco, Portland, Salt Lake City, Las Vegas, and Los Angeles. Known as "The Biggest Little City in the World", Reno has enjoyed a robust population and economic expansion in recent years due to its affordability, pro-business attitude, and high-quality of life. In 2020, Reno was ranked #1 in America's Best Small Cities for its natural assets and growing infrastructure. Since 2011, Reno metro's population increased 26.9%, nearly triple the national growth of 6.7%. Driving migration to the region are residents fleeing high cost-of-living markets like the Bay Area and Los Angeles. In addition, the presence of tech in Reno has increased dramatically, highlighted by Google's recent $600M data center investment and Tesla's Gigafactory increasing its employment projections from 6,500 people to 10,000. Bascom's Senior Vice President and Principal of Acquisitions, Jim Singleton, stated "Sierra Point is a well-located asset, positioned adjacent to the $200 million Hug High School Development that is planned to open this August". Sierra Point offers residents convenient access to entertainment, shopping, dining, and major employment centers throughout the Reno MSA. The value-add upside of Sierra Point, coupled with its great location along the path of development in Reno, make the acquisition particularly desirable for Bascom and our investors. Singleton continues, "We look forward to executing on Bascom's operational strengths while building our portfolio in a rapidly growing Northern Nevada market." Bascom's Senior Principal of Operations, Jason Hanna, added, "Sierra Point has been well-maintained by current ownership, and the asset is primed for synergies with Bascom's institutional management style, as well as the execution of our strategic renovation plan. Current ownership has performed limited improvements, and the property has not been addressed with a comprehensive renovation plan since it was developed in the late 1990's. Bascom will renovate unit interiors with new countertops and appliances, wood plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting, and a new two-tone paint scheme. In addition, Bascom will be adding a dog park, tot lot, and outdoor barbeque and recreational area." Partnering with institutional and private capital, Bascom has been one of the most active apartment buyers in Nevadasince its first acquisition in 2013. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom and its affiliates have acquired and operated 34 apartment communities in the Nevada market totaling 9,614 units totaling over $1.38B in total capitalization. Prior to the pandemic, Bascom sold 19 properties totaling 5,888 units and over $1.0 billion in sales in Las Vegas. Bascom recently acquired the ReNew at Decatur, a 1988 built, 216-unit multifamily property in Las Vegas, Nevada for $49,600,000, or $229,630 per unit. Over the past year, Bascom has completed over $1.43 billion in multifamily transactions across the country.

MG Properties Group Acquires 168-Unit Terra Martinez Multifamily Community Located in Coveted East Bay Area Neighborhood

Mon, 12/06/2021 - 02:47
SAN DIEGO, CA - MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its presence in the Bay Area, announcing the acquisition of Maris at Martinez, formerly known as Terra Martinez. Located in the East Bay hills, this 168-unit community offers an ideal location off State Route 4, connecting it to endless shopping, dining, and recreation options. The increasingly strengthened hybrid work environment allows Martinez to flourish as a viable option for Bay Area commuters. "We are pleased to be further growing our long-term presence in the Bay Area," said Mark Gleiberman, MG Properties Group's Founder & CEO. "This is a market that has strong opportunity due to its economic growth, affordability, and convenience." This class "B" property was constructed in 1985 and has continued to be an increasingly popular destination for Bay Area residents to call home. The sellers were represented by Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Mortgage financing for the acquisition was provided by institutional investors advised by JP Morgan Asset Management and arranged by Bryan Frazier, Andrew Schoene and Blake Hockenbury at Walker & Dunlop. Rebranded as Maris at Martinez, this community is the 19th acquisition in the last year for the company overall – totaling over $1.6 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas. 

Olive Tree Holdings and American South Real Estate Fund II Announce $23 Million Investment Partnership Supporting Affordable Housing

Mon, 12/06/2021 - 02:45
SPRINGDALE, AR - Funding has been secured to acquire and begin the renovation of The Life at Elwood Grove (formerly known as Springdale Ridge Apartments,) a 192-unit affordable multifamily apartment community in Springdale, Arkansas. The 16-building garden style project is being rehabilitated by Olive Tree Holdings. Life at Elwood Grove is Olive Tree's 40th multifamily acquisition. This is Olive Tree's fourth partnership with American South Real Estate Fund (ASREF) I and II, managed American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company. All 192 units will be rented at rates affordable to low-income families. "Olive Tree's mission has centered on finding and improving existing assets or new projects that can provide quality housing to workforce households and families across the country. With The Life at Elmwood Grove development, we now manage over 8,000 units of affordable housing nationally, meeting a critical need within underserved communities," said Ian Bel, Principal, Olive Tree. The development is located near major employers that include the University of Arkansas, Tyson Foods and Walmart's global headquarters. The Fayetteville MSA has experienced 2% annual growth for the past decade. Median home values have increased by approximately 20%, with median household income rising by just 2.3%. Income levels within a 5-mile radius of the apartment complex are below 80% of area median income (AMI), with The Life at Elmwood Grove units being affordable to families at this income level. "The ongoing partnership between ASREF and Olive Tree continues to provide tremendous benefit to low-income residents across the South. The Life at Elmwood Grove adds 192 affordable-housing units -- an increase to a total of 1,050 units – that ASREF and Olive Tree have developed in partnership," said Deborah La Franchi, ASREF Managing Partner. ASREF II targets their impact investments into distressed communities of color within a 10-state footprint across the South. ASREF financing will support significant renovations at The Life at Elmwood Grove development that will improve the quality of their units and complex surroundings without sacrificing affordability. Olive Tree Holdings currently has more than 2,000 multifamily units under consideration for future development.

