Aventon Companies Begins Work on Its Second Apartment Community in Jacksonville JACKSONVILLE, Fla., June 27, 2022 — Aventon Companies, a prominent, vertically integrated multi-family developer with active projects throughout the mid-Atlantic and Southeast, announced it has broken ground on its newest luxury apartment community in Florida. Aventon JAX South will be a 360-unit, Class A, multifamily development located within the booming Jacksonville metropolitan area. Spanning over 21 acres, Aventon JAX South will feature one, two and three-bedroom units in four-story elevator-serviced buildings, with first-in-class amenities designed for luxury living. With a resort-style pool, 24/7 fitness center, clubhouse with game room along with remote-working spaces and private offices, residents can simultaneously mix work and play. The community is also pet-friendly and offers an on-site dog park and air-conditioned pet spa for maximum convenience. The property’s premier location along Philips Hwy offers close proximity to Flagler Center, the St. John Town Center, the Deerwood office market, downtown Jacksonville, and the area’s world-class beaches. “In the past few years, the Jacksonville market has experienced an unprecedented growth in jobs combined with an all-time low rate of unemployment, making it a…
multifamily leadership
Orion Real Estate Partners Acquires 180-Unit Value-Add Apartment Complex in San Antonio, Texas SAN ANTONIO, June 28, 2022 — Los Angeles-based Orion Real Estate Partners (“Orion”) announced today that it has acquired Remington Ranch, a garden-style apartment community in San Antonio, Texas. Orion purchased the 180-unit apartment community in June 2022 and plans to invest approximately $2.6mm in interior and exterior improvements. The Property sits on an expansive 7.4-acre site, with ample amenities including a fully redesigned clubhouse and business lounge/coffee bar, a new fitness center, and a pool with a free-standing cabana. Built in 2008 and with 80% of the units in classic condition, the property is an ideal candidate for a value-add unit renovation program to drive premium rents while remaining an affordable alternative to new product in the submarket. This is Orion’s eighth acquisition in the central Texas corridor, spanning from Austin to San Antonio, and the firm is focused on expanding its portfolio in the area. Orion has a favorable long-term outlook on central Texas and expects that the corridor will continue to outperform the nation in both job and population growth. CBRE Multifamily Capital provided an acquisition loan through East…
Michael Muller of Eastern Union Secures $83.8 Million in Financing for Two Multifamily Properties in Amherst, MA Area NEW YORK, June 23, 2022 — Michael Muller, a senior managing director with Eastern Union, has arranged a total of $83.8 million in financing in support of The Boulders, a 256-unit, multifamily property in Amherst, MA, and Cliffside Apartments, a 280-unit property situated in neighboring Sunderland, MA. The combined apartment count amounts to 536 units. Eastern Union is one of America’s largest commercial real estate brokerages. Mr. Muller secured a ten-year mortgage of $44,805,000 for The Boulders, which was built in 1974. The interest rate is floating at a spread of 2.83 percent plus the one-month SOFR. The financing allows for interest-only payments for the first four years. The property consists entirely of market-rate, two-bedroom units measuring an average size of 844 square feet. The site’s total rentable area equals approximately 216,000 square feet. He also closed on a ten-year, $39-million mortgage for Cliffside Apartments, which was constructed in 1976. The interest rate is floating at a spread of 2.83 percent plus the one-month SOFR. As with The Boulders, the financing allows for interest-only payments for…
Embrey Closes on Land Purchase For Luxury Multifamily Residences in Lakewood, CO LAKEWOOD, Colo. , June 21, 2022 — Embrey has closed on the land purchase for Bel Aire, a 354-unit multifamily residential community located near Denver’s 40 West Arts District. About nine miles west of Denver, Bel Aire’s mid-century modern inspired architecture and interiors come equipped with two top floor lounges, one facing east toward downtown and the other facing west toward the Rocky Mountains. A fully furnished guest suite will also be available for residents and their families. “Embrey is nationally recognized for developing and building premier multifamily communities,” said Jimmy McCloskey, Executive Vice President of Development. “The living experience we are bringing to Bel Aire fits perfectly into Denver’s active, outdoor lifestyle.” Planned amenities for the project include a pool and spa with adjacent outdoor cooking space, a bike workshop with bike racks, ski gear lockers, lounge areas, bike workstations, and a bike wash. Other amenities include a spacious clubroom, micro-offices and Wi-Fi lounge; a fitness and yoga center; and a dog park and wash area. Embrey is known for its attention to detail in its…
