ORLANDO, FL – Affiliates of Harbor Group International (“HGI”), a privately owned international real estate investment and management firm, and The Altman Companies announced the joint venture for the ground-up development of Altis Twin Lakes, a 346-unit luxury multifamily community in Orlando, Florida. HGI will contribute 85% of the required common equity for the development, with an approximate development cost of $104.5 million. Construction is expected to start in June 2023 and to be completed in two years.
Altis Twin Lakes will be located approximately 20 miles south of downtown Orlando. Proximate to US-441 (Orange Blossom Trail), Osceola Parkway and Florida’s Turnpike, the community will offer residents convenient access to Orlando’s major employment, retail and entertainment hubs, including two major technology-focused mixed-use communities, NeoCity and Lake Nona.
“As economic headwinds continue to impact the market, we see an opportunity to collaborate with experienced development partners with local market knowledge to execute on attractive investment opportunities,” said Richard Litton, President, HGI. “We look forward to partnering with The Altman Companies to capitalize on Orlando’s strong in-migration trends and provide well-located housing that offers access to employment opportunities and lifestyle drivers.”
“Harbor Group International is a leading global real estate investment and management firm,” said Seth Wise, CEO of The Altman Companies and President of BBX Capital Real Estate. “We are excited to partner with such an esteemed group to bring another dynamic multifamily community to Orlando.”
Altis Twin Lakes will consist of 13 three- and four-story residential buildings comprising of one-, two- and three-bedroom units with an average size of over 1,000 square feet. Unit interiors will include quartz countertops, stainless steel appliances, designer cabinets, LED fixtures, private balconies and patios, in-unit washers and dryers and smart home features.
The property will also feature a desirable amenities package, including a resort-style pool with cabanas and grilling stations, a clubhouse, coworking spaces, game rooms, a state-of-the-art fitness center, a yoga studio and a coffee bar.
HGI continues to be an active investor in Florida, last year acquiring five Miami based multifamily assets, including ParkLine Miami, two luxury apartment towers in Downtown Miami and Oak Enclave, a newly developed, 420-unit, mid-rise multifamily community in Miami Gardens.
Category Archives: Hard Money Loans
Lincoln Avenue Capital in Joint Venture with Fairview Housing Partners Acquires Affordable Seniors Housing Community in Montana
BILLINGS, MT – Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, announced its acquisition of South Forty Apartments and its plans to renovate the property, helping to preserve high-quality, affordable units for Yellowstone County seniors. The transaction is a joint venture with Fairview Housing Partners, a national nonprofit affordable housing organization.
“We’re thrilled to grow our housing portfolio with our first acquisition in Montana, and we look forward to deepening our investment in the state over the coming years,” said LAC CEO Jeremy Bronfman. “LAC is grateful to Vitus for its stewardship of the property and its partnership to ensure long-term affordability at South Forty Apartments. We are especially excited to close our first joint venture with Fairview Housing Partners and look forward to working together to provide important services and resources for our residents.”
Under the terms of LAC’s acquisition, 101 units will be restricted for seniors at or below 60 percent of area median income (AMI). The property will also be covered by a Housing Assistance Payment contract for 100 percent of its units.
“This deal will preserve access to high-quality homes for lower-income seniors who face unique challenges in finding affordable housing across the country,” said Fairview Executive Director Thom Amdur. “We thank LAC for their partnership and are proud to play a vital role in supporting seniors in Yellowstone County.”
Originally built in 1987, South Forty Apartments offers amenities including an arts and crafts area, library, fitness center, and a picnic area. The acquisition and rehabilitation was financed through a 223(f) loan with PGIM and an equity investment and bridge loan through PNC.
Wood Partners Brings Upscale Living in Atlanta with 291-Unit The Beverly by Alta Apartment Community in Buckhead Neighborhood
ATLANTA, GA – Wood Partners, a leading national multifamily real estate developer, has begun the wood framing stage of The Beverly by Alta, the company’s newest luxury community located in Atlanta, Ga. With construction on the property currently underway, the community is set to officially open in early 2024 with pre-leasing set to begin at the end of 2023.
