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Apartment and Multifamily News

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Updated: 2 hours 21 min ago

Security Properties Acquires 205-Unit Outlook at Pilot Butte Luxury Apartment Community in Bend, Oregon for $52 Million

Fri, 03/27/2020 - 02:31
BEND, OR - Security Properties and a university endowment purchased Outlook at Pilot Butte, a 205-unit, Class-A multifamily community located in Bend, OR for $52,000,000. This is Security Properties' third acquisition in the Bend market. Outlook at Pilot Butte is conveniently located on Bend's eastside just a five minute drive from Downtown. The property is situated at the base of Bend's most iconic landmark, Pilot Butte. The 114-acre Pilot Butte State Scenic Viewpoint rises nearly 500 feet above its surroundings and includes a two-mile hiking trail to the summit. More than 750,000 locals and tourists visit Pilot Butte each year. In recent years Bend has become nationally recognized for its relatively low cost of living paired with its high quality of life. Outdoor enthusiasts frequent the varying bike trails and walking paths, innumerable golf courses, rivers, and proximate ski resorts. Bend also boasts an array of breweries and restaurants, as well as the Les Schwab Amphitheatre, an outdoor, riverfront venue that hosts a mix of year round concerts and events. The area has become home to a diverse and ever-expanding business community, anchored by a mix of biomedical companies, regional hospitals, national-scale microbreweries, resorts, and Silicon Valley tech transplants. The units at Outlook at Pilot Butte offer a mix of 1- and 2- bedroom floorplans. The apartment homes feature well-appointed kitchens, air conditioning, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a clubhouse with resident lounge, best-in-class fitness center, game room, bicycle storage facility and both an outdoor fireplace and fire pit lounge. The asset represents a core-plus investment with light interior and exterior renovation characteristics. SP will be adding cosmetic upgrades to unit interiors as well as enhancing the existing amenity spaces. Alex Gauper, Investment Manager at Security Properties says, "Bend continues to be a top target market for SP due to its compelling combination of affordability and overall quality of life. This is a top-of-the-market asset that will combine well with our existing market footprint and provide excellent returns for our investors as Bend continues to grow." The property will be managed by Security Properties-affiliate Security Properties Residential.

Balfour Beatty Campus Solutions to Develop 557-Bed Mixed-Use Student Housing Project at Bowie State University

Thu, 03/26/2020 - 02:35
BOWIE, MD - Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, announced that financial close has been reached on a public-private partnership (P3) project at Bowie State University to deliver an on-campus housing community that will also feature an entrepreneurship center designed to house University-run business organizations. Balfour Beatty Campus Solutions, along with architect Design Collective Inc. and builders Balfour Beatty Construction and Smoot Construction, collaborated with BSU leadership and Maryland Economic Development Corporation (MEDCO) on the planning and design of the new student housing community and entrepreneur center to ensure the details of the project met the University s goals and objectives. Scheduled to open in Fall 2021, the 170,000 SF development will bring 557 beds to the campus, as well as a variety of amenities, including lounges, flexible classroom space, a fitness center, laundry facilities, community kitchens and parking. Construction of the project commenced in February 2020. The development will also become the main hub for BSU s Entrepreneurship Academy, an organization that helps students develop their own business opportunities and become innovative thinkers and problem-solvers for established companies. It will also house the Bowie Business Innovation Center(BIC), the first business accelerator located at a Maryland historically black university. Offices, multipurpose rooms, a maker space and conference rooms are included in the design to support both programs. "Our partnership with BSU is a perfect example of the innovation that a P3 solution can bring to universities and their students," said Bob Shepko, president of Balfour Beatty Campus Solutions. "This partnership allows the University to support their growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation. MEDCO is the project s residential facility owner through an issuance of project-based, tax-exempt debt financing. Upon completion, the housing community will be managed by the University.

Banyan Residential and Bridge Investment Group Break Ground on Landmark Scottsdale Opportunity Zone Project

Thu, 03/26/2020 - 02:32
SCOTTSDALE, AZ - Banyan Residential announced the start of construction on the long-anticipated Scottsdale Entrada development. Located at the northeast corner of 64th Street and McDowell Road, Scottsdale Entrada will revitalize a long vacant 33-acre lot with a vibrant mixed-use campus, including 736 apartment units, 250,000 square feet of office space, 5,000 square feet of retail and ample public open space. The project is located in an Opportunity Zone, part of a revitalization program formed under the Tax Cuts and Jobs Act of 2017 and will be developed with program-compliant funding. "Because of its central location and proximity to Phoenix, this project is critical to the economic prosperity and urban renaissance of the area and surrounding neighborhoods," said Mayor Lane. "As the name conveys, this is a major entry point to Scottsdale. We are very excited for construction to start." Designed by a team of local experts including Todd & Associates and SmithGroup, the completed project will offer customers first-class amenities including resort-style pools, fitness centers, mobile workspace areas, a game room, and deck spaces with expansive views of the Papago Buttes and McDowell Mountains. Scottsdale Entrada will also offer ample public gathering spaces, including a large park designed to accommodate concerts or other events, as well as a dog park, jogging trail, and connection to the Arizona Crosscut Canal. Designed to integrate natural and urban living, Scottsdale Entrada is one of the largest mixed-use developments in the Phoenix area. "Backed by a first-class design team and the support of a stellar equity partner in Bridge Investment Group, we have developed a truly unique mixed-use plan for a very special property," said Ben Brosseau, founder of Banyan Residential. "We are excited to deliver such a dynamic project to an Opportunity Zone property in need of timely rejuvenation." The McDowell Corridor, where the new Scottsdale Entrada is situated, is a prominent gateway to South Scottsdale and downtown Phoenix. For years, local residents and city staff have been anxiously awaiting the redevelopment of the former Scottsdale Auto Park site. Construction on all project components will begin immediately, with the office building scheduled to open in Q3 2021, followed by the first apartment units in late 2022. "Creating desirable living and work space requires design planning with a focus on the end user experience. The Entrada property offered us the rare opportunity to program a large parcel with a blank slate, allowing us greater flexibility to integrate open space, foster connectivity between uses, and create points of interest throughout the site," said Max Friedman, a Partner at Banyan Residential.

