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Single-Family Rental

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DevelopmentFloridaLoansMultifamilySingle-Family RentalSoutheast

George Smith Secures $26M Construction Loan for SFR Project in Fort Myers, Florida

by Julia Sanders

FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.

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InterFace-Active-Adult-Panel
Conference CoverageFeaturesMultifamilySeniors HousingSingle-Family Rental

Despite Brand Ambiguity, Active Adult Properties Gain Favor With Investors, Says InterFace Panel

by Taylor Williams

By Taylor Williams While the product’s definition and brand identity can be obscure and subjective and the amount of data available on it is limited, the asset class known as active adult is experiencing healthy growth in development and resident demand. In turn, those positive vital signs are making both institutional and private investors increasingly comfortable with the property type. This is particularly the case among investors with significant allocations of capital in the multifamily sector and that are seeking yield within that highly competitive space. The amount of available data on the asset class is minimal — at least according to lenders that dabble in the space and researchers that track it. But there is enough statistical information on occupancy and lease-up rates to appeal to institutional players, industry professionals say. For starters, the property has some major demographic tailwinds. According to a February 2021 report from CBRE, by 2030, the 65-plus age cohort will comprise 21 percent of the total U.S. population, a 50 percent increase from the 2020 proportion. The report also found that the average occupancy rate of 95 percent across the active adult sector is higher than other subtypes of seniors housing. In addition, active …

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AlabamaLoansMultifamilySingle-Family RentalSoutheast

Cushman & Wakefield Arranges $30.2M Construction Loan for Single-Family Rental Community in Huntsville

by Julia Sanders

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged $30.2 million in construction financing for The Hamlet at MidCity, a single-family rental community in Huntsville. Mike Ryan, Brian Linnihan, Richard Henry and J.P. Cordeiro of Cushman & Wakefield secured the three-year, floating-rate loan through Regions Bank on behalf of the developer, Middleburg Communities. The Hamlet at MidCity will include 120 standalone cottages and 55 separate duplex buildings totaling 230 units. Floor plans will range from one- to three-bedrooms, with an average unit size of 1,259 square feet. Community amenities will include a saltwater pool, outdoor grilling common areas, fitness center, dog park, pet spa and fire pits. Located on Old Monrovia Road off Highway 72, the property is a half-mile north of MidCity District, an $850 million mixed-use development that when complete will contain 400,000 square feet of office space and 350,000 square feet of retail space.

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Market ReportsMidwestMidwest Market ReportsMultifamilyOhioSingle-Family Rental

Strong Investor Demand for Cincinnati Apartments Drives Up Pricing

by Kristin Harlow

By Noah Juran, NorthMarq Cincinnati remains a highly sought-after market for multifamily investors as the U.S. emerges from the COVID-19 pandemic. The Cincinnati area’s apartment market fundamentals, including rent growth, rent collections and occupancy levels, are holding up well.  Significant amounts of capital — including local, out-of-state and international — are aggressively seeking to be deployed into multifamily assets, which continues to drive up pricing. Multifamily has outperformed many other commercial real estate sectors during COVID, as many investors consider it a safe-haven investment. However, a lack of inventory for sale is slowing transaction activity. COVID-19 impact While delinquencies increased in 2020 due to pandemic-related layoffs and furloughs, many apartment owners in Cincinnati recorded strong rent performance, especially those properties that are well-managed and efficiently screen tenants. There was an eviction moratorium in Ohio, but it had a minimal impact. Workforce housing properties with lower-income tenants experienced the most negative effects during the pandemic. Many operators in Cincinnati and throughout the Midwest recorded collections at or above 90 percent, which is typical. Owners may have had a couple of tenants who requested rent relief or deferred payments, but after the dust settled, most borrowers, owners and operators did not experience …

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Queen City Townes
AcquisitionsGeorgiaMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Haven Realty Capital Acquires Single-Family Rental Homes in Georgia, North Carolina for $80M

by Julia Sanders

LOS ANGELES — Haven Realty Capital, a Los Angeles-based single-family rental investor, has acquired three communities in the Southeast to add to its institutional single-family rental and build-to-rent portfolio. The housing developments are currently under construction and are located in metro Atlanta and in Charlotte. The two separate transactions totaled $80 million, and the sellers were not disclosed. The first metro Atlanta community, Stapleton Park, is located at 150 John Wesley Way in McDonough and will include 76 homes. The property will have three- and four-bedroom floorplans ranging in size from 1,916 to 2,655 square feet. The other property, Rosemary Park at Sugarloaf, is located at 819 Sugarloaf Parkway in Lawrenceville and will include 78 three-bedroom and two-and-a-half bedroom townhomes. Ranging in size from 1,559 to 1,804 square feet, each home in Rosemary Park will feature granite countertops, hard surface flooring, new stainless-steel appliances and private backyard. In a separate transaction, Haven Realty closed on the first phase of Queen City Townes, a 106-unit rental townhome community in Charlotte’s South End. The two- and three-bedroom townhomes range in size from 1,370 to 1,599 square feet. Located at 4928 Old Pineville Road, the community is situated 0.2 miles from the Woodlawn …