Hamilton Zanze Completes Disposition of 352-Unit Salado Springs Apartment Community in Airport Submarket of San Antonio, Texas

Fri, 12/03/2021 - 02:23
SAN ANTONIO, TX - San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Salado Springs Apartments in the desirable Airport Area submarket of San Antonio, Texas. The firm purchased the property in 2015 and the sale closed on November 18, 2021. During their ownership, Hamilton Zanze completed numerous exterior improvements and landscaping improvements, and renovated units with new flooring, appliances, hardware, and paint to improve leasing efforts and increase rental rates. "San Antonio is the second largest city not only in Texas but the Southern U.S. It has seen strong growth with a growing preference for apartment living," said Anthony Ly, director of dispositions at Hamilton Zanze. "The sale of Salado Springs is a result of successful capital improvement programs and strong management of the property." Salado Springs was built in 1997 and is located at 12727 Vista Del Norte in San Antonio. The property comprises 352 one-, two-, and three-bedroom units averaging 856 square feet. The community is pet-friendly and has a resort-style pool and spa, 24-hour fitness center, movie theater, picnic area with barbecues, covered parking, and a dog park. Salado Springs is in the Airport Area submarket of the San Antonio metro area. The community is near Interstate 410, Interstate 10, and the San AntonioInternational Airport, which provides nonstop flights to domestic and international destinations. The property is less than a 25-minute drive from The San Antonio River Walk, one of San Antonio's top tourist attraction. The area around Salado Springs is home to a cluster of San Antonio's most well-established and upscale communities. San Antonio benefits from stable employment growth from the healthcare industry, military, and aerospace manufacturing.

CVS Health Invest $7.7 Million in Tax Credit Equity for 61-Unit Uptown Sky Affordable Housing Development in Tampa, Florida

Fri, 12/03/2021 - 02:13
TAMPA, FL - CVS Health announced it will invest $7.7 million with Raymond James Tax Credits Funds to build a 61-unit multifamily apartment home development called Uptown Sky for families in Tampa. This investment is part of the company's commitment to address racial inequity and social determinants of health in underserved communities. "When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease," said David Casey, SVP and Chief Diversity Officer, CVS Health. "As part of our commitment to address social justice and racial inequity, we're addressing social determinants of health at the community level in Tampa, which is where we can make a meaningful and lasting impact." The new Uptown Sky development will be located at 13603 North 12th Street in Tampa. Data compiled from the Census indicates that approximately 75% of residents identify as Black or Latino, and 60% live below the poverty line. Additionally, according to a recent report from the National Low-Income Housing Coalition, nearly half of American workers don't earn enough to afford a one-bedroom apartment, and Tampa is reaching its highest rates to date, with rent increasing more than 20% in the last year. CVS Health is working with co-developers Blue Sky Communities and University Area Community Development Corporation, a Tampa-area nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Blue Sky Communities is a leading advocate for helping nonprofits and local governments reach their affordable housing goals by developing state of the art, environmentally-sound affordable housing units. University Area Community Development Corporation is focused on championing positive change in the economic, educational and social levels of the Tampa community through youth programs, adult education, affordable housing, workforce and resource assistance, and community engagement. "This investment by CVS Health provides a vital link between big business and urban redevelopment," said Shawn Wilson, President of Blue Sky Communities. "Many organizations recognize the impact that quality affordable housing and access to health care have on someone's health and well-being, but it takes the financial commitment of partners like CVS Health and Aetna to help provide those services to communities in need." Uptown Sky will provide two and three-bedroom housing units at a reduced rent to families with demonstrated need. Additionally, all residents will have access to on-site supportive services in the neighborhood center located on the bottom floor of the building. It will serve as a hub for residents and will offer computer training, homeownership programs, workforce training and financial management programs. It will also include a multi-purpose classroom where individuals will have access to classes to encourage healthy habits, including art, dance, yoga and karate. "We know that housing insecurity can have a major impact on a person's health and well-being," said Richard Weiss, President of the Florida Market for Aetna, a CVS Health company. "Our investment in the Florida community will ensure that individuals and families have access to quality, affordable housing."