Mission Rock Expands Management Portfolio with 258-Unit Indigo 19 Apartment Community in Virginia Beach, Virginia

Wed, 03/25/2020 - 01:59
VIRGINIA BEACH, VA - Mission Rock Residential, a national multifamily property management company, is further expanding its presence on the eastern seaboard, announcing a new management contract for Indigo 19 Apartments in Virginia Beach, Virginia. The deal marks the addition of the eighth property to Mission Rock's portfolio in the state of Virginia. "Virginia Beach is a wonderful city that Mission Rock is excited to enter and grow in. The opportunity to manage this world class apartment community is one our team is absolutely thrilled about, thanks to its beautiful design, its top-notch amenity package, and its immense set of shared community spaces. We look forward to elevating the customer experience at this community," said Patricia Hutchison, President of Mission Rock Residential. Indigo 19 features 258 one, two, and three-bedroom apartments, located within walking distance to the beach as well as the Norfolk Premium Outlets. The community also offers immediate access to I-264, a major economic thoroughfare. High-end amenities at the property include a resort-style swimming pool, a state-of-the-art fitness center, a two-level clubhouse, and controlled access throughout. The design of Indigo 19 includes a great combination of modern yet relaxed approaches, with bright, breezy design present across all shared spaces. Apartment homes feature gourmet kitchens with granite countertops and stainless-steel appliances, open concept floor plans, included washers and dryers, expansive closets in master suites, 9′ ceilings, and private patios and balconies. Virginia Beach is a resort city with miles of beaches and hundreds of hotels, motels, and restaurants along its Atlantic oceanfront. It is also home to three military bases, a number of large corporations, Virginia Wesleyan University and Regent University, as well as numerous historic sites. Mostly suburban in nature, the city, though, is the most populous in the State, and was dubbed the 'Best Big City to Live In' by WalletHub in July 2019 due to the highly educated population, outstanding healthcare, and affordability.

The Preiss Company Breaks Ground on 433-Bed Signature Student Housing Community with Targeted Fall 2021 Completion Date

Tue, 03/24/2020 - 01:49
CLEMSON, SC - Officials at The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, broke ground on Signature Hartwell Village (SHV). Serving Clemson University, the 433-bed student housing complex has a targeted completion date of August 2021. Along with University Village at Clemson & The Collective at Clemson, Signature Hartwell Village will mark our third asset in the Clemson market, said Susan Folckemer, chief acquisitions & development officer, TPCO. We actively have developed, owned and operated in the market since 2000. Our familiarity with the area, university and student base made the decision to invest further in the community a relatively simple one. We look forward to expanding our presence in Clemson as we meet the evolving needs of today s students. Located at 13060 Clemson Blvd. between Tiger Blvd. (US 76) and Pendleton Road (SR 93), Signature Hartwell Village will be part of a 45-acre, mixed-use development. Named Hartwell Village, the area consists of residential, retail and dining options, including Aldi, Petco, Marshalls and multiple hotels. SHV will consist of two four-story and two three-story buildings situated on 3.25 acres, as well as a 6,034 square foot clubhouse and leasing office and a 7,200 square foot outdoor amenity space. Residents also will enjoy a 24 jumbotron, fire pits, grills, dog park, cornhole court, a pool with in-water lounging deck, cabana with misters and TV room with 82 television. For the health conscious, SHV will offer and state-of-the-art fitness center with top-of-the-line equipment. Students will have access to study rooms, high speed, next generation internet and fob access for all amenities and units, as well as a package locker system. The complex also will employ an onsite leasing and maintenance staff. While we retain an aggressive acquisition pipeline, development has become an increasingly important component of our growth strategy, said Folckemer. Residents may choose between one-, two-, three- and four-bedroom units. Each unit will feature private bedrooms and bathrooms, key fob unit entry, 50" Smart TVs in each living room, chic modern furniture, stainless steel appliances, granite countertops, plank vinyl flooring throughout the unit and in-unit laundry. Less than a mile from Clemson University, Signature Hartwell Village is an ideal location for students looking to maximize their college experience, said Adam Byrley, chief operating officer, TPCO. Not only does the student housing complex itself offer a variety of study spaces and relaxation options, but the larger Hartwell Village development provides some of the best dining, shopping and entertainment in the area.

Mission Rock Residential Lands Fifth Nashville Area Apartment Management Deal with 248-Unit Commonwealth at 31

Tue, 03/24/2020 - 01:46
NASHVILLE, TN - Mission Rock Residential, a Denver-based multifamily property management company, is further expanding its Tennessee presence, announcing a new management contract for Commonwealth at 31 apartment community in Spring Hill, Tennessee. The company has been issued an agreement for the management of 248-unit community by Hamilton Zanze Real Estate Investments. Located within 30 minutes from Nashville's urban core, Spring Hill has seen tremendous growth in recent years due to its forested surroundings and ease of transportation access for young professionals and families alike. Located in Williamson County, the area is home to the top performing school district in the State and has experienced a surge of retail and restaurant openings to steadily improve quality of life. Commonwealth at 31 Apartments is well-situated with convenient access to I-65 and nearly adjacent to Highway 31. "Built in 2017, the design of the Commonwealth at 31 Apartments offer Spring Hill residents the perfect balance between upscale features and Tennessee'straditional charm. The modern apartment interiors are coupled with inviting amenities that promote a true sense of community. As we have grown in Tennessee, this being our fifth community, we are learning more about what local renters desire; they not only want a beautiful apartment, but they also expect best-in-class customer service. Here at Mission Rock, we are looking forward to raising the bar," said Pat Hutchison, President of Mission Rock Residential. The apartment community's amenity package included a high-end fitness center, an on-site dog park, a business center, an outdoor kitchen and gathering lounge, fire pits, and resort-style swimming pool. A children's play park is also located on site, as well as rentable storage units for those who need them, all within a gated community. The community's one, two, and three-bedroom apartment options offer stainless steel appliances, granite countertops, in-unit washers and dryers, wood-style flooring, LED lighting, and walk-in closets. They range in size from 800 square feet to 1,300 square feet.

