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Wilmington, North Carolina

Multifamilybiz-com Press Releases

  • Alta Developers Announces Fashion-Inspired Interlude Home Leases at Quadro At Miami Design District Luxury Residential Community
    on August 14, 2020 at 8:59 am

    MIAMI, FL – Alta Developers, led by Raimundo Onetto, South Florida s innovative real estate development firm, announced today that Interlude Home, a premier fashion-inspired furniture and home décor company is now leasing nearly 4,000 sq. ft. of space in the Design District s newest residential community, Quadro At Miami Design District. The iconic designer showroom will open its first location in South Florida in Miami s fashionable Design District area. We are very pleased that Interlude Home chose Quadro to be its first home in Florida, said Raimundo Onetto, Principal & CEO at Alta Developers. Their fashion-inspired furniture company is a perfect addition to our family of designer retailers at Quadro. Our residents will also enjoy the convenience of having Interlude […]

  • Multifamily Property Management Firm Poised for Rapid Growth with Teresa DeVos on Board as Senior Vice President in Georgia
    on August 14, 2020 at 8:46 am

    CHARLOTTE, NC - Premier multifamily property manager RKW RESIDENTIAL is positioning itself to be a market leader in one of the nation s fastest-growing metropolitan areas. RKW has opened a new office in Atlanta and hired experienced multifamily industry veteran Teresa DeVos as Senior Vice President for the Georgia market. DeVos is responsible for the oversight and strategy of RKW s Georgia market expansion and property operations, with a focus on asset profitability for each client. She directs the execution of all property management programs and best practices, while also serving as the lead for client relations in the market. The move into the Georgia market has been a strategic focus for our company, RKW President Marcie Williams said. Demand from existing clients to work with us […]

  • Berkadia Arranges $35 Million in Acquisition Financing for Two Apartment Communities Totaling 332-Units in Atlanta Submarket
    on August 13, 2020 at 9:07 am

    ATLANTA, GA - Berkadia announces it has secured debt for the acquisition of two apartment communities located in Decatur, Georgia. Beacon Real Estate Group, of Coral Gables, Fla., acquired the 168-unit Domain at Cedar Creek and 164-unit Gateway at Cedar Brook apartments for a combined $46.1 million. Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, and Senior Director Matt Nihan of Berkadia s South Florida team arranged financing through Fannie Mae. Fannie Mae provided a $19.16 million loan for Domain at Cedar Creek and $16.01 million in financing for Gateway at Cedar Brook. Both were fixed-rate, 15-year loans, with nine years interest only, at approximately 75% loan to value. Beacon s strong track record coupled with favorable debt market dynamics allowed us to […]

  • Electra Capital Makes Preferred Equity Investment in 300-Unit The Carter @ 4250 Apartment Community in Norcross, Georgia
    on August 13, 2020 at 9:03 am

    NORCROSS, GA – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred equity investment for the refinancing of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia. One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami, owns the property. Electra s $3.25 million, 36-month preferred equity investment was structured behind a first mortgage through Freddie Mac and allows the sponsor to refinance the property and complete the renovations, including interior renovations to each unit and exterior renovations to the buildings and grounds. Berkadia arranged both the debt and equity for the transaction. Electra Capital provides bridge loans […]

  • Berkadia Arranges Debt and Sources Equity for Recapitalization of 300-Unit Workforce Housing Community in Norcross, Georgia
    on August 12, 2020 at 8:51 am

    NORCROSS, GA - Berkadia announces it has secured debt for the refinance of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of the sponsor, Miami-based One Real Estate Investment (OREI). In addition, Berkadia also sourced a capital group to recapitalize one of the sponsor s equity partners. Senior Managing Director Mitch Sinberg of Berkadia s Boca Raton office, along with Managing Director Brad Williamson of Berkadia s Miami office, arranged a $29.135 million loan through Freddie Mac. Berkadia s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, lined up an institutional-quality equity partner, Electra Capital, to complete the equity stack for OREI. Freddie Mac provided a […]

  • Monument Capital Management Expands Footprint with Acquisition of 192-Unit Bartlett Lakes Apartment Community in Illinois
    on August 12, 2020 at 8:47 am

