This year, multifamily housing starts nationally are on pace to hit their lowest levels since 2014, a period marked by the national economy’s gradual recovery from the Great Financial Crisis. Year to date, multifamily deliveries have exceeded starts by 218,500 units, creating a substantial shortfall that signals a significantly reduced apartment supply by 2026. The same trend is taking effect in Raleigh-Durham, where completions exceeded starts by 4,935 units. This is a key consideration for most apartment investment strategies today, explaining why many buyers are willing to accept Year 1 challenges such as softness or negative leverage. As the current supply wave peaks in the Triangle, the future pipeline of multifamily construction is shaping up quite different. Of the identified units that are scheduled for delivery in 2024, nearly 42 percent of units have been delivered as of this writing. Of the approximately 18,600 apartments currently under construction across the Triangle, 13,343 of those are expected to be delivered by the end of third-quarter 2025, with a majority in Central and Southeast Raleigh. However, new activity has slowed significantly — inventory growth by 2027 is projected to drop by more than 85 percent, plummeting to a 3.6 percent rate compared …
ORLANDO, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has announced the development of Royal Palm at Lake Nona, a 320-unit garden-style multifamily development located in southeast Orlando. Funding for the Class A project totaled $94.3 million, including a $56.6 million construction loan and $17 million in preferred equity. Situated within the 7,000-acre Lake Nona master-planned community, Royal Palm at Lake Nona will be located at 3000 Aria Circle. Upon completion, the new 16-acre development will comprise four four-story buildings and eight carriage house buildings with a unit mix of one- to three-bedrooms. Units will range from 782 square feet to 1,398 square feet in size. Additionally, more than 9,000 square feet will be dedicated to a clubhouse space that will feature a demonstration kitchen and a coworking business center with private offices. Other amenities will include a fitness center, indoor pet grooming center, resort-style pool with a jacuzzi, cabanas and electric vehicle charging stations. Forum Architecture & Interior Design is the project architect. Completion is slated for the first quarter of 2027.
OWINGS MILLS, MD. — Go Store It company Snapbox Self-Storage has opened its newest facility, a 79,710-square-foot building in the Baltimore suburb of Owings Mills. The four-story building comprises 776 units and includes 300 feet of road frontage, 24-hour video surveillance, electronic access controls and security lighting. The facility — which was designed and constructed by ARCO/Murray — will serve residents and businesses in Owings Mills, Reisterstown, Pikesville and Randallstown, Md.
RICHMOND HILL, GA. — Georgia-based general contractor Jim Chapman Construction Group (JCCG) plans to soon begin construction on a 365-unit build-to-rent community in the Savannah suburb of Richmond Hill. The property will be situated on 48 acres in the larger 7,000-acre master-planned community of Heartwood at Richmond Hill and will be developed in two phases. Phase I of vertical construction is slated to begin in August. The development — which will contain 213 lots — comprises attached and freestanding homes with ranch-style and two-story floorplans. Phase II will immediately follow.
GRAYSON, GA. — Northmarq’s Atlanta Debt + Equity team led by Faron Thompson and Van Glosson has provided $36.5 million in financing for the acquisition of The Dylan at Grayson, a 234-unit multifamily property in Grayson, a northeast suburb of Atlanta in Gwinnett County. Built in 2020, the four-story building offers one-, two- and three-bedroom floorplans that range in size from 687 square feet to 1,454 square feet, according to Apartments.com. Community amenities include a resort-style pool and sundeck, sand volleyball court, yoga studio, pet spa, dog park, coworking spaces, resident café, 24/7 fitness center, game room, fire pits, grill stations, outdoor greenspaces and electric vehicle charging stations. Northmarq originated the Freddie Mac loan on behalf of the borrower, Atlanta-based Inwood Holdings LLC. The loan features a seven-year term with a fixed interest rate and a 35-year amortization schedule.
HOMOSASSA, FLA. — SRS Real Estate Partners has arranged the $8.9 million sale of a retail property in Homosassa that is leased to gas station giant 7-Eleven. Built in 2024 and situated at 4018 S. Suncoast Blvd., the gas station and convenience store totals 4,650 square feet and sits on 1.8 acres. 7-Eleven occupies the property on a 15-year corporate-guaranteed lease. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based developer, in the transaction. The buyer was a private investor from Florida. Both parties requested anonymity.
CHARLOTTE, N.C. — A partnership between Penzance and TriWest Multifamily has purchased Stoney Trace Apartments, a 380-unit community located at 4616 Stoney Trace Drive in Charlotte’s Mint Hill neighborhood. The previous owner sold the recently renovated apartment community for $59.8 million. Blake Hockenbury and Bryan Frazier of Walker & Dunlop arranged an undisclosed amount of acquisition financing on behalf of Penzance and TriWest Multifamily. The new ownership has tapped ZRS Management to operate Stoney Trace, which offers one-, two- and three-bedroom apartments and amenities including a fitness center, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.
VIRGINIA BEACH, VA. — Owner-operator Beth Sholom Village has opened Aviva Pembroke, a new community located in Virginia Beach adjacent to the Pembroke Square shopping mall. Pembroke Realty Group developed the property on behalf of Beth Sholom Village. Totaling 153 units, the community features 121 independent living, 20 assisted living and 12 memory care residences. Amenities at the property, which was designed by Kahler Slater, include a pool, fitness center, bistro, community room and a meditation and prayer room. Outdoor amenities include a deck, rooftop lounge and terrace, pickleball courts, putting greens and firepits. The project team also included associate architect Drew Kepley, contractor S.B. Ballard Construction Co., civil engineer Kimley-Horn, structural engineer Lynch Mykins and interior designer Solution 65. JLL provided project oversight to Beth Sholom Village.
ATLANTA — Berkadia has arranged a $28.3 million HUD 221(d)(4) loan for the construction of Englewood Multifamily, a 200-unit mixed-income community underway in Atlanta’s Chosewood Park neighborhood. The non-recourse, fully amortizing loan features a construction-to-perm structure that covers the construction period followed by a 40-year amortization schedule. Carolyn Whatley and Angela Folkers of Berkadia’s FHA/HUD team originated the financing on behalf of the co-developers, The Benoit Group and the City of Atlanta’s Housing Authority (AHA). Englewood Multifamily is part of a 37-acre master-planned development and represents the second building within Phase I of the redevelopment of Englewood Manor on Atlanta’s southeast side. Englewood Multifamily’s development costs are estimated to exceed $86 million. The property will feature 80 percent of the units reserved for households earning 60 percent or less of AMI with the remainder rented at market rates. The community will also include 21,844 square feet of commercial space. The network of companies and organizations that are bringing the Englewood Multifamily development to fruition include the following:
RALEIGH, N.C. — Siemens Energy has signed a 55,279-square-foot lease at 540 Tech Center, a 110,500-square-foot office building located at 4912 Green Road in Raleigh. The tenant doubled its office footprint at the property and is now the sole occupant. Matt Winters and Kimarie Ankenbrand of JLL represented Siemens Energy in the lease transaction. Dennis Hurley, also with JLL, represented the undisclosed landlord. Siemens Energy is expected to occupy the new space, which features lab space for research-and-development purposes, in July.