Latest News from MultifamilyBiz.com
Updated: 2 hours 42 min ago
NASHVILLE, TN - Cantor Fitzgerald announced the sale of Rivertop Apartments in Nashville, Tennessee. The sale was facilitated on behalf of investors in Rivertop Apartments, resulting in a total return of 137% of their aggregate original investment and an internal rate of return of 12% over the approximately three-year hold period.
Completed in 2019, Rivertop Apartments is a 224-unit, Class-A apartment community featuring elegant interior finishes and an expansive amenity set, including a resort-style pool, 24-hour fitness center, and a pet spa. The property is approximately eight miles west of downtown Nashville, along the I-40 corridor, providing accessibility to major employment centers, universities, retail centers, and lifestyle amenities.
"Rivertop Apartments is uniquely located on an elevated site with scenic views of the Cumberland River within the vibrant Nashville market," said Aaron Wessner, Managing Director, Head of Capital Markets, Cantor Fitzgerald Asset Management. "Over the past three years, we successfully executed the business plan to optimize operations for this high-quality property and are pleased to have delivered an attractive return for investors."
As of December 31, 2022, Cantor Fitzgerald's real estate investment portfolio comprises over 7,900 stabilized multifamily units plus over 2,500 units under development, and over 8.1 million square feet of office, industrial, life science, and retail space across 147 properties. For the 12-month period ending September 30, 2022, Cantor Fitzgerald participated in more than $155 billion of total real estate transactions.
BALTIMORE, MD - Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, is now leasing at The Lucie, a pet-friendly 500-unit apartment community in Brewers Hill that features a sky lounge with views of downtown and the harbor and high-end finishes including quartz countertops and tile backsplashes.
"We are thrilled with the delivery of the Lucie," John Clarkson, Managing Director of Development, said. "Its innovative design, carefully selected amenities, and access to high quality retail will provide our residents an unrivaled living experience in the heart of Brewers Hill."
Greystar, together with their joint venture partner, Griffin Capital Company, LLC, a leading private real estate investment manager, brought The Lucie to fruition.
The Lucie is one of nine communities being developed by Griffin Capital Qualified Opportunity Zone Fund L.P., which will comprise 3,273 apartment units with an estimated total project cost of approximately $979 million.
"The Lucie provides much needed multifamily units to the fast-growing Brewers Hill neighborhood, and we are thrilled that our long-term investment in this neighborhood will continue to create jobs, provide economic stimulus, and a great experience for our residents for many years to come. The property was built on vacant and underutilized land, and we are proud to have converted the site into much needed housing. Greystar has been an integral partner in our mission, and we are excited to begin leasing on another property with their team," commented Eric Kaplan, President of Griffin Capital.
Floorplans are available in studio, one-, and two-bedroom layouts, with additional loft and den options. Apartment homes feature electric cooktops, nickel-finish appliances, kitchen islands, flat cabinetry, mobile unit entry, smart thermostat, walk-in closets with built-in storage, stackable washers and dryers, and picturesque balconies with views of Brewers Hill and the water.
Community amenities include a cozy library, clubroom, game room, chef's kitchen, fitness center, coworking spaces, conference room, semi-private call booths, active, zen and pool courtyards and a posh pet grooming studio.
The Lucie was designed by BKV Group architects, Edit Labs created the interiors and John Moriarty Associates served as the general contractor. Streetsense led the community's branding efforts.
Brewers Hill features a history of beer brewing with the illuminated Mr. Boh sign that hangs above the old Natty Boh brewery serving as a local landmark. The Lucie is close to shopping which includes Sprouts Farmers Market, Harris Teeter, Target and Nordstrom Rack. Jimmy's Famous Seafood tops the area dining options that also include Mission BBQ, Di Pasquale's Marketplace, Pasta Misa Canton and Iron Rooster, amongst others. Additional neighborhood highlights include Bark Social Baltimore, Canton Waterfront, Mobtown Brewery, Patterson Park and more. The community is a short drive to Fells Point, the Inner Harbor, which features a variety of entertainment options, and Oriole Park at Camden Yards and M&T Bank Stadium.
WASHINGTON, DC - Wood Partners, a national leader in multi-family real estate development, announced the grand opening of Alta 801, its newest luxury residential community in Washington, D.C. The community is now welcoming residents.
Located at 801 New Jersey Avenue NW, Alta 801 puts residents within walking distance to all five of Washington, D.C.'s Metro lines at various transit hubs including Gallery Place-Chinatown, Metro Center, Mount Vernon Square, Judiciary Square and Union Station. Residents will also have access to a wide variety of world class retail, entertainment and nightlife attractions, including the Shaw/14th Street CityCenter DC, a mixed-used development offering high-end retail and restaurant options, and the Shaw/14th Street neighborhoods that are known for their restaurants, bars and nightlife.
"We are thrilled to announce the grand opening of Alta 801," said Scott Zimmerly, Executive Managing Director at Wood Partners. "With the location providing easy access to all of the jobs, entertainment and local attractions that this region is known for, Alta 801 will provide residents with the live, work and play community that young professionals are looking for."