Clarion Partners and Cityview Acquire 276-Unit Empire Landing Apartment Community for $161 Million in Burbank, California

Thu, 12/02/2021 - 02:22
LOS ANGELES, CA - Clarion Partners and Cityview, a vertically-integrated multifamily investment management and development firm, announced the joint acquisition of Empire Landing, a unique, lush, garden-style apartment community composed of 276-units in Burbank, CA. Empire Landing features traditional one- and two-bedroom apartments, as well as 41 three-story townhomes with two-car direct access garages. This is the only rental community in supply-constrained Burbank to offer townhome residences larger than 1,500 square feet. Clarion and Cityview are planning a comprehensive renovation of the common areas, amenities, and interiors. The expansive gated community features ample indoor and outdoor amenities which will be re-envisioned with an updated design, revamped leasing experience, and renewed functionality of shared amenities, including the pool deck, fitness center, and clubhouse. In-unit renovations will include an updated design and high-end finishes and appliances. Empire Landing is centrally located where urban and suburban environments converge in one of the most job-rich, high-growth economic areas of Southern California, often referred to as the ‘media capital of the world , said Devang Shah, managing director, Cityview. Modernizing this community will deliver Class-A style and amenities to a city demonstrating high demand for quality rental housing. Located in historically one of the strongest performing submarkets of Los Angeles, Empire Landing is situated among 10 million square feet of office space within a ten-mile radius, roughly 70% of which are Class A and largely media companies – including 16 animation studios, 15 television and broadcasting networks, eight record labels and 10 motion picture studios. With media and tech giants continuing to enter and expand their footprints in the community, and Hollywood and downtown within a 30-minute drive, residents have access to some of the most marquee employers in the country. Conveniently located minutes from vibrant Downtown Burbank and more than two million square feet of retail space, residents have the best of both urban and suburban environments. We are excited to partner with Cityview who will bring a wealth of value-add experience to re-envision the property while delivering outstanding tenant satisfaction, said Robert Wilshusen, vice president, Clarion Partners.

Lincoln Property Company, Cadillac Fairview and IMCO Grow Multifamily Equity Fund to $1.8 Billion With Focus on Top Markets

Thu, 12/02/2021 - 02:19
DALLAS, TX - Lincoln Property Company s residential division and its partner, Cadillac Fairview, as co-sponsor, have grown their US multifamily fund from $800 million to $1.8 billion in equity. Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO) contributed to the $1.0 billion expansion. The fund will continue to work as a long-term investment vehicle, focusing on the development and acquisition of high-quality multifamily assets in top US markets. To date, the fund has acquired several luxury communities including: The Earl in Arlington, VA; The Pullman in Denver, CO; The Registry on the Park in Atlanta, GA; The Bernardin in Chicago, IL; and Lake House in Orlando, FL. The growth of the fund is a testament to the success we ve seen since its inception nearly two years ago, said Duncan Osborne, Executive Vice President, Investments, for Cadillac Fairview. Expanding and diversifying into the US multifamily market with our partner, Lincoln Residential, alongside our existing partner, IMCO, has been fruitful and we look forward to the opportunities that arise from the fund s continued growth. Tim Byrne, CEO for Lincoln Residential, commented, We are honored to grow our partnership with Cadillac Fairview and IMCO. They are great partners and we are excited to continue our goal of building a best-in-class portfolio together. In fact, the fund has numerous development projects under construction, with additional projects planned in major cities, including Boston, Washington, D.C., Charlotte, Nashville, Dallas, Atlanta, Miami, Phoenix, and Chicago, to name a few. Brian Whibbs, Managing Director, Real Estate for IMCO added, Multi-residential assets continue to perform well and play an important diversification role in our portfolio. Upsizing our commitment in this successful US multifamily fund with our valued partners Lincoln and CF furthers IMCO s mission of creating value for our clients.

Venterra Realty Completes Acquisition of 168-Unit Cane Island Apartment Community in Orlando Submarket of Kissimmee, Florida

Wed, 12/01/2021 - 02:45
KISSIMMEE, FL - Venterra Realty acquired in Kissimmee, Florida. The property was built in 2008 by D.R. Horton, one of the largest homebuilders in the U.S., with condominium-quality "concrete block" construction. The community features sizable apartments with an average unit size of 1,316 square feet, and an extensive amenity package that includes a resort-style heated swimming pool and spa, a fully equipped workout area, elegant clubhouse with billiards, video game room, clubroom and bar area with flat-screen TVs. Cane Island is well positioned with close proximity to 6 of the top 12 theme parks in the world. While Orlando is known for its world-class entertainment cluster, other sectors of the economy have gained momentum, leading to diversification over the past decade. The area has been named one of the country's most competitive locations for business and boasts a perpetual talent pipeline with over 500,000 students within a 100-mile radius. The community provides renters a convenient location and the largest floorplans in the area. Cane Island's two, three and four bedroom apartments offer ample closet space, granite counter tops, space to work from home and full-size washer and dryer. Venterra will complete further unit upgrades, including the addition of SmartHome technology, and the development of Venterra's customer-focused management platform. "Cane Island is a valuable investment to be added to the growing Venterra portfolio in the top-performing market of Orlando. We are confident that the property will benefit substantially from our unit upgrade program and we look forward to making Cane Island an even more desirable place to live," said Venterra Realty Chairman, Andrew Stewart. Venterra will implement its resident-focused programs such as the Live it. Love it. Guarantee, the 48-Hour Maintenance Guarantee, SMARTLEASING, as well as their overall commitment to providing a world-class living experience for which Venterra has become known. "This property offers significant opportunity, and we are excited to continue our growth in Florida, leaning into its strong employment growth and attractive supply and demand," said John Foresi, CEO of Venterra Realty.

