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FCP and Joint Venture Partner One Real Estate Investment Acquire 284-Unit The Summit Apartment Community in San Antonio

Fri, 05/27/2022 - 02:20
SAN ANTONIO, TX - FCP with joint venture partner, One Real Estate Investment (OREI) announce the acquisition of The Summit apartments, a 284-unit community in San Antonio, Texas. The Summit is a 1984-build, Class B multifamily property located at 1955 Larkspur Drive in the primary economic hub of San Antonio, proximate to the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero, which combined employ over 140,000 people. The Summit was sourced through an off-market opportunity based on an existing relationship through a previous OREI asset transaction. Terms of the transaction were not disclosed. The property benefits from convenient access to freeways I-410 and US-281, and close proximity to the San Antonio International Airport three miles away. The partnership will enhance the common areas and exteriors with a $5.1Mrenovation that will include adding exterior paint, resurfacing the pool, pressure cleaning, upgrades to the outdoor kitchen, renovations to the clubhouse, fitness center, landscaping, and enhanced signage amongst others. In addition to the exterior, interior value-add renovations will be implemented utilizing premiere upgrades including new flooring, granite countertops, backsplashes, light fixtures, cabinetry and stainless-steel appliances. "FCP is excited to be working alongside an experienced San Antonio investor in OREI," said FCP's Cole Kellogg. "Our robust value-add investment into the community will improve the resident experience and bring the property in line with other top properties in the Castle Hills submarket." The Summit is the 13th multifamily investment for FCP in Texasand the second in San Antonio. "OREI's historical performance in Texas has proven fruitful for our investors and we have continued confidence in the San Antonio market to sustain its trajectory of job, population, and rental growth," said OREI President and CEO, Jeronimo Hirschfeld. "As The Summit marks our fourth investment in San Antonio, OREI will utilize the expertise and resources established in the market to implement our value-add program and drive returns." In addition to acquiring The Summit, OREI has a Texas portfolio that includes 10 multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 2,750.

TerraCap Management Completes Acquisition of 340-Unit Amberwood at Lochmere Apartment Community in Raleigh Submarket

Thu, 05/26/2022 - 02:09
CARY, NC - TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Amberwood at Lochmere, 340-unit apartment complex located in Cary, North Carolina. The property was built in 1991 and 1996. Amenities at the property include two swimming pools, two fitness centers, two dog parks, a renovated leasing center, a clubhouse with a coffee bar, a car wash station, a playground, a grilling station area, and a sports court with tennis and basketball equipment. Steve Good, TerraCap Partner and Director of Acquisitions, said, "Amberwood at Lochmere is our first apartment acquisition in the Raleigh MSA. We are excited for this opportunity and potentially adding more Raleigh apartments to our portfolio in the future. We enjoyed working with the seller and their representatives and wish them the best." Amberwood at Lochmere features one, two, and three-bedroom units and sits on 31 acres. Unit interiors feature different levels of renovation, leaving room for further upgrades to enhance the tenants' living experiences. The property is centrally located, providing access to several employment nodes in the Research Triangle Park and in downtown Raleigh. The Town of Cary was recently ranked as the third safest mid-sized City in America by AdvisorSmith Solutions and offers a variety of shopping and recreational amenities. Matt Stewart, TerraCap Partner and Director of Asset Management said, "The Raleigh market has all the investment elements we look for with strong population and job growth rates and a highly educated workforce that ranks among the top cities in the country. The Town of Cary, with some of the highest average incomes in Raleigh, is an attractive place to live, with easy access to employment centers, robust shopping options, and a highly ranked public school system."

The NRP Group Breaks Ground on Affordable Housing Community in Collaboration With University Hospitals in Cleveland, Ohio

Thu, 05/26/2022 - 01:49
CLEVELAND, OH - The NRP Group, a vertically-integrated, best-in-class developer, builder and manager of multifamily housing, has officially broken ground on a 52-unit mixed-income multifamily community in the Glenville neighborhood of Cleveland, Ohio. The four-story, 52-unit apartment building located at East 105th and Churchill Road will include one-, two-, and three-bedroom apartments, as well as four built-in, three-bedroom townhomes. All apartment homes will be available to individuals and families earning 60 percent or less than the Area Median Income (AMI). The Davis Apartments will be developed in collaboration with University Hospitals, one of the nation's leading health care systems. This development is the third "health and housing" project spearheaded by NRP to improve Social Determinants Of Health (SDOH) in underserved neighborhoods by partnering with hospitals, nonprofits and municipalities. The first health and housing development, Residences at Career Gateway in Columbus, Ohio, opened in 2018; the second, Via Sana in the Clark-Fulton neighborhood of Cleveland, is scheduled to open in 2022. "By viewing the neighborhood itself as a patient to be healed, health and housing developments provide high-quality affordable housing as a means to bring critical supportive services to both residents and the broader community," said Scott Skinner, Vice President of Development at The NRP Group. "These services, such as career development training, health screenings and financial literacy, are not readily available within many underserved neighborhoods. We look forward to working with the City of Cleveland and University Hospitals to bring this project to fruition and to address the most pressing needs of the Glenville community." With headquarters located just one mile from The Davis Apartments, University Hospitals will collaborate with NRP to offer health and wellness education and programming that will be open to the broader community. In addition, NRP will develop a 2,800-square-foot Community Outreach Center that University Hospitals will utilize to provide preventative healthcare and SDOH solutions such as healthy cooking demonstrations, food pantry services, programs for pregnant women and young mothers, programs to fight senior citizen isolation, telehealth services, and workforce and financial literacy training. University Hospitals' goal with this development is to actively engage with local Clevelandneighborhoods by reaching beyond its four walls to address key SDOH in disinvested communities. "As an anchor institution, one that has been deeply rooted in this community for 155 years, University Hospitals holds dearly our responsibility to care for our community. At University Hospitals, improving the health of the people we serve and the communities in which they live is our priority," said Dr. Daniel Simon, President, Academic & External Affairs and Chief Scientific Officer, University Hospitals. "We are pleased to collaborate with The NRP Group to further revitalize the area and provide quality housing and services to residents. We are confident this new community will bring significant and lasting benefits to the Glenville neighborhood." The Glenville neighborhood is part of Cleveland's Neighborhood Transformation Initiative, a city-wide effort to spur economic growth through healthy, sustainable, and equitable opportunities to build wealth and stabilize historically fringed neighborhoods. Glenville is less than one mile from University Circle, which is home to Case Western Reserve University, the Cleveland Clinic, the Cleveland Museum of Art, the Cleveland Museum of Natural History, and dozens of shops, restaurants and grocers. The Davis Apartments' proximity to these anchor institutions and job opportunities creates a strong foundation to build upon and an opportunity to make those institutions and jobs more accessible to people of all income levels. Skinner added, "The City of Cleveland played a crucial role in collaborating with our team and University Hospitals to help bring this project to fruition. NRP worked directly with the City's Community Development department to prepare the site for The Davis Apartments. We're incredibly grateful to our partners at the City of Cleveland for their tireless work on this development." The Davis Apartments is named after Harry E. Davis, a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission and serving as an Ohio State Senator. Early lease-up of the community is expected to occur in 2023, with a completion date slated for 2024.

