Toll Brothers Apartment Living® and CrossHarbor Capital Partners Announce Joint Venture to Develop 501-Unit Rental Community in Washington, DC FORT WASHINGTON, Pa., May 16, 2022 — Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental division, and CrossHarbor Capital Partners have announced a new joint venture to develop 113 Potomac, a 501-unit multifamily rental community located at 113 Potomac Ave SW in Washington, DC. The project is being financed through a $162.7 million construction loan facility from Bank OZK. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. 113 Potomac is located in the fast-growing Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River, just south of Downtown Washington, DC, and a 4-mile drive to Amazon HQ2. As one of the largest entertainment districts in Washington, DC, the Capitol Riverfront is home to Audi Field, the D.C. United soccer stadium, Nationals Park – home to the Washington Nationals – and over 10 acres of parks and activated green spaces. 113 Potomac is within walking distance of the Capitol Riverfront’s 35,000 employees and both the Navy Yard and Waterfront Metro Stations along the…
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The AppWork Revolution is Coming Bert Wray joins the AppWork team as their CEO and is gunning to revolutionize the future of multifamily maintenance with a focus on efficiency and communication. RAMSEY, N.J., May 24, 2022 – Just one week after relaunching its brand, AppWork announces that as of May 23, 2022, Bert Wray is the new CEO of AppWork. He joins the team with extensive multifamily experience. Bert formerly worked as a Regional Vice President of National Accounts for Chadwell Supply, overseeing corporate relationships for some of their largest clients. Before that, he worked as a Regional Property Manager. He understands the perspectives of both the owner-operator and the supplier. Furthermore, as a combat veteran who fought in Operation Iraqi Freedom, he incorporates his military experience into his management style. One important leadership principle he learned in the army is, “You can delegate authority, not responsibility.” He hopes that AppWork will enable community managers across the country to embrace this philosophy. Bert grabs opportunities and masters them. He quotes Shunryu Suzuki (from Zen Mind, Beginner’s Mind): “In the beginner’s…
The REMM Group Designs Their New Orange County Corporate Headquarters for the Post COVID Work Style SANTA ANA, Calif., May 24, 2022 — The REMM Group reimagined, purchased, and designed their ideal post- COVID workspace in the heart of Orange County. The 2,900 square foot craftsman office building at 207 W 20th Street in Santa Ana, California is adjacent to Bowers Museum. The REMM Group purchased the building in May for 1.15M. The multifamily and commercial management company immediately renovated the space to best fit their new hybrid workstyle. Sara D’Elia, CEO at The REMM Group, said “We began looking for a new office as the pandemic hit. Our vision of the ideal location changed as our teams demonstrated that they could be highly productive, and had a higher degree of job satisfaction, working from home. Technology links our teams and we increased the scope of the Office Manager and Administrative positions to provide them with additional on-site support. “Not coming into the office allowed our Regional and Commercial Property Managers and Senior Management to spend more time at the properties we manage and meeting with clients. Our…
Aventon Companies Breaks Ground on Newest Apartment Development in Orlando Aventon Opal will Continue to Meet the Demand for Luxury Housing in a Booming Market ORLANDO, Fla., May 20, 2022 — Aventon Companies, a prominent, vertically integrated multifamily developer with active projects throughout the mid-Atlantic and Southeast, announced it has begun construction on its fourth apartment community within the Orlando metropolitan market. Aventon Opal will be a 308-unit, Class A, multifamily development, meeting Orlando’s rapidly growing housing demand. Situated on nearly 12.4 acres and standing tall with four and five-story buildings, Aventon Opal will offer top-of-the-line one, two and three-bedroom units, and amenities designed for luxury living including a resort-style pool with private cabanas, summer kitchen with grills and outdoor pizza oven, and a social lounge housing a wet bar, TV, and poker table. Residents will also enjoy a micro market, around-the-clock fitness center, and clubroom with a remote working lounge encompassing five private offices, numerous booths and communal workspaces as well as a conference room. The pet-friendly community also boasts a pet spa and dog park. “With home values in Orlando continuing to skyrocket and the market…
