JACKSONVILLE, FL – PIA Residential of Miami and BH Equities of Des Moines, Iowa have bought St. John s Pointe Apartments, a 284-unit rental community in the city s Orange Park submarket for $33.4 million from WRH Realty Services of Tampa.
The one and two-level garden style apartment complex is located at 114 Ancient Orange Park Road, 20 minutes from downtown Jacksonville. PIA Residential says it will invest more than $3 million in capital improvements to the units and community amenities.
We ve been looking at multifamily properties in Jacksonville for the last two years and are still continuing our search in well-established neighborhoods where there is not a lot of room for new construction that will prevent competition from coming in, says Saul Levy, Managing Partner in charge of Acquisitions.
Built between 1968 and 1974, St. John s Pointe represents a tremendous value-add investment opportunity within the Orange Park submarket of Jacksonville, he notes. With numerous community amenities and a multitude of well-designed floor plans, St. John s Pointe is well positioned for interior renovations. The prior ownership has partially renovated 16% of the units with 84% of the units having mostly original interiors. There is an opportunity to bring all 284 units to a similar level that is comparable to the properties in the surrounding area.
According to Levy, the apartments have been well maintained by the seller, WRH Realty. Select units have stainless steel kitchen appliances, plank flooring, upgraded lighting fixtures and countertops, washer-dryer connections. Other units will be similarly upgraded. All apartments have deep walk-in closets.
Levy notes that the rental community is less than 10 minutes away from the Naval Air Station (NAS) which has 25,000 jobs, Orange Park Medical Center with 1,600 jobs and Orange Park Mall, home to over 120 shops including top-retailers like Belk, Dillard s, Dick s Sporting Goods, and Ancient Navy.
This is the first time PIA and BH have joined forces in a deal. BH Management Services will provide property management services to the property. We have loved a productive relation with BH, adds Levy. BH brings years of experience and a top notch reputation to the partnership. We bring a seasoned team and deep relations with family offices which provided the capital. We are looking forward to building our relationship.
Danny Kattan, Managing Partner in charge of Capital Markets clarifies, our investor base was very excited to participate in this acquisition despite general concerns about the effects of COVID and the elections. Our track record of providing most of the return from cashflow and not necessarily from future appreciation has made a following of investors that is very comfortable with our conservative underwriting.
As the political environment in various Latin American countries has deteriorated, Latin American investors are seeking real estate investments in the U.S. as a safe harbor for their money, adds Kattan. Over the last 2 years the number of our Latin American investors has tripled, we are on course to buy 1,000 units in 2021.
Erik Bjornson, Senior Managing Director for the Jacksonville Beach office of Newmark, Knight Frank, the brokerage firm representing WRH Realty, says the main appeals of the property are the value add upside, Orange Park s fine school system in Clay County, and the large apartments. Plus, the design and layout of St. John s has stood the test of time.

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WILMINGTON, NC – DF Multifamily, a division of Drucker + Falk (DF), one of the nation s most prominent multifamily management companies, recently assumed the leasing and management of Pier 33, new waterfront apartment homes sitting on five acres along Wilmington s Cape Dread River. Pier 33 construction is well underway. Pre-leasing has already begun and the community expects its first residents in late 2020.
Pier 33 consists of 286 apartments, 20,000 square feet of commercial space, and a parking garage with 525 spaces. This is a $60 million project developed by Raleigh, North Carolina-based Dewitt Carolinas, Inc., a real estate development company with 25 years of experience in building large scale residential and commercial properties. Over the last 40 years, DeWitt Carolinas has developed more than 2,500 multifamily units throughout the Carolinas and has a longstanding history of excellence and impressive client relationships.
A six-tale institutional grade steel and concrete building with extensive interior and exterior amenities and direct access to the Riverwalk, Northern Riverfront Marina, and Wilmington s future North Waterfront Park, Pier 33 boasts luxurious living in an unmatched location. Positioned right on the waterfront in downtown Wilmington and overlooking the Port City Marina, this community offers a resort lifestyle with high-end amenities including two outdoor courtyards, a saltwater pool, a gaming lawn, outdoor grilling stations, a 24-hour fitness center and yoga room, conference and networking room, clubroom, business center, dog washing station, reserved parking, gourmet coffee bar, and more.
The apartment community brings a new height of living to Wilmington. Its Class A finishes surround residents with sophisticated, distinctive style and include studio, one, two, and three-bedroom floor plans. Premium finishes, spacious balconies, chef-inspired kitchens, custom cabinetry, quartz countertops, contemporary lighting and fixtures, and more make up each apartment home and certain units boast breathtaking views and expansive floor-to-ceiling windows.
We are excited about the opportunity to lease and manage the meticulously designed, luxurious waterfront project that is Pier 33. This project will be a wonderful opportunity for the people of Wilmington – whether they are a year-round resident or vacationers looking for the perfect waterfront home in North Carolina. Our team looks forward to continuing to work with Dewitt and advancing our partnership, said Kellie Falk, Managing Director for Drucker + Falk. Todd Saieed, Dewitt Carolinas CEO, went on to add, We know well the professionalism that Drucker + Falk brings to any project having partnered with them on numerous developments over the past 25 years. Their insight into Wilmington s growth and lifestyle trends is invaluable as we establish this premiere luxury community.