    BARTLETT, IL - Monument Capital Management, an A-Rod CORP company and one of the country s premier fully integrated real estate investment firms, has announced the acquisition of Bartlett Lakes, a 192-unit apartment community in Bartlett, Illinois. This is the fifth overall property as part of Monument Opportunity Fund IV, the second for the fund in Illinois. The firm now operates a total of four properties in Illinois within its portfolio. Monument now owns or manages 26 properties with over 5,600 units throughout the Sun Belt and Midwest regions of the country. Managing Director Brian Kochendorfer of Essex Realty represented the seller of Barlett Lakes, Northridge Holdings, Ltd. Monument Capital Management represented itself in the transaction. Monument Capital Management plans a […]

  • Boutique Residential Building 57 Ocean Commemorates Construction Top Off at 18 Stories with Massive Sandcastle for a Cause
    on August 11, 2020 at 8:48 am

    MIAMI BEACH, FL - 57 Ocean, the widely-anticipated, new ultra-luxury residential project on Miami Beach s Millionaire s Row, has officially topped off construction at 18 stories. Developer Multiplan Real Estate Asset Management celebrated the milestone today in tandem with the boutique oceanfront project s exclusive sales broker, Fortune Development Sales, and the general contractor, Moss Construction. 57 Ocean (5775 Collins Ave.), which is now approximately 60% sold, comprises 71 residences and a myriad of five-star, Blue Wellness-inspired amenities and designs, including a holistic spa with products by One Ocean Beauty, a wellness pavilion with a thermal suite and relaxation areas, meditation and hanging gardens, poolside treatment cabanas, and beyond. Completion of the […]

  • Beacon Real Estate Group Acquires Sister Apartment Communities Totaling 332-Units in Atlanta Submarket for $46.1 Million
    on August 11, 2020 at 8:34 am

    ATLANTA, GA – Commercial real estate firm Beacon Real Estate Group completed the $46.1 million purchase of 332 apartment units in the Decatur submarket of Atlanta. The Miami-based firm acquired the 168-unit Domain at Cedar Creek and 164-unit Gateway at Cedar Brook. The transaction closed on Aug. 6. Beacon obtained acquisition financing from Fannie Mae and Berkadia. We are thrilled to add these highly desirable communities to our expanding portfolio of multifamily assets in core markets, Beacon Managing Partner Richard Kulick said. These communities perfectly align with our investment focus targeting stabilized apartment properties with upside potential in strong submarkets. Built in 1970 and 1972, respectively, Domain at Cedar Creek and Gateway at Cedar Brook are considered […]

  • CGI Real Estate Investment Strategies Names Industry Veteran Kasia Mays as Chief Operating Officer to Further Its Multifamily Brand
    on August 11, 2020 at 8:29 am

    WESTLAKE VILLAGE, CA - CGI Real Estate Investment Strategies has named luxury hotel industry veteran Kasia Mays as Chief Operating Officer, furthering its commitment to building a multifamily brand that places emphasis on lifestyle and hospitality, announced company founder and CEO Gidi Cohen. Mays brings to CGI nearly two decades of experience in the four- and five-Diamond luxury sectors of the hospitality industry holding senior level management positions at Four Seasons Biltmore Santa Barbara, MGM Grand, The Mansion, La Costa Resort and Spa, St. Regis Monarch Beach, Ojai Valley Inn & Spa and The Resort at Pelican Hill. Her passion for ensuring consumer satisfaction and eye for luxury and elevated design made her the perfect candidate to further our best-in-class residential […]

  • 365 Connect CEO Kerry W. Kirby Reimagines Customer Interaction With AI Chatbots During Live Webcast on MultifamilyBiz.com
    on August 10, 2020 at 10:00 am

    NEW ORLEANS, LA – 365 Connect, a leading provider of award-winning digital marketing, leasing, and resident service platforms for the multifamily housing industry, announced today that its CEO, Kerry W. Kirby, will serve as keynote speaker in a live webcast. The webcast, Interaction Reimagined: Leveraging the Power of Automation with AI-Driven Chatbots, is scheduled to air on August 12, 2020 at 3:00 P.M. ET on MultifamilyBiz.com, the largest media resource in the multifamily housing industry. Chatbots are becoming a preferred method of contact for many consumers, with 80 percent of users reporting an overall positive customer experience with the technology. Interaction Reimagined: Leveraging the Power of Automation with AI-Driven Chatbots takes a closer look at the users and […]

  • Victor Group Announces Large Price Reductions on Remaining Homes at Peter Marino Designed The Getty Residences in West Chelsea
    on August 10, 2020 at 9:43 am