Multifamily Construction Starts Increased Three Percent in February According to Latest and Dodge Data and Analytics Report

Mon, 03/23/2020 - 02:27
HAMILTON, NJ - Total construction starts lost 1% from January to February dropping to a seasonally adjusted annual rate of $767.5 billion. Large projects in the office and healthcare sectors provided a boost for overall nonresidential building, while residential and nonbuilding construction starts moved lower. With only two months of data available for 2020, it is difficult to ascribe a 2020 trend. However, some perspective can be gleaned by examining a 12-month moving total. For the twelve months ending February 2020 total construction starts were 3% higher than the previous twelve-month period. By major category, nonresidential building starts were 3% higher, while residential starts were up 1%, with nonbuilding starts increasing 7%. In February, the Dodge Index moved lower to 162 (2000=100) compared to the 165 posted in January. The good news is that heading into the coronavirus pandemic, construction starts were stable. The economy was healthy fueled by continued steady job growth, stated Richard Branch, Chief Economist of Dodge Data and Analytics. Of course, the pandemic s effect on future starts is as yet unknown. Construction firms will need to deal with multiple issues including supply chain disruptions, workforce constrictions due to the outbreak, and an economy that has moved from a pace near its long-term potential to a virtual stall within the space of a week. Over the next few months, many construction projects could see delays in start or longer times to completion based on shortages of supplies from China or a reduction in available labor due to spread of the virus. Still others may begin to see projects cancelled outright due to a sudden circumstantial change in demand. Planning data as reported to Dodge Data & Analytics will be watched closely to see if fissures are developing in the construction sector. Nonbuilding construction starts moved 9% lower from January to February, dropping to a seasonally adjusted annual rate of $148.8 billion. The drop in February was the result of a 17% decline in the highway and bridges and a 22% drop in the utility/gas plant category. However, gains were seen in the miscellaneous nonbuilding category and environmental public works, which rose 14% and 1% respectively. The largest nonbuilding construction project to break ground in February was the $531 million Juno Solar Project in Borden County TX. Also starting in February was the $500 million Big Raymond Wind Farm, which is spread over Hidalgo, Willacy, and Cameron Counties in Texas as well as the $406 million Pryor Mountain Wind Farm in Bridger MT. For the twelve months ending February 2020, total nonbuilding starts were 7% higher than the twelve months ending February 2019. Starts in the utility/gas plant category were up 92% and environmental public works starts rose 3%. However, street and bridge starts were 8% lower and miscellaneous nonbuilding was down 14% for the twelve months ending in February. Nonresidential building gained 7% in the month of February to $285.9 billion on the back of several large projects getting underway in the office and healthcare sectors. February s commercial construction starts rose 7%, while institutional starts moved 13% higher. Manufacturing starts by contrast fell 27% in response to several large projects that broke ground in January. The largest nonresidential building project to break ground in February was the $1.3 billion Two Manhattan West Office Building in New York NY. Also breaking ground during the month was the $800 million New Valley Hospital in Paramus NJ and the $760 million Disney/ABC Headquarters complex in New York NY. On a twelve-month basis, nonresidential building starts were 3% higher in the most recent twelve months than during the twelve months ending in February 2019. Commercial starts were up 7% in the past twelve months, while institutional starts were less than one percent lower. Manufacturing starts were down 2%. Residential building starts moved 4% lower in February to a seasonally adjusted annual rate of $332.8 billion. During the month, single family starts dropped 7%, while multifamily starts increased 3%. The largest multifamily structures to break ground during in February were the $150 million Cambridge Crossing in Cambridge MA and the $150 million 44 East Condo Tower in Austin TX. The $140 million Armature Works mixed-use project in Washington DC was also one of the largest residential projects to break ground during the month. For the twelve months ending in February, total residential starts were 1% higher than in the twelve months ending in February 2019. Single family starts were up 3%, while multifamily building starts were 2% lower.

Dunross Capital Acquires Two Apartment Communities Totaling 486-Unit in Atlanta Submarket of Decatur, Georgia

Fri, 03/20/2020 - 02:14
ATLANTA, GA - Dunross Capital a New York based real estate investment company announced the acquisition of 250 Unit, Spring Valley Apartments and 236 units at Park at Candler, which is directly across the street. The properties are immediately off Candler road exit on the I-20 corridor and represent the next step in the company's strategy to be a leader in providing quality housing to Atlanta's growing workforce. This is Dunross' 5th and 6th property acquisition in Decatur and expands its portfolio to a total of 11 properties and over 1800 units acquired in the last year. Built in 1970 –1980, the company intends to renovate interiors and upgrade amenities in over $ 7 million of construction, and has renamed the properties Hidden Valley and Park Valley. "We see that the demand for high quality housing at an affordable price is only continuing to grow in the Atlanta submarkets," says Michael Crow, CEO of Dunross." I believe our capability to self-manage along with having our own construction company, gives us the ability to execute our plan and provide a best of class community," he continued. These communities are well positioned on the important I-20 commuter corridor and convenient to employers from Atlanta downtown to industrial areas further East. The affordable cost of housing, along with excellent, shopping, dining, and entertainment amenities set Decatur apart as a desirable area for Atlanta's growing workforce. Dunross plans to develop the area around the blocks near Hidden Valley and Park Valley and continue to upgrade and improve the area for the benefit of all residents and neighbors. Dunross Capital is a real estate acquisition company based in Ronkonkoma, New York and with the Operations Team located in Atlanta Georgia. The Company acquires and operates multi-family properties in high growth markets in South- Eastern USA.

