WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) reported that 86.2 percent of apartment households paid September rent as of Sept. 13. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month compares similarly to Aug. 13, when 86.9 percent of renters made a full or partial payment. September’s tally, though, is behind Sept. 13, 2019, when 88.6 percent of renters made payments. “While it remains clear that many apartment residents continue to prioritize their housing obligations and that apartment owners and operators remain committed to meeting them halfway with creative and nuanced approaches, the reality is that the second week of September figures shows ongoing deterioration of rent payment figures, representing hundreds of thousands of households who are increasingly at risk,” says Doug Bibby, president of NMHC. On Sept. 1, the Trump Administration, with the guidance of the Centers for Disease Control and Prevention (CDC), issued an executive order halting evictions through the end of 2020. The NMHC released a statement expressing its “disappointment” in the order. NMHC releases the survey with the help of partners RealPage, ResMan, Yardi, Entrata and MRI …
NORTH CHARLESTON, S.C. — Alliance Residential Co. will develop Broadstone Ingleside, a 336-unit multifamily community in North Charleston. The Phoenix-based developer recently closed on the acquisition of a 24-acre parcel situated at 8400 Palmetto Commerce Parkway, 20 miles northwest of downtown Charleston. The property will offer one-, two- and three-bedroom floor plans averaging 926 square feet. Communal amenities will include a pool, fitness center, coworking space and a walking trail. Cline Design Associates is the architect, and Seamon Whiteside is the civil engineer. Alliance Residential expects to open the community in fall 2021.
JACKSON, MISS. — NAI UCR Properties has negotiated the sale of a 1-acre parcel located at 629 Fondren Place and 2820 N. State St. in Jackson. The buyer, Wealth Hospitality Group doing business as entity Fondren Landing LLC, is planning to develop Fondren Landing, a $40 million mixed-use project that will include apartment units, retail space and condominiums. The site is located three miles north of downtown Jackson. A timeline for construction was not disclosed, although local news outlet WJTV reports the property is slated to open in summer 2022. Micah McCullough of NAI UCR Properties represented the seller, a private family based in South Carolina, in the land transaction.
BIRMINGHAM, ALA. — KIRCO has completed construction of The Bluffs at Greystone, a 137-unit seniors housing community in Birmingham. Phoenix Senior Living operates the property, which features 63 independent living units, 50 assisted living units and 24 memory care units. The community features a dog park, indoor pool, bocce ball court, movie theater, game room and an arts and crafts studio. The asset is located at 6328 Farley Lane, 13 miles southeast of downtown Birmingham.
WASHINGTON, D.C. — The U.S. Commerce Department reported in its advanced estimate Wednesday morning that retail spending rose 0.6 percent on a month-over-month basis in August. Total sales for the month were $537.5 billion, up from $534.6 billion in July. This marks the fourth straight month retail sales rose since April, when sales plummeted 16.4 percent due to the coronavirus pandemic shutting down the U.S. economy in mid-March. The National Retail Federation (NRF) said it expected August numbers to slow due to federal assistance waning at the end of July, but the Washington, D.C.-based organization believes consumers are “in good shape” heading into the holiday season. “Over the past several months, consumers have responded well to federal relief measures that have supported the recovery, so it comes as no surprise that they would take a pause on spending as some of these programs tapered off at the end of July,” says Matthew Shay, CEO and president of the NRF. “We continue to advocate for additional stimulus measures to help the economy recover. With the holidays quickly approaching, our retailers are prepared to serve customers to meet all of their holiday needs and are embracing the new holiday tradition of shopping …
TALLAHASSEE, FLA. — Berkadia has arranged a $23 million refinancing loan for College Town II, a 198-bed student housing community in downtown Tallahassee. Ameris Bank provided the 10-year term loan, which features a fixed 3.66 percent interest rate. The loan will be used to refinance the original construction loan, which Berkadia also arranged in 2015. The borrower is Seminole Boosters, the fundraising arm for Florida State University Athletics. College Town II comprises five seven-story buildings, 23,177 square feet of retail space and a seven-story parking garage. Retail tenants in the project include Township, 51 on Madison, Tin Lizzy’s Taqueria & Cantina, Barefoot Campus Outfitters, Little Masa and Sunstop Urban Market. The community is located at 805 W. Madison St., a half-mile from Florida State University (FSU) and two miles from Florida A&M University (FAMU). Brad Williamson of Berkadia arranged the loan on behalf of the borrower.
COVINGTON, LA. — Dobbins Group LLC has completed The Collins, a $43 million apartment complex in Covington. The 272-unit property offers one-, two- and three-bedroom floor plans with rents ranging from $995 to $2,000 per month. Communal amenities at the gated community include a clubhouse, pool, fitness center, pet spa, car washing station, firepit and an outdoor kitchen. The Collins is located at 1612 Versailles Business Parkway, 38 miles north of downtown New Orleans. Birmingham, Ala.-based Capstone Building Corp. was the general contractor, and Dallas-based Humphreys & Partners Architects was the designer.
ORLANDO, FLA. — Epelboim Development Group has delivered the 259-room Tru by Hilton Orlando Convention Center. The new hotel, which opened Sept. 3, marks Tru by Hilton’s largest property to-date and first in Orlando. The hotel is located at 6461 Westwood Blvd., nine miles northeast of the Orlando Convention Center and 13 miles southwest of downtown Orlando. The eight-story hotel offers complimentary Wi-Fi, free parking, a pool, fitness center and a business center. The Aventura, Fla.-based developer opened the property with Centers for Disease Control and Prevention (CDC) guidelines in place. The Hilton CleanStay Program has been implemented at the property, and some services and amenities have been adjusted in response to COVID-19. New York City-based Highgate is managing the hotel.
CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has provided $49 million Freddie Mac acquisition loan for Addison Park in Charlotte. The 426-unit community was built in 1999 and renovated in 2015. The property offers one- through three-bedroom floor plans with nine-foot ceilings, fireplaces, hardwood flooring and granite countertops. Communal amenities include a business center, fitness center, two pools, dog park and a playground. The asset is situated at 6265 Hackberry Creek Trail, 10 miles north of downtown Charlotte and two miles from healthcare firm Centene’s planned 1 million-square-foot headquarters campus. Josh Davis and Chris Caison of NKF originated the loan on behalf of the borrower, Dermot Co. The seller was not disclosed.
ATLANTA — JLL has negotiated the $7.9 million sale of a 1.1-acre site in Atlanta’s Midtown district. The purchase price represents the highest price per square foot ($167) in the neighborhood, described as south of North Avenue (SoNo). The buyer, Woodfield Development, plans to build a 284-unit apartment community at the site, located at 505 Courtland St. NE. The property is expected to also include 18,000 square feet of amenity space. The Isle of Palms, S.C.-based developer plans to break ground this month. Scott Cullen and Mark Lindenbaum of JLL represented the seller, Drapac Capital Partners, in the land sale.