Alta 801 features 327 apartment homes comprised of studio, one- and two-bedroom floor plans, including premium penthouse units. The apartment homes come with high-end amenities, featuring stainless steel appliances, stone countertops with designer tile backsplash, upscale cabinets, full-size washer-dryers and hardware flooring throughout. Additionally, select homes offer kitchen islands, walk-in showers and private balconies.
Community residents also have access to a variety of high-end amenities, including a rooftop lounge with an indoor-outdoor bar and a wine tasting parlor featuring a beautiful view of the US Capitol and Downtown Washington D.C. Residents will also be able to enjoy two outdoor courtyards with multiple grilling areas and a pool deck with a world-class infinity-edge pool and semi-private cabanas. Additionally, the community will include a co-working area with multiple conference rooms, a fitness center including a yoga studio, pet spa, bike storage and repair center, package storage with cold storage for perishables, a guest suite, electric car charging spaces and concierge services.
Alta 801 is near numerous local attractions, including the eastern edge of the Mount Vernon Triangle neighborhood which is known for its unique mix of historic and modern buildings, diverse cultures, restaurants and experiences. Also close by is Capitol Crossing, an approximately one million-square-foot mixed-use development that features a variety of retail and commercial uses.
Must-see national landmarks within walking distance of the community include the US Capitol, Smithsonian Museums, several National Monuments, and the National Mall.
PHILADELPHIA, PA - Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces its second project in the Philadelphia, Pennsylvania market. The Mark Philadelphia will be located at 3615 Chestnut Street adjacent to the campus of the University of Pennsylvania and Drexel University. The project will welcome its first residents in fall of 2026.
The project will feature 363 units ranging from Studio to Six Bedrooms in size. Unit features will be top-of-the line including quartz countertops, stainless-steel appliances, and hardwood-style floors. Every residence is fully furnished and includes technology-related amenities in the common area as well as high-speed internet and cable.
The Mark will stand at 34 stories topped by its signature rooftop amenity area featuring a pool and hot tub and lounge area with sweeping views of Center City Philadelphia. Additionally, residents can access 24-hour study lounges, computer lab, sauna and 24-hour fitness center. For residents with vehicles, reserved parking will be offered for an additional fee.
The development will also feature 55,938 square-feet of historic office space located adjacent to the high-rise portion of the development. Landmark Construction will serve as general contractor for the duration of the project.
With over $10 billion assets under management, Landmark's portfolio includes almost 100 residential communities across the country with approximately 60,000 beds. Landmark currently has 21 student, BTR, and multifamily projects under construction with an estimated value at $3.8 billion, and a significant and growing development pipeline.
GREELEY, CO - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced the development of Premier at West Park, a 336-unit Class A multifamily community 50 miles from Denver in Greeley. Thompson Thrift plans to begin construction this month and welcome resident in late 2024.
"The multifamily market in Greeley has experienced strong demand and shown significant rent increases due largely to its population and job market growth," said Josh Purvis, managing partner for Thompson Thrift Residential. "We believe the area is well-positioned to continue its significant growth, and we are excited to bring one of our communities to area residents."
Located at 4118 Centerplace Drive, Premier at West Park will span approximately 21 acres and consist of 10, three-story garden style buildings, plus an additional 133 detached garages. The one-, two- and three-bedroom apartment homes will average approximately 1,000 square feet and include many of the luxury finishes that Thompson Thrift communities are known for including, gourmet bar-kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostat and smart door locks, walk-in closets, full-size washers and dryers, as well as patio, balcony, and private yard options.
The luxurious lifestyle expands beyond the apartment home itself and continues throughout the community with additional amenities including a professionally decorated clubhouse, resort-style heated swimming pool, 24-hour fitness center, Amazon Package Hub, thoughtfully designed courtyards, grilling stations, outdoor game area, gas firepits with seating area, a dog park, pet spa with grooming station, pickleball court, to name a few.
The site is just three miles from downtown Greeley and offers residents convenient access to U.S. Highway 34 with an easy commute to several of the area's major employers, like JBS Swift, Banner Health and the University of Northern Colorado, as well as a 30-minute drive to Fort Collins and 60 minutes to Denver. Directly adjacent to the property sits Centerplace of Greeley, a major retail and dining destination which consists of national and local retailers such as Target, Safeway, Best Buy and T.J. Maxx.
Greeley has been ranked as one of the country's Top Boomtowns by SmartAsset, and is home to more than 342,000 residents. Between 2010 and 2020, the city's population grew by 30%, making it the fastest growing metro area in Colorado and the fourth fastest growing metro area in the United States, according to U.S. Census data. Greeley's employment and economy are both expected to grow at rates above the national average., and there continues to be strong demand for luxury multifamily options.
SCOTTSDALE, AZ - Multifamily Leadership announced the launch of the Multifamily Innovation® Awards, a national industry awards program recognizing excellence in technology and innovation in the Multifamily apartment industry. The awards will be presented at the annual Multifamily Innovation® Summit, which also recognizes the Best Places to Work Multifamily® companies.
Multifamily Leadership is entering their ninth year as producers of executive level Multifamily events for the apartment industry and, through their national research of multifamily companies, has realized the significant changes occurring in the industry with ever-evolving roles based on technology and innovation and the impact it has on the Multifamily business.