ECI Group Announces $136 Million Sale of 324-Unit Channel Club Trophy Apartment Tower in Tampa, Florida to Snell Properties

Wed, 12/01/2021 - 02:42
TAMPA, FL - ECI Group has announced the $136 million sale of the Channel Club, a 324-unit, high rise apartment community in Tampa, FL, to Arlington, VA-based Snell Properties. The 22-story trophy tower, anchored by a Publix Super Market (not part of the asset sale), was developed by ECI in 2019 and features one- and two-bedroom apartments averaging 911 square feet. Luxury touches include private balconies with Tampa skyline views along with stainless steel and granite finishes. A resort-style pool boasts more panoramic views of downtown Tampa and residents have access to a state-of-the-art fitness center, covered parking garage, and a business center. The Channel Club celebrates the emergence of the Channel District, a former industrial district, as an exciting and vibrant walkable location. While exiting the Channel Club, the ECI Group continues to invest in the Channel District, recently starting development on a Phase II property, the Parc Madison, with 351 apartment units, on the same block as the Channel Club and Madison Street Park. "ECI Group is incredibly proud of the Channel Club and the execution of our development and operations plan by our team," said ECI CEO, Seth Greenberg. "We are excited to be continuing to invest in one of the most transformational downtowns in the nation with the Parc Madison and congratulate Snell on their purchase of Channel Club, a wonderful addition to their growing Southeast portfolio."

Better World Holdings and Crown Capital Ventures Complete $49.1 Million Acquisition of 449-Unit Skylar Pointe Apartments in Houston

Tue, 11/30/2021 - 02:38
HOUSTON, TX - A partnership consisting of Better World Holdings and Crown Capital Ventures has acquired Skylar Pointe Apartments, a 449-unit rental development situated at 110 El Camino Village Drive in the Clear Lake neighborhood of Houston, TX for $49.1 million. The property is located in close proximity to the NASA Johnson Space Center, Lockheed Martin, the Boeing Company, HCA Houston Healthcare Clear Lake and Memorial Hermann Southeast Hospital. Constructed in 1979, Skylar Pointe Apartments comprise 162 one-bedroom apartments, 255 two-bedroom apartments, and 32 three-bedroom apartments. The overall development is 423,240 square feet in size. The new owners plan a modernization initiative valued at a total of $4.6 million. The improvements will consist of a $2.9 million investment in interior upgrades within all units, as well as $1.7 million in upgrades to exterior amenities. "Located in one of Houston's most desirable neighborhoods, Skylar Pointe Apartments presents a prime value-add opportunity, with rents presently trailing the submarket," said Reuven Bisk, president and managing member of Better World Holdings. "The partnership is poised to launch a wide spectrum of improvements that will lead to increased rents and will maximize the property's value." "Skylar Pointe Apartments is situated amid a diverse economy based around booming, recession-resistant industries and a growing population of young, professional workers," said Shia Grunzweig, founder and principal of Crown Capital Ventures. "Crown Capital Ventures believes that real estate development can be a force for good in the world, and the best deals result in wins for all stakeholders." Better World Holdings will manage the properties and renovations through its management arm, Better World Properties LLC. Crown Capital Ventures and Better World Holdings will jointly assume asset management responsibilities.

Greystar Breaks Ground on 154-Unit Everleigh Vernon Hills 55+ Active Adult Community Located in Suburban Chicago Market

Tue, 11/30/2021 - 02:27
VERNON HILLS, IL - Greystar, a global leader in the investment, development, and management of high-quality rental housing communities, recently announced the groundbreaking of Everleigh Vernon Hills, a new 55+ Active Adult community. "Everleigh Vernon Hills will deliver the lifestyle active adults are looking for with endless opportunity to meet like-minded people in a similar stage of life," Nathan Wetmore, Regional Property Manager said. "The community offers a quiet, private setting while also maintaining accessibility to entertainment, dining, nature and outdoor activities. It is perfect for adults looking to right-size or relocate from an urban environment." Floorplans come in one- and two-bedroom layouts, as well as two-bedrooms with a den and cottage homes, which are separate homes that surround the apartment building and include their own garage, patios and upgraded finishes with access to all the amenities. Amenities feature elegant furniture and fixtures with deep teal, rich browns and cool gray colors in the design. Everleigh Vernon Hills will have more outdoor amenity space than most active adult communities. Amenities include a heated swimming pool and spa, event lawn, game lawn, outdoor lounge with firepits, pool cabanas and plenty of green space for pets. Indoor amenities include a great room, demonstration kitchen, creative arts studio, movie theater, game room, business center, fitness center and group exercise room. The community will feature a contemporary building style situated on a two-acre landscaped setting. Everleigh Vernon Hills is walkable to every major retailer, dozens of restaurants and is a short train ride or drive to downtown Chicago.

