Archive for Apartments

May
31

Winston-Salem Apartments Sold for $16.4 Million

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ashton oaksEller Capital Partners has purchased Ashton Oaks, a 288-unit apartment community in Winston-Salem, for $16.4 million, or $56,944 per unit.

The seller was not disclosed. Built in 1988, the property offers one- and two-bedroom layouts and is situated within one mile of Wake Forest University’s campus.

Chapel Hill, N.C.-based Eller Capital plans to renovate Ashton Oak’s exteriors, build new amenities and upgrade the interior finishes. Affiliate firm Eller Residential Living will manage the property and oversee the construction project

Categories : Winston-Salem
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Mar
25

Taylors Apartment Complex Sold for $89,000/Unit

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Chimneys Exterior 1Norfolk, Va.-based Cohen Investment Group has purchased The Chimneys of Greenville from Chicago-based Highgate Capital Group for $14.95 million.

The Chimneys of Greenville is a 168-unit apartment community in Taylors. Jordan McCarley, Tai Cohen and Watson Bryant of Cushman & Wakefield represented the seller in the transaction, according to a news release.

“The Chimneys of Greenville transaction is a great example of our company buying value-add multifamily real estate below replacement cost,” said Hugh D. Cohen, president of Cohen Investment Group, in the release. “Adding this property to our growing portfolio is exciting on various levels including our entrance into the Greenville market. Each acquisition that we do possesses its own individual business plan, and we plan on capitalizing on ours quickly.”

Categories : Greenville
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Mar
20

New Apartments Planned for Verdae

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apartments-for-rentGlenmont Capital Management, LLC, a New York-based real estate investment firm led by Managing Principal Lawrence A. Kestin, and Arlington Properties, Inc., a Birmingham-based real estate development firm led by Jim Dixon, announced the acquisition of a 19-acre site in the Verdae master-planned community of Greenville, South Carolina, for the development of Verdae III, a 276-unit Class-A apartment community. The planned development follows the success of Glenmont and Arlington’s development of Velo Verdae, a 262-unit Class A apartment immediately adjacent to the new site which was recently sold.

The property acquired in Verdae offers unparalleled convenience and is situated along two major roads, less than five miles from downtown Greenville. Verdae III will offer unit sizes, features, and amenities not feasible in Downtown Greenville, while maintaining a significant rent discount to Class-A product Downtown. Furthermore, the popular Swamp Rabbit Trail multimodal path is being extended and will run immediately adjacent to Verdae III, benefitting residents with direct access.

Construction will begin in Q1 2019, with move-ins scheduled to begin 12 months thereafter. Verdae III will represent the thirteenth multifamily project by Glenmont and Arlington since 2002.

Categories : Greenville
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Mar
20

Stratham Place Apartments Renovation Financing Complete

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strathamBywater Development Group and its Greenville based development partner, DuPree Development, are pleased to announce the closing on all financing needed for the fully transformational rehabilitation and preservation of the Stratham Place Apartments in Greenville, SC. This 88-unit apartment community, which was originally constructed in the 1950’s, has long been in dire need of a full reimaging, repositioning and overall update. The completed product of this $14.6M revitalization will provide both a major physical investment to this property that repositions it as an asset and anchor for the continued positive growth of the community. Of equal importance, this redevelopment will ensure this property will serve as long term, high quality, well operated affordable housing for families in the thriving and dynamic Greenville community; which presently has an ever-growing need for affordable housing of all types.

This development would not be possible without a tremendous amount of support, assistance and partnership from the City of Greenville – including the Mayor and City Council, the City’s Community Development Department, the City’s Building/Engineering departments and the City’s Planning staff/Plan Commission.

This highly collaborative effort would not be taking place without affordable housing tax credit financing, a great deal of hard work and overall sense of partnership from the South Carolina State Housing Finance & Development Authority.

By making both RAD and PBV rental assistance available to this development, The Greenville Housing Authority is greatly assisting in making this development feasible and insuring long term affordability for its residents.

The newly created Greenville Housing Fund is providing much needed financial support, without which the comprehensive revitalization scope for this property would not be achievable.

Through their highly responsive and most diligent efforts in operating this property in its present condition through a challenging holding period prior to the start of this rehabilitation, Vista Capital Management Group has been instrumental and vital in bringing this plan into reality.

Categories : Greenville
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Nov
19

Greenville Apartments Sold for $231,593/Unit

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w brandenBerkadia announced today the sale of West Village Lofts at Brandon Mill, located at 25 Draper St. in Greenville, SC. Managing Director Mark Boyce, Director Jeremiah Jarmin and Associate Blake Coffey negotiated the transaction. West Village Lofts at Brandon Mill sold for $42.15 million on November 14. The sales price reflects a per-unit price of $231,593, and the property was occupied in the mid-90’s at the time of the sale.

