Walker & Dunlop Completes $92 Million Sale of Luxury Multifamily Community in Miami’s Burgeoning East Little Havana Neighborhood BETHESDA, Md., June 30, 2022 — Walker & Dunlop, Inc. announced today that it facilitated the $92,000,000 sale of First Apartments, a luxury mid-rise apartment community ideally situated less than one mile from both Downtown Miami and Brickell in up-and-coming East Little Havana. Completed in late 2021, the community reached 90% occupancy by January 2022, reflecting an extraordinary initial leasing velocity of nearly 45 leases per month. Walker & Dunlop’s Still Hunter and Kaya Suarez represented the buyer, Lloyd Jones, and the seller, Premium Development, in the transaction. The Walker & Dunlop team acted as advisors and drove a competitive marketing process to ensure an attractive outcome for ownership. This sale represents the first transaction between all three parties as well as Premium Development’s first U.S. multifamily project. “Since opening its doors in late September, First Apartments has enjoyed an increase in lease rates with recent leases signed for more than 25% above initial leases,” said Roger Karré, the Chief Operations Officer at Premium Development. “With rental rates that are nearly $500 below communities with comparable finishes and…
Multifamily Newsroom
Embrey to Expand Single-Family Rental Portfolio with Collection Champions Circle SAN ANTONIO, June 30, 2022 — Embrey has closed on land for the company’s second single-family rental development project, Collection Champions Circle. Located in Fort Worth, Texas, the 22.9-acre property will feature 276 one- two- and three-bedroom duplex-style homes. Collection Champions Circle will be a master-planned community that provides the privacy and neighborhood feel of a single-family home alongside luxurious shared amenities such as a clubhouse, resort-style pool and best-in-class on-site property management also provided by Embrey. “Embrey’s single-family rental communities are the perfect option for renters who appreciate the lifestyle and convenience of a traditional apartment community while also providing many of the benefits of a single-family home,” says Jeremy Williams, Senior Vice President of Development. “This is a particularly attractive option for young families, pet owners and empty-nesters.” Additionally, the development lies near a number of popular employers including Charles Schwab, TD Ameritrade, Facebook and Amazon. “Dallas-Fort Worth is one of the fastest growing multifamily markets in the country,” says John Kirk, Managing Director and Executive Vice President of Development. “The area’s strong…
Joe Curd is the Director of Multifamily National Accounts at Stealth Monitoring. Stealth protects assets for businesses with high quality video monitoring and surveillance. In multifamily, there is a significant worry about security. One of the top reasons a resident does not renew their lease is that they feel unsafe and uncomfortable on a property. We want residents to feel safe while on the property. Current systems are mostly used after a problem has occurred. Being able to tell residents “we caught it on camera and sent the footage to the police” is not comforting because the crime still happened. Stealth Monitoring fixes this by using speakers to alert the problem-causer that they’re on camera, scaring them off before there is any real problem. Also by using 24/7 eyewitness surveillance, self-guided tours become less risky since any damage would be caught on camera. Any attempt at theft would be stopped in its tracks. Many of the reasons that make collecting drivers licenses before touring necessary would be reduced. In this episode, we covered: Why the current security systems on…
Warwick Consolidates Mayfair Collection with Green Street Portfolio Addition LONDON , June 29, 2022 — Warwick Investment Group has acquired two freehold buildings on Green Street to increase its footprint in Mayfair and further expand the size of its rental portfolio across Central London. This completes a very busy 12 months for the US private equity firm as they continue to consolidate unbroken freehold investment blocks across the golden post codes of Prime Central London. With a rental portfolio across 21 buildings, under its emerging rental brand, Warwick is now a key private landlord across Mayfair and Belgravia with the goal of becoming a top 10 private landlord in the UK capital. The Green Street portfolio is comprised of two Victorian red brick freehold buildings in the heart of Mayfair and marks the first time the buildings have ever traded. The two buildings total almost 10,000 square feet of residential accommodation ranging from one to three-bedroom multifamily apartments. The purchase is highly strategic to Warwick given its proximity to their recent off-market purchase of the historic multi-family building at 13/13A North Audley Street. The acquisition strategy is…
Estrella at Kiest Affordable Housing Development by ZNE Capital and LeavenWealth closes on $3.0M Equity Investment from American South Fund Management The acquisition and renovation of this 232-unit apartment community will help preserve the affordable housing stock in South Dallas DALLAS, June 29, 2022 — Funding has closed on the acquisition/renovation of Estrella at Kiest, a 232-unit apartment community in Dallas, Texas. The $35.2M project will be owned and operated by ZNE Capital and LeavenWealth. This is the first multifamily investment in Dallas for American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company. Post renovation, all 232 apartment units will be available at rental rates that are affordable to families at less than 80% of the Area Median Income (AMI) level, bringing critically-needed affordable housing to this community. ZNE Capital and LeavenWealth are already underway on building renovations including repairs to 25 units damaged by the 2021 Cold Wave in Texas and an additional 24 units damaged in a 2021 fire. ZNE’s renovation and business model focuses on green-focused upgrades with the installation of roof-mounted solar panels, low flow water fixtures, and electrical upgrades to increase energy efficiency and…
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…
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…