TerraCap Management Acquires 354-Unit The Reserve at Peachtree Corners Apartment Community in Northeastern Suburb of Atlanta

Mon, 11/29/2021 - 02:32
PEACHTREE CORNER, GA - TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of The Reserve at Peachtree Corners, a 354-unit Class-B apartment complex located in Peachtree Corners, GA, a northeastern suburb of Atlanta. The property was built in 1985 and features one, two, and three-bedroom units. On-site amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park, and playground. Steve Good, TerraCap National Director of Acquisitions, said, "We're pleased to add another asset to our holdings within the northern Atlanta suburbs. Peachtree Corners is a vibrant and growing city with a local government that is firmly committed to both economic and community growth. The property and area are a good fit for our thesis, so we're excited for another opportunity to expand within this market." Good added, "We enjoyed working with the seller and JLL during the transaction, and we wish all parties the best in the future." The Reserve at Peachtree Corners is located in the North Gwinnett submarket, which has seen rent growth outpacing the Atlanta metro average over the last year. TerraCap plans to reposition the property and capture this rent growth through several capital projects, including a premium renovation program on the unit interiors. Matt Stewart, TerraCap Director of Asset Management, said, "As commercial property owners in Peachtree Corners, we have studied the area for the past three years and believe the multifamily properties in the immediate area will continue to have strong demand and limited new supply. The Reserve at Peachtree Corners has strong surrounding amenities, great access to employment districts, and a spacious 45-acre site with a lake, creating a unique value-add story to residents. Our capital plan is geared towards updating unit interiors, renovating the clubhouse, and boosting the overall curb appeal to meet the market demand. These improvements, together with strong organic rent growth, give us a great opportunity for success with our first multifamily in Peachtree Corners."

The NRP Group Along With Local Officials Break Ground on 180-Unit Sinclair Affordable Housing Community in Columbus, Ohio

Mon, 11/29/2021 - 02:22
COLUMBUS, OH - State lawmakers and local officials joined The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, and the Columbus Metropolitan Housing Authority, to break ground on a 180-unit fully affordable apartment community in Columbus, Ohio. In partnership with the City of Columbus Housing Division, the transit-oriented project will be developed with tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank. "The Sinclair Apartments are a testament to what Columbus does best: collaboration. Partners have leveraged their resources to build housing our residents can afford, something our growing city desperately needs," said Mayor Ginther. Located at 5055 Sinclair Avenue, Sinclair Apartments will address the need for high-quality affordable housing for Columbus-area residents earning between 30 and 70 percent of the Area Median Income. Formerly known as Alrosa Villa – the once-heralded live music venue that closed permanently in early 2020 – the site will be transformed into a community of three-building, four-story apartments consisting of one-, two-, three- and four-bedroom units. "Columbus is a thriving city that has experienced tremendous growth and development over the years," said J. David Heller, Principal, President and Chief Executive Officer at The NRP Group. "We are thrilled to partner with The City of Columbus Housing Division, The Columbus Metropolitan Housing Authority and The Ohio Financing Agency to help fulfill the ever-present need for inclusive best-in-class housing. By providing affordable options that keep resident experience top-of-mind, working professionals and growing families will have more opportunities to be able to live in the great city of Columbus." Sinclair Apartments will be conveniently located along an active bus line connecting residents to ample restaurants and retail including Target, Kroger and Saraga International Grocery. Less than two miles from the rapidly growing Clintonville neighborhood and a mere seven miles north of downtown Columbus, the community is a short commute from thousands of job opportunities. "With a large percentage of families in Franklin County spending nearly half of their income on rent, Sinclair Apartments will provide them with relief while simultaneously allowing for the community to grow and flourish," said Columbus Metropolitan Housing Authority (CMHA) President and CEO Charles Hillman. "The affordable housing crisis can only be solved by public and private institutions working together. We're honored to collaborate with our partners who are committed to addressing this problem with world class housing for all income levels." In addition to providing high-quality rental options for Columbus-area residents, Sinclair Apartments will improve the streetscape on Sinclair Avenue where Alrosa Villa once stood and is supported by local neighborhood association leaders. "Access to affordable housing is critically important. As a financial institution, we believe it is our responsibility to support efforts that provide individuals and families with access to stable housing so we can build strong communities," said Sue Zazon, Central Ohio Regional President, Huntington National Bank. "At Huntington, we are dedicated to improving the quality of life for our communities and we are proud to work so closely with the City of Columbus, the Columbus Metropolitan Housing Authority, the Ohio Housing Finance Agency, and The NRP Group." Ohio Housing Finance Agency Director of Legal Affairs Guy Ford added: "Sinclair Apartments will provide unprecedented value to the greater Columbus community. It is a privilege to provide support to our partners who are committed to developing housing opportunities that allow for long-term growth and success in the community." Completion for Sinclair Apartments is scheduled for 2023.

