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
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…
Stoneweg US Acquires Amaze @ NoDa Apartments in Charlotte, NC, adding 298-Units to Growing Portfolio
Stoneweg US Acquires Amaze @ NoDa Apartments in Charlotte, NC, adding 298-Units to Growing Portfolio ST. PETERSBURG, Fla., June 16, 2022 — Stoneweg U.S., LLC (“Stoneweg US”), a real estate investment firm specializing in multifamily acquisitions and developments, today announced the acquisition of Amaze @ NoDa Apartments, a newly built, 298-unit multifamily community located in the highly desirable NoDa submarket of the thriving Charlotte, North Carolina MSA. The Class-A property consists of two, four-story, elevator-serviced buildings and was constructed in 2020. Lavish unit designs boast chef-style kitchens, walk-in showers with subway-tile accents, stainless-steel appliances, and premiere vinyl flooring throughout. Resort-style amenities include: a sky lounge with an outdoor bar area, a gaming section, first-class fitness center, a sizeable swimming pool furnished with chic cabanas and a firepit, vibrant signage, a bark park and pet spa area, and expansive green spaces. “Amaze @ NoDa is a tremendous addition to our portfolio and a prime example of the quality and diversification we’ve pledged to our investors,” said Head of Investments for Stoneweg US, Matthew Levy. “The quality of the asset speaks for itself, and the market’s…
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,…
Leste Group, Bascom Group & East Hill Capital Partners Expand Partnership and Presence in Florida with 448-Unit Multifamily Acquisition IRVINE, Calif., May 2, 2022 — The Bascom Group, LLC (“Bascom“), in partnership with Leste Group and East Hill Capital Partners, has acquired their third deal together, a 448-unit garden style apartment community in Orlando, Florida. The Chatham Square acquisition brings the Partnership’s total investment into Florida over the past year to over $330,000,000 and 1,200 units. Accounts managed by KKR provided the debt financing for the acquisition, and Dustin Stolly, Daniel Matz, and Daniel Morin of Newmark arranged the financing. The Newmark investment sales team of Scott Ramey, Brad Downing, Ryan Moody, and Paul Grant brokered the transaction. SD-Cap will provide renovation management and Cushman and Wakefield will provide the property management. Bascom’s Tony Ferrell, Senior Principal – Operations, stated, “Chatham Square provides an exceptional value-add opportunity in the rapidly expanding Orlando market. Originally built as Disney corporate housing within the Little Lake Bryan master plan, Chatham Square offers residents spacious floorplans and abundant greenspace, characteristics that are in high demand by renters.” Located in a premier in-fill location adjacent to Walt Disney World, Chatham Square’s proximity to Interstate 4 allows…