Iconic Landmark to Transform into Upscale Live-Play Community with Sophisticated Residential and First-to-Market Retailers

Thu, 03/19/2020 - 02:40
PHOENIX, AZ - One Can Imagine. That philosophy is the driving force of the experienced leadership team that s responsible for introducing One Camelback, an innovative live-play community that s taking shape at the hottest intersection in greater Phoenix, according to real estate and growth experts at Urban Land Institute. Arizona hasn t seen anything quite like One Camelback – we expect this bold development to set a new benchmark for urban elegant living in the Southwest, said Dale Phillips, President and Founder of Stellar Residential, the management company for One Camelback. As one of the most ambitious construction transformations ever undertaken in Phoenix, this boutique, Class A development will deliver a vibrant use of residential space, with soaring and dramatic floor-to-ceiling views of Central Phoenix, modern and functional floorplans, upscale amenities and first-class services – all under one 11-story roof, while aesthetically adding some more glamour and elegance to the Phoenix skyline. As the iconic landmark undergoes a complete transformation, One Camelback will blend the finest there is in upscale sophisticated living with a range of exclusive, first-to-market retailers in the heart of Central Phoenix. It will be the first 1-Gigabit community, in Arizona through Cox Communications, which means each and every unit will have 1-Gigabit internet speeds included in the rent. The 215,245-square-foot glass-ensconced property will include 163 first-class apartment units with exposed ceilings and 10-foot floor to ceiling windows. A selection of 16 different floorplans will be available, featuring upscale studio, 1-, 2-, and 3-bedroom apartments, all designed by Erwin Architecture. Additional exclusive residential amenities include a 6,500 square-foot rooftop terrace with a swimming pool, a swim-in place and endless pool for lap swimming or therapy, cabanas and a spa, as well as a yoga lawn deck and a lounge-style clubhouse. Residents will also have access to a secured underground garage with electric car-charging stations. Capitalizing on its prime location, One Camelback is in negotiations to bring in highly sought-after, first-to-market upscale retailers to blend in with the historic neighborhood s assortment of hip restaurants and trendy shops. Only walking distance from popular gourmet and specialty grocer AJ s Fine Foods, One Camelback is also in close proximity to Uptown Plaza and light-rail transportation. The residences and retail spaces will be moments away from the downtown business core, major sporting event arenas, and the popular nightlife scene, serving residents by offering one of the best transit-oriented developments known to the Valley. With more than 143,000 people working within a 3-mile radius of its centralized location, One Camelback is located at the perfect triangle, connecting downtown Phoenix to the Biltmore area. In March 2019, the construction efforts began with a glass-raising event to celebrate the start of the substantial transformation, from mortar and concrete to dramatic windows and high ceilings that will deliver soaring, bird s eye views of Central Phoenix. The demolition of interior structures throughout the building was completed earlier this month, leaving a blank canvas for crews to make the vision for this iconic development come to a reality. One Camelback is being developed by an affiliate of Sagamore Capital LLC, a Scottsdale-based investment firm, with financing arranged by Walker & Dunlop, and provided by Los Angeles-based ACORE Capital LLC. Katerra is acting as general contractor and a prime supplier for the project. One Camelback is expected to be complete by 2021. More information is available by visiting OneCamelback.com or @LiveOneCamelback on Instagram.

Novak Brothers Partners with Trinity Private Equity Group to Develop the 256-Unit Summit Lofts in Georgetown, Texas

Thu, 03/19/2020 - 02:34
GEORGETOWN, TX - Novak Brothers Development has begun construction on the Summit Lofts within the award-winning, Summit at Rivery Park mixed-use community in Georgetown, Texas. The Summit Lofts is the last phase of construction in the master plan and is situated upon 3+ acres of the most prominent tract of The Summit at Rivery Park. Upon completion, it will contain 256 luxury lofts, ground level retail, a seven-story tall 494-car parking garage, state of the art fitness facility, topped off with a rooftop pool and patio area equipped with cabanas and indoor/outdoor gathering spaces. The Summit Lofts will be the premier rental product in a rapidly growing submarket currently devoid of high-density, high-end amenities within an integrated live-work lifestyle experience. Trinity is very excited both to partner with Novak Brothers for the first time and to be an investor in this final piece of The Summit at Rivery Park development, said Sanjay Chandra, Managing Partner of Trinity Private Equity Group. We appreciate the work done by Novak in this development over multiple years, and believe Georgetown continues to be a wonderful location drawing from the immediate area and North Austin. With immediate proximity to 25 miles of hike and bike trails, beautiful parkland, convenient access to major highways, shopping, historic downtown Georgetown, and all of the heavy-weight North Austin employers, The Summit at Rivery Park and Summit Lofts in particular are primed for success in this exceptional project that will stand the test of time. Developed by Novak Brothers, The Summit at Rivery Park mixed-use development is located on 32 acres overlooking scenic Rivery Park and the North San Gabriel River. The Summit is a fully integrated master-planned development anchored by a 4-Star Sheraton Hotel and Conference Center and includes office, retail, luxury multifamily, as well as 121 Texas Brownstone™ homes, building upon one another to create a truly unique experience for the City of Georgetown and surrounding areas. We could not be more excited to have Trinity as our partner," said Andy Heard, President of Novak Commercial Development. "Our vision to develop high-quality, experiential living makes this partnership a perfect fit. Novak and Trinity will bring another game-changing 'first of its kind' project to a market hungry for lifestyle living experiences."