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DevelopmentGeorgiaMultifamilySingle-Family RentalSoutheast

PulteGroup, Invitation Homes to Build 7,500 Single-Family Rental Projects in Next Five Years

by Julia Sanders

ATLANTA AND DALLAS — Atlanta-based PulteGroup Inc. and Dallas-based Invitation Homes have formed a joint venture to build and lease new single-family rental homes. PulteGroup expects to design and build approximately 7,500 new homes over the next five years specifically for sale to Invitation Homes for inclusion in its single-family rental leasing portfolio. The companies have already agreed on the construction and sale of over 1,000 homes across seven communities over the next several years, with the first sales expected to close in 2022. Initial projects are scheduled for delivery in growth markets such as Florida, Georgia, Southern California, North Carolina and Texas. PulteGroup Inc. is a homebuilding company with operations in more than 40 markets throughout the country. Invitation Homes is a single-family home leasing and management company.

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DevelopmentMultifamilySingle-Family RentalTexas

Kinloch Partners Acquires Land in Royce City, Texas for Single-Family Rental Community

by Taylor Williams

ROYCE CITY, TEXAS — Kinloch Partners, a developer of single-family rental (SFR) properties throughout the Southeast, has acquired land in the northeastern Dallas suburb of Royce City for the development of a new community. The number of homes was not disclosed, but the project is part of Kinloch Partners’ broader effort to add roughly 500 new SFR units to the local supply within the next 18 months. Homes will range in size from 2,000 to 2,500 square feet, and rents will start at less than $2,000 per month.

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AcquisitionsGeorgiaSingle-Family RentalSoutheastTennessee

GTIS Partners Sells Single-Family Rental Portfolio for $300M

by Julia Sanders

ATLANTA AND NASHVILLE, TENN. — GTIS Partners has sold a single-family rental (SFR) portfolio spanning 1,081 homes located in Atlanta and Nashville to an undisclosed buyer for approximately $300 million. GTIS first entered the SFR space in 2012. Since then, the New York-based firm has owned and/or managed over 4,700 SFR homes scattered across nine markets. Additionally, GTIS has seven build-to-rent projects under construction in Phoenix and South and Central Florida. The developments total 1,370 units and will cost about $340 million to bring on line.

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Build-to-RentGeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Investors are ‘Swarming’ Atlanta’s Multifamily Market, Driving Pricing Up

by John Nelson

Atlanta is a hot spot for investing in multifamily assets as the market emerges from the COVID-19 pandemic. The apartment market’s fundamentals, including occupancy and rent growth, have held up considerably well, making the market extremely attractive to buyers. Because the Atlanta market has an abundance of capital looking to be deployed, prices are being driven up significantly and cap rates driven down. Multifamily has outperformed many other commercial real estate sectors during the pandemic, considered a “hot-ticket asset class” by investors, which leads to new capital swarming the Atlanta apartment market. Many multifamily properties are now routinely trading at a sub-4 percent cap rate, indicative of the vast amount of available capital and the confidence that investors have in the product type. However, rather than clearing the market and searching for as many prospective buyers as they can, sellers are looking at a smaller subset of dominant, well-known investors that they know will deliver and get the transaction done. They are seeking six to 12 well-recognized, established players that can execute a deal at top prices. It is an extremely competitive process, and all buyers know they have to swing high on pricing. Oftentimes, no one broker is selected …

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AcquisitionsIllinoisMidwestMultifamilySingle-Family Rental

Blackstone to Acquire Home Partners of America for $6B

by Kristin Harlow

CHICAGO — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Chicago-based Home Partners of America (HPA), valuing the company at $6 billion. HPA purchases, owns and operates single-family rental homes and provides a path to homeownership for individuals and families across the United States. HPA’s portfolio includes more than 17,000 homes across the country. BREIT intends to support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including by formally launching its Choice Lease program. This program aims to provide a direct and tangible opportunity to help address housing affordability challenges for families, according to Blackstone. “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it,” says Jacob Werner, senior managing director with Blackstone Real Estate. “We intend to build on that goal and expand access to homes across the United States.” The transaction is expected to close in the third quarter. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), which maintains approximately $196 billion in investor capital under management.

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