Embrey Management Services Selected to Manage 347-Unit Norra Apartment Community in Dallas-Fort Worth Submarket of Lewisville

Fri, 11/26/2021 - 04:06
LEWISVILLE, TX - Embrey Management Services (EMS), Embrey's nationally recognized and award-winning property management Division, has been selected to provide residential services for the Norra Apartments in Lewisville, Texas. The 347-unit community in the highly desirable northern submarket of the Dallas-Fort Worth metroplex provides easy access to recreation on Lewisville Lake, hiking and birding at the Lewisville Lake Environmental Learning Area Nature Preserve, and premier dining and entertainment. "We are delighted to be chosen to provide management services for this inviting community that supports the active lifestyle and premier resident experience of those who call Norra home," said Allyson McKay, Managing Director and Executive Vice President of EMS. "Like we do for our Embrey properties, we provide the highest level of service and attention to detail for our clients who partner with us." Norra property amenities include a resort-style pool with a tanning ledge and plunge pool; a courtyard area with lounge and seating areas; a grilling deck; a fire table; a fitness center with a flex room; a game area; co-working space with an attached conference room; and an enclosed dog park with a wash area. Residential unit finishes include white chocolate flat panel kitchen and bathroom cabinets; titanium white quartz kitchen and bathroom counters; gray hexagon glass kitchen backsplashes; stainless steel appliances; walnut vinyl plan flooring and light gray carpet; white tile shower surrounds; large walk-in closets; and in-suite washer and dryer.

Carter Funds Completes The Sale of Two Value-Add Apartment Communities in Florida and North Carolina for $73.3 Million

Wed, 11/24/2021 - 01:55
TALLAHASSEE, FL - Carter Funds, a fully-integrated real estate investment firm, announced the sale of two garden-style multifamily properties: 2626 Park located in Tallahassee, Florida and Signature Place located in Greenville, North Carolina. The properties were owned by Carter Multifamily, a Carter Funds company, and sold for a combined sale price of $73.3 million. Carter Multifamily purchased 2626 Park in 2019 and Signature Place in 2018 for a combined $56.6 million. Under Carter Funds' management and ownership, the Company completed exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to common areas and added outdoor amenities, including repurposing a basketball court as a recreation area with cornhole, foosball, and game tables at 2626 Park, and a new fitness center at Signature Place. As a result of the renovations, operational improvements, and solid market performance, Carter Funds was able to re-position and market the assets as beneficial value-add opportunities. "The sale of these middle-market properties exemplifies our Carter Multifamily value-add investment strategy and the results we aim to achieve for our investors. Strong positioning within their respective markets paired with a successful rollout of a strategic value-add program and a high demand for affordable housing allowed us the advantage to time the exits appropriately and sell at a desirable return," said Ray Hutchinson, chief investment officer of CMF.

Wan Bridge Expands Growing Portfolio With Its First Build-to-Rent Single Family Community in Central Texas Town North of Austin

Wed, 11/24/2021 - 01:45
HOUSTON, TX - Wan Bridge, a Texas-based builder and operator of build-to-rent (BTR) communities, announced the company s first community in Georgetown, a central Texas town just north of Austin. The community, Georgetown Heights, is part of a multi-billion expansion plan the company recently announced that includes a goal of breaking ground on 20 to 30 new BTR communities in the Houston, Dallas and Austin suburbs within the next 12 months. Wan Bridge s newest community, Georgetown Heights, will feature 50 three and four-bedroom, two-story duplexes ranging from 1,400-2,100 square feet. Wan Bridge focuses the design and construction of its homes on modern, high-end style with functional layouts and practical features. In addition to the primary bedroom, additional bedrooms offer options for offices and hobby rooms, guest accommodations and more. Each of the homes will feature open-concept floor plans, spacious bedrooms and contemporary designs for a true blend of form and function. Georgetown Heights is located at 512 Northwood Drive in Georgetown. We selected Georgetown as our next development destination not only for the proximity to Austin, but also as a desirable location itself, offering a great place for business and growing families to live, work and play, said Ting Qiao, CEO and cofounder of Wan Bridge. Bringing a BTR community to Georgetown is the next step in our journey to transform residential living across the state by offering another high-quality option for Texas residents. A growing, safe and friendly submarket of the Austin area, Georgetown Heights is located near a robust selection of restaurants, parks and recreation, and healthcare facilities, as well as grocery stores, casual and upscale dining, and several national retailers. Families with children living in the community have access to the exemplary public schools of the Georgetown Independent School District. Wan Bridge recently announced a multi-year, multi-billion dollar capital commitment from a well-capitalized, investment-grade U.S. institution to significantly enhance growth. The BTR company has ambitious plans to enter Texas top-50 submarkets by building 30,000 homes primarily in the suburbs of Texas' major metropolitan areas in the next five years.