Located at 3314 Piedmont Road in Atlanta’s highly sought after Buckhead neighborhood, The Beverly by Alta is the perfect residential community for young professionals, placing them within minutes of the city’s main interstates. The community’s prime location offers direct routes to all areas of the city, as well as many of the area’s top employers including Salesforce, Atlanta Tech Village, Coca-Cola, Google and more. Residents will also have access to several major dining and entertainment areas, including Buckhead Village District, Lenox Square Mall and Phipps Plaza, as well as popular outdoor attractions such as Chastain Park, Fetch Dog Park, Bobby Jones Golf Course, and the PATH400 greenway trail with four access points throughout the heart of Buckhead.
“Wood Partners is excited to announce The Beverly by Alta, a new community designed for residents to experience luxurious and comfortable living in the center of one of Atlanta’s most in demand neighborhoods,” said Bennett Sands, Managing Director at Wood Partners. “As an Atlanta-based organization, we are thrilled to continue expanding our footprint right in our back yard while contributing to the on-going boom in growth and development taking place throughout the city.”
Once complete, The Beverly by Alta will offer 291 apartment homes comprised of studio, one-, two- and three-bedroom layouts with custom-designed floorplans. Designed with a modern, luxurious feel in mind, residents will be welcomed home to light-filled, open floorplans, warm tones and sleek features. Each home will also boast an array of high-end finishes including luxurious kitchens featuring stainless steel Whirlpool appliances, quartz countertops and designer tile backsplash, as well as full size in-unit washer and dryer sets, spacious balconies and wood-style flooring in the main living spaces.
Outside their homes, residents of The Beverly by Alta will also be able to take advantage of the community’s best-in-class amenities, including a resort-style pool featuring cabanas and lounge chairs, outdoor pavilions, outdoor yoga deck, outdoor coworking space, grilling stations and outdoor fire pits, pool lounge, library, poker room, golf simulator, and an on-site dog park and wash area. Inside the clubhouse, residents will have access to a 24-hour fitness center and yoga studio, rentable private day offices and a TV lounge.
Tredway Announces the Acquisition and Preservation of 816-Unit Sea Park Apartment Community in Iconic Coney Island, New York
NEW YORK, NY – Tredway, an affordable and mixed-income real estate developer focused on building and preserving high-quality, high-opportunity attainable housing, in partnership with Gilbane Development Company and ELH Mgmt announced the acquisition of Sea Park Apartments, an 816-apartment, three-building affordable property located between Surf and Neptune Avenues in Coney Island, Brooklyn.
“We are pleased to protect, preserve and produce new affordable homes at Sea Park, a framework that will increase access to opportunity for all current and future residents,” said Will Blodgett, CEO & Founder, Tredway. “The investments we are making will lead to a more affordable, connected, diverse, healthy and vibrant community and foster economic stability for the thousands of New Yorkers who call Sea Park and the wider Coney Island neighborhood home.”
“This outcome would not have been possible without the support of our partners,” Blodgett added. “I personally want to thank HCR, HFA and HPD for working collaboratively to deliver more affordable housing and address the specific needs of our residents and our city.”
“Gilbane Development Company is thrilled to work on this development with Tredway and ELH Mgmt to preserve and extend affordability of 816 units and construct 250 new affordable senior apartments,” noted Ed Broderick, President and CEO of Gilbane Development Company. “The scale of the transaction requires sophisticated and well capitalized partners to execute and we are grateful for this terrific team.”
589 homes will serve households with a maximum yearly income of 60 percent of the area median income (“AMI”), 159 homes will serve those with a maximum income of 50 percent of AMI and 65 homes will serve households earning up to 80 percent of AMI. 90 apartments will be set aside for formerly homeless residents and there are three Superintendent’s units.
Tredway and its partners will embark on a multimillion-dollar rehabilitation of the entire Sea Park complex focused on quality-of-life improvements as well as strengthening its resiliency and improving the property’s energy efficiency.
The development team also intends to build 250 new units of holistic affordable housing at the site catering to seniors.