The Multifamily Innovation® Awards is not just an award ceremony, it's a celebration of the game-changers in the multifamily industry. These awards will recognize the most innovative minds in Multifamily who are pushing the boundaries and redefining what is possible. This is not just an event, this is a movement that will drive progress and shape the future of Multifamily, said Patrick Antrim, Founder and CEO of Multifamily Leadership and Chairman of the Multifamily Innovation® Advisory Council. "We look forward to honoring the leaders and trailblazers in this space and showcasing their achievements at our annual Multifamily Innovation® Summit."
The first Multifamily Innovation® Award was presented at the 2022 Multifamily Innovation® Summit to Kerry W. Kirby in the category of Multifamily Innovation® Bootstrapper Award. A technologist at heart, Kirby is an acclaimed speaker, award-winning podcaster, and the founder of 365 Connect, a leading PropTech firm exclusively serving the multifamily housing industry since 2003. He holds 97 technology awards, has been named to the Silicon Bayou 100 list of most influential entrepreneurs, and presented in over 150 webcasts reaching over one-million global listeners. Kirby serves as an advisory board member of Rainbow, a national nonprofit organization in the affordable housing industry and is Chair of Technology Initiatives for the Multifamily Innovation Advisory Council. Kirby, and his wife Melinda, are fixtures in the philanthropic community, where they support several initiatives focused on educational, healthcare, and equality programs through their charitable foundation.
Kerry W. Kirby stated, "What an honor to receive this highly prestigious inaugural award from an organization that truly focuses on innovation in our industry. With over 43 million Americans calling a rental apartment their home, we have remained focused on reimagining workflows that will better serve renters and eliminate redundant tasks, while not being distracted by outside funding. I am proud to be an integral part of our industry and humbled to be recognized by my industry peers."
Award categories for the Multifamily Innovation® Awards include:
Advertising & Marketing
Chief Financial Officer Award
Chief Innovation Officer Award
Chief Technology Officer Award
Community Impact Award
Maintenance Operations Award
Executive of the Year
Lifetime Achievement Award
Multifamily Innovation® Renovation and Rehabilitation Award
Property Design Award
Strategy and Implementation
Tech Innovator of the Year
Technical Professional of the Year
Technical Support Strategy and Implementation
Emerging Technology Award
Nominations for the Multifamily Innovation® Awards are now open. Winners will be announced at the annual in person Multifamily Innovation® Summit, to be held on December 5-6, in Phoenix, Arizona.
For more information about the Multifamily Innovation® Awards and to submit a nomination, visit multifamilyinnovation.com
Multifamily Leadership is a premier industry executive level event producer with notable, thought-provoking speakers, informal peer-to-peer discussions, and unparalleled educational content. Their events and content focus on Multifamily Innovation, Technology, Leadership and Investments. They have a Multifamily podcast network with an event center and studios in Scottsdale, Arizona. Their Multifamily Innovation® Advisory council is dedicated to driving innovation in the industry and uses a proprietary framework to identify pain points and explore solutions. Members have access to weekly meetings, a private community, and an annual in-person summit, as well as the opportunity to share insights and learn about best practices from a diverse group of successful multifamily owners and operators. Multifamily Innovation® council membership is open to those who own or manage multifamily apartments with 1,500+ units under management. It s not just about technology. It s about the processes, leadership, and innovation required to make the business better.
DENVER, CO - Leading national multifamily real estate developer Wood Partners announced the groundbreaking of its newest residential community, Alta Mile High, in Denver, Colorado. With construction on the project currently underway, the community is set to open in early 2025 with pre-leasing at the end of 2024.
Just south of Mile High Stadium at 1450 Morrison Road, the community is situated in an ideal live-work-play destination. It's adjacency to Downtown, access to I-25 and convenient five-minute walk to Light Rail makes for an easy commute. Additionally, residents will enjoy surrounding entertainment being next door to Mile High Stadium and Meow Wolf, as well as the abundant green space on the South Platte River Trail and Sloan's Lake.
"We are thrilled to be breaking ground on Alta Mile High, our marquee project in the City of Denver," said Walter Armer, Managing Director at Wood Partners. "This community will provide residents with some really spectacular amenities, proximity to jobs and exciting entertainment options. It really checks all the boxes. Wood Partners couldn't be more excited to add more quality housing to this thriving city."
Once complete, the community will offer 216 apartment homes comprised of one-, two- and three-bedroom floor plans. The project, designed by local architectural firm Studio PBA, features an artsy, comfortable vibe. Each home will be fully outfitted with a variety of high-end finishes including stainless steel appliances, quartz countertops, tile backsplashes, 42" cabinets, custom wood style flooring in kitchen and living rooms plus full-sized washer and dryers. For added convenience, all homes will have either a built-in desk or space dedicated to a home office.
Throughout Alta Mile High, residents will be able to enjoy a wide range of community amenities including a resort style swimming pool and spa, three separate amenity courtyards, an on-site pet spa and a rooftop deck with breathtaking City and Mountain views. The property will also feature a state-of-the-art fitness facility and a private office lounge with micro-offices and a conference room.