Woodforest CEI-Boulos Opportunity Fund Launches Baltimore's First Zero Energy Affordable Multifamily Housing Project

Tue, 11/23/2021 - 03:02
BALTIMORE, MD - The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund established by Woodforest National Bank and CEI-Boulos Capital Management, announced its $1.1 million equity investment in the Zero Energy North Avenue Affordable Housing project located in the recently designated "Black Arts District" in West Baltimore's Penn North neighborhood. The Woodforest CEI-Boulos Opportunity Fund is the only outside equity investor in the $4.9 million, environmentally innovative project spearheaded by Baltimore's Schreiber Brothers Development. The project, which will rehabilitate abandoned, historic townhouses, is the first multifamily, zero energy development in Baltimore and the first mixed-use, zero energy development in Maryland. Some construction jobs will be filled by a workforce development nonprofit providing training and experience in sustainable development and solar panel installation to individuals with low incomes. The project will create 20 units of affordable housing and four commercial storefronts. The plan is to lease the storefronts to local, Black-owned businesses and neighborhood nonprofits, including a childcare service provider. The project's goal is to accommodate future residents' employment and living needs under one roof by providing first right of refusal to owners and staff of the ground-level commercial spaces. The elimination of transportation and energy bills for the businesses will generate a substantial reduction in operating costs for the small businesses, nonprofits and residential tenants. The development, which is accessible to public transportation, will bring new job opportunities to a community that has long suffered from divestment. The project is on the forefront of environmentally sustainable building practices. Solar panels and super-insulated walls will allow the property to produce as much energy as it consumes, reducing energy costs and allowing the housing units to be even more affordable. The project is expected to achieve Passive House certification for its energy efficiency, providing a unique example to the City of Baltimore of building affordable housing in a highly environmentally sustainable manner. The project's focus on sustainability implicitly addresses the overarching issue of environmental justice in underinvested communities. "CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to invest in catalytic projects that can help revitalize underinvested communities, like Penn North," said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. "We're thrilled to be working with our partners at Schreiber Brothers Development on a project delivering social and environmental impact. The investment is a great example of the fund's efforts to leverage private capital to help address the nation's renewed focus on racial and economic disparity." "This project is a perfect example of using the OZ incentive and CRA investment to help make the vision community members had for the neighborhood a reality," said Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank. "Our fund prioritizes investments that intentionally engage local communities and provide capital to elevate underinvested assets to their full potential. The Zero Energy North Avenue Affordable Housing project will have tremendous social and environmental benefits, making it an exemplary community impact investment." The Zero Energy North Avenue Affordable Housing project will restore seven abandoned, historic townhouses and convert them into two new, consolidated buildings. 15 of the 20 new apartments will be restricted for 30 years to rental rates affordable to households earning 50% of area medium income (AMI). The remaining apartments will be leased at rates affordable to households earning 80% AMI and will be formally restricted not to exceed rates affordable to households earning 120% AMI for at least ten years. With the elimination of energy bills, these units will be even more affordable than the AMI restrictions indicate. The project is expected to create approximately 20 permanent jobs through the four retail storefronts that will be located on the ground floor of the building. The project will also create 100-120 construction jobs. A local workforce development nonprofit will fill 31 of the jobs by training individuals with low incomes in sustainable building practices and solar panel installation. The project is less than a block from the Penn North Metro Station, connecting the project's residents to the employment opportunities and other resources of downtown Baltimore in under ten minutes. The city and state recently designated the Pennsylvania Avenue corridor, including much of the Penn North neighborhood, as Baltimore's "Black Arts District," formally named the Pennsylvania Avenue Black Arts and Entertainment District. Once a thriving center of Black culture and entertainment from the 1940s through the 1960s with theaters and music venues, the district is being revitalized largely by Black-led community organizations and businesses. A local arts organization, Black Arts District, is collaborating with Schreiber Brothers Development to create a mural for the building facade, and many of the tenants are expected to be artists. Schreiber Brothers Development has also taken additional steps to further engage the community with the project. "Our approach is intentionally driven by community input and partnership to advance development without displacement," said Brendan Schreiber, President, Schreiber Brothers Development, a sustainable construction, and real estate firm promoting balanced growth. "The project responds to what leaders and activists have told us they want for the Penn North community. We are here to support the vision that residents, business owners and other partners have for their neighborhood and lead the way in ensuring community members are at the table for every step." "From early on, the City of Baltimore recognized the potential of Opportunity Zones to drive inclusive growth in disinvested neighborhoods, which is why we were the first city in the country to bring on a dedicated OZ Coordinator," said Colin Tarbert, President and CEO of Baltimore Development Corporation. "We have been deliberate in our approach to welcome impact investors into Baltimore, like the Woodforest CEI-Boulos Opportunity Fund, who are committed to working with and creating value for local communities. This project, in the heart of West Baltimore, at the intersection of Pennsylvania and North Avenues, checks all the boxes for creating mixed-income housing, commercial space for local businesses and green buildings. We look forward to an ongoing partnership with CEI-Boulos Capital Management across our 42 Opportunity Zones in Baltimore."