Solinity Develops First Memory Care and Assisted Living Farmhouse-Style Neighborhood in East Tennessee Market of Cleveland

Wed, 05/25/2022 - 01:56
CLEVELAND, TN - Solinity announced the grand opening of the new assisted living and memory care neighborhood in east Tennessee. Remember Me Senior Care, a licensed five-home farmhouse style neighborhood in Cleveland welcomes residents who have been diagnosed with Alzheimer s or other forms of dementia. Solinity leads the operations and also serves as the marketing agency with sister company, Solinity Marketing. CEO Josh Crisp led the development of the neighborhood after hearing the vision of the local owner s dream to provide world class care in their mother s honor. Brothers Tracy Sneed and Andy Sneed cared for their mother during her thirteen-year battle with Alzheimer s and wanted to create a community to serve other families facing the same situation. The leadership team prides itself on providing the highest quality of care in an environment where healthcare meets hospitality in a home-like setting, Josh Crisp, Solinity CEO says. The partnership between Solinity and the local ownership team provides the best of all worlds to the Cleveland community. They are equipped and trained to deliver care services through a local culture and autonomy to make local decisions with supportive tools. This business is local and our model ensures culture, care, and relationships are top priority. The homes are situated in a subdivision-like design with ample walking paths, gazebo and pavilion for residents and families to enjoy. Each home includes a private family gathering room, living room, private apartments, a residential style kitchen where meals are prepared and served, outdoor common spaces, and large hallways. Solinity led the formation of the team including DKLEVY Architectural Design, Diaz Fritz Construction Group, and Z-Creative Interior Design to complete the project.

CIM Group Completes Disposition of 136-Unit Eastway Apartment Community in Los Angeles’ Westchester Village Neighborhood

Wed, 05/25/2022 - 01:43
LOS ANGELES, CA - CIM Group announced that it has sold Eastway, a 136-unit apartment community at 8820 S. Sepulveda Blvd. in Los Angeles Westchester Village. Built by CIM in 2019, the contemporary five-story building is set on an approximately 1.4-acre site offering 136 studio, one-, and two-bedroom apartment residences above two levels of underground parking providing 221 spaces. Units feature nine-foot ceilings and expansive windows in an open design with modern fixtures and features. Eastway provides residents with an array of appealing amenities including a pool, spa hot tub, and sundeck lounge, an outdoor courtyard with barbeque, picnic areas, and firepit, a rooftop lounge, clubhouse, fitness center, community garden, and dog park. With Eastway, we identified a rare property available for development that was ideal for creating much needed housing in a mature Los Angeles community. Eastway provides a new apartment property in a desirable market where the bulk of the multifamily housing was constructed prior to 1990, said Shaul Kuba, Co-Founder and Principal, CIM Group. Prominently located at the southeast corner of Sepulveda Eastway and La Tijera Boulevards, Eastway is in the center of a retail and business hub, across the street from Westchester Town Center, and positioned on or near major thoroughfares and the 405 and 105 freeways providing regional connectivity. Eastway is within a few miles of thriving Silicon Beach employment centers such as El Segundo, Playa Vista, and Culver City, and the growing entertainment and sports centers in Inglewood including SoFi Stadium and the 300-acre Hollywood Park mixed-use redevelopment. For more than 25 years, CIM Group has applied its community-focused approach utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.

