Author: ipgocorp

WAVELAND, MS – FOURMIDABLE, a diversified, national real estate management company, was designated as the new managing agent for three multi-family Section 8, tax credit, public housing and Rental Assistance Demonstration (RAD) communities consisting of 210 apartments in Mississippi.
According to FOURMIDABLE President, Michael Schocker, “The addition of the communities in Bay Waveland is a tremendous testament to our growing recognition in the various aspects of Affordable Housing. We are excited to continue their pattern of providing high quality and affordable housing to the residents they serve.”
Bay Waveland Housing Authority stated that they are very happy to have FOURMIDABLE as the management agent at the following three communities:
Bay Pines, a 100-unit apartment community, consisting of one to four bedroom units located in Bay St. Louis. This layered community consists of 100% low income housing tax credit units with 34 project-based Section 8 units and 66 recently converted RAD units.
Camille Court, a 30-unit apartment community located in Waveland, consists of single family homes. Currently this community is public housing with 100% low income housing tax credits with plans to convert to RAD.
Oak Haven Senior Apartments is an 80-unit senior, 55 or older, community also located in Waveland. The property consists of one and two bedroom units with 39 project-based Section 8 units and 41 RAD units. The community has an additional low income housing tax credit component as well.
RAD (Rental Assistance Demonstration) programs seek to preserve public housing by providing Public Housing Authorities with access to more stable funding to make needed improvements.

CHARLOTTE, NC – Akridge has partnered with KETTLER to purchase a 2.5-acre parcel of land at the corner of Dunavant and Distribution in South End. The acquisition marks the first multifamily project in North Carolina for Akridge, who is also currently developing One Montford Park and recently opened an office in South End. Dunavant and Distribution also marks the expansion of KETTLER’s portfolio into Charlotte. Akridge and KETTLER are both eager to expand their presence in Charlotte’s burgeoning market.
“Akridge is proud to partner with KETTLER on this opportunity,” said Duncan Jones, Vice President, Acquisitions for Akridge. “Our leadership team has decades-long friendships with KETTLER’s and we respect their dedication to building productive and lasting relationships with their Residents. Our companies have great natural synergy and our combined expertise will ensure the creation of an exceptional project.”
“In partnership with our friends at Akridge, KETTLER is committed to enhancing the South End submarket in Charlotte with the addition of this new multifamily development,” said Luke Davis, Executive Vice President, Investments for KETTLER. “Together, our teams are uniquely positioned with a depth of experience delivering thoughtful projects in an urban environment. We intend to design and deliver the project in a way that complements the already vibrant surrounding neighborhood and look forward to expanding our footprint within North Carolina in collaboration with Akridge.”
Dunavant and Distribution is located at 2306 Dunavant Street in Charlotte’s thriving South End. The 400-unit, 400,000-square-foot property aspires to redefine Charlotte’s luxury multifamily standard. It will offer Residents proximity to vibrant retail, restaurants, and grocery, with easy access to both the light rail and the Charlotte Rail Trail. Dunavant and Distribution will boast views of uptown and is within a short distance of multiple major employers. The property will feature a large central courtyard, well-appointed finishes, and a suite of luxury amenities. Akridge and KETTLER anticipate delivering the community in the summer of 2023.
Rob Cochran, Jared Londry, and Nolan Ashton of Cushman & Wakefield represented the seller.

BETHESDA, MD – Walker & Dunlop, Inc. announced that its investment sales group, Walker & Dunlop Investment Sales, completed the sale of six multifamily communities in Denton, Texas. Located in a northern suburb of Dallas-Fort Worth, the portfolio comprises Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio, and Locust Street Terrace Apartments.
Totaling 325 units and more than 18,000 square feet of commercial space, the portfolio represented an excellent opportunity to invest in the high barrier-to-entry Denton submarket, which is experiencing significant in-migration. The popular downtown city-center location positions each property to experience substantial organic rent growth through lease-over-lease gains.
The Walker & Dunlop Investment Sales team was led by Managing Director and middle-market expert, Kyle Palmer. Based in Atlanta, Georgia, the team effectively facilitated the transaction and served as advisor to both the sellers and buyer of the properties. All parties were local, private-equity investors. The acquisitions expand the buyer’s existing Texasportfolio, which includes Madison Park, Wyndham Pointe, and Oasis Springs.
Following the sale, Mr. Palmer partnered with Jeremy Nussbaum, a Senior Director in Walker & Dunlop’s Capital Markets group, to source a streamlined bridge financing solution for the buyer through a national debt fund. The loan terms included an attractive rate of 4.14 percent, interest-only for three years, and a loan to value of 80 percent.
Each of the Class A, mid-rise properties were built between 2009 and 2014 and were 94 percent leased at the time of sale. The classic unit interiors were highly accretive to the future yield profile, offering a double-digit Year-1 return. The buyer intends to invest $3.2 million toward interior renovations and exterior capital improvements to enhance the overall, live-work-play, experience for the tenants.

