Multifamily

Coldwell Banker Commercial Realty Negotiates Sale of 60-Unit Apartment Building Under Construction in Chicago

by Kristin Harlow December 6, 2023

CHICAGO — Coldwell Banker Commercial Realty has negotiated the sale of a 60-unit apartment building under construction in Chicago’s Lincoln Square neighborhood. The sales price was undisclosed, but the list price was $4 million. The property at 5035 N. Lincoln Ave. will comprise 80 percent market-rate units and 20 percent affordable housing. Choudhry Muzaffar of Coldwell Banker brokered the sale. The buyer, TRIETH Development, intends to complete construction and add additional units. The development had been stalled for four years and went into receivership.

December 6, 2023

Development Georgia Multifamily Southeast

McShane Delivers 280-Unit Apartment Community in McDonough, Georgia

by John Nelson December 6, 2023

MCDONOUGH, GA. — McShane Construction Co. has delivered Crofthouse McDonough, a 280-unit apartment community located at 2080 Jonesboro Road in McDonough, a southern suburb of Atlanta. South City Partners is the developer of the community, which is the multifamily component of a 31-acre mixed-use development that includes for-sale homes and retail/commercial space. Designed by Dynamik Design, Crofthouse McDonough features one-, two- and three-bedroom apartments, as well as a clubhouse with a game room, fitness center and yoga room, coworking space, pet spa, resort-style swimming pool, fire pit, grilling stations, putting green, dog park and a gazebo with a TV, bar and mini fridge. Alpha Management Partners manages the community, according to the property website. Rental rates range from $1,529 to $2,339.

December 6, 2023

Development North Carolina Southeast Student Housing

Stratus Breaks Ground on 153-Bed Student Housing Property Near Wake Forest University in North Carolina

by John Nelson December 6, 2023

WINSTON-SALEM, N.C. — Stratus Development Group has broken ground on The Haven at Wake, a 153-bed student housing development located near the Wake Forest University campus in Winston-Salem. The community will offer a mix of two-, three- and four-bedroom units with bed-to-bath parity. Located at 450 Polo Road, the project is a half-mile from the Wake Forest campus. Shared amenities will include parking, a swimming pool and sundeck, clubhouse, study rooms, fitness facilities, community green space and a dog park. A timeline for the project was not announced.

December 6, 2023

Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

LyvWell Communities Develops Wellness-Centered Townhomes in Tampa’s Deer Valley

by John Nelson December 6, 2023

TAMPA, FLA. — LyvWell Communities announces its latest build-to-rent development in Tampa: 115 new townhomes in the Deer Valley district. Land development is currently underway, with move-in dates available as early as summer 2024. LyvWell Communities caters to the health-conscious preferences of residents, developing properties with amenities such as pools, dog parks, outdoor fitness areas, Zen zones, community pavilions and community gardens. From fenced yards and garages to versatile living spaces equipped with air and water filtration systems, blackout shades for restful sleep, and circadian lighting, LyvWell Communities offers a comprehensive approach to well-being. According to Mike Bednarski, CEO of LyvWell Communities, “LyvWell Communities is driven by a mission that transcends traditional real estate. Our vision is to provide not just homes, but living experiences that emphasize wellness, community and self-preservation.” Community is a central pillar of the LyvWell Communities mission, and property managers host a wide variety of events and activities for their members such as group fitness classes, community barbecues and healthy cooking classes. LyvWell Communities’ development team has extensive experience in residential and multifamily development, investment and management and covers the Southeastern United States and Texas with their housing offerings.

December 6, 2023

Conference Coverage Development Features Georgia Multifamily Southeast Southeast Feature Archive

New Multifamily Starts to Slow to a Crawl in 2024, Say InterFace Panelists

by John Nelson December 5, 2023

ATLANTA — Multifamily developers are bracing for the uncertainty of 2024 as their projects are delivering into a landscape where new supply is outpacing demand by a significant margin. In the third quarter, a total of 114,000 new multifamily units were delivered in the United States compared to 82,100 absorbed, according to research from CBRE. The absorption figure is technically rebounding as it represents the highest quarterly figure since early 2022, but there is still a sizeable delta compared to supply growth. The trailing four-quarter total for U.S. multifamily deliveries stands at 376,500 units, which CBRE reports is the highest since it began tracking the metric 27 years ago. “This is historic supply,” said Todd Oglesby, managing director of Alliance Residential Co.’s Southeast division. “It’s at the highest levels since the 1980s.” Oglesby made his comments as part of a panel of developers at France Media’s InterFace Multifamily Southeast, an annual conference held on Thursday, Nov. 30 at the Westin Buckhead hotel in Atlanta. Chad Riddle, senior project manager at Bohler, moderated the panel entitled “Given the Interest Rate & Debt Market Environment, How Are Developers Making New Projects Pencil?” Throughout the full-day conference, several panelists mentioned that their firms’ …