Corvias Completes Development of 1,200-Bed On-Campus Student Housing Buildings at North Carolina Central University in Durham

Tue, 05/24/2022 - 02:58
DURHAM, NC - Corvias has completed the development of three new, on-campus residential buildings at North Carolina Central University, adding more than 1,200 beds, supporting the needs and goals of consistent enrollment growth and providing vital student infrastructure. The project included more than 60% engagement of qualified subcontractors that are local, minority-owned business enterprises (MBEs) and historically underutilized businesses (HUBs)—a record high for the University of North Carolina System. The new, state-of-the-art George Street Residence Complex, ;Lawson Street Residence Complex and Alston Avenue Apartments provide housing for students and residence life staff, and increase NCCU s housing inventory to 3,300 total beds Corvias is proud to support students by providing a variety of affordable and comfortable residential options that allow students to be closer to and more engaged in the university community, said Tim Toohey, Managing Director of Corvias. The completion of these buildings helps to solve the housing shortage and will benefit students for decades to come. The George Street Residential Complex includes semi-suite units for first-and second-year students, while Lawson Street is comprised of spacious apartment-style units for upper division students. The Lawson Street Residential Complex also includes a large and comfortable dining facility, spanning 7,300 square feet, to serve and bring together NCCU students for meals and socializing. The units in the Alston Avenue Apartments each feature four single bedrooms, two full bathrooms, a full kitchen, dishwasher and in-apartment washer and dryer. Amenities include a computer station, multi-purpose room, lounges, trash room with recycling and vending machines. This year, Corvias was named one of the Nation s Top Student Housing Managers by Student Housing Business, and to the Top 10 for Student Housing Management Companies by Multi-Family Executive. Since 2019, Corvias has partnered with NCCU to help meet the needs of students and to support the school s continued growth. This included a two-phase approach to develop more residential communities to expand student opportunities to live on campus. Through its various partnerships with higher ed institutions, Corvias manages one of the largest on-campus student housing portfolios in the U.S., serving nearly 20,000 students across 15 colleges and universities, including NCCU, University of Notre Dame, Purdue University and Wayne State University. Corvias strives to enhance quality of life, allowing its residents to grow and thrive. A proactive approach to maintenance and capital planning extends the life of the facilities and improvements, which helps sustain the assets over the term of the partnerships with the schools.

Toll Brothers Apartment Living and CrossHarbor Capital Partners Form Joint Venture to Develop 355-Unit Luxury Rental Community in Stamford

Tue, 05/24/2022 - 02:53
STAMFORD, CT - Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and CrossHarbor Capital Partners have announced a new joint venture to develop 777 Summer, a 355-unit multifamily rental community in Stamford, Conn. The project, which will be the first development of Toll Brothers Apartment Living in Connecticut, is being financed through a $94 million construction loan facility from Capital One, N.A. as agent and Comerica Bank. The debt was arranged by Toll Brothers in-house Finance Department with JLL advising on the equity financing. 777 Summer will be located in the epicenter of the rapidly developing Stamford Downtown and within walking distance to the Stamford Transportation Center, providing convenient connectivity to Midtown Manhattan and major Connecticut employment hubs such as New Haven, Hartford, and Greenwich via Metro-North Railroad and Amtrak, as well as close proximity to I-95. The location is adjacent to Restaurant Row on Bedford Street, providing residents with ample dining and nightlife options close to home. 777 Summer is a 355-unit luxury multifamily project that will consist of 333 market-rate and 22 affordable units. The project will feature high-end luxury finishes and best-in-class amenities, including a state-of-the-art fitness center, resort-style pool, luxurious club room, game room, co-working space, art studio, roof deck, coffee bar, pet wash, and high-speed property-wide Wi-Fi. Charles Elliott, President of Toll Brothers Apartment Living said, We are excited for the opportunity to continue our expansion in the robust northeast market with our first multifamily rental community in Connecticut. 777 Summer will join a variety of other Toll Brothers Apartment Living projects across the region in bringing the elevated living experience that Toll is well known for to Stamford. Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers said, 777 Summer represents the fourth Opportunity Zone project that Toll Brothers has undertaken in markets from coast to coast. It builds on our strong relationships with CrossHarbor, which includes both market rate and student housing development projects, and with lenders Capital One and Comerica Bank, as we continue to grow our Toll Brothers Apartment Living and Campus Living platforms across the U.S. Tom Stevens, Co-Portfolio Manager and Managing Director for CrossHarbor Capital Partners said, We are pleased to expand our strong, longstanding relationship with Toll Brothers and partner on the development of another luxury residential community. 777 Summer captures many of the themes we look for in our multifamily investments: best-in-class sponsorship, market leading design and quality, access to transit and employment, and walkability to dining and entertainment.

Mill Creek Residential Adds 394-Units to Atlanta’s Vibrant Buckhead Neighborhood With Modera Old Ivy Luxury Apartment Community

