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.
HUTTO, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 30.6 acres in the northern Austin suburb of Hutto for the construction of a 276-unit build-to-rent residential project. Josh Cameron and Hal Guggolz of Land Advisors Organization brokered the $11 million sale of the land. Village at Hutto Station will offer one-, two- and three-bedroom homes with private backyards, and residential amenities will include a pool, outdoor grilling areas, fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023.
PLAIN CITY, OHIO — Coastal Ridge Real Estate has unveiled plans to build 230 build-to-rent homes at Jerome Village, a master-planned community developed by Nationwide Realty Investors in Plain City, a northwest suburb of Columbus. The project will be developed under Coastal Ridge’s Stillwell brand, which launched earlier this year with build-to-rent communities in Florida and Texas. A joint venture partnership between Coastal Ridge and Halstatt Real Estate Partners is developing Stillwell Jerome, completion of which is slated for 2023. Columbus-based Hallmark Construction is the general contractor. Stillwell Jerome will feature one-, two- and three-bedroom homes with first-floor private entries and individual backyards. Residents will have access to a pool, clubhouse, walking trails, outdoor seating areas and a fitness center.
FORT WORTH, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 48 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth for the construction of a build-to-rent residential project. Empire plans to develop Village at Golden Triangle, which will comprise 323 homes on 30 acres, and sell the remaining 18 acres, which are zoned for office and/or retail development. Homes will come in a mix of one-, two- and three-bedroom formats with private backyards, and residential amenities will include a pool, outdoor grilling areas, a fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023. Details of the commercial component were not disclosed. Empire Group acquired the land for $16 million.
CHESTERFIELD, MO. — Northmarq has arranged a $23.5 million loan for the construction of the Terraces at Wildhorse Village in Chesterfield, a western suburb of St. Louis. The 70-unit, luxury build-to-rent project is part of the larger Wildhorse Village, a $500 million mixed-use development. Each of the townhomes will feature three bedrooms spanning 2,250 square feet and include two-car garages. Construction is expected to begin later this summer and be completed in roughly 12 months. David Garfinkel of Northmarq arranged the five-year, fixed-rate loan through regional bank INB. St. Louis-based Pier Property Group (PPG) was the borrower. The Terraces will be located immediately adjacent to the Flats at Wildhorse Village, PPG’s 266-unit luxury apartment development that is slated for completion in fall 2023.
SANTA BARBARA, CALIF. — Institutional capital investment in single-family-rental (SFR) acquisitions and build-to-rent (BTR) projects is growing by leaps and bounds. Institutions funded $2.5 billion in SFR acquisitions in 2021 and committed more than $60 billion in capital to buying single-family rental homes over the past year, according to Yardi Matrix’s new report, “Build-to-Rent Fuels Growth in Institutional Single-Family Rental Market.” By 2030, Institutions are expected to own about 7.6 million homes, accounting for almost half (40 percent) of all single-family-rental units in the country. “The institutions that are getting involved in SFRs tend to be private equity funds,” says Paul Fiorilla, director of U.S. research at Yardi Matrix. “There are some traditional core investors that are getting into it, but it’s still looked at as a niche, high-yield sector.” According to Yardi Matrix, mom-and-pop owners still make up most single-family rentals, but institutions are increasing market share, with a heavy concentration in the Sun Belt. According to the National Association of Realtors, Texas (28 percent) topped the list of states with institutional buyers, followed by Georgia (19 percent), Oklahoma and Alabama (18 percent), and Mississippi (17 percent). However, with bulk and one-off home purchases becoming less attractive as options due …