CYPRESS, TEXAS — Los Angeles-based PCCP LLC will develop Meadows at Telge, a 195-unit build-to-rent residential community that will be located on the northwestern outskirts of Houston in Cypress. The 44-acre site will house three- and four-bedroom homes that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Communal amenities will include a pool, leasing office, dog park, grilling and dining stations and a playground. PCCP has partnered with homebuilder ICB on the project, construction of which is expected to last two to three years.
LOCKHART, TEXAS — San Antonio-based multifamily developer The Lynd Group has acquired a 30.5-acre parcel in Lockhart, about 35 miles south of Austin, for the development of a 174-unit build-to-rent community. Lynd is developing the project, which carries a total price tag of $61 million, in partnership with T.R. Inscore. Residences will come in two- and three-bedroom formats and will have an average size of 1,530 square feet. Communal amenities will include a pool, fitness center, dog park, a clubhouse and outdoor grilling and dining areas. Construction is scheduled to begin in January, with the first homes slated to come on line in the third quarter of 2023.
SPRING, TEXAS — Landmark Properties, a student housing and multifamily developer based in Athens, Ga., will develop The Everstead at Windrose, a 194-unit build-to-rent residential project in the northern Houston suburb of Spring. Landmark is developing the project in partnership with Principal Real Estate Investors. The development will offer townhouse- and cottage-style homes with private patios/backyards, and select residences will have attached garages. Communal amenities will include a pool, fitness center, coffee bar, dog park and grilling stations. Construction is slated to begin later this month and to be complete in 2024.
SUMMERVILLE, S.C. — Blaze Capital Partners and Cross Lake Partners have sold Chamberlain Pines, a 132-unit single-family rental community in Summerville, a suburb of Charleston. The duo delivered the townhome-style property last year. The buyer and sales price were not disclosed. Chamberlain Pines features two-story townhomes averaging 1,685 square feet across three and four-bedroom rental units. All units feature attached garages, concrete backyard patios and private, fenced-in yards.
PHOENIX — Northmarq has brokered the sale of Proximity of 16th Apartments, a single-family rental property in Phoenix. Scottsdale-based Avenue North LLC sold the asset to Sandy, Utah-based Bridge Founders Group for $30.1 million, or $354,118 per unit. Built in 2021, Proximity on 16th features 85 single-family rental residences in a mix of one-, two- and three-bedroom homes that range in size from 679 square feet to 1,339 square feet. The community includes 60 one-story and 25 two-story units with stainless steel appliances, quartz countertops, full-size washers/dryers, walk-in closets, wood-inspired flooring and patios with private backyards. The community features a pool, barbecue area, garages, covered parking and electric vehicle charging. At the time of sale, the property was 95 percent leased. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team represented the seller in the deal.
SAVANNAH, GA. — Berkadia Institutional Solutions has brokered the $73 million sale of Beacon Place Godley Station, a 252-unit build-to-rent multifamily community located at 165 W. Mulberry Blvd. in Savannah. Russ Hardy of Berkadia’s Atlanta office represented the unnamed seller in the transaction. Washington-based Wilkinson Corp. purchased the property, which features one-, two- and three-bedroom single-family rental homes. Amenities include a swimming pool, fitness center and a business center. Richard Levine of Berkadia’s Atlanta office arranged a $51 million, three-year acquisition loan through Bridge Investment Group on behalf of Wilkinson Corp.
MADISON, ALA. — Landmark Properties, the student housing development giant based in Athens, Ga., has broken ground on its first build-to-rent community. The property, named The Everstead at Madison, will be located in the Huntsville suburb of Madison and comprise 231 single-family and cottage-style homes. Finishes for the homes will include quartz countertops, stainless steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom and backyards with private patios. Some units will also feature an attached garage. Community amenities will include a resort-style swimming pool, fitness center, playground, fire pit, grilling area and a dog park. TSB Capital Advisors arranged financing on behalf of Landmark, which expects to deliver first homes in 2023 and complete the neighborhood in 2024.
SANTA BARBARA, CALIF. — After a long period of growth, U.S. multifamily asking rents seem to have finally hit a wall, according to Santa Barbara-based Yardi Matrix’s monthly National Multifamily Report. U.S. multifamily asking rents declined $1 to $1,718 in August — the first month-over-month period since June 2020 without significant growth. “The economy is starting to feel the effects of higher interest rates, while migration is slowing, and the increasing lack of affordability is affecting high-growth metros,” states the report. Asking rents increased in only 10 of Yardi Matrix’s top 30 markets in August, with Philadelphia, San Francisco and Nashville all showing a 0.5 percent growth rate. Metros with the largest decreases in asking rents included Raleigh (-1.3 percent), Seattle (-1.1 percent) and the Inland Empire and Las Vegas (both -0.8 percent). Yardi Matrix attributes this deceleration to multiple factors, including seasonality, cooling in markets that saw rents increase at extraordinarily high rates over the past two years and, most importantly, slowing migration and population figures. With a decreasing population growth rate and legal immigration dropping to its lowest level in decades, the report emphasizes that rent growth in the future is likely to be increasingly defined by migration …
SAN ANTONIO — Atlanta-based developer RangeWater Real Estate has broken ground on Caliza at the Loop, a 154-unit build-to-rent residential community that will be situated on a 16.5-acre site in San Antonio. Homes will come in three-bedroom formats and will average 1,600 square feet in size. Amenities will include a pool, outdoor grilling areas, a fitness center, playground and a business center. The first move-ins are scheduled for May 2023. RangeWater will manage the property under its Storia brand.
MAPLE GROVE, MINN. — A partnership between PCCP, Sotarra and The Excelsior Group is underway on the development of Edgewater on Cook Lake in the Minneapolis suburb of Maple Grove. The project will consist of 58 single-family build-to-rent units averaging 2,277 square feet each. Residents will have access to a clubhouse, business center, pool and grilling station. Each of the homes will have an attached two-car garage. Completion is slated for February 2023. Sotarra is a full-service real estate investment firm specializing in the acquisition, development and redevelopment of land, office and residential properties throughout the Midwest. Sotarra will co-develop the project with The Excelsior Group, a Twin Cities-based multifamily developer. PCCP is a real estate finance and investment management firm. RT Residential is the general contractor and Lincoln Property Co. will manage the property.