Walker & Dunlop Structures $52 Million in Financing for 278-Unit Opportunity Zone Multifamily Development Project

Wed, 03/18/2020 - 02:32
HUNTSVILLE, AL - Walker & Dunlop, Inc. announced that it structured $51,923,400 in financing for ECLIPSE at CityCentre, a five-story, 278-unit, multifamily project located in Huntsville, Alabama. Co-developed by Spring Bay Property Company, the property will sit atop 18,000 square feet of upscale restaurants and retail and is part of the CityCentre at Big Spring master-planned project being developed by RCP Companies. Located in Huntsville's Downtown area, the property is within the bounds of a designated opportunity zone census tract. Established by Congress in the Tax Cuts and Jobs Act of 2017, opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes. Led by Keith Melton, David Strange, Livingston Hessam, and Jeremy Pino, Walker & Dunlop arranged the loan through the United States Department of Housing and Urban Development's (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing in a single loan. The team worked to ensure the financing terms were consistent with opportunity zone guidance, securing a two-year construction term followed by a 40-year, fully amortizing, fixed-rate loan. The financing also features a declining prepayment schedule for the initial ten years post-construction and is open to prepayment at par for the remaining 30 years. To fully capitalize on opportunity zone benefits, the developer is required to hold the asset for a minimum of ten years, making HUD's long-term financing program an ideal fit. Said Mr. Melton, "We were extremely pleased with the success of this transaction. HUD has continued to prioritize projects located within opportunity zones, which allowed for this complex financing with a nuanced ground structure component to close within tight timeframes." "We are grateful to work with the Walker & Dunlop team and to have executed this HUD loan for the ECLIPSE with RCP Companies – partners that understand the vision for developing best-in-class properties to fill the fast-growing market in Huntsville," stated Kevin Fitzpatrick, Managing Director of Spring Bay Property Company. "ECLIPSE at CityCentre will serve the robust STEAM (science, technology, engineering, arts, and mathematics) workforce and the next generation that is entering the market. The project will provide built-in demand for the authentic blend of live, work, play, shop amenities we have planned for CityCentre, which is a critical piece in Huntsville's revitalization of downtown," commented Max Grelier, Co-Founder of RCP Companies. "Its architecture will be locally inspired with pedestrian crossings, bike pathways, walkways, and a linear park connection to nearby urban developments." Once complete, ECLIPSE at CityCentre will include a mix of studios, one-, and two-bedroom units with open concept floor plans and nine-foot ceilings. The majority of the apartments also feature private balconies. Community amenities will include a resort-style heated pool, large fitness center, pet walking and grooming area, barbecue stations, outdoor fire pit, ample parking, and sweeping views of Big Spring Park.

Watercrest Fort Mill Indian Land Assisted Living and Memory Care Enters Final Construction Phase in South Carolina

Wed, 03/18/2020 - 02:28
FORT MILL, SC - Watercrest Senior Living Group and equity partner, Waypoint Residential are pleased to announce the final phase of construction of Watercrest Fort Mill – Indian Land Assisted Living and Memory Care in South Carolina. The 107-unit, resort-style senior living community is currently under construction by Shiel Sexton and scheduled to welcome residents this May. Watercrest Fort Mill – Indian Land will offer 75 assisted living and 32 memory care apartments with premium accommodations, resort-style amenities, and world-class care. Residents will enjoy pampering in elegant Spa W, savor private label Watercrest wines at the wine bistro, and relish the flavors of locally grown, seasonal ingredients and organic fare whether dining outdoors, bistro-style, or in the chef's private dining room. The innovative design of the community includes a stunning promenade, pool, fireplace, signature water wall, multiple dining venues, and children's play space. Watercrest's uniquely designed Market Street Residence will showcase an 'outdoor' streetscape with salon and spa, bakery, post office, and numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming. "We look forward to serving local seniors and families of Indian Land and Fort Mill by providing a spectacular senior living community which mirrors the charm and amenities they are accustomed to," says Marc Vorkapich, principal and CEO of Watercrest Senior Living Group. "Thanks to the outstanding partnership of Waypoint Residential and Shiel Sexton, we are even closer to welcoming our founding residents to their new home." Watercrest Senior Living Group was founded by Marc Vorkapich, CEO, and Joan Williams, CFO, to honor our mothers and fathers, aspiring to become a beacon for quality in senior living by surpassing standards of care, service and associate training. Watercrest senior living communities are recognized for their luxury aesthetic, exceptional amenities, world-class care, and innovative memory care programming offering unparalleled service to seniors living with Alzheimer's and dementia. Watercrest Fort Mill – Indian Land is ideally situated at 8154 English Clover Lane, in one of South Carolina's fastest growing communities. It is the second senior living development project partnered between Watercrest Senior Living Group and Waypoint Residential. Their first project, Watercrest Newnan Assisted Living and Memory Care recently opened in Newnan, Georgia. The community sales office is located at 4184 Doby's Bridge Road, Suite 102, across from Indian Land Elementary School. Visit the office from 9am-5pm, Monday through Friday or contact Executive Director, Joy Patterson at 803-590-7005, for more information.

Tower 16 Capital Partners Sells 228-Unit Altura on Duneville Apartments for $35.5 Million in Las Vegas Market

Tue, 03/17/2020 - 02:35
LAS VEGAS, NV - San Diego-based Tower 16 Capital Partners has successfully sold Altura on Duneville, a 228-unit apartment project located in Las Vegas. The property was originally purchased in 2018 for $24,000,000 and was sold this month for $35,500,000. During their two-year hold, the company performed significant exterior and interior unit renovations, adding several amenities including a new leasing office, gym, business center and game room. "Altura on Duneville was a phenomenal project in a great location in Las Vegas," said Tower 16 Co-Founder Mike Farley, "We put a lot of hard work into repositioning the property in order to create value for the residents, the neighborhood and our investors." Tower 16 has amassed a portfolio of close to 2,000 apartment units since first entering the Las Vegas market in April 2018. "We believe that Las Vegas will continue to be a strong market for multifamily investments due to the growing job base and reasonable cost of living," said Tower 16 Co-Founder Tyler Pruett. "I think you'll see us continue to be an active buyer in the market for those reasons." Altura on Duneville Apartments is located at 5050 Duneville Street, within a few miles of the Las Vegas Strip in the Spring Valley submarket. It includes 228 one- and two- bedroom apartments. Community amenities include two swimming pools, a newly renovated leasing office and on-site daycare.