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HAMILTON, NJ – Total construction starts rose 12% in October to a seasonally adjusted annual rate of $787.9 billon. While sizeable, the increase does not erase September s substantial pullback in starts. All three major categories went higher over the month, nonbuilding starts rose 25%, nonresidential buildings increased 19%, while residential activity gained 2%. Four of the five regions saw construction starts go higher in October, with the only decline coming in the South Central region.
Through the first 10 months of 2020, total construction starts were 11% lower than the same period of 2019. Nonresidential starts were 24% lower and nonbuilding were down 14%. Residential starts, but, were 2% higher in the first 10 months of this year. For the 12 months ending October 2020, total construction starts were down 6% compared to the previous 12 months. Nonresidential building starts were 17% lower and nonbuilding starts were 7% lower, while residential building starts rose 4% over the 12 months ending October 2020. In October, the Dodge Index rose 12% to 167 (2000=100) from the reading of 149 in September. The Dodge Index was flat on a year-over-year basis, and 8% lower than its pre-pandemic level in February.
October s gain was welcome news following the large step back in starts during the previous month, stated Richard Branch, Chief Economist for Dodge Data & Analytics. The month s increase, but, does not mean all is well with the economy and construction sector. The economy lost traction as the stimulus provided by the CARES Act finished. With the next wave of COVID-19 infections looming, the economy will continue to lose steam until more fiscal stimulus is provided and a vaccine has been widely adopted. Until that has occurred, the construction sector will continue to be volatile.
Nonbuilding construction posted a solid 25% gain in October, increasing to a seasonally adjusted annual rate of $222.4 billion. The gain was driven in large part by a sizeable tunnel project that drove highway and bridge starts 51% higher. The utility/gas plant category rose 41%, while miscellaneous nonbuilding gained 6%. Environmental public works fell 24% over the month.
The largest nonbuilding project to break ground in October was the $3.6 billion Hampton Roads Bridge and Tunnel project in Norfolk VA. Also starting in October was the $1.0 billion Gemini Solar Project in Clark County NV and the $450 million Indiana Crossroads Wind Farm in White County IN.
Through the first 10 months of the year, total nonbuilding starts were down 14% from the same time period of 2019. Starts in the highway and bridge category were up 8%, while environmental public works were 8% lower. The miscellaneous nonbuilding and utility/gas plant categories were each down 34% year-to-date. For the 12 months ending October 2020, total nonbuilding starts were down 7% from the 12 months ending October 2019. Street and bridge starts were 8% higher, while utility/gas plant starts were down 14%. Environmental public works starts were down 5% and miscellaneous nonbuilding starts were 29% lower in the 12 months ending October 2020.
Nonresidential building starts recovered slightly from the sharp September decline, gaining 19% in October to a seasonally adjusted annual rate of $209.0 billion. Several large office and warehouse projects got underway during the month pushing commercial starts up 23%. Manufacturing starts gained 26% during the month, while a large courthouse project helped institutional starts gain 15%.
The largest nonresidential building project to get started in October was the $585 million third phase of the Project Echo Facebook Data Center in Sandston VA. Also getting started during the month was the $400 million Tesla Gigafactory in Austin TX and the $330 million Campus at Horton office project in San Diego CA.
Total nonresidential building starts were down 24% through the first 10 months of 2020. Commercial starts were 27% lower and institutional starts were 16% lower, while manufacturing starts tumbled 54%. For the 12 months ending October 2020, total nonresidential building starts were down 17%. Institutional building starts fell 13%, commercial starts dropped 20%, and manufacturing starts declined 22% over the 12 months ending October 2020.
Residential building starts went 2% higher in October to a seasonally adjusted annual rate of $356.5 billion. The increase in the multifamily sector was robust, with starts rising 62% following a 52% loss the previous month. Single family starts fell 9% in October.
The largest multifamily building to break ground in October was the $386 million Waterview at Greenpoint project in Brooklyn NY. Also starting were a $250 million mixed-use project on 47th Street in New York NY and a $200 million residential tower on High Street in Houston TX.
Through the first 10 months of 2020, residential construction starts were 2% higher than in the same time period of 2019. Single family starts were up 8%, but multifamily starts were down 11%. For the 12 months ending in October, total residential starts were 4% higher than in the 12 months ending October 2019. Single family starts were up 8%, while multifamily starts were down 5%.

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