ST LOUIS, MO – Mission Rock Residential, a Denver-based multifamily property management company, is further expanding its Missouri presence, announced a new management contract for the Soulard Icehouse and Steelyard Apartments in St. Louis. Now operating jointly as Steelyard Apartments, the company has been issued an agreement for the management of the community by new owner Hamilton Zanze.
“By combining these two apartment communities under one consistent name, Mission Rock hopes to establish cohesiveness and a strong sense of community with its residents between the two buildings. The impressive amenities and historic roots make us confident that current and future residents will continue to experience tremendous benefits in this already-desirable neighborhood in St. Louis,” said Patricia Hutchison, President of Mission Rock Residential.
The Soulard Icehouse Apartments were renovated within the 1924 vintage historic shell of a former ice warehouse in the industrial neighborhood. These loft-style apartments were opened to community acclaim in 2016. Adjacent to that site, developers then built a new 5-story apartment building alongside a structured parking garage, Steelyard Apartments opened in 2019, to serve both communities.
The 170 apartments feature numerous high-tech amenities such as Nest thermostats, keyless entry locks, and package delivery lockers. Shared community amenities include a rooftop deck, a saltwater pool with sun deck, a pet park and spa, a karaoke lounge, an outdoor grilling deck with multiple grills, and a business center. Two state-of-the-art fitness centers are also included. Located in close proximity to the Mississippi River, Steelyard also provides views out over the river and the famed St. Louis Arch.
One of the oldest communities in the city, Soulard is today a largely residential neighborhood whose many businesses include restaurants, bars, and the North American headquarters of Anheuser-Busch. In a recent Brookings Institution study of 70 older industrial cities, St. Louis ranked among the ones with stronger economies that are making progress on the road toward renewal and reinvention. New construction has also expanded steadily in the market thanks to the continued growth of the region’s remote workforce.

JACKSONVILLE, FL – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired Sentosa Beachwalk, a brand new 348-unit multifamily community located in the Saint John s suburb of Jacksonville, Florida. The community will be renamed The Elysian.
With this acquisition, American Landmark s portfolio now stands at 30,000 units throughout the Southeast, with four communities in the Jacksonville MSA.
We remain bullish on the long-term prospects for Jacksonville and other cities in the Southeast, which we anticipate will recover quickly once the country re-opens for business, said Christine DeFilippis, Chief Investment Officer of American Landmark. Jacksonville s population grew by about 10 percent this past decade, and it has a strong back-bone of jobs in manufacturing, logistics and financial services. While the city may see some tempering of job growth moving forward, we do anticipate continued in-migration from states in the Northeast which will shore up demand for apartments throughout the region.
Brian Moulder and Dhaval Patel of Walker & Dunlop in Jacksonville brokered the transaction.
In addition to renaming the property, American Landmark plans to undertake minor property upgrades including adding USB outlets to individual apartments, installing a temperature-controlled package locker delivery system, landscape beautification and upgrades to the common areas, car wash and dog park areas.
Built in 2019, Sentosa Beachwalk is located at 65 Sentosa Drive. One-, two- and three-bedroom units include spacious floor plans, granite counter tops, stainless steel appliances and smart thermostat and light controls. Community amenities include a 24/7 fitness center, fireside lounge, resort-inspired swimming pool, volleyball courts, playgrounds and laundry and dry cleaning.
The property is conveniently located a half hour from downtown Jacksonville in Southside. It is part of Beachwalk, a new resort-style community featuring a 14-acre Crystal Lagoon and over 450,000 square feet of retail and mixed-use space, including a new Publix supermarket.