While the project sits along historic Old Colfax, over the next 10+ years the area will see significant new growth in office, residential, hospitality and commercial development thanks to the Broncos Stadium District Plan. This makes it the perfect location for all demographics to enjoy everything the Mile High City has to offer.
TEMPE, AZ - Transwestern Development Company broke ground on a 333-unit multifamily community at Tempe s Novus Innovation Corridor on the Arizona State University Tempe campus. TDC, along with equity partners Griffin Capital and University Realty, will begin construction this month on the seven-story building located on 2.36 acres at the southeast corner of 6th Street and Rural Road.
We are excited to expand our presence in the greater Phoenix market, said TDC Development Associate John Beckworth. Tempe continues to experience increased demand for quality multifamily product due to the market s high levels of in-migration. We look forward to delivering another attractive housing option in Tempe.
Tempe continues to be one of the fastest growing cities in the county driven by strong job growth and continued investment from Arizona State University. We are thrilled to partner with Transwestern, University Realty, and Catellus in this exciting opportunity to provide additional rental housing for Tempe residents, commented Eric Kaplan, President of Griffin Capital.
The mid-rise complex will feature a host of amenities, including a resort-style pool with a clubhouse including a gourmet kitchen, a state-of-the-art fitness center, a coworking lounge, package lockers, and bike storage. Each unit will include a washer and dryer, stainless steel appliances, quartz countertops, and hardwood-style flooring.
This is an important residential project that will add more housing and amenities to Novus, which promises to be a transformational development in Tempe, said Jay Donnelly, Vice President of Real Estate Development at Arizona State University.
Located approximately five miles from Phoenix Sky Harbor International Airport and walking distance from the University Drive metro light rail line, the project is situated in the master-planned Novus Innovation Corridor, a 10-million-square-foot, 355-acre mixed-use development adjacent to Arizona State University s Tempe campus. Nearby attractions include Novus Place, a main street retail district, Sun Devil Stadium, Desert Financial Arena, and the university s recently opened Mullett Arena.
Transwestern is a valued partner to Novus, delivering exceptional residential communities in a high-demand market, said Charley Freericks, Senior Vice President of Catellus Development Corporation, the master developer of Novus. The third phase of Novus is nearly complete and Transwestern is helping us get to the finish line.
Under the terms of the agreement, the project will be developed on a ground lease with a primary term of 99 years.
This marks TDC s second development in the Novus Innovation Corridor in the past year, with a 200-unit multifamily community also underway at 651 E. 6th St. Transwestern Real Estate Services, specifically Bill Zurek and Jim Achen, continues to be instrumental in TDC s success in the greater Phoenix market. TDC currently has 14 multifamily projects totaling 4,366 units under construction, in pre-development, or recently delivered nationwide, including 1,089 units in the West region. TDC s total sales value has amounted to over $8.4 billion.
MIAMI, FL - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Parkland Apartments, a 396-unit Class A multifamily community in the affluent Miami suburb of Parkland, Florida. The community was acquired on behalf of CS1031 Parkland Apartments, DST.
"Parkland Apartments is all about the location near many of South Florida's major employment hubs, nationally recognized schools, and retail opportunities," said Louis Rogers, founder and co-CEO of Capital Square. "Parkland Apartments is a very special property for Capital Square's 1031 exchange and cash investors."
Located at 5851 Holmberg Road, the 95.5% occupied property features spacious one-, two- and three-bedroom apartment units that average 1,118 square feet and offer stainless steel appliances, quartz countertops, wood-inspired flooring, a private patio or balcony, and in-unit washer and dryers. Community amenities include two resort-style pools, a clubhouse, 24-hour fitness center, hammock garden, two outdoor kitchens, picturesque walking trails and a 4.75-acre lake. Parkland Apartments has direct access to Covered Bridge Park, a 2.9-acre park owned and managed by the City of Parkland that includes wooded nature trails, a meditation area, yoga lawn and butterfly garden.
Since 2018, the property has received $9.4 million in capital improvements, including $6.8 million in interior renovations.
Parkland Apartments is one of only two apartment communities in the exclusive Parkland school district. Beyond Parkland's nationally recognized, A-rated elementary, middle and high schools, multiple nearby colleges and universities are also in close proximity to the property, including Broward College, Lynn University, Florida Atlantic University and the South Florida Education Center.
"With nationally recognized, A-rated schools and proximity to some of South Florida's strongest employment, entertainment and natural points of interest, Parkland offers a high quality of life and many resident experiences," said Whitson Huffman, co-chief executive officer. "Amid Florida's continuing migration boom, Parkland experienced a 44.7% population increase from 2010 to 2020 with continuous growth projected in the years to come and the region continues to attract some of the nation's leading companies, which demonstrates a positive long-term outlook for the area."
Parkland is a highly affluent community with one of the strongest home markets in the state of Florida, with an average home price of $970,000 and household income that surpasses $100,000 annually. The Parkland submarket averaged effective multifamily rental increases in excess of 20% between June 2021 and June 2022. Rent growth is projected to increase 6.4% in 2023 and to remain above 5% through 2027.