“Our client developed the project through the Historic Tax Credit program and South Carolina’s specially-assessed property tax incentive. The execution of this transaction highlights how developers can generate tremendous value while simultaneously improving communities and the overall character of the sub-market through a creative approach,” said Jarmin.

Redeveloped in 2017, the 182-unit property features one-, two-, and three-bedroom floor plans. Each unit features ceilings at least 15 feet tall, dramatic floor-to-ceiling windows, stained concrete floors, exposed brick interiors and contemporary-style interiors with monochromatic appliances. Notable community amenities include a pool, a fitness center, a wine cellar, a dog park, a clubroom and an outdoor living space with grills and fire pits.

Categories : Greenville
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Aug
20

Greenville, NC Apartments Sold for $86,345/Unit

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signature aptsAvison Young announced today that it has brokered the $14.8-million acquisition of Signature Place Apartments located in Greenville, NC.

The property was purchased by CMF Signature Place, LLC, a subsidiary of Carter Multifamily based in Tampa. The sale closed at a price per unit of $86,345.

Signature Place is a 171-unit apartment community located at 410 Beasley Drive, near Vidant Medical Center and East Carolina University (ECU) Health Sciences.
“This asset was uniquely positioned directly across from Vidant’s main campus in Greenville,” comments Cadwallader. “The acquisition provides an exceptional value-add opportunity for our client, and we are excited to see the potential it will bring.” Built in 1980, the property is situated on 15.24 acres near one of Greenville’s most active commercial areas. The complex includes 48 one-bedroom units, 84 two-bedroom units and 39 three-bedroom units. Amenities at the complex include a pool, dog park, courtyard, grilling area, fitness center and clubhouse.

Avison Young’s Craig Cadwallader, Vice President, and Gary Lyons, Senior Vice President, exclusively represented the buyer in the transaction.

Categories : Greenville NC
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Jun
19

Greenville Apartment Occupancy up to 92.6%

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real data LogoAccording to Real Data, for the first time since 2015, apartment demand exceeded new supply for the Greenville metropolitan area. Occupancies were effected by this and increased to 92.6%. There are currently 1,491 units under-construction in the metropolitan area. Proposed units increased over the past six months. The current average monthly rent is $971.

Demand is forecasted to outpace new supply levels over the next twelve months allowing occupancies to improve. Rental rates will likely increase by 2.0% to 3.0% going into 2019.

Categories : Greenville
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Dec
11

Crown Bay Group Acquires Columbia Apartments

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Lake ShoreAtlanta based Crown Bay Group LLC and its partner Vantage Capital Group has announced their acquisition of Lake Shore Village Apartments in Columbia, SC. The property was recently annexed into the City of Columbia boundary.

The garden style property is located on Garners Ferry Road, a major south-east artery which enjoys a highly accessible location with frontage on Garners Ferry, just minutes from I-77 (1.25 mi.). It is comprised of 280 units spread over 23 acres, that also includes a beautiful lake frontage. The new owners intend to complete a full deferred maintenance program including new roofs. Other improvements will include an interior upgrade package with new modern lighting, flooring, kitchen cabinets and black appliances that will take place over the next 24 months. In addition to renovating the units, a washer-dryer rental program will be put in place and a large outdoor tenant amenity area will be created to include a new playground, barbeque/picnic area and pavilion with the goal of upgrading Lake Shore’s image to attract tenants and increase occupancy.

 

The property will be managed by Crown Bay Management, a subsidiary of Crown Bay Group.

Categories : Columbia
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Oct
19

Greenville’s Haywood Reserve Sold

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sold_sign65CNL Growth Properties, a real estate investment trust (REIT) which invested in the development of Class A multifamily communities in the mid-Atlantic and Sun Belt regions of the United States, has completed the successful liquidation of its portfolio according to the plan approved by shareholders in August 2016. The company closed on the sale of its 17th and final property, Haywood Reserve in Greenville, South Carolina, on Sept. 29, 2017, for $53.8 million.

Categories : Greenville
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Sep
06

Raleigh Durham Apartment Vacancy at 5.4%

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real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are currently more than 9,000 units under construction or proposed throughout the Triangle.

The average vacancy rate is now 5.4%. Demand remains strong with more than 2,000 units absorbed over the past six months. Over the same time period, there were more than 1,800 new units completed.

The average rental rate for an apartment in the Triangle is now at $1,101 per month, which is up from $1,064 one year ago.

The average vacancy rate is forecast to reach 5.0% in the coming year. Rental rates are expected to grow by 4% over the same time period.