Mon, 05/23/2022 - 02:30
ATLANTA, GA - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera Old Ivy, a luxury apartment community located in the thriving Buckhead neighborhood. The community, which features 394 apartment homes, is encompassed within a midrise and high-rise tower and sits at the corner of Lenox Road and Piedmont Road. Modera Old Ivy is part of a wider master development that includes the existing Prominence office building and an Element Marriott. First move-ins are anticipated for early June. "This area of Buckhead is one of the city's most well-established commercial districts, and we look forward to adding to our presence in the area," said Patrick Chesser, senior managing director of development in Atlanta for Mill Creek Residential. "Residents will be within Atlanta's most prominent retail and financial corridors and will have direct access to an abundance of retail, dining and entertainment options. Modera Old Ivy will be a unique product offering in the area, and we're eager to deliver a top-of-market experience." Situated at 3651 Lenox Road, Modera Old Ivy is built to a National Green Building Standard Gold certification level and features high-end finishes and a refined suite of amenities. Residents will be positioned in a commuter-friendly locale with the community sitting less than a half-mile from the MARTA rail, 500 feet from a bus stop and a quarter-mile from the Georgia 400 freeway. The prominent job centers in Downtown Atlanta and Sandy Springs are less than 10 minutes away. Additionally, the world-class retail options of Phipps Plaza, Lenox Square and The Shops at Buckhead are all less than a mile from the community. Modera Old Ivy consists of studio, one-, two- and three-bedroom homes with various layouts. Community amenities include a 24-hour club-quality fitness studio, clubhouse, community-wide WiFi, demonstration kitchen, game room, rooftop deck, two pools including one rooftop pool, sauna, steam room, grilling area with outdoor dining, fire pit, coffee bar, library lounge with a reading terrace and landscaped courtyards. Residents will also have access to secured parking in a private garage with reserved parking and electric vehicle charging stations available, controlled guest-access technology, package lockers, dedicated bike storage, resident storage lockers and concierge services. Apartment interiors include nine-foot ceilings, wood plank-style flooring, private balconies, built-in desks and shelves, quartz countertops, stainless steel appliances, upgraded fixtures, pendant and under-cabinet lighting, tile backsplashes, kitchen islands, walk-in closets, smart thermostats, ceiling fans and in-home washers and dryers. Bathrooms are delivered with tile surrounds and linen closets. Residents will be able to access the homes via key fob and mobile app entry.

CREC Real Estate and Rincon Capital Partners Acquire Planters Trace Apartment Community in Charleston’s West Ashley Neighborhood

Fri, 05/20/2022 - 04:17
CHARLESTON, SC - CREC Real Estate and Rincon Capital Partners announced they have jointly acquired Planters Trace Apartments, a 96-unit, Class B multifamily community located in West Ashley, a thriving neighborhood of Charleston, South Carolina. Terms of the transaction were not disclosed. With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in top-performing secondary cities throughout the United States. In addition to Planters Trace, CREC has recently acquired multifamily properties in Phoenix, Arizona and Dallas, Texas. CREC plans to invest $2.8 million in value-add renovations to update common areas, amenities, and unit interiors, bringing the property on par with nearby recently repositioned residential communities. The 10.6-acre property, built in 1974 and located at 2222 Ashley River Road, has convenient access to nearby jobs, retail and entertainment. The city of Charleston boasts a diversified economy with dynamic job growth and a low unemployment rate (2.9% as of December 2021, according to the Bureau of Labor Statistics). The state is known for business-friendly policies, and the city and region benefit from the vibrant Port of Charleston as well as a diversified economy that includes technology, aerospace, and automotive manufacturing. The West Ashley submarket maintained a 96.6% average occupancy rate throughout the third quarter of 2021, the second highest in the Charleston market, according to RealPage. "The area around Charleston is seeing a demand for quality apartment housing, and hiring and investment trends point to that need remaining strong for the foreseeable future," said Aaron Dixon, President of CREC. "CREC sees an important value-add opportunity at Planters Trace, and we believe that this community has the potential to become a market-leading multifamily option for the growing number of residents in the Charleston area." Mr. Dixon added, "CREC continues to focus on value-add acquisition opportunities within cities exhibiting strong demographic and fundamental characteristics, in terms of population growth, employment growth and a diversified employer base. Over the past 18 months, CREC has invested in excess of $200 million of transaction volume with a robust pipeline of future opportunities. Our firm's investment strategy focuses on enhancements to the marketability of the property through targeted capital improvements, which we believe will be well received by existing and prospective residents."

Capital Square Completes Acquisition of 304-Unit Luxury Multifamily Community in One of Houston's Most Exclusive Neighborhoods

Thu, 05/19/2022 - 01:49
HOUSTON, TX - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced the acquisition of a Class A, 304-unit multifamily community in Houston, Texas. The community, developed by Wood Partners, LLC, was acquired on behalf of CS1031 Houston Apartments, DST, a Delaware statutory trust offering for Section 1031 exchange and other (cash) investors. "Capital Square sponsors the highest quality, newly constructed Class A apartment communities in the nation for the DST/1031 investment program," said Louis Rogers, founder and chief executive officer of Capital Square. "CS1031 Houston Apartments is the latest DST offering that sets the highest standards with unrivalled amenities and best-in class quality." Located at 3623 W Alabama St., Houston Apartments offers studios, one-, two-, and three-bedroom units with best-in-class finishes. Community amenities include a: resort-style swimming pool with a tanning deck; 24-hour, state-of-the-art fitness center; sky lounge, complete with a kitchen, pinball machine, and outdoor seating with a fireplace; coworking concept spaces; pet spa; courtyard with outdoor living area and fountain; and club area with high-definition televisions, billiards table, lounge seating, and an entertainment kitchen. Houston Apartments is in the midst of some of the city's wealthiest neighborhoods. According to CoStar, the average annual household income within a three-mile radius of the property is in excess of $163,000, while the property's submarket has experienced robust year-over-year rent growth of approximately 9.5% since the beginning of 2021. The property is within five miles of multiple retailers, restaurants and entertainment venues. It is also within close proximity of Interstates 610 and 69, allowing residents easy access to Greater Houston and the surrounding region. "Houston Apartments is an amenity-rich, luxury multifamily community located in the midst of one of Houston's most exclusive neighborhoods where there is strong demand for apartments," said Whitson Huffman, chief strategy and investment officer. "The property is ideal for affluent professionals who thrive on urban life and the upscale shopping, dining and cultural amenities that are provided in large cities like Houston." Home to 24 Fortune 500 companies and NASA's Johnson Space Center, Houston is a thriving economic center and the unofficial capital of the U.S. oil and natural gas industry. Already the nation's fourth most populous city, Houston continues to experience rapid growth, with its population swelling by nearly 10% between 2010 and 2020, according to the U.S. Census Bureau.