Several of South Florida's major employers are in close proximity to the property, including Microsoft, Zimmerman Advertising, American Express and Broward Health. In addition to South Florida's already strong employment landscape, additional significant companies continue to relocate or move a portion of their operations to the area, including Goldman Sachs Asset Management, which has reported revenues near $8 billion annually; Blackstone, the private equity giant with nearly $1 trillion in assets under management; and Nucleus Research, a global provider of ROI-focused technology research and advisory services. This corporate migration and relocation trend demonstrates a positive long-term outlook for the region.
OAKLAND, CA - The Martin Group and STARS REI announced the acquisition of two apartment properties located in Oakland, California. The partners closed on the acquisition of Anton Edge, a brand-new 91-unit luxury apartment complex located in the heart of Oakland's Pill Hill neighborhood. The partners also closed on the recapitalization of Alice House, a recently completed 79-unit luxury apartment complex located in Oakland's Lakeside neighborhood. Anton Edge will be rebranded as Edson House and operated in conjunction with Alice House to create a 170-unit portfolio.
"We are long term believers in Oakland's growth trajectory based on the strength of its medical and other non-technology focused employment base," said Justin Osler, Co-Managing Partner at The Martin Group, a leading multifamily developer in the San Francisco Bay Area. "We think the Pill Hill neighborhood will continue to flourish as centralized, large-scale medical facilities increase their physical footprint in the face of strong demand. Similarly, the Lakeside neighborhood's access to Lake Merritt, BART and Oakland's vibrant food scene as well as the upcoming pedestrian and cyclist improvements on 14th Street bode well for Alice House's continued growth. We are thrilled to close both these transactions with STARS REI who has been an excellent partner."
Both Alice House and Edson House consist of a mix of studio, one-, and two-bedroom units, all outfitted with quartz countertops, backsplashes, stainless steel appliances, full size washer dryers, wide plank flooring, kitchen islands, smart access control, as well as private outdoor space in some units. The buildings are both highly amenitized with abundant open space along with dog wash stations, chef's kitchens, clubrooms, co-working spaces, BBQs and outdoor TVs.
"We maintain our long-term conviction on the Bay Area due to its irreplicable business ecosystem. Great opportunities appear in uncertain times, so instead of putting our pencils down, we are trying to be as active as possible in finding high-quality buildings such as these two. This was a unique opportunity to purchase a fully stabilized trophy mid-rise portfolio at a basis significantly below current replacement cost," said Felipe Bertoni, Vice President at STARS REI, a privately held real estate investment management company headquartered in Santiago, Chile. "We are very excited to expand our Bay Area portfolio in these great neighborhoods with an experienced partner."
JLL represented the Seller of Anton Edge. Additionally, financing for both transactions was arranged by JLL and provided by First Republic Bank. The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Brandon Geraldo, Matt Kroger, Ryan Wagner and Max Machiorlette and the JLL Capital Markets Debt Advisory team was led by Senior Director Brandon Roth.
CHARLESTON, SC - Aventon Companies, a prominent multifamily developer and general contractor with active projects throughout the Mid-Atlantic and Southeast, announced that it has broken ground on its very first luxury apartment community in the state of South Carolina. Located in the booming West Ashley submarket of Charleston, Aventon Bees Ferry will be a 30-acre project encompassing 394 units and proximate to major employers as well as world-class dining and shopping options including the historic downtown Charleston peninsula.
With spacious one, two and three-bedroom floorplans, each apartment within Aventon Bees Ferry will be outfitted with the company's signature high-end finishes, with details normally found only in luxury single family housing. The expansive amenity package at Aventon Bees Ferry will include a community clubhouse with hospitality-inspired design and spaces for lounging, remote work and fitness. Amongst its two courtyards, residents will enjoy a resort-style pool and gaming lawn in the primary courtyard, and a nature-centered space for tranquility and relaxation in the secondary courtyard. This pet-friendly community will also feature a pet spa and on-site dog park. Each of the four-story buildings within the development will offer elevator access. Aventon Bees Ferry is expected to open in early 2024.
"With Charleston consistently experiencing year-over-year employment growth while seeing its economy and tourism industry reach unparalleled heights, Aventon decided to launch our first project in South Carolina here. South Carolinais a key part of our regional growth plan," said Ron Perera, Senior Managing Director. "Aventon Bees Ferry will provide luxury living amongst all that the city has to offer."
The property's buildings were designed by Watts Leaf Architects, with interior design curated by Studio 5 Interiors, Inc. Landscaping and hardscaping for Aventon Bees Ferry was designed by local South Carolina firm, Thomas & Hutton. The community is located near the intersection of Bees Ferry Road and Savannah Highway. Since 2019, Aventon Companies has assembled an impressive $2 billion portfolio of ground-up developments bringing over 9,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic.
MIAMI, FL - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Oak Enclave Miami, a newly developed, 420-unit, mid-rise multifamily community in Miami Gardens, Fla. The community adds to HGI's growing Miami portfolio, marking the eighth property under HGI's ownership in Miami-Dade County, comprising nearly 2,000 units. HGI will assume the in-place loan for the property.
Completed in June 2022, HGI will work to finish the lease-up and stabilize operations of the community upon assuming ownership and management.
"Through our deep knowledge of the Miami multifamily market, we were able to coordinate with the seller to acquire this asset at an attractive basis and close on a fast timeline," said Richard Litton, President, HGI. "As the Miami MSA continues to experience strong in-migration, both outside of and within Florida, we see opportunity in submarkets such as Miami Gardens as residents seek well-located housing at an affordable price point."