Hamilton Zanze Acquires 283-Unit Bluebird Row Apartment Community in Fast Growing Chattanooga Market

Tue, 03/17/2020 - 02:32
CHATTANOOGA, TN - Francisco-based real estate investment firm Hamilton Zanze (HZ) acquired the 283-unit Bluebird Row Apartments in Chattanooga, TN on March 4th. The purchase marks the firm's fourth acquisition of the year and their sixth property in Tennessee. The community, newly built in 2019, is located two hours between Nashville and Atlanta and is situated at the junction of several states, with direct access to Interstates 75 and 24. The community offers a mix of luxury studio, one-, two-, and three-bedroom units averaging 935 square feet in size, with desirable amenities including smart home technology. "Bluebird Row offered an attractive opportunity to buy a brand-new property in Chattanooga. The property features a robust amenity package, prime location in Downtown Chattanooga, and offers residents a high quality of life provided by the city's energetic urban core," said David Nelson, Hamilton Zanze's managing director of acquisitions. "As this is our first acquisition in the Chattanooga metro and sixth in the state of Tennessee within the last 12 months, we are excited about our continued investment in Tennessee." High-end community amenities include a resort-style swimming pool, rooftop lounge, 24-hour self-serve market, outdoor grilling stations, rock climbing wall, bocce ball court, pet spa, and a yoga/spin studio. Property management responsibilities have been transferred to affiliated company Mission Rock Residential. Bluebird Row is located in Downtown Chattanooga, the second-fastest growing city in Tennessee and the hub of a thriving economic region given its location at the juncture of Alabama, Georgia, and Tennessee. In November 2019, Volkswagen began the $800 million expansion of their Chattanooga plant, creating 1,000 additional jobs in the region. Other notable area employers include Erlanger Healthy System, BlueCross BlueShield of Tennessee, Tennessee Valley Authority, McKee Foods Corporation, and Amazon.

Wood Partners Announces Grand Opening of 299-Unit Lake House by Alta Luxury Residential Community in Orlando, Florida

Mon, 03/16/2020 - 02:24
ORLANDO, FL - Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its newest luxury residential community, Lake House by Alta, in Orlando, Florida. Located in the affluent Doctor Phillips neighborhood, Lake House by Alta features 299 luxurious lakefront apartment homes, a majority of which offer direct views of beautiful Spring Lake. The upscale community is situated at the intersection of Turkey Lake Road and W. Sand Lake Road, better known as "Restaurant Row," just steps away from many of Orlando's premier dining, shopping and entertainment venues. "With its irreplaceable lakefront location, convenience to 'Restaurant Row' and first-rate amenities and unit finishes, Lake House by Alta is poised to be the premier luxury apartment community in South Orlando," said Bryan Borland, Managing Director for Wood Partners. "Orlando is among the most rapidly growing markets in the country, and Lake House by Alta is our trophy property in the region." The 7.38-acre lakefront site is located at 7600 Majorca Place, offering convenient access to more than 200 exclusive restaurants with a wide range of cuisines. The site's location just a half-mile west of Interstate 4 allows for quick access to Orlando's Tourism Corridor, The Mall at Millenia and the Downtown central business district, as well as Sand Lake Road's wide assortment of deluxe spas, fitness studios and boutique retail establishments. With its desirable location at the heart of the Doctor Phillips neighborhood, Lake House provides its residents a short commute to major regional employers, including Darden Restaurants, Lockheed Martin, Universal Studios Orlando and the Orange County Convention Center. For those residents who work from home, Lake House by Alta offers flexible on-site workspaces. Lake House by Alta provides cosmopolitan amenities in a community-centered living space with three elevated courtyards, each featuring scenic views of Spring Lake. Residents can soak in the Florida weather from the comfort of private, resort-style cabanas along the lakeside saltwater pool, cozy up next to the fire pit or relax under the covered poolside pavilion. For those seeking more active forms of recreation, residents can break a sweat in one of two fitness rooms, enjoy a specialty cocktail or a glass of wine in the tasting room, entertain guests over a game of billiards or bring the fun outdoors with a ping pong match on the custom concrete table or a cornhole tournament on the multi-purpose game lawn. Each apartment home features ultra-high-end kitchen finishes such as white shaker-style, soft-close cabinetry with under-cabinet lighting, low-profile stainless steel appliance package including front-control glass-top ranges and hidden-control dishwashers and upgraded granite countertops. Select apartment homes also include walk-in glass-framed showers, oversized bathrooms with double vanities and separate dining areas. All units are equipped with a full-size washer and dryer and USB wall ports and are cable-ready. Lake House by Alta features 299 new luxury rental units made up of distinctive studio, one-, two- and three-bedroom floor plans. The community welcomed its first residents on Feb. 1, and leasing is currently underway.

