JACKSONVILLE, FL – JMG Realty announced the acquisition of Florida Club at Deerwood Apartments; a 180-unit apartment community located in Deerwood Park of one of Jacksonville, Florida’s most desirable sub markets through a joint venture partnership.

Built in 2008, the property was originally developed as for sale condominiums with exceptional community and apartment home amenities including a resort-style swimming pool, pergola with outdoor gas grill, spacious detached garages, multimedia room with theatre-style seating, fully-equipped fitness center, an idyllic central park with shaded walking paths, picnic areas and a dog park. All homes were originally designed with nine foot ceilings, black appliances, ceramic tile flooring, custom cabinetry, walk-in closets, contemporary lighting fixtures and private patios and balconies.

The unit interiors of Florida Club at Deerwood offer strong core features, which will be further enhanced through an interior renovation program to elevate the Property’s position in the submarket. The addition of cutting edge finishes such as granite countertops, stainless steel appliances, tile backsplashes and wood flooring will allow the property to directly compete with newer product in the surrounding market area. Exteriors of the buildings and the common areas have also been upgraded.

Located in one of the most sought after neighborhoods in the Jacksonville area, Deerwood Park, residents delight in a multitude of shopping, dining, and recreation options just outside their door. Florida Club at Deerwood is less than three miles from the vibrant St. Johns Town Center and The Markets at Town Center, which together offer 1.7 million square feet and over 180 stores and restaurants.

Adding to the desirability of its location, the property is in the heart of the Southside office market, Jacksonville’s largest suburban employment hub. With over 72,000 employees, Deerwood Park’s employment base is more than double the size of the metro’s second largest suburban employment hub. Spread proportionately amongst thirteen separate business sectors, the submarket’s strong economic foundation is further cemented through a diverse set of employers including four Fortune 500 and four Fortune 1000 companies. Residents are also within an simple 25-minute commute to downtown Jacksonville, Jacksonville NAS, Mayport Naval Station, Jacksonville International Airport and the gorgeous Atlantic beaches.

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BOISE, ID – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing, and Boise State University celebrated the groundbreaking ceremony to commemorate the commencement of work on a nearly $40 million Honors College and First-Year Residence Hall.

“This new Honors College and First-Year Residence Hall right in the heart of our campus shouts Boise State’s commitment to academics and student success to everyone,” said Boise State President Bob Kustra. “Working with partners like EdR who come to us with a proven model to finance, make and build this community without relying on university funding is a breath of fresh air in this era of declining state appropriations.”

Upon scheduled completion in fall 2017, the five-tale, 236,000 square foot building will be centrally located on campus directly across from the Student Union.

Designed with both the growing number of honors students and first-year students in mind, the Honors-dedicated living-learning center and freshman housing community will feature 235 two- and four-person private and semi-private suite-style units.  A number of apartment-style units are also included to provide alternatives for upper-division students in the Honors College. The building will also include classrooms, study lounges, Honors offices and dining facilities along with robust internet capabilities and Wi-Fi access.

EdR has financed the nearly $40 million Honors College and First-Year Residence Hall through its On-Campus Equity Plot — The ONE PlanSM — which uses the company’s equity and financial stability to fund projects on university land.  This program gives the university access to a single trusted partner and helps make substantial long-term financial benefits for Boise State and EdR.

By using EdR’s equity for the housing revitalization, Boise State remains able to focus its financial and organizational resources on other projects and campus enhancements.

This public-private partnership, which includes both the 305-bed Honors College and 351 beds of replacement freshman housing, is representative of a growing number of Honors College applicants and an increased need for student housing in general according to Boise State officials:

“We expect this trend to continue,” said Dr. Andrew Finstuen, dean of the Honors College.  “Our current Honors residence hall accommodates less than half of the Honors students who live on campus.  A new facility will help provide classrooms, community space and additional beds to not only support the Honors College students, but also the university community at large.”

In their agreement, EdR provides financing, oversees development and construction, and is responsible for maintenance and management while Boise State provides residence life services.

“This new Honors College and First-Year Residence Hall will be a valuable addition to our portfolio, but helping provide a path to greater student success is what really drives us,” said Randy Churchey, EdR chief executive officer and chairman of the board.  “Shared goals and a unified vision for the future have made collaborating with a top-tier university like Boise State a fantastic fit for our company and a fantastic benefit for students for years to come.”

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ATLANTA, GA – Crown Bay Group LLC, along with its partner Adams Investor Group announced the closing on their buy of KRC Bridge Apartments on N Hairston Road in Stone Mountain, a suburb of Atlanta. The property is well positioned near shopping including a Wal-Mart Superstore, and only 1 mile to the Stone Mountain Industrial area with over 200 companies with thousands of employees.

The property has now been re-branded as Hairston Woods Apartments. The garden style apartments are situated on N Hairston Rd. Having park-like mature grounds and a gorgeous swimming pool, this is a very well kept community with fantastic floorplans that include a sun room area and some with fireplaces. Crown Bay’s portfolio managers Provence Real Estate, will be managing the property, and they are sure to make it an even greater place to live, offering fantastic service to its tenants.

This is Crown Bay Group’s fourth Atlanta acquisition, with more deals in the pipeline. “We reckon the Atlanta market is one of the hottest places to be investing in, and are very bullish on the Atlanta area. I reckon the surface has only been scratched here, with all the larger development and job growth going on there is fantastic opportunity here,” says Steve Firestone, Managing Partner and CEO of Crown Bay Group. “We are stepping up our acquisition drive which will also include office buildings with one currently under contract, and possible development projects in the future.”

The Atlanta Market, including most of its suburbs, is experiencing a high growth period which should carry on for the foreseeable future with its employment opportunities and increase in population.

“This is another fantastic acquisition for our investors,” says Steve Firestone. “Our focus is on buying at the right price, and adding value, and at the same time offering fantastic service to our tenants.”

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