Ashcroft Capital Announces Acquisition of 244-Unit Anthem Town East Garden-Style Apartment Community in Dallas Submarket of Mesquite

Tue, 11/23/2021 - 02:51
MESQUITE, TX - Ashcroft Capital, a fully integrated multifamily investment firm, announced the acquisition of Anthem Town East (formerly Alexis at Town East), a garden-style community located near Town East Mall approximately 15 miles east of Downtown Dallas. Birchstone Residential, Ashcroft Capital's in-house property management company, has assumed management of the community and Birchstone's construction team will spearhead renovation efforts. The community, which features 244 apartment homes, represents Ashcroft's first acquisition in Mesquite and the 17th in the company's rapidly growing Texas portfolio. "Mesquite is one of our target markets in Dallas because it offers residents a high quality of life, great schools and quick commutes to major employment centers," said Frank Roessler, founder and CEO of Ashcroft. "Anthem Town East is already in fantastic shape, and we believe our in-house property management company will make it one of the most desirable communities in the area." Anthem Town East, which was built in 2002 and consists of 12 three-story buildings, is situated at 645 N Town E Boulevard and spans approximately 14 acres with numerous water features. The community puts residents within close proximity of one of the metro area's major retail destinations. Anchored by Town East Mall, the area includes several large shopping outlets and a sizable variety of national retailers. The community sits just north of Town East Boulevard and a short distance from Interstates 635 and 30, the gateways to the greater Dallas area. Renovation efforts will begin by addressing deferred maintenance projects, such as repainting the property and additional measures to improve the curb appeal. Amenity spaces and common areas will be updated as well, including improvements to the clubhouse, fitness center, pool areas and additional spaces. Anticipated upgrades within the apartment homes include the addition of quartz countertops with under-mount sinks, stainless steel appliances, faux wood flooring, new cabinet fronts, updated plumbing and lighting fixtures, tiled backsplashes, USB ports, fresh paint and two-inch blinds. Anthem Town East offers one-, two- and three-bedroom homes with spacious layouts averaging nearly 1,000 square feet. Existing apartment features include nine-foot ceilings with decorative crown molding, six-panel doors, framed glass mirrors and additional high-end features. Select homes include wood plank-style flooring and sunrooms with fireplaces. Existing common-area amenities at the controlled-access community include a resort-style pool with sundeck, gas barbecues, social lounge, coffee bar, 24-hour fitness center and a business center. Residents also have the option to lease a detached private garage or covered parking. "Anthem Town East already possesses an excellent location and aesthetic appeal, and we look forward to offering our trademark brand of customer service to help further cultivate the resident experience," said David Deitz, president of Birchstone. "We're excited to join the Mesquite market and offer a quintessential Birchstone experience."

Hamilton Zanze Completes Sale of 430-Unit The Quarters at Towson Town Center in Desirable Towson-Hunt Valley Submarket of Baltimore

Tue, 11/23/2021 - 02:43
BALTIMORE, MD - A joint venture between San Francisco-based real estate investment firm Hamilton Zanze and a subsidiary of Cantor Fitzgerald announced the sale of The Quarters at Towson Town Center in the desirable Towson/Hunt Valley submarket of Baltimore, Maryland. The firms purchased the property in 2018 and the sale closed on November 10, 2021. The Newmark team of Christine Espenshade and Robert Garrish represented sellers at acquisition and disposition. During their ownership, Hamilton Zanze completed numerous exterior improvements and landscaping improvements, and renovated 100 units with new countertops, appliances, and hardware to improve leasing efforts and increase rental rates. "Since purchasing the property in August 2018 we implemented proactive asset management and completed value-add renovations, which kept occupancy above 94%, even throughout 2020, and ultimately positioned the property for a profitable exit for investors," said Anthony Ly, director of dispositions at Hamilton Zanze. "The profitable sale of The Quarters at Towson Center was a direct result of understanding the property's location, situated in the heart of the growing Towson market, and capitalizing on increased demand for institutional-quality multifamily assets," said Chris Milner, Head of Cantor Fitzgerald Investment Management. The Quarters at Towson Town Center was built in 2009 and is located at 900 and 960 Southerly Road in Towson. The property comprises 430 one-, two-, and three-bedroom units averaging 1,111 square feet. The community has a resort-style pool and spa, two fitness centers, two club rooms, private courtyards with barbecues, business center, and garage parking. The Quarters at Towson Town Center is in the Towson/Hunt Valley submarket of the Baltimore metro area. The community is in Central Townson near two highways providing access to local and regional areas of interest in and around Baltimore. The Towson Town Center, one of the largest indoor shopping malls in the state, is adjacent to the property. Baltimore is Maryland's second-largest job center and the largest U.S. seaport in the Mid-Atlantic. The city is home to Johns Hopkins University and Johns Hopkins Hospital, two of the metro's largest employers.

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