    NEW YORK, NY - Victor Group today announced that it has reduced prices up to 53% percent for the remaining four, full-floor private homes available for sale at the Peter Marino-designed The Getty Residences in West Chelsea. With the reductions, the four residences currently range in price from $9.4 million to $13.8 million. The significant price adjustments reflect a proactive move by the developer to price the luxury homes to sell in today s current real estate market. Situated at 503 West 24th Street in the heart of West Chelsea, the 12-story bespoke building merges the best in high-end residential design, art and lifestyle into a single premier location overlooking the High Line. Below the residences, the building is home to the Lehmann Maupin Gallery on its first two floors, and the […]

  • Kiser Group Brokers Sale of Two Affordable Multifamily Buildings in Chicago's West Side Neighborhood for $2.85 Million
    on August 10, 2020 at 9:29 am

    CHICAGO, IL - Kiser Group, Chicago s leading multifamily brokerage firm, recently brokered two separate multifamily transactions on the west side of Chicago. 1015 N. Pulaski sold for $1,900,000, and 4301 W. Gladys sold for $950,000. 1015 N. Pulaski is a 32-unit apartment building located in the Humboldt Park neighborhood of Chicago that recently sold for $1,900,000. Kiser Group s Danny Logarakis and the Birk Sklar team of Kiser Group represented both the buyer and seller. Even with 1015 N. Pulaski s NSP rent restrictions, it traded at a 7% cap rate, said Logarakis. Cap rate compression has been a trend that we ve continued to see all over the west side of the city. There is no shortage of investors looking for apartment buildings in Humboldt Park. Anytime we bring a building to the […]

  • National Mortgage Banking Firm Dwight Capital Finances Over $262 Million in Multifamily Housing Loans in The Month of July
    on August 10, 2020 at 9:20 am

    NEW YORK, NY - Dwight Capital financed $262.1 MM in multifamily loans in July. During the month, Dwight closed $108 MM in 223(f) loans, $104.4 MM in interest rate reductions, and $49.69 MM in 223(a)(7) loans. Featured among these transactions are HUD 223(f) loans for Golden Gardens Apartments and The Rose Apartments. Managing Principal, Josh Sasouness, originated a $14.48 MM HUD 223(f) loan for Golden Gardens Apartments, a 110-unit garden-style apartment community located in Fresno, CA. The property is comprised of 10 two-story apartment buildings and a single-story leasing office and community building. It features a turf soccer field, swimming pool, basketball court and playground situated on over 5 acres of land. Golden Gardens underwent a $3 MM renovation that was completed in 2019. […]

  • JLL Capital Markets Completes Sale and Financing for 274-Unit Park at Rialto Apartment Community in San Antonio, Texas
    on August 7, 2020 at 9:08 am

    CHICAGO, IL – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for the Park at Rialto, a newly constructed, 274-unit, garden-style multi-housing community built by GenCap Partners, Inc. in the northwest part of San Antonio, Texas. JLL worked on behalf of Covenant Capital Group, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender. Covenant Capital Group purchased the asset from GenCap Partners, Inc., in a JLL-brokered transaction. Park at Rialto was constructed in 2018 and offers an urban lifestyle due to its proximity to major employment hubs, retail, entertainment and recreational amenities. The community, with an average […]

  • Envolve Communities and Ross Management Complete Merger to Combine Forces and Resources in The Rocky Mountain Region
    on August 7, 2020 at 9:00 am

    MEMPHIS, TN — Envolve Communities LLC, one of the country s largest affordable multifamily property owners, managers, and redevelopers, has merged with Denver, CO-based Ross Management. Ross Management consists of 53 properties totaling 2,920 units in Colorado and Oklahoma, while Envolve manages 33,000+ units in 17 states. This merger provides Envolve a foothold in a new part of the country with the experience, local knowledge, and resources to grow its presence in the Rocky Mountain Region. We are excited to have the Ross team join the Envolve family, said Daniel Hughes, Chairman and CEO of Envolve Communities. The long-standing pursuit of excellence by Ross fits nicely with the values and focus for Envolve. We think there will be synergies that benefit clients, teammates, and […]

  • 33 Holdings Announce Acquisition of Two Multifamily Communities Totaling 128-Units for $3 Million in Birmingham, Alabama
    on August 7, 2020 at 8:49 am