Aventon Companies Begins Construction on Luxury Apartment Community in Cary CARY, N.C., June 20, 2022 — Aventon Companies, a prominent, vertically integrated multi-family developer with active projects throughout the mid-Atlantic and Southeast, announced it has broken ground on its second apartment community within the Raleigh-Durham–Chapel Hill metropolitan market. Aventon Kit Creek, located in the town of Cary, will be a 293-unit, Class A, multifamily development. Encompassing nearly 16 acres and spread across three separate residential buildings, Aventon Kit Creek will offer residents spacious floor plans ranging from studio units all the way up to three bedrooms. Each apartment home will be furnished with modern finishes and state-of-the-art-technology. Surrounding amenity spaces include a resort-style saltwater pool along with an expansive sundeck featuring lounge seating, daybeds and private cabanas, a state-of-the-art fitness center with cardio and strength training equipment, and a remote working hub with multiple private offices and collaboration areas. The pet-friendly community also offers a pet spa and dog park. “Cary is one of the most desirable locations to live within North Carolina, with its booming job market and esteemed schools,” said Ron Perera, Senior Managing Director for…
Embrey Closes on Land Purchase in Charlotte’s Lower South End SAN ANTONIO , June 16, 2022 — Embrey, a diversified real estate investment company based in San Antonio, has closed on a five-parcel assemblage totaling 4.5 acres of land in Charlotte, North Carolina. The firm plans to construct Southerly at LoSo, a high-end, 403-unit luxury apartment community, in the popular Lower South End neighborhood locally known as “LoSo.” Hunter Barron, of JLL assisted Embrey with the assemblage. “This will be Embrey’s first project in Charlotte and construction will begin in late June,” says Brad Knolle, Executive Vice President of Development. “There is high renter demand in the LoSo area and vacancy rates are low. We are developing a community that will deliver a living experience that is in keeping with the vibrant and trendy LoSo area.” Units will feature keyless entry, 9- to 12-foot ceilings, quartz countertops, walk-in closets with built-in shoe racks and designer finishes throughout. The property will offer luxury amenities such as a resort-style pool with shaded cabanas, a bocce ball court, a dog park, a bicycle repair and storage room and more. Also included is…
Multifamily Innovation® Advisory Council Turns Industry Blind Spots into Breakthrough Innovations Through Collaboration SCOTTSDALE, AZ – The Multifamily Innovation® Advisory Council announced today its formal launch with approximately 1.5 million apartment units being represented. The council is on track to grow to north of 3 million units by end of year, with a focus of being the catalyst for innovation, through delivering insight to leaders across the industry. The Multifamily Innovation® Advisory Council is led by Chairman Patrick Antrim, Founder and CEO of Multifamily Leadership, a media and events platform providing streaming content around technology, innovation, leadership, and investing. Antrim is an industry professional and producer of the highest-level events in the multifamily apartment industry, through their podcast network, conferences, and annual summits. Serving as Chair of Technology Initiatives for the Multifamily Innovation® Advisory Council is technologist Kerry W. Kirby, Founder and CEO of 365 Connect®, a leading provider of automated marketing, leasing, and engagement platforms for the multifamily housing industry. Kirby is an accomplished entrepreneur, innovator, and industry influencer. He holds 95 technology awards, has presented in over 150…
Wood Partners Breaks Ground on Company’s First Luxury Residential Community in Worcester, Mass.–Alta on the Row WORCESTER, Mass., May 31, 2022 — National multifamily real estate development leader Wood Partners today announced groundbreaking on its newest high-end residential community, Alta on the Row, marking the company’s first development in Worcester, Massachusetts. Opening of the community is slated for December 2023 with pre-leasing officially starting in October 2023. Located at 22 Mulberry Street, Alta on the Row will be positioned in the heart of Worcester’s renowned “Restaurant Row,” providing residents with a wide range of dining and entertainment opportunities, including Wormtown Brewery and Leo’s Ristorante, directly adjacent to the property. Alta on the Row will also provide residents with quick access to some of the city’s top employers including UMASS Memorial Health, Saint Vincent Hospital, Hanover Insurance Group, as well as top higher education institutions including UMASS Chan Medical School, Worcester Polytechnic Institute, and Holy Cross. “Wood Partners is thrilled to break ground on Alta on the Row, our first luxury property in the thriving City of Worcester,” said Jim Lambert, Managing Director. “Working with the City of Worcester on this project has been a…
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…