Categories : Durham, Raleigh
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Aug
29

Spartanburg Apartments Sold for $46,400/Unit

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serenity aptsElevation Financial Group, LLC, provider of affordable housing for seniors and families, is pleased to announce the disposition of Elevation Real Property Fund V asset, Serenity Apartments® at Spartanburg. The 152-unit multifamily community sold for a purchase price of $7.05 million, or $46,381/unit, and represents the first disposition for Elevation Real Property Fund V. The transaction was brokered by the Charlotte office of Capstone Apartment Advisors.

Elevation purchased the multifamily apartment community from the original developer in 2015 for $4.05 million, or $26,315/unit, and immediately initiated approximately $1 million in renovations. Upgrades included new windows, new roofs, renovated unit interiors, and rebranding of the entire property. Consisting of one-bedroom garden-style units, the property was totally transformed by the vigorous revitalization. Through the strong oversight of Elevation Property Management, the community stabilized and consistently maintained an occupancy level at or above 95%.

Categories : Spartanburg
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Aug
15

RADCO Acquires Charleston Apartment Community

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Woodbridge_ApartmentsThe RADCO Companies, one of the nation’s leading opportunistic real estate developers, completed its sixth acquisition of 2017 with the closing of Woodbridge Apartment Homes in Charleston, South Carolina. This is RADCO’s 72nd acquisition since 2011, its seventh community in South Carolina, and its second community in the Charleston market.

The 198-unit, Class B property has been renamed Radius at West Ashley. Radius at West Ashley will be proudly managed by RADCO Residential, the Company’s proprietary management platform.

Radius at West Ashley is favorably located in the heart of the West Ashley submarket of Charleston, just minutes away from downtown Charleston, College of Charleston, MUSC, and scenic South Carolina beaches. The community’s location and accessibility to major roads allows for an easy commute to the area’s major office facilities and employers, including Boeing.

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May
22

Greer Mill Building to be Converted to Apartments

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Lofts RenderingTucked away off E. Wade Hampton Boulevard in Greer is a former mill community that is undergoing a makeover.

Apalache Mill, which opened in 1888, had a grist mill, a saw mill and a small textile mill. It was one of the first mills to be built in the Spartanburg area, and remained active until 2007. The building and 7.2-acre property it sits on is being refurbished into residential apartments called Lofts by the Lake at Apalache Mill. The development is located at 2200 Racing Road in Greer.

Upstate developer Dale Goodrich is turning the abandoned mill into 97 one- and two-bedroom units. The proposed apartment community will feature high-end, loft-style amenities including massive two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units, and communal resources including lake access and kayak shoots.

 

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Categories : Greer
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Apr
18

Why Aren’t More Small Apartment Projects Built?

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Large, luxury apartment and condo developments have been dominating headlines and casting a big shadow over the “little guys” in rental housing. A new report released by Enterprise Community Partners and the University of Southern California’s Bedrosian Center on Governance aims to call attention to this overlooked segment of the market.

The Understanding the Small and Medium Multifamily (SMMF) Housing Stock report emphasizes the formidable size of this segment of the market and its importance as a source of naturally occurring affordable rental housing. SMMF properties with two to 49 units account for more than half (54 percent) of all rental housing in the United States, according to the report. Many of these properties were originally built in the 1960s, 1970s, and 1980s. That aging inventory, along with limited amenities in many cases, contributes to lower average rental rates compared with those obtained by its larger, newer competitors.

small apartments

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Categories : National News
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Feb
27

HFF Closes $20.75 Million Sale of Raleigh Apartments

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regency placeHolliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $20.75 million sale of Regency Place Apartments (Regency Place), a 180-unit, garden-style apartment community in the West Raleigh submarket of Raleigh, North Carolina.

HFF marketed the property on behalf of the seller, Covenant Capital Group. Towne Properties (Towne) purchased the asset free and clear of existing debt. Regency Place is Towne’s first acquisition in North Carolina and in the southeastern region of the United States.

Regency Place is located at 6210 St. Regis Circle near the nexus of Interstates 40 and 440. The property’s centralized location within the Raleigh-Cary MSA provides connectivity to downtown Raleigh’s burgeoning tech hub and other high-growth employment centers such as North Carolina State University and Cary’s Weston area, which is home to companies, including SAS, MetLife and Fidelity Investments. Regency Place comprises nine three-story residential buildings with a mix of one- and two-bedroom units averaging 848 square feet each. During the past two years, the property has undergone renovations to upgrade amenity spaces, exterior features and unit interiors. Exterior and common area improvements include clubhouse modernization, fitness center expansion with new equipment, a new dog park, new pool pavilion and deck, landscape enhancement and new exterior paint. Unit upgrades include the addition of stainless steel appliances, granite countertops, new cabinet doors, new hardware and lighting, fresh interior paint and faux-wood flooring.

The HFF investment sales team representing the seller was led by managing director Justin Good, director Allan Lynch, managing director Jeff Glenn and senior managing director Jason Nettles.

Categories : Raleigh
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