The Stacks Breaks Ground in Buzzard Point WASHINGTON, May 20, 2022 — Akridge and National Real Estate Development (National Development) celebrate breaking ground on Phase One of development at The Stacks. Jointly owned by Akridge, Bridge Investment Group (Bridge), Blue Coast Capital (BCC), and institutional funds managed by National Real Estate Advisors (National), the project is located in the Capitol Riverfront’s Buzzard Point neighborhood. Phase One, funded by construction lender Bank OZK, is slated to deliver in 2025, and will include three rental residential mixed-use towers totaling more than 1,100 rental apartment units, approximately 35,000 square feet of retail, with more than 10 percent dedicated to affordable housing. Clark Construction Group, LLC has been retained as the general contractor for the project. “When we broke ground on Audi Field in 2017, we knew it was the start of something special at Buzzard Point,” said Mayor Bowser. “Now, we have 1,100 new opportunities for people to live in a fantastic neighborhood – right along the Anacostia River, near the beautiful new Frederick Douglass Memorial Bridge, and between The Yards and The Wharf. In addition to housing, The Stacks will bring more jobs, more amenities, and more opportunity for DC residents.”…
Embrey Expands Footprint in Austin, TX with Acquisition of Arboretum Oaks SAN ANTONIO, May 17, 2022 — Embrey, a diversified real estate investment company based in San Antonio, Texas, has acquired the Arboretum Oaks apartment community. Located in Austin, Texas, the 252-unit property built in 1984, marks the first acquisition, and 25th asset that Embrey has either developed, owned, or operated in the greater Austin area. Embrey’s nationally recognized, award-winning Embrey Management Services will take over property management duties at the community. Located less than 15 minutes northwest of downtown Austin and five minutes west of The Domain, Arboretum Oaks offers numerous competitive advantages in terms of its accessibility, community amenities and walkable proximity to retail. Through the purchase of Arboretum Oaks, Embrey will be leveraging the explosive, pent-up demand for rental properties in a market that has added more than 80,000 jobs since 2016. Despite continued in-migration, low housing supply, and strong job creation, Austin’s Arboretum area has seen only one apartment community developed since 2000. “This is a beautiful community with great access to the Arboretum, The Domain, downtown Austin, and a number of highly sought-after employers such as Apple,…
The Bascom Group Expands Presence in Central Valley With $44.5 Million Multifamily Portfolio Acquisition IRVINE, Calif., May 16, 2022 — The Bascom Group, LLC (“Bascom”) has continued their multifamily acquisition spree by acquiring two more apartment communities in the Central Valley. Casa de Luna Apartments and Casa del Sol Apartments are located in Fresno, California, and mark Bascom’s 25th multifamily acquisition in the Central Valley and 130th in California. Bascom purchased the 236-unit portfolio for $44,500,000, or $188,559 per unit. California Bank & Trust provided the debt financing for the acquisition and was arranged by Charles Halladay, Annie Rice, and Jamie Kline of JLL Capital Markets. SD Cap will provide construction management services and Apartment Management Consultants (AMC) will provide property management services. The communities were built in 1967 and 2006 with an abundance of amenities and ideal features desired by today’s renters. Each property has a pool and fitness center coupled with oversized floorplans and a unit mix consisting of 76% two- and three-bedroom floorplans. The unit interiors are in original condition or have only received minor upgrades, presenting a tremendous opportunity to upgrade the properties. Bascom Sr. Principal, Lee Nguyen, states,…
Walker & Dunlop Structures $47 Million in Financing for Savannah Opportunity Zone Development BETHESDA, Md., May 12, 2022 — Walker & Dunlop, Inc. announced today that it structured $47,000,000 in financing for the development of The Line, a 219-unit, Class A+ multifamily project in Savannah, Georgia. Situated just three blocks from the Savannah River, the development is within walking distance to all of Savannah’s outstanding retail and lifestyle amenities. Located in Savannah’s downtown area, the property is within the bounds of a designated Economic Opportunity Zone census tract. Opportunity zones were established by Congress in the Tax Cuts and Jobs Act of 2017 and encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes. Led by Chris Rumul and Taylor Williams, Walker & Dunlop arranged the construction financing on behalf of the developer, Standard Communities, a leading national multifamily housing investor and developer and repeat client. Collaborating across the Walker & Dunlop platform, the team pooled resources from their FHA Finance and Capital Markets groups to identify the ideal financing source for their client. The resulting financing was sourced from a regional life insurance…
Kaufman Development’s Latest Wellness-Focused Apartments Receive $60 Million Capital Stack via Walker & Dunlop BETHESDA, Md., May 9, 2022 — Walker & Dunlop, Inc. announced today that it structured a $59,812,000 capital stack, including equity and financing for the construction of Green|House, a unique, personal improvement-oriented community being developed by Kaufman Development.