BOCA RATON, FL – Mill Creek Residential, a leading multifamily developer and operator specializing in premier communities across the U.S., announced the formation of a programmatic joint venture with QuadReal Property Group, a global real estate investment firm. The venture will invest up to $421 million to develop and operate multifamily communities in targeted US markets over the next two to three years.
The venture has closed on its first land acquisition for the development of Modera Six Pines, a proposed Class A apartment community with 429 apartment homes in The Woodlands, Texas area.
“QuadReal is a well-respected firm with a depth of experience in the multifamily sector,” said William C. MacDonald, chief executive officer, president and chief investment officer for Mill Creek. “We are looking forward to working with this world-class organization to grow our portfolio of high-quality, award-winning communities in some of the most desirable markets in the country. This venture serves as an important step in further developing our investment management business.”
Tim Works, managing director, Americas for QuadReal, added: “We are pleased to form this new relationship with Mill Creek, a first-rate developer and operator of multifamily communities, with whom we are keen to grow our portfolio of Class A apartment properties throughout the US. Mill Creek and QuadReal share a deep conviction in the asset class and a commitment to building and operating high quality communities.”
Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the investment joint venture.

FRISCO, TX – Embrey Partners, in alignment with its strategic plan to advance its position as a diversified real estate investment company and to grow its premium asset portfolio, announced the refinancing for Domain at the Gate Apartments in Frisco, Texas.
This 5-story, 350-unit premium living community was built in 2017. Located just north of Frisco Station and the Ford Center at the Star, this high-end property was developed to leverage the growth dynamic in and around north Dallas and the high-density employment nearby.
Amenities include controlled access, 24-hour two-story fitness facility and yoga/spin room, indoor sports simulator, clubhouse and coffee bar, luxurious resort style pool, a fully equipped outdoor kitchen and a private library. The apartments deliver the highest-end finishes, ample floorplans and walk-in closets. Units come with wood-style flooring, full-size washers and dryers and plush carpet in the bedrooms. 5G Evolution wireless technology from AT&T provides data services to the residents.
The debt was placed with Pacific Life with financing originated by Trinity Real Estate Finance, Inc., in San Antonio, Texas.

PHOENIX, AZ – As the world grapples to tame the coronavirus pandemic and overturn the economic effects of this unprecedented event, commercial real estate (CRE) investors are monitoring all asset class financial positions to lessen short-term portfolio risk while augmenting investments for long-term growth. SVN | SFRhub Advisors, along with industry experts, predict ongoing consumer demand for housing will position single-family residential (SFR) rentals as an investment portfolio standout. A CRE brokerage firm, SVN | SFRhub Advisors, dedicated solely to SFR/BFR (Build-for-Rent) portfolios, recorded a 650% uptick in investment activity since mid-March 2020 for SFR/BFR portfolios on their technology platform, SFRhub.com, averaging 10,000+ listed homes.
Recent data from John Burns Real Estate Consulting (JBREC) outlines CRE sectors most likely to be affected following the pandemic, especially in the short-term, are hospitality, retail and office/co-working. Conversely, JBREC states SFR (while not unscathed in the short-term) should be positioned for faster market recovery and a better long-term play. Housing rental defaults will prove painful in the short-term, but the low supply of newly built rental homes in most markets, and capital seeking safety, yield and inflation hedge, should help SFR recover earlier than other residential real estate asset classes.
Investors have reaped financial advantages of a 10-year bullish marketplace, notably the past few years with SFR portfolios, and the newer BFR market, said Jeff Cline, executive director and principal of SVN | SFRhub Advisors. For the first time in U.S. history, rental household growth outpaced U.S. home ownership. He added Looking ahead, consumer economic, lifestyle, and work-at-home popularity indicate global investors near and long-term outlook for capital growth and income opportunities in single-family detached homes for rent is better than it s been for several years.
BFR communities encompass single-family homes built from the ground up specifically for renters and not homeowners. These homes help to fulfill the vast housing need and rental shortage occurring across the U.S. According to JBREC, recently surveyed BFR projects had a very strong 97% stabilized occupancy rate prior to the COVID-19 pandemic.
U.S homebuilders may turn to REITs, private equity firms and individual investors to purchase completed or near completed single-family communities for rental investment if the new home buyer market continues to retract. For the first time, we now have several private capital group clients with tens of billions of dollars to specifically invest in the BFR space, said Michael Finch, executive vice president of SVN | SFRhub Advisors.
Demand from millennials and older adults/retirees has destigmatized renting and touted SFRs’ benefits like increased space, yards and amenities representative of living in a single-family detached home. Skyrocketing unemployment, job uncertainty, and hefty student debt loans imply the SFR/BFR market should remain strong among millennials as home ownership moves farther out in time and remote working becomes more popular.