December 5, 2023

Development Multifamily Texas

Rosewood Begins Leasing 311-Unit Multifamily Project in San Antonio

by Taylor Williams December 5, 2023

SAN ANTONIO — Dallas-based Rosewood Property Co. has begun leasing Phase II of Tobin Estates, a 311-unit multifamily project located on the north side of San Antonio. In addition to the 304 apartments that are housed in four buildings, Phase II features a building with seven townhomes and additional amenities, including a 4,500-square-foot fitness center. Units come in one-, two- and three-bedroom floor plans, with rents starting at roughly $1,400 per month for a one-bedroom apartment. Project partners included Oden Hughes Taylor Construction (general contractor), WDG Architecture, Westwood (civil engineer), B2 Architecture + Design (interior designer) and LandDesign (landscape architect). Full completion is slated for early 2024.

December 5, 2023

Development Georgia Multifamily Southeast

Tidal Delivers First Southeast Mass Timber Residential Project With 389-Unit Ann Street Lofts in Savannah

by John Nelson December 5, 2023

SAVANNAH, GA. — Tidal Real Estate Partners, on behalf of investment vehicle Flank GP Fund I, has delivered Ann Street Lofts, a two-building residential development located at 110 Ann St. in downtown Savannah. The 389-unit property represents the first mass timber residential project in the Southeastern United States, according to Tidal. The developer and project architectural firm, LS3P, are targeting LEED Gold certification for Ann Street Lofts, which features a rooftop solar array and electric vehicle charging stations, as well as exposed timber columns, beams and ceilings throughout. Greystar manages the property, whose rental rates range from $1,712 to $3,902 per month, according to Apartments.com. Floor plans range from studios to four-bedroom apartments. Amenities include a pool, fitness center, clubhouse, movie theater, grilling areas, business center, onsite property management and maintenance, bicycle storage, pet play area and a pet washing station.

December 5, 2023

Development Georgia Multifamily Southeast

Crescent Communities Opens 340-Unit Novel West Midtown Apartments in Atlanta

by John Nelson December 5, 2023

ATLANTA — Crescent Communities has opened Novel West Midtown, a 340-unit apartment community located at 1330 Fairmont Ave. in Atlanta. Situated in the city’s West Midtown district, the property features walking trails that connect to various hiking trails and a future connection to the Atlanta BeltLine; a dog park; saltwater pool with cabanas, hammocks and spa; outdoor kitchen; and a private courtyard with an elevated terrace view. Indoor amenities include a fitness center, coworking lounge, club room and a game room. The unit mix at Novel West Midtown includes studio, one-, two-, and three-bedroom residences, with 10 percent of homes designated as affordable housing. Rental rates range from $1,699 to $3,515 per month, according to Apartments.com.

December 5, 2023

Acquisitions Multifamily North Carolina Southeast

Northmarq Arranges $107M Sale of Alta Filament Apartments in Charlotte

by John Nelson December 5, 2023

CHARLOTTE, N.C. — Northmarq has arranged the $107 million sale of Alta Filament, a 352-unit luxury apartment community located at 525 E. 21st St. in Charlotte. The newly built property is situated in the city’s Mill District neighborhood near Optimist Hall food hall and the Lynx Blue Line Light Rail. Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson of Northmarq represented the seller, Wood Partners, in the transaction. The buyer was Mid-America Apartment Communities. Amenities at Alta Filament include a community clubhouse, conference room, grilling areas and fire pits, a 24/7 fitness club with a rollup door to an outdoor lawn, swimming pool, sundeck trellis, pet spa and wash and a package delivery service. The community also features two oversized courtyards, a podcast/content creator studio and 10 private offices rentable by the month.

December 5, 2023

Acquisitions Multifamily Southeast Student Housing Tennessee

Capstone Real Estate Sells Former Student Housing Community in Murfreesboro, Tennessee

by John Nelson December 5, 2023

MURFREESBORO, TENN. — Capstone Real Estate Investment has sold Landmark Apartments, a 264-unit community located near the Middle Tennessee State University campus in Murfreesboro. The property was acquired as a student housing project by the company in 2020 and underwent significant renovations, including the transformation of the community into traditional multifamily. Landmark Apartments offers one-, two- and three-bedroom units. The buyer in the transaction was not disclosed.

December 5, 2023

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