Berkadia and Deutsche Bank are the lenders. New York City-based ELH Mgmt will serve as property manager. An Ariel Property Advisors team led by founding partners Victor Sozio and Shimon Shkury, along with investment sales director Benjamin Vago and director of research and sales Remi Mandell, arranged the sale of the portfolio on behalf of the seller.
The preservation and creation of new affordable housing at Sea Park Apartments was achieved in conjunction with New York State Homes and Community Renewal (HCR), the New York State Housing Finance Agency (HFA), and the New York City Department of Housing Preservation and Development (HPD).
Landmark Properties Announces 834-Bed The Mark Knoxville Student Housing Community Serving The University of Tennessee
KNOXVILLE, TN – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announced its second project in a build-to-core joint venture with Manulife Investment Management. The Mark Knoxville, which wlll open doors in August 2025, will add 834 beds to the University of Tennessee housing market.
“The Mark Knoxville is the second project in our partnership with Manulife Investment Management, and it will be our fourth property near The University of Tennessee,” said Landmark President and CEO Wes Rogers. “We like the underlying fundamentals of the Knoxville market and look forward to delivering more purpose-built student housing beds to area students.”
Located a short walk from the northwest of campus, The Mark will offer unit types ranging from studios to five-bedroom options. The property will offer an on-property garage for resident vehicles and a shuttle bus to campus. The features and location of The Mark will make it an attractive option for students seeking luxury housing in the Knoxville market.
“We are excited to continue the growth of our partnership with Landmark with this development at the University of Tennessee, supported by local market fundamentals and Landmark’s experience operating in the area,” said Manulife Investment Management Managing Director Edward Dunn.
Apartment units at The Mark will include a gourmet-style kitchen with ample cabinet space, quartz countertops and stainless-steel appliances. Every residence is fully furnished, offering hardwood-style flooring and a private bathroom for every bedroom.
Additionally, residents will enjoy The Mark’s best-in-class amenities including a rooftop pool and Jumbotron. Residents will have access to many other amenity spaces including a 24-hour study lounge, a pickleball court, a stylish rooftop clubhouse, and a state-of-the-art fitness center. The thoughtful design of The Mark’s 25,000 square foot courtyard amenity spaces, featuring fire pits, grilling stations and hammock groves, add extra opportunities for recreation and relaxation for residents and guests across the property.
Construction on the project is slated to begin in June 2023 with Landmark Construction as general contractor.
MG Properties Completes Acquisition of 192-Unit Artesia Apartment Community in Silver Lake Neighborhood of Everett for $61.6 Million
EVERETT, WA – MG Properties, a privately held real estate investment company, has announced the acquisition of Artesia Apartments, a premier apartment community located in the Silver Lake neighborhood of Everett, Washington, for a purchase price of $61.6 million.
Artesia Apartments is a 192-unit apartment community located in the highly desirable city of Everett, which is a thriving business hub and offers easy access to Seattle and the surrounding areas. The community features spacious and modern one-, two-, and three-bedroom apartments situated directly on Silver Lake, providing residents with a variety of recreational activities and excellent access to the region’s largest employers.
“We are thrilled to add Artesia Apartments to our growing Seattle portfolio,” said Jeff Gleiberman, President of MG Properties. “This purchase aligns with our investment strategy of making long-term acquisitions in strong markets with solid growth potential.”
The seller, RISE Properties Trust, was represented by Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors. Financing was provided by Freddie Mac and arranged by Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson of Institutional Property Advisors.
Clark Breaks Ground on Queensbridge Collective Development Featuring 409-Unit Multifamily Tower in Charlotte’s South End
CHARLOTTE, NC – Clark Construction Group joined representatives from Riverside Investment & Development, Woodfield Development, Goettsch Partners, and CBRE to ceremoniously break ground on Queensbridge Collective at 111 East Carson Boulevard, a transformative mixed-use development in Charlotte, North Carolina. Clark is serving as Construction Manager-at-Risk.
Located at a popular intersection in Charlotte’s South End Neighborhood, the development includes a 42-story multifamily tower with 409 units, a 35-story, 600,000-square-foot office building, nearly 30,000 square feet of retail, and 1,600 parking spaces.
Vertical construction on the residential tower will begin immediately following the completion of sitework, and the building is expected to complete in the summer of 2025. The next phase of the development will include vertical construction on the office tower.
