MCKINNEY, TX – ZOM Living recently broke ground on KINSTEAD, a 376-unit garden-style multifamily project located within the rapidly expanding Highway 121 Corridor of Dallas. This distinctive property will be comprised of six three-tale buildings, offering both surface parking and attached private garages, and occupies an brilliant location within a top rated school district and proximate to multiple corporate office relocations spurring some of the strongest high-wage job growth in the country.

“We are excited to break ground on our 5th project in the Dallas market, and 10th project overall in Texas,” said Greg West, Chief Development Officer. “Our Kinstead site is convenient to numerous retail and entertainment venues, brilliant schools, and the highest concentration of suburban corporate employers in the state of Texas. Kinstead will bring a new level of quality, unit features and amenities to this highly desirable McKinney market in north Dallas.”

ZOM will deliver Kinstead’s first units in Q4 2018, with pre-leasing starting in Summer 2018. ZRS Management, LLC has been retained to provide leasing and property management services. Construction financing was provided by Texas Capital Bank. Stanford Construction is the general contractor, and JHP is the architectural firm for the project.

ZOM Living will also break ground later this year, on Atelier, a 41-tale high rise in the heart of the Dallas Arts District.

ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed over 18,500 apartment units nationwide, with an aggregate value of nearly $3.5 Billion.

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ATLANTA, GA – Preferred Apartment Communities announced the acquisition of a 172-unit Class A multifamily community in the Atlanta, Georgia MSA constructed in 2016 called Reserve at Summit Crossing. 

“We are thrilled to add Reserve at Summit Crossing to our existing assets Summit Crossing I and Summit Crossing II and is the third and final phase of the Summit Crossing multifamily community,” said Daniel M. DuPree, the Vice-Chairman and Chief Investment Officer for PAC. 

Reserve at Summit Crossing offers luxury one and two bedroom apartment homes in a gated community that combines the comforts of home with superior resident services and outstanding community amenities. Features include gorgeous granite counters with stainless steel appliances and over the range microwaves. Ultra-modern fitness center with cardio, free weights and a wide variety of Wellbeats virtual classes available. Huge cyber cafe with resident social area. Salt water pool with in-pool loungers. Delight in the convenience of living just minutes from fantastic shopping, dining and entertainment. Located in the highly desirable Forsyth County area.

Mr. DuPree added, “The acquisition of Reserve at Summit Crossing came through a real estate loan investment that PAC made to partially construct the development over two years ago and once again demonstrates the success our real estate loan investment program, which we expect to continue to be a solid contributor to the dynamic growth of our Company.”

PAC bought this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Mid First Bank.  The first mortgage loan is approximately $20.1 million, bears interest at a fixed rate of 3.871% per annum, matures in October 2025 and amortizes based on a 30-year schedule. 

There are no loan guaranties provided by PAC or our operating partnership.

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select targeted markets throughout the United States.  As part of its business strategy, they enter into forward buy contracts or buy options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. 

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SAVANNAH, GA – URS Capital Partners, a private real estate investment firm located in Huntington, NY, makes second acquisition in Savannah, GA in less than 12 months.

URS recently bought Oglethorpe Square Apartments, 160 units located in Pooler, GA. The property was bought through a combination of Fannie Mae financing through Berkadia and 1031 proceeds from the recent sale of 226 Units in North Charleston, SC.

Oglethorpe Square Apartments was built by a local developer over the last 9 years and will be rebranded “Pooler Station”. Pooler Station was an off-market opportunity brought to URS by a strong local broker relationship. Pooler Station is well-positioned to take advantage of the exploding retail and employment growth that is all within a 12-minute drive of the property.

Christopher Urso, the Managing Director of URS Capital Partners: “We are very excited to add Pooler Station to our growing Savannah portfolio. Despite the fact that the asset is relatively newer in vintage, there is a tremendous opportunity to enhance the grounds, amenities, fitness center and interiors, making Pooler Station one of the best value propositions in the market for future residents. Our upgrades in addition to the announced growth in our immediate area of South Pooler Parkway will allow Pooler Station to benefit from continued demand for many years to come. We plot on holding this asset for the long term as the area continues to mature.” URS also owns Moss Pointe, 278 units in Savannah.

Pooler Station is currently a combination of two and 3 bedroom units that include 2 bathrooms and washer dryer connections, the property has a pool, leasing office and fitness center.

“We believe the fundamentals in the B & C rental market will remain strong for the next several decades and will continue to focus on assets that are well located within our markets and have a compelling value add component. We believe that the combination of deliberate market selection, intense deal scrutiny, and aggressive execution of our business plot are essential to making value and maximizing each investment’s potential,” said Urso.

URS Capital Partners has closed over $138,000,000 of multifamily acquisitions, and is targeting $50M of new acquisitions throughout the Southeast and Midwest in 2017.

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