HGI has continued to be an active investor in commercial and multifamily real estate amid ongoing market volatility. During the second half of 2022, the firm acquired 10 multifamily properties throughout the U.S., totaling over 4,000 units, inclusive of Oak Enclave Miami. In 2022, HGI completed a total of $6.7 billion in transactions, spanning acquisitions and dispositions.
Oak Enclave Miami offers residents a commuter-centric location with direct access to the area's employment centers. The community is near several transportation options, including the Palmetto Expressway, Interstate-95 and the Florida Turnpike, offering access to approximately 820,000 jobs within a 25-minute drive. The community is also in proximity the Golden Glades Tri-Rail Station, connecting residents to the Miami Health District, Miami International Airport, Aventura, Hollywood and Fort Lauderdale, with a planned expansion to downtown Miami.
Oak Enclave Miami's amenities include a 24-hour fitness center, multi-purpose clubhouse, playground, swimming pool and 24-hour monitored gate access. The community sits across 14 acres, with more than a third of the property designated as outdoor space. Units feature a private balcony or patio, 10-foot ceilings, stainless steel appliances and modern finishes.
AUSTIN, TX - Security Properties purchased Brightleaf at Lakeline, a Class-A multifamily property located in Austin, TX in an off-market transaction. Security Properties now owns 112 assets totaling approximately 23,000 units across its portfolio, including one other 204-unit, market-rate property in Austin as they continue to grow in Texas.
Brightleaf at Lakeline was completed in 2022 and consists of 304 dwelling units spread across 3 midrise buildings and 5 carriage-style buildings on 12.3 acres. The Property features one and two-bedroom floor plans averaging 880 square feet. Unit interiors consist of granite countertops, designer backsplashes, GE stainless steel appliances, kitchen pantries, faux-wood flooring in living and wet areas, carpet in bedrooms, full-sized washer and dryers, spacious closets, and high ceilings (9-10 feet). From an amenity perspective, the property offers a contemporary clubhouse/leasing center, 24-hour fitness center with on-demand virtual trainers, yoga studio, business lounge & conference center, game room, BBQ area with grills, resort-style pool and sundeck, pet park and spa, and controlled-access gates.
Brightleaf at Lakeline is located 17 miles north of downtown Austin within the highly desirable Cedar Park submarket. The submarket is anchored by the super-regional Lakeline shopping district which is bisected by two major interstates (US-183 and SH-45). Within a 1.5-mile radius of the Property there are nearly 5 million square feet of retail, including Lakeline Mall, Lakeline Market, Lakeline Plaza, and Parkline Shopping Center.
The pivotal location also provides immediate access to the area's premier schools and some of Austin's largest employers. The Northwest Austin submarket is home to the largest concentration of office space in the Austin MSA with over 16.5 million square feet of space. This corridor has been targeted by major technology companies in recent years due to the presence of talent and the ability to build expansive office campuses. The most notable recent example is Apple, which has an existing operations center and is currently constructing a new 3M SF campus just 5 miles south of the Subject. Other employers include State Farm's regional service center, Amazon, eBay/PayPal, and Visa.
According to Davis Vaughn, Managing Director at Security Properties, "The acquisition of Brightleaf at Lakeline helps cement our footprint in the Austin market as we continue our expansion there. This is a high-quality asset at a significant discount to replacement cost in one of Austin's most highly desired submarkets. Cedar Park's population has been booming in recent years and will likely continue to grow as residents flock to the suburbs in search of space, affordability, and proximity to some of Austin's largest employers."
RICHMOND, VA - Watercrest Senior Living Group and joint venture partner, Harbert Seniors Housing Fund II proudly announce that the construction of Watercrest Richmond Assisted Living and Memory Care has been completed by builder, EMJ Corporation. The 98-unit luxury senior living community, financed by Trustmark Bank, is preparing to welcome founding residents to their new home in Richmond, Virginia.
Watercrest Richmond is a signature Watercrest product offering 76 assisted living and 22 memory care apartments with resort-style amenities and exceptional care. The architecture and design boast a stunning fountain and promenade, art studio with gallery, music room, fireplace, multiple dining venues, theater, salon and spa, and the charming atmosphere of Bogey's Cigar and Scotch lounge.
"We are thankful to each and every partner contributing to the completion of this stunning community and greatly anticipate welcoming future residents to their new home at Watercrest Richmond," said Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group.
Watercrest Richmond provides seniors a host of amenities purposefully designed to improve residents' connectivity and interaction with nature. The design elements include a signature water wall, live moss walls, and expansive windows allowing abundant natural light. The community's Southern style exterior gathering spaces and one-of-a-kind greenhouse offer opportunities for engagement and activity amongst the lushly landscaped grounds and illuminated walking paths. Additionally, residents may enjoy the coveted Spa W offering world-class wellness amenities including light and salt therapy, and a state-of-the-art fitness and physical therapy center.