Designed by Goettsch Partners, the project will incorporate world-class architecture and best-in-class amenities. Queensbridge Collective at 111 East Carson is the fourth collaboration between Clark Construction, Riverside Investment & Development, and Goettsch Partners in the last decade. Together, the team has successfully delivered the award-winning 110 North Wacker, 150 North Riverside, and 320 South Canal projects in Chicago.
“This project team has a proven track record of success,” said Chris Phares, vice president at Clark Construction Group. “We’re thrilled to work alongside the team again in a new market, where we hope to continue our growth together.”
FaverGray Breaks Ground on 303-Unit The Enclave at Deer Moss Creek Luxury Apartment Community in Florida’s Gulf Coast Panhandle
JACKSONVILLE, FL – FaverGray announced the construction of The Enclave at Deer Moss Creek, a luxury multifamily community for developer MH Deer Moss Creek LLC. Located at 1000 Deer Moss Loop in Niceville, the 303-unit community will be available to residents in 2024.
The Enclave at Deer Moss Creek project sits on an 18-acre site and will include nine 3-story apartment buildings and two 2-story apartment buildings. Rental units will feature stainless steel appliances, granite countertops, luxury vinyl plank flooring, and upgraded cabinetry and trim.
Community amenities will include a 7,935 SF clubhouse featuring a resort-style pool surrounded by pergolas, gas fire pits, and an outdoor kitchen with a gas grill. Additional site amenities will include two dog parks, two playgrounds, and a mail kiosk.
The site improvements will consist of water, storm, and sewer utilities that will tie into existing public utilities. The site improvements will also include resort-style hardscaping, landscaping, irrigation, asphalt paving, concrete sidewalks, and ponds.
The construction will consist of wood frame with steel stairs and precast elevator shafts. The exterior will be finished in fiber cement siding with stone accents and include architectural-style asphalt shingles. All building slabs will be post-tensioned concrete, on grade.
“The FaverGray team is thrilled to partner with MH Deer Moss Creek LLC on this exciting new project,” shares Ben Hinson, Executive Vice President at FaverGray. The Enclave at Deer Moss Creek will be an integral part of Niceville’s growth as an exceptional product. “FaverGray is proud to be part of the development in Niceville as more people continue to move to this flourishing area,” states Hinson.
“Our team is honored to break ground on our first project with MH Deer Moss Creek LLC, to offer a luxury multifamily product to this growing area,” shares Mark Higby, Division Leader at FaverGray. “The Enclave at Deer Moss Creek will showcase the outstanding quality of work that FaverGray and MH Deer Moss Creek LLC deliver to a new development.”
Dallas Texas based HEDK is serving as the architect for The Enclave at Deer Moss Creek, Jenkins Engineering is providing civil engineering services, and Jordan & Skala Engineers is providing MEP services. Landscape services will be provided by Meeks Design Group.
Stoneweg Expands Portfolio with Acquisition of 244-Unit Green Globe Certified The Station at Savannah Quarters Apartment Community
POOLER, GA – Stoneweg US, a leading real estate investment and development firm, announces its recent acquisition of The Station at Savannah Quarters, a Green Globe Certified, 244-unit core plus multifamily asset located in Pooler, Georgia. This strategic purchase underscores Stoneweg US’ commitment to sustainable and socially responsible investments while meeting the growing demand for high-quality housing options.
The Station at Savannah Quarters, developed by Tynes Development in 2019, is situated on approximately 10.8 acres within the renowned Master Planned Use Development Savannah Quarters. The property is comprised of three residential buildings, a leasing center, a clubhouse, four carriage buildings, and 34 garage stalls. Featuring wood frame construction and brick veneer accents, the buildings offer a modern and appealing architectural design. Each main building is a four-story structure serviced by elevators, providing convenient access to all units. The property boasts 9′ ceilings throughout, creating an open and spacious living environment.