Amazon Commits $10.6 Million to Renovate and Build 130 Affordable Homes and Expand Social Services in Nashville Neighborhood

Thu, 05/19/2022 - 01:44
NASHVILLE, TN - Amazon announced that it will invest a total of $10.6 million to help build and renovate more than 130 affordable homes in partnership with the Metropolitan Development and Housing Agency (MDHA), and support the social work of the local nonprofit CrossBridge. This commitment is part of the Amazon Housing Equity Fund, a more than $2 billion commitment to create and preserve 20,000 affordable homes for individuals and families earning moderate-to-low incomes in Nashville, Washington state s Puget Sound region, and the Arlington, Virginia, region. We ve already hired more than 2,500 people at our Nashville office, and we re continuing to invest and create jobs across the city. We also know that the city s growth, the impacts of the pandemic, and various other factors affect the availability of affordable housing, and we want to do our part to help. As one important piece of that, we re proud to be partnering with MDHA and CrossBridge to bring new housing to residents, said Michelle Gaskin Brown, Amazon s Nashville manager of public policy. These new developments will provide affordable housing, social services support, and convenient access to public transportation to hundreds of families and individuals in the city. We look forward to continuing our investment in Nashville and helping to create and preserve affordable homes so everyone has the opportunity to live, work, and thrive here. Amazon s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development featuring 96 apartments, including 53 affordable homes in the Cayce Place neighborhood in East Nashville. Cherry Oak Apartments will provide housing in proximity to high-quality transit, employment centers, and parks. Families living in the affordable units at Cherry Oak Apartments will have guaranteed affordability at or below 80% of area medium income (AMI) for 99 years. Cherry Oak Apartments is one of many new residential developments at Cayce Place as we move forward with transforming our largest subsidized housing property into a mixed-income community, said MDHA Executive Director Dr. Troy D. White. We are grateful to receive Amazon s first major investment for affordable housing in Nashville, and we hope this is just the start of a successful partnership. Additionally, Amazon is providing a $3.5 million grant to CrossBridge, a Nashville nonprofit that provides housing and supportive services to adults overcoming addiction. The grant will support CrossBridge s housing projects on Lindsley Avenue in the Rolling Hill Mill neighborhood. CrossBridge owns an entire city block, where the organization is completing a new 50-unit building and renovating an existing 24-unit building into a 34-unit building. The grant will allow CrossBridge to complete its projects, operate at affordable rents, and expand services. CrossBridge will also provide tenants with mental health counseling, addiction support, workforce reentry support, and other services. Supportive housing, which helps people with substance use disorders, is the most resource-intensive type of housing. The rents are extremely low and service requirements are high, making it necessary to provide long-term subsidies. The 84 CrossBridge units this funding supports will add to the most difficult to finance stock of permanent supportive housing in Nashville. CrossBridge provides effective solutions to end destructive cycles, said Tina Mitchell, president-executive director of CrossBridge. Through our Restoration House Program, we serve men and women struggling with substance use disorders. By offering high-quality, safe, and affordable housing within the context of a supportive community, we provide a reliable path to break the cycles of addiction, incarceration, and homelessness. Bill Hart, CrossBridge vice president and general counsel, said, This grant from the Amazon Housing Equity Fund will allow us to do so much more for those who have so little, resulting in transformed lives and a safer community. Over the past two years, Amazon has committed more than $94 million to affordable housing efforts in Nashville. In 2020, Amazon donated $2.25 million to local affordable housing nonprofit The Housing Fund—and followed up with another $1.5 million in 2021—to support housing residents in Nashville at risk of losing their homes. After launching the Housing Equity Fund in January 2021, Amazon announced a $75 million commitment to create 800 affordable homes near WeGo transit corridors. Most recently, Amazon launched an accelerator program in collaboration with the Urban League of Middle Tennessee, which offers professional development, mentorship, and early grant funding to emerging developers of color to help increase inclusive housing developments and community building.

Hamilton Zanze Marks Twelfth Maryland Acquisition With 304-Unit Jefferson Square at Washington Hill Apartment Community

Wed, 05/18/2022 - 02:39
BALTIMORE, MD - San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 304-unit Jefferson Square at Washington Hill apartment community in Baltimore, Maryland, changing the community's name to The Tala at Washington Hill. Cushman & Wakefield and Falconvest Partners facilitated the transaction. The purchase marks the firm's 12th acquisition in the state of Maryland. With this latest acquisition, the firm now owns and operates five properties in the Baltimore market, including Arbor Ridge, Point at Winterset, Preserve at Cradlerock, Timbers at Long Reach, and now Jefferson Square at Washington Hill. "We are excited to expand our presence in Maryland with the purchase of The Tala at Washington Hill," said David Nelson, Hamilton Zanze's chief investment officer. "The 2014 asset features favorable amenities, convenient location near employers like The Johns Hopkins Hospital, and close proximity to an abundance of retail and entertainment in Downtown Baltimore." The community is located at 101 North Wolfe Street in the desirable Downtown Baltimore submarket of the Baltimore metropolitan area. It is just under two miles from the heart of Downtown Baltimore and a seven-minute walk from Johns Hopkins Hospital, which employees over 30,000 people. The property includes 304 units in one five-story residential building. The units average from 850 square feet with 35 different floor plans. Community amenities include a gaming room, fitness center, resort-style swimming pool and sundeck, and a two-story lobby with a grand staircase. HZ's capital improvements plan includes amenity, building and site improvements, an interior unit renovation campaign, and environmental upgrades. Additionally, management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

