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DURHAM, NC – Miami, Florida-based Atlantic | Pacific Companies (A|P) announced the acquisition of The Flats @ 55Twelve in Durham, North Carolina. The property marks A|P’s first acquisition in the city of Durham and also within the company’s third private equity fund, Blue Atlantic Partners Fund III (BAP III).
The Flats @ 55Twelve is located near the intersection of I-40 and Hwy 15-501, and within a 15-minute drive of the area’s major job centers, Research Triangle Park and downtown Durham, which boast 50,000 and 20,000 jobs, respectively. The 268-unit, three-story residential property offers a mix of one, two, or three-bedroom floor plans with an average size of 1,003 square feet. It also enjoys a full complement of luxury amenities such as a resort-style pool, fitness center, clubhouse, and Zen garden.
As part of A|P’s renovation program, the company plans to make significant capital improvements including common area enhancements, interior unit upgrades with granite countertops, shaker-style cabinets, and stainless-steel appliances.
“The Flats @ 55Twelve is a fantastic addition to our growing North Carolina portfolio,” remarked Greg Ward, Chief Investment Officer at Atlantic | Pacific Real Estate Group.“The property is located in a desirable neighborhood near some of the largest job centers in the expanding Raleigh-Durham market.”
In addition to The Flats @ 55Twelve, A|P currently owns and manages Harrison Grande Apartments in Carey, North Carolina.
Atlantic | Pacific Management (A|P Management), the property leasing and management platform under A|P, will handle all property management responsibilities.
08/23/2019 09:19 AM
MACON, GA - Carter Multifamily announced its acquisition of five apartment communities located in Augusta, GA, Canton, GA, and Macon, GA. The properties, consisting of 1,156 total units, sold for a combined purchase price of approximately $118.2 million. This joint venture transaction was capitalized in partnership with RSE Capital Partners, advised by NorthMarq Capital, LLC, and facilitated by the assumption of five Fannie Mae loans.
TEN35 ALEXANDER – Augusta, GA: TEN35 Alexander is situated in the increasingly desirable west Augusta neighborhood, just east of Interstate 20 and Washington Road. Built in 2001, TEN35 Alexander offers 200 modern and spacious apartment homes averaging 1,118 square feet. This community is just minutes from Augusta's premier retail and dining options, including the upscale Surrey Center.
HERITAGE AT RIVERSTONE – Canton, GA: The 240-unit Heritage at Riverstone apartment community is strategically positioned in the heart of Canton's retail hub and near top-tier schools, restaurants, and recreational facilities. Built in 2001, Heritage at Riverstone boasts a solid foundation of stacked stoned and hard-plank siding exteriors, an attractive exterior design, and spacious floor plans averaging 1,067 square feet.
FALLS AT SPRING CREEK – Macon, GA: Situated in desirable northwest Macon in the River Crossing district, the 296-unit Falls at Spring Creek is in a highly sought-after location near diverse retail hubs. According to Cushman Wakefield, Macon is a booming multifamily market boasting year-over-year average effective rent growth and decreasing vacancy hovering around 4%.
LEGACY AT RIVER CROSSING – Macon, GA: Legacy at River Crossing's entrance is across the street from The Shoppes at River Crossing, a new popular shopping and dining area in north Macon, GA. Built in 1986, the 200-unit Legacy at River Crossing shares its northern property line with Falls at Spring Creek allowing for multiple economies of scale and operational efficiencies due to the two assets sharing similar vintage and location.
RIVERSTONE – Macon, GA: Also located in Macon, less than a mile from Legacy at River Crossing, the 220-unit Riverstone is a fully gated community built in 2012, with a beautifully landscaped saltwater pool and best-in-class amenities. Strategically located less than a quarter mile off of I-75, Riverstone benefits from easy access to the city's largest and most diverse retail corridors.
"We are pleased to acquire the five high-quality apartment communities that make up the Georgia Portfolio. The underlying economic characteristics of the Augusta, Canton and Macon submarkets make the properties' locations ideal for our Middle Market America strategy. We are looking forward to delivering a compelling value add program at each of the properties, furthering their attractiveness and amenity packages for the growing population of renters in these highly-desirable areas," said Cindy Pfeifer, chief executive officer of Carter Multifamily.
Carter Multifamily intends to reposition the properties to be best-in-class apartment communities to serve the areas' large concentration of retail, hospitality, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas.
08/22/2019 09:09 AM
CHANDLER, AZ - Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Alta San Marcos, a 273-unit apartment complex in Chandler, Arizona. The property sold for $71.75 million, or $262,821 per unit. The community will be renamed Summit at San Marcos.