Watercrest Richmond is conveniently located at 5250 Grandin Avenue in Moseley. Known as a top destination by Travel + Leisure, Richmond offers plentiful dining, entertainment and cultural venues, just minutes from the rolling hills of Virginia farms, gorgeous state parks, and charming wineries. For information or to schedule a tour, contact the community at 804-294-3508.
Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, are setting new standards of quality for seniors and their families in the development of upscale senior living communities from South Florida to Virginia. This is the first senior living development project partnered between Watercrest and Harbert Seniors Housing Fund II.
MANCHESTER, CT - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of The Pavilions, a 932-unit, garden-style multifamily community in Manchester, Conn., a Hartford suburb. The property was acquired through a joint venture partnership between HGI and Cammeby's International Group. HGI and Cammeby's will assume all loan obligations from the seller.
The Pavilions is located just outside of Hartford and is near several transportation options. The community sits along Manchester's Buckland Hills Drive thoroughfare, connecting residents to Interstate-84 and Interstate-91 and providing convenient access to downtown Hartford and nearby employment centers. Notable companies in the area include Pratt and Whitney, a large manufacturing firm and defense company headquartered in East Hartford, as well as Prudential, Travelers Insurance, Aetna and Hartford Hospital.
"The Pavilions acquisition represents HGI's ability to identify and transact on attractive investments at all cycles of the market," said Richard Litton, President of HGI. "In an environment of increased interest rates, we are confident that the investment will benefit from the long-term financing with a below market rate."
Built in two phases in 1990 and 1992, The Pavilions includes a mix of studio, one-, two- and three-bedroom units. The property features a strong amenity package, including two outdoor swimming pools, two fitness centers, a picnic and grilling area, multiple resident lounges, two tennis courts, two racquetball courts, a sand volleyball court and a dog park. HGI plans to implement a $21.2 million capital improvement program for unit renovations, common area and amenity upgrades and building exterior improvements.
Cammeby's will assume management of the community. Cammeby's, founded in 1967, owns and manages a large portfolio of real estate assets, primarily located in New York, New Jersey, Pennsylvania and Connecticut. Cammeby's has partnered with HGI on several transactions, including HGI's acquisition of a 5,302-unit portfolio of properties in New Jersey.
BURLINGTON, WA - CEP Multifamily CEP) announced their acquisition of Cascade Meadows, a 97-unit apartment community in Burlington, WA. Cascade Meadows is the third acquisition for CEP's Workforce Housing Fund, a core-plus multifamily investment fund launched in early 2022 by the vertically integrated Everett-based firm.
This acquisition grows CEP's existing portfolio to 1,509 ;units. The acquisition price was $27.5 million, or $283,505 per unit, according to Josh Jansen, CEP Multifamily's President and Managing Partner.
"Cascade Meadows is an ideal fit for our suburban, core-plus investment strategy and an excellent addition to our Workforce Housing Fund," said Jansen. Skagit and Whatcom Counties offer a high quality of life, relative affordability, strong local economic fundamentals with direct linkages to regional employment hubs, and a diverse labor pool to support long-term population and employment growth trends we believe will accelerate in the coming years."
SAN DIEGO, CA - MG Properties, a private San Diego-based real estate investor, owner, and operator purchased the multifamily community Domain San Diego in a joint venture with Rockwood Capital.
Domain San Diego is a 379-unit community that offers renovated studio, 1 & 2 bedroom apartments, competitive community amenities, and easy access to the 163 and 52 freeways. Characterized by strong demographics, highly ranked schools, accessibility to jobs, and relatively affordable rents, Kearny Mesa is a desirable San Diego submarket that has been severely underserved in terms of multifamily housing.
"Kearny Mesa is expected to experience significant growth in the near future as a pedestrian friendly market," said MG Properties President Jeff Gleiberman. "Adding Domain to our portfolio is a value-add opportunity to renovate remaining classic units and add strategic enhancements to further elevate the community."
The seller of this multifamily community was Magnolia Capital, represented by Joseph Smolen, Geoff Boler, Mark Peterson, Jonathan Merhaut, and Eugene Chong of Eastdil Secured.
ATLANTA, GA - ECI Group (ECI) announced the sale of The Columns at Timothy Woods apartments at 2035 Timothy Road in Athens, GA to Fogelman Properties. The 204-unit, 1996-vintage community was acquired by ECI in April 2019. ECI upgraded the unit interiors and improved and modernized the community's amenities during its ownership period. The sales price was not disclosed.
"We are very proud of our business plan execution at The Columns of Timothy Woods," said Jimmy Baugnon, Chief Investment Officer at ECI Group. "Through our renovation program and management repositioning, we created value for our residents, the Athens community, and the ownership group. We have known the buyer (Fogelman) for many years. We have great respect for them, and we know they will continue to operate the property in a first-class manner and ensure it remains an asset to the Athens community."
The Columns at Timothy Woods is ideally located near Athens' robust retail district, offering residents more than 5.3 million square feet of retail amenities nearby. One-, two- and three-bedroom units offer family-friendly residences, and, with the renovations conducted by ECI, luxury touches including granite countertops, stainless steel appliances, and vinyl-plank style flooring. Recent amenity additions include a dog park, enhancements to the fitness center, and new tennis and pickleball courts. The community boasts an exceptional school district and is proximate to the University of Georgia, the I-85 Industrial Corridor, and other major job centers.