ST LOUIS, MO – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 170-unit Steelyard & IceHouse Apartments (Steelyard) in St. Louis, MO. The deal closed April 10th. The purchase marks the firm’s fifth acquisition of the year, second property in St. Louis, and first self-sponsored Delaware Statutory Trust (DST).
Steelyard is a Class A, mid-rise community located in Downtown St. Louis. The developer, LuxLiving, first renovated a 1924 warehouse (The IceHouse) in 2016 to create 42 desirable lofts with open-concept floorplans and state-of-the-art amenities. An additional 128 units (The Steelyard) were built on a neighboring lot formerly home to several small warehouses and industrial structures. The now combined community offers a mix of luxury studios, one-, two-, and three-bedroom units averaging 784 square feet in size with desirable amenities including smart home technology.
“Steelyard & IceHouse provided us an attractive opportunity to buy a new property in the up-and-coming neighborhood of Soulard,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “The property features a robust amenity package, prime location near Downtown St. Louis, and offers residents the quality of life provided by the city’s energetic urban core. As this is our second acquisition in the metro within the last six months, we are excited about our continued growth in the region.”
High-end community amenities include a saltwater swimming pool and hot spa, poolside bar, snack bar, barbecue and lounging area, dog park and washroom, rooftop entertainment deck, fitness center, and concierge service. Property management has been transferred to affiliated company Mission Rock Residential.
Steelyard is located in Downtown St. Louis. In 2018, the market ranked as one of the top 100 cities for business and careers, as well as education. The metro is largely supported by the healthcare industry and is home to several medical centers, including top ranked St. Louis Children’s Hospital. Other notable area employers include Anheuser-Busch, Boeing, and Washington University in St. Louis.

CHATTANOOGA, TN – Hunt Real Estate Capital announced that it provided a first mortgage bridge loan in the amount of $27.35 million to finance the acquisition and renovation of a multifamily property located in Chattanooga, Tennessee.
Rise at Signal Mountain is a 280-unit, garden-style multifamily community located at 1185 Mountain Creek Road. The property consists of a 42.9-acre site and is comprised of 19 two- and three-story residential buildings built in 1986. The property is 99% occupied.
The non-recourse interest-only first mortgage bridge loan features a 30-month term with three extension options.
The borrower is StoneRiver Company, LLC, a Birmingham, AL-based company founded in 1995 to manage real estate investments for high net worth individuals.
“Rise at Signal Mountain is very well located and benefits from solid access and visibility from roadway frontage,” said Chad Hagwood, Senior Managing Director at Hunt Real Estate Capital. “The borrower will invest just under $2 million in additional capital improvements post-closing.”
The borrower plans to complete exterior and common area/amenity upgrades to the property to bolster the property’s curb appeal and enhance the resident experience. Exterior renovations will commence in April 2020 and are projected to be completed in six to nine months.
“Given the intent of the new owner to upgrade the property with improved street appeal and to renovate unit interiors and common areas, the property is expected to perform very well over the coming years,” added Hagwood. “The borrower targets multifamily assets in growing markets with investments in either new developments or value-add investment strategies.”
“This city has emerged as a thriving economic region with strong job growth, a highly educated work force, and an innovative technology infrastructure,” stated Lou Davis, Vice President of Investments at StoneRiver. “StoneRiver remains bullish on the fundamentals of the Chattanooga market, and our team is focused on growing our multifamily portfolio there in the future.”