“This asset is one of just three multifamily communities in Chandler with frontage along the San Marcos Golf Course,” said Steve Gebing, IPA senior managing director. “Winner of the 2019 Real Estate Development Award for ‘Best Multifamily Project’ in Arizona, the property’s exceptional location and East Coast brownstone-inspired architecture make it an unparalleled investment.”
Gebing and Cliff David, IPA senior managing director, represented the seller, Wood Partners, and procured the buyer, LaSalle Investment Management’s NAV-REIT, JLL Income Property Trust. “Over the past five years, absorption has outpaced completions in both the Chandler and Gilbert submarkets,” added David. “Apartment supply in these areas has grown by at least 25 percent over that time and vacancy rates have fallen by more than 50 basis points.”
Alta San Marcos is just west of the intersection of Arizona Avenue and Chandler Boulevard and within walking distance of Downtown Chandler. The high-end Chandler Fashion Center is part of the 18.8 million square feet of upscale retail and dining within a five-mile radius and there are more than 8,200 businesses within a 10-mile radius of the community. Employment regions, including the Chandler Airpark, Price, Uptown Chandler, West Chandler and Northwest Gilbert corridors are easily accessible.
Completed in 2018, Alta San Marcos’s high-end community amenities include a clubhouse and leasing office with a 13-foot theater-style television, plush seating, a demonstration kitchen, and a fitness center. Apartments have nine-foot or higher ceilings and the average unit size is 940 square feet.
08/22/2019 09:06 AM
MAITLAND, FL - The Praedium Group, a New York based national real estate investment firm, announced the acquisition of The Adeline in Maitland, FL. Chris Hughes, Principal of The Praedium Group, made the announcement of the investment firm's most recent acquisition.
Constructed in 2018, The Adeline consists of three, 3-story residential buildings with a mix of one-, two-, and three- bedroom homes ranging from 694 SF to 1,475 SF. Unit interiors feature luxe baths with quartz or granite vanity tops, LED lighting, and contemporary open kitchens. Community amenities include a social clubroom with an expansive bar, on-demand fitness, and WiFi at pool, clubroom, and fitness center. In addition, The Adeline offers tenants a unique lakefront-living opportunity, with dock-access, outdoor gathering areas, grilling stations, fire pits, and a community walking path along Lake Gem.
"The Adeline sits in an attractive and accessible location to Orlando's rapid job growth – situated centrally between many of the major Orlando employment centers, surrounded by over 37 million SF of office in all directions, with 19 million SF within just a 5-minute drive of the property," said Mr. Hughes.
Orlando has consistently ranked No. 1 in job growth across the nation since 2015, continuing that trend for a fourth consecutive year in 2018, with a 3.3% annual increase. The Property sits right between the Lake Mary office market and Downtown Orlando, within a 15-minute drive, and home to 22,500 jobs and 150,000 jobs, respectively. Major corporate expansions and relocations include ADP, EA Sports, and Orlando Health Lake Mary, which support the growth in employment in the area.
The Property is in the south Maitland submarket, on the border of Winter Park, an area with strong demographics. These are two of central Florida's more affluent areas, with average household incomes of $103,000 and $118,000, respectively. Due to the desired lifestyle offered, and the proximity to high-end retail and major employment drivers, the Maitland/Winter Park is expected to continue to attract demand.
"As residents are getting priced out of the desirable Winter Park area, the Maitland area is seeing an influx of demand. As one of the only garden-style apartments built this cycle, The Adeline is able to offer a similar resident experience at a more affordable price point than the higher density, mid-rise properties in the submarket," commented Lindsay Schuckman, Vice President of The Praedium Group.
08/21/2019 08:48 AM
IRVING, TX - JPI announced the close of construction financing on Jefferson Innova, phase two of its under-construction Jefferson Promenade. Located in the heart of booming Las Colinas, Jefferson Innova has no shortage of attractions. From its proximity to Toyota Music Factory (with over 210,000 square feet of retail and restaurants) to its economic powerhouse hosting seven Fortune 500 companies’ headquarters, new residents are flocking to be part of this vibrant and exciting area.
“Las Colinas is JPI’s most active submarket. This is the sixth community we’ve developed here in the past six years,” said Miller Sylvan, senior vice president and development partner for JPI’s Central Region. “The future is really bright for Irving. The dynamics and fundamentals of this area cannot be denied, and we look forward to continuing to play a part in this area’s growth.”