Wood Partners Announces Its Grand Opening of 270-Unit Alta Landing Luxury Apartment Community in Dallas-Fort Worth Submarket

Tue, 05/17/2022 - 02:37
FORT WORTH, TX - National multifamily real estate development leader Wood Partners announced the official grand opening of its newest luxury residential community, Alta Landing, located in one of Dallas-Fort Worth's top submarkets. Located at 3100 N. Joplin Road along the 287 Corridor, Alta Landing is situated just 10 miles south of downtown Fort Worth, providing residents with quick access to top employers across Fort Worth and the mid-cities, as well as key local attractions like AT&T Stadium, Globe Life Field, and Six Flags Over Texas. Closer to home, residents can also enjoy the comfort and familiarity of small town living with local retailers, grocery stores, restaurants, and entertainment options just a short walk from the community. "We are excited to welcome residents to Wood Partners' newest community, Alta Landing, ideally situated between Fort Worth and Arlington in one of the area's fastest growing neighborhoods," said Ryan Miller, Managing Director at Wood Partners. "We are particularly enthused about Alta Landing given it represents the first implementation of Wood Partners' new high-efficiency development model in North Texas," continued Miller. "Our new model is uniquely designed to leverage the most efficient design and construction techniques in the industry today without sacrificing the quality, appearance, and finishes that our residents have come to expect from Alta properties. As a result, we can offer our residents exceptional quality and value in a market where rent growth and cost of living remain top concerns." Alta Landing boasts 270 apartment homes consisting of one-, two- and three-bedroom floor plans finished in warm, inviting tones with a heightened level of modern sophistication. Each apartment home comes fully outfitted with high-end interior finishes including granite countertops, stainless steel appliances, tile backsplashes and upgraded fixtures. In addition, residents will have the convenience of in-home washers and dryers and wood-style plank flooring to welcome them home after a long day. Residents of Alta Landing will also have access to the community's top-notch amenities, including a resort-style pool with tanning deck, a courtyard with outdoor seating, a fire pit and grilling areas, an on-site dog park and other convenient pet facilities. Inside, the community clubhouse features a state-of-the-art 24/7 fitness facility complete with Precor equipment, a social clubroom with a kitchen and arcade, a Wi-Fi lounge with reservable private offices and conference room, as well as ample seating to enjoy a beverage from the on-site coffee bar.

Olson Capital Investments Acquires 129-Unit Hacienda Heights Apartment Community in El Paso, Texas Utilizing Blockchain Tokenization

Tue, 05/17/2022 - 02:33
EL PASO, TX - Olson Capital Investments is a private real estate investment firm owned by Obin and Amariah Olson. Yield Crowd is a portal to buy YIELD tokens on the Stellar blockchain. Olson Capital Investments just acquired Hacienda Heights, 129 apartment units in El Paso, TX for $7,300,000. Commenting on their new acquisition, Principal co-founder Amariah Olson stated, "We are excited to finally acquire this property. The property is in older condition, ripe for value-add. We intend to renovate the property over the next couple of years, increase rents, and ultimately, the value." This is the Olson's third acquisition within a year, and one of two target acquisitions they are making from the sale of 105 apartments in Dallas, TX which they had bought, renovated and sold for a profit. Publicly traded Arbor Commercial Mortgage provided $4.035m of debt on the property, and Marcus and Millichap #1 commercial real estate investment sales brokerage and capital markets advisory in North America with Global reach, brokered the deal. "We like parts of Texas that still contain value. Texas has landlord friendly laws that are ideal for renovation plays," stated Obin Olson. This acquisition will help bolster their subsidiary, Yield Crowd, which issues tokens backed by corporate bonds on the Stellar blockchain. Investors from all over the world can diversify into U.S. real estate assets, and freely buy and sell to each-other on the Stellar Decentral Exchange at yieldcrowd.com. The Olson's have completed over 21 real estate investments in Office, Residential, Multifamily, and Retail, totaling over $80 million in transactions, which they have privately financed with their own equity and institutional debt.

Keener Investments Acquires 312-Unit Villas at Valley Ranch Luxury Apartment Community in North Houston Submarket of Porter, Texas

Mon, 05/16/2022 - 02:41
HOUSTON, TX - Keener Investments announced that it has acquired a 312-unit multifamily property in North Houston. The property will be managed by Keener Management, a wholly owned subsidiary of Keener Investments. Villas at Valley Ranch is primarily composed of stucco, stone, and Hardiplank exterior apartment buildings that sit behind secured gated access. The community is on 16.4 acres and has luxury amenities such as a resort-inspired pool, covered poolside patio area, fitness center, spacious clubhouse and business center, nature trails, a pet park and much more. The property is conveniently located near the intersection of Interstate 69 and the Grand Parkway, providing quick and easy access to Downtown Houston, George Bush Intercontinental Airport, and The Woodlands. It is situated in the Houston suburb of Valley Ranch, a 1,400-acre master planned development with rapidly growing retail and entertainment offerings including Valley Ranch Town Center, Lake Houston Wilderness Park, Randall Reed Stadium, and many proposed or ongoing commercial developments throughout. We are excited to expand our portfolio into the growing North Houston area with the acquisition of a premier multifamily property in New Caney. The Villas at Valley Ranch Apartments are strategically located at the epicenter of growth for the Grand Parkway in a beautiful master planned community, said Stephen A. Smith, Chief Executive Officer of Keener Investments. Villas at Valley Ranch is a Class A, 2008-vintage multifamily property that is well positioned to benefit from the areas growth trajectory and our proven value-add strategy. Keener Investments has now completed over half a billion in transactions since 2016 and is continuing to actively purchase multifamily communities in Texas.