Celebration Pointe Announces Plans to Complete Phase Two of Unique Mixed-Use Development in North Central Florida

Mon, 03/16/2020 - 02:21
GAINESVILLE, FL - Celebration Pointe, North Central Florida's premier mixed-use development, strategically located along Interstate 75 in Gainesville, announced that the 160-acre super-regional mixed-use development is gearing up to complete the second and final phase of its "Main Street" development. Cleveland, Ohio-based Cupkovic Architects, the master project architect of record, is preparing certain aspects of the development in anticipation of breaking ground by third quarter 2020. Site preparation for vertical construction is set to commence shortly. Ralph Conti, Principal of Atlanta-based RaCo Real Estate Advisors and a Celebration Pointe Development Partner said, "The more mixed-use centric Phase 2 is, in many ways, an extension of the food- and entertainment-focused Phase 1 with the exception that this second phase will be multi-level, containing approximately 90,000 square feet of retail space, some 100 luxury apartments and flex-office space. Avison Young's leasing team has and continues to be actively engaged with a number of prospective tenants for Phase 2 occupancy. We are also working directly with a significant user that will anchor this phase of the development. We expect to make an announcement in the very near future. Barring any material issues, we will break ground on Phase 2 later this year and be open by October 2021." Conti added, "Phase 1 of our Main Street contains a mix of many first-to-market restaurants and retailers as well as a highly engaging pedestrian area known as The Promenade. We are nearly 100 percent leased and thus far Phase 1 has proven to be a huge success. In addition to tenants that are already open for business, the following tenants are under construction and scheduled to open in 2020: Dave & Buster's, a nationally renowned restaurant with a technologically-advanced arcade; Prime & Pearl, an innovative, upscale steakhouse, seafood restaurant and oyster bar; Spurrier's Gridiron Grille, a celebrity-themed restaurant by Heisman Award-winning and legendary college and NFL football coach Steve Spurrier; Sensei Asian Bistro, an upscale Asian Fusion restaurant; and Skechers, a national retailer focused on American lifestyle and performance footwear. Along with the diverse retail mix, Celebration Pointe will soon be leasing the first of its 220 luxury apartments known as City Place. Initial occupancy in the first building, shown below, is scheduled for summer 2020." The VUE, Celebration Pointe's signature townhome development, has been very popular with home buyers. Five of the six units in the model building, open seven days a week and shown below, have sold out. A second multi-unit building is well under construction and is expected to be available for occupancy in summer 2020. Plans for additional buildings are underway. The VUE is expected to contain some 86 townhomes as well as several detached, single family homes, one of which is currently under construction and will be available for occupancy summer 2020. "This community is a fabulous addition to Gainesville," said Sandy Fackler, one of the first townhome owners at The VUE. "To me, it represents innovative growth in an upscale way. I come home feeling that me and my property will be safe. It's a beautiful location with a great vibe and positive energy. Everything is walkable and at the same time I have easy driving access to downtown Gainesville and I-75. It allows me to be anywhere with convenience. I'm also looking forward to watching my investment grow along with Celebration Pointe, and all the new elements that are on the way. It's becoming the hot new area in Gainesville." As a thriving mixed-use development, Celebration Pointe has been an amazing partner and a great location for our theatre," stated Richard M. Grover, Vice President of Communications, Regal Entertainment Group. "Since opening in 2018 as part of Phase 1, the theatre has been a true success for Regal helping grow the moviegoing market in the northern Florida area. Gainesville is an important market for Regal and we're proud to offer our moviegoers a state-of-the-art theatre at Celebration Pointe, providing a wide variety of specialty food and drinks, luxurious recliners and cutting-edge technology delivering comfortable surroundings and cinematic perfection." "We chose to partner with Celebration Pointe as the location for Hotel Indigo Gainesville Celebration Pointe because we believe in Gainesville as an emerging lodging destination in Florida as well as the live/work/play concept that Celebration Pointe offers," said Mitul Patel, Managing Principal and Chief Operating Officer of Atlanta-based Peachtree Hotel Group. "We believe that our selection of the Hotel Indigo brand, which touts the uniqueness of the neighborhoods in which each hotel is located, gives us an opportunity to lean into the distinctive personality of Gainesville and all it has to offer." "Bass Pro Shops is very proud to be an anchor tenant in the Celebration Pointe development in Gainesville," said Katie Mitchell, Communications Manager, Bass Pro Shops Group. "The location fits our customers perfectly—allowing us to showcase our immersive outdoor store and offer our iconic outdoor brands, products, services and events for the hunting, fishing, boating and other outdoor enthusiasts in the area. As one of the first establishments to open in November 2016, we continue to see increased traffic to the area and to our location. We're very excited to see the ongoing growth and what Phase 2 will bring to Celebration Pointe." "We could not be happier with the tremendous growth Celebration Pointe has experienced since we moved in almost three years ago," said Dr. Jamie McClave Baldwin, Infotech Consulting President. "This mixed-use development provides a community of restaurants, green spaces and shopping within walking distance for our nearly 300 employees to enjoy plus a hotel conveniently across the street for our clients. It doesn't get better than that." Leslie Payne, Director of Marketing at Celebration Pointe added, "In addition to the unique and inviting atmosphere that Celebration Pointe provides, which many people regularly enjoy, we look forward to continuing to provide a memorable experience. This includes a variety of shopping, dining and entertainment options for the whole family."

FCP Announces $71.1 Million Acquisition of Three Multifamily Communities Totaling 652-Units in Atlanta, Georgia

Fri, 03/13/2020 - 04:22
ATLANTA, GA - FCP announces the $71.1 million acquisition of three apartment communities in Douglasville and Austell, GA in the Atlanta Metro Area. The communities include: Place at Midway, a 200-unit apartment community in Douglasville, GA; Stewart's Mill, a 188-unit apartment community in Douglasville, GA; Forest Glen, a 264-unit apartment community in Austell, GA. The acquisition of the three communities marks FCP's 14th investment in the Atlanta Metro Area to date and brings the total number of apartment units in its Atlanta portfolio to 2,810. FCP assumed the existing Fannie Mae loans at each property. "This portfolio is strategically consistent with our interest in well-located workforce housing in submarkets with strong employment fundamentals," said FCP's Michael Errichetti. "The communities are proximate to the Fulton Industrial corridor, a thriving logistics and industrial hub in southwest Atlanta. In addition, the assets are located in the same or adjacent submarkets to three of FCP's recent investments, providing operating efficiencies for our portfolio." Pinnacle will manage the properties for FCP. Pinnacle currently manages 8,566 units for FCP. FCP extends its appreciation to Nathan Swenson of Cushman & Wakefield Southeast Multifamily Advisory Group for representing the seller. FCM is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties.

