ATLANTA, GA – CORE Real Estate Capital announced it has bought Icon Avondale, a 374-unit, Class B+ multifamily community located in Decatur, GA. The transaction, for which CREC partnered with Indiana-based real estate company Sterling Group, marks CREC’s 50th real estate investment.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary markets throughout the United States.
Located at 3330 Mountain Drive, Icon Avondale is part of the Avondale Estates submarket. Originally built in 1972, the community was formerly known as Novo Avondale. The property offers approximately 388,762 square feet of potential rentable space over 38 acres. Apartments are designed as one, two, and three-bedroom floor plans, some with balconies and screened porches, ranging in size from 745sf to 1,200sf.
The apartments feature updated kitchens and bathrooms, stainless steel appliances, and new flooring. The new owners plot to add six additional units and will invest in renovations to the building exteriors and common spaces, adding amenities such as a dog park, dog wash, more grilling stations and community areas. Residents at Icon Avondale will delight in professional management with online leasing and resident services.
The property sits near I-285 (directly across from the Kensington MARTA station), is easily accessible to Atlanta and its suburbs and is less than two miles from downtown Decatur with its vibrant dining, shopping and entertainment options. The Atlanta metropolitan area is home to 30 Fortune 1,000 companies, and according to the U.S. Census Bureau, is one of the fastest-growing metro areas in the nation, with population increasing from 5.3 million in 2010 to just over six million in 2019.
“We remain bullish on multifamily and its tendency to outperform other real estate segments, especially during the uncertain times we are currently experiencing due to the COVID-19 pandemic. We like the Atlanta area’s strong fundamentals and we believe the Decatur submarket and the broader area will benefit from tailwinds that favor continued demand for rental housing for the foreseeable future,” said Jeff Coopersmith, founder and Managing Partner of CREC. “At the property level, CREC sees an vital value-add opportunity at Icon Avondale, where occupancy rates are in excess of 98 percent and tenant rent payments remain strong.”

Powered by WPeMatico

BOSTON, MA – In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation announced that it has bought Blue Mountain Apartments in Boston, Mass., for $56.2 million. The organization will provide improvements to the apartments, including kitchen and bathroom renovations, system upgrades, energy efficient boilers, new ventilation systems, and exterior repairs and restoration.
MassHousing is providing the NHP Foundation with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, as well as $12.5 million in permanent financing for land acquisition.
The partnership between NHPF and MassHousing allows us to provide affordable units in an increasingly expensive neighborhood, close to the center of the City with excellent access to public transportation, said MassHousing Executive Director Chrystal Kornegay. Preservation of affordable housing with amenities and access helps increase opportunities for families in the area to succeed and prosper.
The transaction also involved $35.5 million in federal Low-Income Housing and Historic Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million in anticipated operating revenue. PNC Bank acted as the low-income housing and historic tax credit investor for the transaction.
PNC has been involved with Blue Mountain Apartments for several years, after a preservation fund, sponsored by PNC, bought the property to generate an economic return and prevent the property from converting to market-rate housing, said Todd Crow, executive vice president for PNC Real Estate. Through our work with NHPF, we have been able to make an attractive investment for our investors and preserve long-term affordability for local residents, which is the ultimate goal of PNC s product capability and affordable housing platform.
Additional financing partners included BlueHub Capital (state historic tax credit bridge lender), Massachusetts Historical Commission (allocator of state historic credits), Massachusetts Department of Housing and Community Development (allocator of low income housing tax credits), and U.S. Department of Housing and Urban Development (rental help provider).
Preservation of historically significant properties like Blue Mountain provide two-fold benefits, said Mecky Adnani, senior vice president NHPF. We preserve the vibrant, historic fabric of this Roxbury neighborhood and ensure that rental housing here stays affordable through at least 2045.
The 217 units at the Blue Mountain Apartments are contained in 19 buildings on scattered sites around the Elm Hill Avenue neighborhood in Roxbury. The affordable housing community was originally built in the early 1900s and was last substantially rehabilitated in the 1980s. The buildings are included in the Massachusetts Historical Commission s Historic Places inventory.
Renovations started this month and are expected to be completed in 18 months.

Powered by WPeMatico

OVERLAND PARK, KS – Freshwater Investments in partnership with Griffis/Blessing, Inc. finalized the acquisition of Savoy Luxury Apartments in Overland Park, Kansas.
Built in 2002, Savoy Luxury Apartments consists of 254 apartment homes with five floor plans and an average unit size of 1,224 SF. The property is ideally positioned in Johnson County, traditionally one of the top-performing sub-markets in the region. It is within minutes of significant thoroughfares, easily accessible to many major employers, and close to award-winning Overland Park schools.
Having witnessed massive exodus from the expensive coastal cities, we’ve been on a search mission to find expanding, vibrant and still affordable markets, and Greater Kansas City fits the bill, with Johnson County being one of the fastest growing counties in the country , said Alex Rozenfeld, Founder and Managing Partner of Freshwater Investments. I really loved my visit to Overland Park, as it has this vibe of an upbeat, happening place. It s super energizing to enter the new market, and our investors responded with enthusiasm to this new multifamily investment opportunity. Savoy is our second acquisition in partnership with Griffis/Blessing, and we value immensely our long-standing relationship. As always, acquisition like this is a result of tremendous effort by many players, and I am grateful to everyone contributing to making it across the end line .
Our strategic plot consists of upgrading the unit interiors, including new fixtures and improved outdoor space livability and privacy. We plot to renovate the clubhouse and update the pool area to a resort style atmosphere , said William J. Hybl, Jr., President and COO of Griffis/Blessing.
The Newmark team of Mac Crowther and Whittaker Potts brokered the transaction.

Powered by WPeMatico