Great Gulf Group and Partners Acquire New Communities for Build-to-Rent Home Developments Across Multiple Texas Markets

Fri, 05/13/2022 - 05:00
SAN ANTONIO, TX - Great Gulf Group, together with its partners Westdale Properties and a large Canadian institutional investor, has acquired 787 residential lots across seven master-planned communities in San Antonio, Austin and Houston, TX, from Forestar Group to build, own, and operate dedicated single-family rental homes. "This acquisition provides an excellent entry point into the Houston and Austin markets while increasing Great Gulf's operational scale across our Texas portfolio. Based on demographic trends and customer preference, we believe the demand for professionally managed rental housing is undersupplied," said Aole Ansari, Chief Operating Officer, Great Gulf Build-to-Rent. "Land development and construction activities are underway, and we expect to begin home deliveries to residents in late 2023. We look forward to future investment opportunities and strengthening our relationship with Forestar." Daniel Bartok, Chief Executive Officer of Forestar, said, "These sites provide an excellent opportunity to include purpose-built single-family rental housing for consumers interested in living in these communities. We are very pleased to bring Great Gulf into our builder program to fulfill the growing demand for this housing option and look forward to growing our relationship." Great Gulf's investment strategy is primarily focused on US Sun Belt states, whose high population growth is driven by strong job growth, low tax and regulatory burdens, affordable housing, low unemployment, and warmer climates. Together with existing projects in Tampa, FL, Charleston, SC, San Antonio, TX and Dallas, TX, Great Gulf's build-to-rent portfolio is approaching 2,000 lots and homes within one year of operation.

Leste Group, Bascom Group and East Hill Capital Expand Partnership and Presence in Florida With 448-Unit Multifamily Acquisition

Thu, 05/12/2022 - 03:05
ORLANDO, FL - The Bascom Group, in partnership with Leste Group and East Hill Capital Partners, has acquired their third deal together, a 448-unit garden style apartment community in Orlando, Florida. The Chatham Square acquisition brings the Partnership's total investment into Florida over the past year to over $330,000,000 and 1,200 units. Accounts managed by KKR provided the debt financing for the acquisition, and Dustin Stolly, Daniel Matz, and Daniel Morin of Newmark arranged the financing. The Newmark investment sales team of Scott Ramey, Brad Downing, Ryan Moody, and Paul Grant brokered the transaction. SD-Cap will provide renovation management and Cushman and Wakefield will provide the property management. Bascom's Tony Ferrell, Senior Principal - Operations, stated, "Chatham Square provides an exceptional value-add opportunity in the rapidly expanding Orlando market. Originally built as Disney corporate housing within the Little Lake Bryan master plan, Chatham Square offers residents spacious floorplans and abundant greenspace, characteristics that are in high demand by renters." Located in a premier in-fill location adjacent to Walt Disney World, Chatham Square's proximity to Interstate 4 allows for easy access to major employment, retail, dining, and entertainment centers throughout Orlando. The property is situated within a short commute of multiple key demand drivers in South Orlando, including Walt Disney World, Lockheed Martin, SeaWorld, Universal Resort, Orlando International Airport, and 13.1 million SF of office and flex space in the South Orlando Commercial Core. Orlando continues to be an attractive destination thanks to its business-friendly environment, no state-income tax, access to major transportation networks, and high quality of life. Chatham Square features two- and three-story residential buildings and spacious one-, two-, three-, and four-bedroom floorplans. The property grounds provide residents a sprawling low-density feel with lush landscaping, bountiful public spaces, mature oak groves, and views of Little Lake Bryan. Chatham's abundant amenity set includes two clubhouse areas, resort style swimming pool, fitness center, tennis court, sand volleyball court, outdoor pool table, garages, and more. "Chatham Square's irreplicable location and differentiated, low-density, product offering is what attracted us to this value-add multifamily investment opportunity. Located in Southwest Orlando, Chatham will benefit from being in one of the tightest housing markets in the country. We are glad to be expanding our trusted partnerships with Bascom and Leste through this transaction," said Duff Bedrosian, Managing Partner at East Hill Capital Partners.

Summit Realty Advisors Nears Completion of 114-Unit The Crossings at Ambler Station Apartment Community in Pennsylvania

