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DevelopmentMultifamilySoutheastVirginia

Breeden Completes 198-Unit Multifamily Community in Norfolk, Virginia

by John Nelson

NORFOLK, VA. — The Breeden Co. has completed Lake Taylor Pointe Apartments, a 198-unit multifamily community located at 1060 Kempsville Road near Norfolk International Airport. Breedon Construction served as the general contractor for the $43 million development. The apartment complex features carriage house and garden-style buildings, with one to three-bedroom floorplans ranging in size from 723 square feet to 1,425, according to Apartments.com. Amenities at the complex include a resort-style swimming pool, poolside fitness center, outdoor gathering areas, arcade room, electric vehicle charging stations and a bark park. Rental rates for the property begin at $1,750.

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Affordable HousingDevelopmentFloridaLoansSeniors HousingSoutheast

Green Mills Breaks Ground on $26M Affordable Seniors Housing Community in Central Florida

by John Nelson

OSCEOLA COUNTY, FLA. — Green Mills Group has broken ground on a $26 million affordable seniors housing community in unincorporated Osceola County. Dubbed Poinciana Parc, the midrise property will comprise 86 units and amenities including a fitness center, business center, club/game room, laundry room and a swimming pool. The Florida Housing Finance Corp. awarded the project a 9 percent tax credit allocation in May 2023. Additional capital partners on Poinciana Parc include TD Bank, Raymond James Affordable Housing Investments and Neighborhood Lending Partners.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges Sale of 268-Unit Apartment Community in Ocala, Florida

by John Nelson

OCALA, FLA. — Berkadia has arranged the sale of Retreat at 42nd, a 268-unit, pet-friendly apartment community located in Ocala, approximately 35 miles southeast of Gainesville. The community is situated on 13 acres and comprises 16 three-story apartment buildings housing 24 one-bedroom units, 156 two-bedroom units, 84 three-bedroom units and four three-bedroom duplexes.  Amenities at the property include a 7,500-square-foot clubhouse with a 24-hour fitness facility, business center, event space, TV lounge, walk-in swimming pool and sundeck, bark park and an outdoor ramada/grilling area, as well as a maintenance area and detached garages. Cole Whitaker, David Etchison and Mary Beale of Berkadia’s Central and North Florida offices represented the seller, an entity doing business as Retreat at 42nd LLC, in the transaction. The buyer, Old Lyme, Conn.-based Hamilton Point Investments, acquired the property for an undisclosed price. Jeremy Lynch of Berkadia’s Philadelphia office arranged an undisclosed amount of acquisition financing through Berkadia’s Proprietary Lending Group (PLG) on behalf of the buyer.

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AcquisitionsIndustrialMarylandSoutheast

Marcus & Millichap, Lee & Associates Broker $7.8M Sale of Industrial Property in Columbia, Maryland

by John Nelson

COLUMBIA, MD. — A partnership between Marcus & Millichap and Lee & Associates has brokered the $7.8 million sale of 6822 Oak Hall Lane, a 39,096-square-foot flex industrial property located in Columbia, roughly 20 miles southwest of Baltimore. Built in 1984, the facility was fully leased at the time of sale and offers a mix of office and warehouse space with 18-foot ceilings, as well as dock and drive-in loading. Bob Filley and Arvin Gholamrezae of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both private investors. Lee & Associates had fully leased the property and partnered with Marcus & Millichap in the sale.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Capital Square Opens 20-Story Maeve Apartment Tower in Raleigh

by John Nelson

RALEIGH, N.C. — Capital Square has opened Maeve, a 20-story multifamily tower located at 319 W. Lenoir St. in Raleigh’s Warehouse District. The high-rise includes 297 apartments and approximately 10,000 square feet of street-level retail space. Maeve offers studio, one-, two- and three-bedroom apartments, as well as a double-height lobby and 30,000 square feet of amenities, including a resort-style pool and rooftop lounge. Monthly rental rates range from $1,695 to $7,515, according to Apartments.com. Project partners for the tower included architect JDAVIS Architects, general contractor W.M. Jordan Co., landscape designer EDSA, equity partner FrontRange Capital Partners and construction lender First National Bank of Pennsylvania. Greystar is managing Maeve, and York Properties is overseeing the tower’s retail leasing assignment.