STORRS, CT - Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, has formed a new build-to-core joint venture with Manulife Investment Management. The partnership will focus on developing and operating residential properties in targeted markets throughout the United States and has pre-identified several potential development opportunities, with the first being The Standard at Four Corners, an 890-bed project at the University of Connecticut located in Storrs.
"Landmark is excited to partner with Manulife Investment Management on the development of The Standard at Four Corners," said Landmark President and CEO, Wes Rogers. "This represents the first investment in our new build-to-core venture with Manulife Investment Management. Landmark continues to attract institutional capital to the student housing space due to our track record of success, vertical integration, and out-performance during challenging economic times."
Located at 1717 Storrs Road, The Standard at Four Corners will be ready for occupancy in August 2025 and offers several distinct floorplans ranging from studios to three-bedroom. The design of these units, amenities featured, and the privacy the layouts offer are unique to Storrs and will attract attention from potential residents when weighing options among comparable properties. The property's pedestrian access will make way to both the campus core and downtown Storrs for residents.
"Manulife Investment Management is proud to partner with Landmark Properties, who we view to be best-in-class in the student housing sector, leveraging their experience across the United States to jointly develop a premier portfolio of assets," said Edward Dunn, managing director, Infrastructure Investments at Manulife Investment Management. "We believe the student housing sector represents a compelling investment opportunity underpinned by attractive supply/demand dynamics and strong historical performance."
Each apartment at The Standard at Four Corners provides a gourmet-style kitchen with ample cabinet space, quartz countertops and stainless-steel appliances. Every residence is fully furnished, offers hardwood-style flooring, and includes technology related amenities in the common area, high-speed internet and cable.
Additionally, residents can access 24-hour study lounges, fitness center and computer lab. The resort-style amenity spaces add extra opportunities for recreation and socialization with a gaming lounge, heated pool, hot tub, and fire pits. For residents with vehicles, a deck offers parking for an additional fee.
The development also features 14,500-square-feet of ground-floor retail space. Landmark Construction will serve as general contractor for the duration of the project.
According to CollegeSimply, the University of Connecticut is ranked as the best public university in the New England region.
With over $10 billion assets under management, Landmark's portfolio includes almost 100 residential communities across the country with approximately 60,000 beds. Landmark currently has 21 student, BTR, and multifamily projects under construction with an estimated value at $3.7 billion, and a significant and growing development pipeline.
ATLANTA, GA - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Parkside, a luxury mixed-use apartment community near Atlanta's esteemed Piedmont Park.
The 32-story high-rise, which will feature 361 apartment homes including penthouses on the top floors, will be built to and is pursuing NGBS Silver certification levels, and will offer unencumbered views of the Atlanta skyline and Piedmont Park, which sits two blocks away. The community will also include a signature restaurant with street frontage on Atlanta's famed Rainbow Crosswalk. First move-ins are anticipated for early 2025.
"Modera Parkside is a unique location on the very edge of high-rise zoning, preserving the views to the Atlanta skyline, Piedmont Park and the energy of east Midtown. Modera Parkside complements a proud neighborhood and offers an easy walk to Atlanta's most popular public amenities and Midtown's primary employment centers," said Patrick Chesser, senior managing director of development in Atlanta for Mill Creek. "We believe the character of the neighborhood with a unique community will appeal to a diverse set of renters-by-choice with discerning tastes. We are honored to have the opportunity to add to the fabric of this world-class neighborhood and the skyline of this great city."
Situated at 180 10th Street between Piedmont Avenue NE and Juniper Street NE, Modera Parkside is positioned at the epicenter of east Midtown on the park side of Peachtree Road. The community is a few blocks from the Atlanta Beltline Eastside Trail and less than a mile from the Downtown Connector and Piedmont Park.
Modera Parkside will offer studios, one-, two- and three-bedroom homes and den layouts with convertible home offices. Community amenities will include a rooftop pool deck and fitness center, outdoor cooking experiences, elevated fire pits, a skyline-facing clubroom, Full Swing Golf Simulator, dedicated dog runs and pet spa. The bike-centric Modera Parkside will also have valet dry cleaning, direct package delivery services, controlled-access garage parking, ample EV charging stations and dedicated bike storage.
"We were very deliberate in choosing amenity spaces that will speak to the distinct vibe of the neighborhood," Chesser said.
The community will also cater to the ever-increasing remote worker with expandable furnishings from Ori, which will include retractable desks in studio homes and disappearing ceiling-mounted beds and convertible desks in select two-bedroom homes. Additionally, a cybercafé, coworking spaces and private workstations will be powered by gigabit Wi-Fi.
Apartment homes at Modera Parkside will be delivered with nine-foot-plus ceilings, wood plank-style flooring, energy-efficient stainless-steel appliances, quartz countertops, gas cooktops, tile backsplashes, kitchen islands, pendant lighting, closets with built-in shelving, in-home washers and dryers, smart thermostats, mobile app entry and private patios or balconies. Bathrooms will include double vanities and tile surrounds.
Modera Parkside marks Mill Creek's ninth development within Atlanta. Others include Modera Midtown, Modera Old Ivy and Modera Reynoldstown.