Thu, 05/12/2022 - 02:53
AMBLER, PA - Ambler, PA is getting ready to welcome its first new apartment community in over 50 years. While the construction of the property is moving quickly, the path to this stage of the project is an incredible story of a community coming together to bring its vision to life. 25+ years ago, Ambler was a blighted community with multiple abandoned industrial facilities. Ambler was in economic decline and was suffering from the relics of its industrial past. Through dedication and focus, members of the Ambler Borough worked diligently to attract commerce, retail, dining, arts, and culture to Ambler, transforming the town into the thriving community it is today. Summit Realty Advisors is developing the last piece needed to complement Ambler's revitalization - housing. In 2020, the firm broke ground on The Crossings at Ambler Station, a brand new, 114-unit apartment community. The development is under construction and will offer pet-friendly, one and two-bedroom homes ranging from 669 square feet to 1,155 square feet. "I am so grateful Summit Realty was committed to getting this project approved. It's a testament to their unwavering dedication and vision. People are dying to come live in Ambler, but we need apartments for them. I couldn't be more thrilled about The Crossings at Ambler Station," said Liz Wahl Kunzier, Ambler Main Street Manager. Each apartment will feature exquisite finishes, including stainless steel appliances, wood-plank style flooring, oversized walk-in closets, unique lighting accents, and a washer and dryer. "Being the first new apartment development in Amblerin over 50 years, we had a unique opportunity to establish a new standard for apartment living in the Borough. We wanted to create an environment that would provide our residents with a living experience unlike any other within the Ambler community," explained John Zaharchuk, Principal at Summit Realty Advisors. The Crossings at Ambler Station boasts an extraordinary amenity package, unrivaled by any other project of its size. Summit Realty has left no stone unturned with the community's stand-out offerings. From lightening the workday with access to conference spaces and Zoom Rooms to a health-club style fitness center, The Crossings at Ambler Station provides best-in-class experiences at every turn. Residents have access to numerous common areas for socializing, a bark park and pet washing station, car wash, package room, and an incredible Village Green with over 23,000 square feet of beautifully landscaped outdoor space. Perfectly sized for a close-knit neighborhood vibe, The Crossings naturally complements the Ambler scene. Within walking distance of Ambler's main strip, residents can pop over for locally sourced goods, boutique shopping, premier dining, or a night out. The community is conveniently located next to the Ambler Train Station if they want to head into the city. Scully Company will professionally manage the community, handle all resident programming and customer service, and bring peace of mind with 24-hour emergency maintenance. "We are incredibly excited to be part of this awesome new project that Ambler has needed for a long time. It's a perfect location for development. People will be in walking distance of all Ambler has to offer, even though the community is so well planned they may never want to leave it," Jessica Scully, President of Scully Company, shared.

Lincoln Avenue Capital Completes Major Rehabilitation of 208-Unit Valencia Park Affordable Housing Community in Orlando

Wed, 05/11/2022 - 03:13
ORLANDO, FL - Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, announced that it has completed a significant rehabilitation of Valencia Park. The 208-unit affordable property in Orlando, Florida currently serves about 800 residents. LAC closed on the acquisition of the property in January 2021 and as part of the rehabilitation, extended the property's affordability restriction for another 30 years. "Lincoln Avenue Capital is a mission-driven company that works to strengthen communities through affordable housing," said LAC CEO Jeremy Bronfman. "We are proud to expand our impact in Orlando by providing high-quality, sustainable homes for nearly 800 residents." "We look forward to preserving and extending the affordability of Valencia Park for another generation of residents," said Eli Bronfman, LAC Managing Partner. Lincoln Avenue Capital invested significantly in rehabilitating and upgrading the property. Completed upgrades to individual units include new kitchen appliances, new countertops, and vinyl plank flooring. The buildings received fresh paint and new windows as well as HVAC and electrical system improvements. "I am thrilled about the recent renovations—it almost feels like I am living in a new place entirely," said resident Kim Lopez, who has lived at the property since 2015. "From the new flooring to appliances, upgrades across the board have made a positive impact on my daily life." LAC equipped the property with a range of new sustainability features such as energy-efficient windows in each unit, low-flow appliances that preserve water, and daylight sensors attached to the buildings to conserve electricity. Additionally, LAC improved the site's accessibility with new wheelchair-accessible paths installed throughout the property. Valencia Park currently offers residents outdoor amenities including a swimming pool, playground, and basketball court. The property management and resident services teams will continue to provide residents with opportunities to connect through community picnics, holiday parties and programming for children on a regularly scheduled basis.

The Bascom Group Continues to Expand Its Houston Footprint With Acquisition of 150-Unit Windwater at Windmill Lakes Apartments

Tue, 05/10/2022 - 02:46
HOUSTON, TX - The Bascom Group has continued their acquisition run in Texas acquiring a 150-unit apartment community in Houston, marking their fourth Houston acquisition in nearly 12 months. Windwater at Windmill Lakes is a 150-unit community, built in 1999 and located in the southeast Houston submarket. The acquisition marks Bascom's 39th multifamily property closed in Texas. John Carr with Cushman & Wakefield represented the seller in the transaction. Huntington National Bank provided the debt financing for the acquisition and was arranged by Jason Pumpelly with Cushman & Wakefield. SD Cap Construction Management will provide construction management services and Cushman & Wakefield will provide property management. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom. The apartment community is very well-maintained, offering functional, spacious interior floorplans with original construction features ideal for upgrades. The existing amenity space offers sufficient opportunities for enhancement to better serves the needs of existing and future residents. With 100% of the units in original condition, this acquisition presents an attractive opportunity to physically reposition the asset. Demand for Houston multifamily accelerated dramatically in the second half of 2021. Houston is expected to have the third largest employment growth in the US from 2021-2026 and is expected to have the largest population gain in the US from 2021-2026. Chang Liu, Acquisitions Director for Bascom, adds "We are very pleased with this acquisition as it aligns well with our Texas strategy of acquiring newer vintage assets with minimal deferred maintenance and major value-add potential." Jason Hanna, Senior Vice President of Operations, comments "We are excited to acquire a property that offers characteristics, like large floorplans and ample community space, that are desired by today's renters. We can elevate the interior design to match current modern standards and offer a boutique rental product for the submarket."

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