BRUNSWICK, GA. — Single-family rental operator ARK Homes for Rent has begun leasing Walker Point, a 237-unit build-to-rent residential property in Brunswick, a coastal city about 80 miles south of Savannah. The property features three floor plan options ranging from two to four bedrooms. Amenities will include a clubhouse, fitness center, swimming pool and a dog park. Monthly rents will start at $1,650, according to ARK Homes.
Cushman & Wakefield Brokers Sale of 318-Unit Lively Victor Park Apartments in Upstate South Carolina
GREER, S.C. — Cushman & Wakefield has brokered the sale of Lively Victor Park, a 318-unit apartment community located at 250 Victor Ave. in Greer, a city in South Carolina’s Upstate region that includes Greenville and Spartanburg. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed buyer in the transaction. The locally based developer, Orange Capital Advisors, sold the property for an undisclosed price. Jim Sewell, Dave Lansbury, Erika Maston and Andrew Burns of CBRE represented the seller. Built in 2022, the four-story property includes a resort-style saltwater pool with adjacent bocce ball area, sky lounge, dog park, multiple gathering areas and a two-story gym with an indoor climbing wall. Lively Victor Park’s apartments range from studio to three-bedroom units commanding rental rates from $1,225 to $1,785, according to Apartments.com. Floor plans range from 478 to 1,206 square feet in size.
FORT WORTH, TEXAS — Matthews Real Estate Investment Services has arranged the sale of Amberwood Apartments, a 62-unit multifamily complex in Fort Worth. The property was built in 1969. A partnership between an entity doing business as Bakerson LLC and Massive Capital purchased the asset from an undisclosed seller. Jared Rice and Harris McKay of Matthews brokered the deal.
TEMPE, ARIZ. — University Partners has acquired Canvas Tempe, an 826-bed student housing community located near the Arizona State University campus in Tempe. A joint venture between Toll Brothers and Harrison Street sold the asset for an undisclosed price. Built in 2021, the community offers a mix of studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop oasis, jumbotron, e-sports lounge, sauna room, spray tan facility and innovation lab. Tim Bradley, Shawn Sweeney and Steve Hovanec of TSB Capital Advisors arranged financing for the acquisition on behalf of University Partners. TSB Realty brokered the transaction. “Canvas marks our third acquisition in recent years in the Tempe market and is an excellent complement to our growing portfolio,” says Troy Manson, principal of University Partners.
ALHAMBRA, CALIF. — JCH Senior Housing Investment Brokerage has arranged the lease negotiation of a prominent assisted living facility in Alhambra, just east of Los Angeles. The facility, previously operated by a national operator, will now be under the management of a regional operator that specializes in low-income residents.
EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has opened Arbor Terrace Marlton, an 87-unit complex in Evesham Township, located in Southern New Jersey’s Burlington County. Designed by Philadelphia-based architecture firm Meyer and built by IMC Construction, the property offers 60 assisted living units and 27 memory care residences. Amenities include a theater, bistro, salon, lounges, shared and private dining rooms and an outdoor garden. Rents start at $6,850 per month for an assisted living studio.
ROCHESTER, MINN. — Kraus-Anderson has completed construction of Bryk on Broadway, a 180-unit affordable housing community in Rochester’s Destination Medical Center (DMC) district. Local developers, led by Dirk Erickson, own the property. Designed by ISG architects, the project features 7,500 square feet of commercial and retail space on the ground floor as well as 140 climate-controlled parking stalls. Of the 180 units, 54 are restricted to those who earn up to 50 percent of the area median income (AMI), 18 are restricted at 60 percent of AMI and 108 are reserved for 80 percent of AMI. The top floor features a speakeasy-inspired lounge with views of the city. Amenities include a fitness center, storage units, bike storage and landscaped areas. In 2021, the Rochester City Council approved $2.2 million in tax-increment financing to help with project costs. The developers also received $2.2 million in DMC infrastructure funds in the form of a forgivable loan.
By Ron Fanish, co-owner, Rainbow International Restoration of Westchester Operating an apartment complex is no easy task. Property managers must juggle a long list of duties, from serving current residents and recruiting new tenants to maintaining buildings. Among the most challenging of these tasks is implementing large-scale apartment renovations. These undertakings comprise many complicated moving parts — managing contractors, overseeing budgets and ensuring the project does not significantly disrupt residents’ quality of life. This last element is especially important. Apartment renovations have the potential to be majorly disruptive by generating noise, clutter and limited access to utilities. In some cases, residents may even be temporarily displaced from their homes. For this reason, it’s essential for property managers to prioritize positive resident experiences during the renovation process. Here are five strategies for doing precisely this. Communicate, communicate, communicate. Since large-scale apartment renovations can have such significant impacts on residents’ day-to-day lives, there’s no such thing as over-communication. Start by giving advance notice about the project as soon as possible and providing thorough details on duration, potential noise and other disturbances. Also, operators must ensure that they’re communicating across multiple channels so residents don’t miss any updates. Use email, paper bulletins, text …
CHARLOTTE, N.C. — PCCP LLC has provided a $57 million loan for the refinancing of Metro University City, a multifamily community located at 404 Gallop Lane in the University City neighborhood of Charlotte. Seth Grossman of Meridian Capital Group secured the financing on behalf of the undisclosed borrower, which acquired the property in September 2021. The community features 309 units across four buildings. Amenities at the property include a clubhouse, saltwater pool, fitness center, outdoor kitchen with grilling areas and a dog park and spa.
ST. AUGUSTINE, FLA. — Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing community to be located at the intersection of North Volusia and Chapin streets in St. Augustine. Upon completion, the development will feature 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments across four buildings. Rental prices will be determined by household income, with 80 percent of units reserved for residents earning 60 percent of area median income (AMI) or less and 10 percent each available for residents earning at or below 33 and 50 percent of AMI thresholds. Amenities at the property will include a community center with a computer lab, library and flexible workspaces and a playground, pavilion, 149 parking spaces and a dedicated walking trail. Construction on the $25 million project is scheduled to begin this summer. Funding has been secured through state, local and private sources including the Florida Housing Corp., the National Equity Fund and Bank of America.