Strategically located along Pooler Parkway, adjacent to Interstate 16, The Station at Savannah Quarters enjoys excellent connectivity and high visibility, with approximately 37,000 average daily traffic passing through. This prime location allows for convenient access to downtown Savannah, the Savannah/Hilton Head International Airport, and the $5.5 B Hyundai Motor Group Metaplant. The Pooler submarket has experienced robust growth driven by strong demand for coastal living, remote work opportunities, and the economic drivers of tourism, manufacturing, and the Port of Savannah.
Highlighting the significance of this investment, Ryan Smyth, Director of Acquisitions at Stoneweg US, stated, “Our investment in The Station at Savannah Quarters aligns perfectly with our commitment to ESG optimization and creating long-term value for all stakeholders. The property’s prime location, coupled with the area’s economic growth and high rent growth rates, positions it as an attractive investment opportunity.”
Matt Levy, EVP, Head of Investments at Stoneweg US, added, “The Station at Savannah Quarters stands out in the market due to its exceptional quality and strategic location within a thriving community. As a sponsor, we are focused on assets that offer sustainable growth potential, and this investment reflects our dedication to delivering strong returns for our investors.”
With its unmatched walkability and proximity to major retail centers, including the area’s first Costco Wholesale, The Station at Savannah Quarters provides residents with convenient access to various amenities and demand drivers. In addition, the property is surrounded by single-family homes, reflecting the desirability and upscale nature of the neighborhood.
The upcoming construction of the Hyundai Metaplant, a high-profile Electric Vehicle manufacturing facility at the intersection of Interstate 16 and U.S. 280, further solidifies the Pooler submarket’s economic outlook. This major development is set to bring unprecedented job opportunities and will ensure sustained multifamily demand for the foreseeable future.
Stoneweg US plans to enhance the property’s value through an ESG and traditional value-add programs, including portable EV chargers, installation of solar panels to the clubhouse, new pool cabanas, and turf installation for cornhole toss. Additionally, the interior renovation program will include new washer and dryers in 35 units, along with the installation of vinyl plank flooring in select units, ensuring residents enjoy modern and sustainable living spaces.
Greystar Launches Branded Apartment Communities to Address Need for Attainable Housing with Limits on Future Rent Increases
CHARLESTON, SC – Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, announced the launch of a new dedicated brand, Ltd. by Greystar (“Ltd.”). Ltd. will exclusively focus on Greystar’s impact housing product, delivering more attainable housing opportunities for key populations affected by the lack of rental options in the United States.
Working in tandem with Greystar’s recently opened Modern Living Solutions (“MLS”) factory – Greystar’s modular construction business focused on building off-site, prefabricated modular apartments sustainably and at an attainable price point – Ltd. will allow for the building and operating of essential housing communities at scale. To achieve this goal, Ltd. guarantees not to increase rents by more than the greater of CPI or 3%, providing “certainty of housing” for existing residents.
“Over the course of my career, I have seen the incredible need for attainable housing options across the United States,” said Bob Faith, Founder, Chairman, and CEO of Greystar. “We are excited for the opportunity to apply our platform and our culture of innovation to build housing supply that offers an attainable, high-quality experience for renters while also serving as an attractive proposition for both Greystar and our partners.”
“What we’re doing with our newly created Ltd. brand is a game-changer for renters who want to live in a Greystar-managed community and for an industry that needs more housing supply,” said Scott Berka, Senior Managing Director, Brand and Customer Experience. “When you consider how big the challenge at hand is, I’m proud to be part of a team that’s willing to throw out the rulebook and challenge ourselves to make a true impact while delivering the Greystar-level experience people should have. Through this effort and our Ltd. brand, we’re at the start of a great journey.”
All Ltd. branded communities will have standard amenities appropriate for their location, including community pools and gyms, among other options. Additionally, cutting-edge technology packages in multi-family will be included in each Ltd. community and apartment, with property-wide high-speed internet, smart locks, and resident apps that streamline everything from maintenance requests to guest access. This package of amenities and innovative technology helps to set Ltd. communities apart from most of the existing attainable supply in the United States.
Greystar currently has 5 Ltd. branded projects underway across 4 cities, with approximately 1,600 units expected to come online in the next 18 months. The first Ltd. community, Ltd. Med Center, in Houston, Texas with 378 units is now in lease-up.