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HealthcareLeasing ActivitySouth CarolinaSoutheast

Trinity Partners Signs Prisma Healthcare to Full-Building Lease Renewal in Columbia, South Carolina

by John Nelson

COLUMBIA, S.C. — Trinity Partners has restructured and extended Prisma Healthcare’s lease at 8 Medical Park, a 96,190-square-foot medical office building in Columbia. The facility is situated on the Prisma Healthcare Richland Hospital campus. Prisma Healthcare fully occupies 8 Medical Park. Bruce Harper and Dail Longaker of Trinity represented the landlord in the lease negotiations. Greta Bostic and Seth Travis of Davis Moore Healthcare Practice Group represented the tenant. Ashley Owens of Trinity Partners is the medical office building’s property manager.

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DevelopmentGeorgiaRetailSoutheast

Lincoln Property Co. to Develop 43,700 SF Shopping Center in Alpharetta, Georgia

by John Nelson

ALPHARETTA, GA. — Lincoln Property Co. plans to develop The Shoppes at The Gathering, a new 43,700-square-foot retail center in Alpharetta, a northern suburb of Atlanta. The property will be located within The Gathering-Alpharetta, a new mixed-use development situated within a mile of downtown Alpharetta and Avalon. Site construction has begun and vertical construction is set to begin in the fall. Set for delivery in fall 2026, The Shoppes at The Gathering will include seven buildings ranging in size from 4,225 to 8,400 square feet that can accommodate single or multiple retailers. Franklin Street and Centennial are handling the retail center’s leasing assignment on behalf of Lincoln Property Co.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Fairstead Invests $10M for Renovation of Affordable Housing Community in Chesapeake, Virginia

by John Nelson

CHESAPEAKE, VA. — Fairstead has invested nearly $10 million for the renovation of Peaceful Village Apartments, a 65-unit affordable housing community located at 3000 Welcome Road in Chesapeake. Fairstead is partnering with the Chesapeake Redevelopment and Housing Authority, which manages the community, for the renovation through HUD’s Rental Assistance Demonstration (RAD) program. The overhaul will include new energy-efficient appliances, renovated kitchens, new exterior siding and the construction of a new community center. All renovations are expected to be complete by fall 2026. Built in 1995, Peaceful Village offers a mix of three- and four-bedroom townhomes reserved for households earning below $32,000 annually to $63,900 (60 percent of the area median income). Capital partners on the renovation include Berkadia, Freddie Mac, U.S. Bank and Woodforest Bank.

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AcquisitionsFloridaIndustrialOfficeSoutheast

Cushman & Wakefield Brokers $7.6M Sale of Flex Office Building in Miami

by John Nelson

MIAMI — Cushman & Wakefield has brokered the $7.6 million sale of the Avex Building, a 48,881-square-foot, multi-tenant flex office and warehouse building located at 6405 N.W. 36th St. in Miami. Miguel Alcivar, Scott O’Donnell, Greg Miller and Mike Ciadella of Cushman & Wakefield represented the seller, Taha Properties, in the transaction. Joseph Suarez of Trustpoint Realty LLC represented the buyer, Marrero Capital Investments.

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Ann Atkinson Regions Real Estate Capital Markets quote from article
Affordable HousingContent PartnerFeaturesLoansMidwestMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastTexasWestern

Looking to Finance Your Multifamily Property? Compare Fannie Mae, Freddie Mac Small Balance Loan Options

by Sarah Daniels

By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days.  In addition, both programs offer the following product features for small loans:     Let’s now …

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