    ATLANTA, GA - 33 Holdings LLC is excited to announce the acquisition of two multifamily properties, located in Birmingham, Alabama, for a purchase price of $3M. Acquired by its subsidiary, 33H Fund II LLC - It s Distressed & Foreclosure Residential Fund, the portfolio purchase represents the first acquisition by 33 Holdings LLC (33H) outside of Atlanta, GA as it expands its investment footprint into other South East US States. The properties in the portfolio, include 128 Units of Garden Style Apartments, located within five miles of each other and three miles from downtown Birmingham and consists of one, two and three-bedroom garden-style apartment homes. The Birmingham area continues to remain one of the South s fastest-growing areas and base to education & healthcare sectors in […]

  • Greystone Provides $51.3 Million in HUD-Insured Financing for 206-Unit Multifamily Community in Hayward, California
    on August 6, 2020 at 9:12 am

    NEW YORK, NY - Greystone, a leading national commercial real estate finance firm, has provided a $51.3 million HUD-insured loan to refinance a 206-unit multifamily property in Hayward, CA. The transaction was originated by Shana Daby, managing director at Greystone on behalf of AMCAL Equities, LLC. The non-recourse HUD 223 (a)(7) loan refinances the property for a 35-year term and amortization, resulting in a significant reduction in annual debt service payments. By achieving a high energy performance score, the property also qualifies for a reduction in Mortgage Insurance Premium for green standards, from 65 to 25 basis points annually. Constructed in 2017, Cadence Apartments is a luxury apartment community situated on 2.9 acres near Dixon Street. Located directly across from the South […]

  • Next Wave Investors Sells 98-Unit Luxury Multifamily Community in Las Vegas After Completing Strategic Value-Add Program
    on August 6, 2020 at 9:11 am

    LAS VEGAS, NV – Next Wave Investors, LLC ( Next Wave ) a private equity firm focused on value-add multifamily investments, has sold Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community in Las Vegas, Nevada. The asset was purchased by a Southern California-based private equity firm for $21.5 million. Next Wave originally acquired the resort-style property in March 2019 for $17.1 million and increased its value by more than 25% during less than 16 months of ownership, according to Jordan Fisher, Principal at Next Wave. The quick disposition of Harlow Luxury Apartments, especially in the midst of a pandemic, is a prime example of the success of our strategy and demonstrates the continued desirability of this market, says Fisher. Our team has the ability to […]

  • JLL Capital Markets Secures $55 Million in Joint Venture Equity for Multifamily Housing Development in Astoria, Queens
    on August 6, 2020 at 9:03 am

    NEW YORK, NY - JLL Capital Markets announced today that it has secured $55 million in joint venture equity for Cape Advisors 30-77 Vernon Blvd in Astoria, Queens. JLL worked on the behalf of the borrower, Cape Advisors, to secure the joint venture equity. The three-building, 534-unit property, located on a 2.5-acre waterfront site overlooking Manhattan, is one of the largest multi-housing developments in the city s five boroughs. Astoria is one of New York City s most vibrant neighborhoods, with world-class dining, shopping and nightlife within walking distance of the property. 30-77 Vernon Boulevard is also conveniently located in close proximity to public transportation options, including the Astoria East River ferry stop, the R and W subway lines and a variety of bus lines. The JLL […]

  • Berkadia Secures $24 Million Construction Take Out Loan for New 240-Unit Workforce Housing Community in Hinesville, Georgia
    on August 5, 2020 at 8:23 am

    HINESVILLE, GA – Berkadia announces it has procured financing for the recapitalization of Liberty Club Apartments, a new 240-unit, garden-style apartment community located in Hinesville, Georgia. Managing Director Michael Weinberg and Associate Directors Alec Fox and Wesley Moczul of Berkadia s Orlando office secured the $24.01 million loan on behalf of the sponsor, Hillpointe, a fully integrated real estate development and investment management firm focused on workforce housing opportunities in the southeastern United States. Fannie Mae provided the twelve-year, fixed-rate loan with five-years interest only and a 70 percent loan to value. Proceeds will be used to retire the existing construction loan and enhance Hillpointe s ability to finance future developments. Even through […]

For information on the various roles of real estate brokers, please download a copy of the brochure entitled “Working with Real Estate Agents”. If you are a potential Buyer or Seller and this is the first contact with our firm, we are required by the North Carolina Real Estate Commission to review this brochure with you at the first opportunity and answer any questions you may have. Please contact Richard Cotton at 910-431-7986 or by email at rcotton@mra-apartments.com for more information.