Affirmed Housing Opens Supportive Housing Community at Villas on The Park in Downtown San Jose for Formerly Homeless

Thu, 03/12/2020 - 01:59
SAN DIEGO, CA - Affirmed Housing, People Assisting The Homeless (PATH) Ventures, elected officials, and development partners celebrated the Grand Opening of Villas on the Park in downtown San Jose, CA. The highly anticipated project opening included speakers: Cindy Chavez, Santa Clara County Supervisor; Mayor Sam Liccardo, City of San Jose; Councilmember Raul Peralez, City of San Jose, Jim Silverwood, Affirmed Housing President and CEO; Jennifer Loving, Destination: Home CEO; Jacky Morales-Ferrand, City of San Jose Housing Director; and Joel John Roberts, PATH Ventures CEO, among others. Located at 290 N. 2nd Street, Villas on the Park is one of the first all-supportive housing communities to come to Santa Clara County. Affirmed Housing has two (2) other Santa Clara County developments in its pipeline, which will add approximately 180 more affordable apartments to the region. As a permanent supportive housing development, Villas on the Park offers social services for the formerly chronically homeless earning 30-50 percent of the area median income (AMI). The community features 83 supportive homes, with service provided by PATH, and a manager's apartment. The six-story, GreenPoint Rated building offers large communal spaces, offices for resident services management, a rooftop terrace with garden plots for residents, bicycle storage, a large teaching kitchen, and a unique flex space to accommodate a variety of enhanced services. James Silverwood, President of Affirmed Housing, states, "In a region where the cost of housing is one the highest in the nation, it's critical that we continue to create affordable and supportive housing solutions for our most vulnerable neighbors. We're excited Villas on the Park is part of the solution in this area." Development partners included: Affirmed Housing, PATH Ventures, BKF Engineers, Brown Construction, Inc., Dahlin Group, DBF, DCI Engineers, Emerald City Engineers, Inc., HA Builder Group, LLC, Jett Landscape Architecture + Design, The John Stewart Company, and Tarrar Utility Consultants. Financing partners included: Bank of America, N.A.; California Community Reinvestment Corporation; CA Tax Credit Allocation Committee; City of San Jose; County of Santa Clara; County of Santa Clara Office of Supportive Housing; Housing Trust Silicon Valley; and the Santa Clara County Housing Authority.

Builder Breaks Ground on First Purpose-Built Las Vegas Rental Home Community Offering 185-Single Family Rentals

Thu, 03/12/2020 - 01:54
LAS VEGAS, NV - MODERNE Communities, a privately held residential real estate development company under the direction of real estate veteran and home builder, Randy Bury, purchased 14-acres in the city of North Las Vegas. Bury plans to build a gated community with 185 single family homes offered for rent. The company recently broke ground on the new community located at North 5th Street and West Centennial Parkway. MODERNE at Centennial will be the first purpose-built, single-story single-family rental home community in Las Vegas. The community will include a mix of one-, two-, and three-bedroom units, ranging from approximately 640 to 1,225 square feet. In addition to gated security, community amenities will include 12 pocket parks, a community fitness center, pool, ramada and barbecue area and three electric car charging stations. "Las Vegas offers a variety of traditional multi-family high-rise apartments, but we wanted to introduce a more innovative community concept that appeals to single professionals, young families and empty nesters that want more privacy, outdoor space and a sense of community," explains Bury, founder and president of MODERNE Communities. The contemporary style single-story homes feature 9-foot ceilings, open kitchen living space and private backyards with doggy door access. Each home includes a technology package with keyless entry, smart home security system and access to community wide high-speed Wi-Fi. There will be plenty of parking with a mix of full garages, covered and surface parking available. Bury adds, "MODERNE at Centennial offers residents a single-family home environment within a planned neighborhood with two elementary schools just across the way, easy access to freeway system, nearby shopping, local job centers and downtown Las Vegas." MODERNE Communities will enlist a professional management company to oversee leasing and neighborhood maintenance. MODERNE at Centennial is targeted to open its leasing office by August with move-in expected to begin in September.

29th Street Capital Marks Its 10th Atlanta-Area Acquisition with Knollwood Park Apartment Community in Lawrenceville

Wed, 03/11/2020 - 02:41
LAWRENCEVILLE, GA. – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Knollwood Park Apartment Homes, a 1998 vintage, 142-unit multifamily community located in Lawrenceville, Georgia. 29SC plans to complete full interior renovations, upgrade the amenity spaces and modernize the exterior of the property. We are excited to be growing our portfolio in Gwinnett County, said Javier Bustillo, Senior Vice President of Acquisitions in Atlanta. The property will benefit from over $240 million of redevelopment and infrastructure investment in downtown Lawrenceville. Knollwood Park Apartment Homes is located just off GA-120 and GA-124 in Historic Downtown Lawrenceville. Downtown Lawrenceville offers residents a walkable area with access to numerous four- and five-star restaurants, bars, boutique stores, parks and a theatre. In addition, there is a $200 million mixed-use development, $31 million arts facility with a 500-seat theatre, and a $10 million biking and walking trail connecting downtown Lawrenceville to Gwinnett College all approved and under development in downtown Lawrenceville. We are excited to help play a role in the revitalization of Downtown Lawrenceville, Bustillo added. Knollwood Park Apartment Homes will offer tenants freshly-renovated units and amenities, but most importantly be within walking distance of downtown and all of its amenities. This is the firm s 10th acquisition in the Atlanta area in the past five years. The transaction closed March 6th. The sale price and seller were not disclosed. 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 10 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.

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