Jefferson Innova will consist of 433 apartment homes over a span of five acres and is scheduled to open in spring 2021. It will feature a rooftop pet park with grooming station, Uber lounge, resort-style pool, business center, state-of-the-art fitness center with spin and yoga studio, coffee bar, and two outdoor kitchens. Jefferson Innova will also offer its residents access to the Irving Convention Center DART station and proximity to the Irving Convention Center and Elm Fork Trinity River.
“Las Colinas is a high-performing submarket for office space, entertainment and living,” said Blake Taylor, vice president and area development partner at JPI. “This is one of the central hubs for the Dallas-Fort Worth metroplex and exemplifies our focus on ensuring a live, work, play environment for our future residents. We’ll continue to be active in this area, which is our own backyard, for the foreseeable future.”
JPI is humbled to continue working with a group of A-list consultants within the multifamily industry. The architect for this project is Humphreys & Partners, with Studio Outside as the landscape architect. Glenn Engineering Corp. is the civil engineer, United Structural Consultants is the structural engineer, and Jordan & Skala Engineers is the MEP engineer. Interior design will be provided by Faulkner Design Group, and lighting design will come from Scott Oldner Lighting Design. The project’s equity partner is CrossHarbor Capital Partners.
08/20/2019 08:58 AM
CHARLOTTE, NC - MLA Properties, a New York based family office, recently closed on the acquisition of its first two multifamily properties in the greater Charlotte, NC market.
“MLA is excited to be entering the Carolinas, and we look forward to continuing to expand our footprint in the market. The Charlotte MSA continues to be a leader in all major demographic categories and we believe the region’s best days are ahead of us. Drucker + Falk has been an invaluable resource to us on the ground and we are confident they will help us drive superior risk adjusted returns for our investors,” said MLA Managing Director, Michael Cohan, in a prepared statement.
Pavilion Village, a Class A 294-unit community built in 2015 and located at 131 Gracyn Olivia Drive in the university submarket, closed on June 20th, in a Joint-Venture acquisition with Pearlmark, a Chicago based real estate investment firm. “Pavilion Village presents a unique opportunity in a thriving submarket with close access to transportation, education, and major employment hubs. In partnership with Pearlmark, we believe this asset will benefit from an interior value-add program and Drucker + Falk’s management expertise,” added Cohan.
Evolve at Tega Cay, a brand new 260-unit community located at 810 Eden Avenue in the affluent Charlotte suburb of Fort Mill, SC, closed on May 17th. “Evolve at Tega Cay is well positioned in one of the region’s most supply constrained markets and provides an affordable living option with close proximity to Charlotte. Additionally, we believe the strong school system will continue to attract young families to the market” said Cohan.
With the addition of these properties, Drucker + Falk’s management presence in the Carolinas now exceeds 13,000 units. “Drucker + Falk is excited to be aligned with MLA, a firm with which we share many characteristics in terms of both structure and ownership philosophy. We are deeply committed to the Carolinas and firmly believe that these two projects will be candidates for 2019’s deal of the year in Charlotte, as they both represent extremely attractive basis’ with tangible upsides” mentioned Cole Healy, a Director with Drucker + Falk’s Southeast office.
Mort Klaus, Principal of MLA, concludes “we believe deeply in the future of Charlotte and will look to continue to deploy capital in the region.”
08/20/2019 08:54 AM
SAN MARCOS, TX - Vie Management announced its purchase of Ella Lofts, a five-story student housing community containing 252 beds. The 75-unit mid-rise building is comprised of one, two- and four-bedroom units, is walking-distance to Texas State University, and services students attending Austin Community College, among others.
The $1 million renovation will be completed in fall 2019. The enhancements will upgrade the current living experience with newly renovated communal spaces, expanded resident services, and upgraded units with stainless steel appliances, brand new wood flooring and new furniture.
"From the moment you walk in you'll immediately feel at home knowing you have everything you need to live, work, study and play," said Derrick Milam, co-Founder and COO of Vie Management.
Vie Lofts at San Marcos offers an opulent experience with access to several exclusive amenities for enjoyment, including a state-of-the-art fitness center, yoga studio, infinity swimming pool, a large co-working and study lounge, Kahvie Café coffee shop, and more.
"After observing the evolution of the student housing industry, we decided that now was the right time to develop a new range of services to respond better to our guests' needs and offer something different from what they would expect elsewhere," said co-Founder and CEO of Vie Management Ari Rosenblum.
08/19/2019 09:20 AM