JACKSONVILLE, FL – RST Development and Hercules Real Estate Services announced the acquisition of Steele Creek Apartments, a 300-unit community of Class A apartment homes located in Jacksonville, Florida.

Steele Creek is located at 8599 AC Skinner Pkwy, about 12 miles from Jacksonville Beach and centrally located near the booming St. Johns Town Center. The property’s prime location also provides accessibility to top employers in the area such as Citi Bank, Mayo Clinic and Johnson & Johnson.

Steele Creek is the first community in the Jacksonville, Florida market for Hercules Real Estate Services, Inc. “We are excited to go into the Jacksonville market and offer this best in class community. Most members of the onsite team chose to stay at the community and join Hercules Living in order to continue providing our residents with exceptional service,” said Jason Loftis, president of Hercules Real Estate Services, Inc.

Completed in 2018, Steele Creek offers a mix of 1, 2- and 3-bedroom apartment homes featuring top-quality finishes such as stainless appliances, custom rushed nickel lighting and bathroom fixtures, nine to ten-foot ceilings, and 42-inch custom cabinetry. The community also features high-end amenities including a game room, auto detailing center, beach retreat with lounging hammocks, and a movie lawn.

RST Development / Hercules Real Estate Services is a private real estate investment company that develops, owns and manages approximately 8,000 multifamily units. 

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TEMPE, AZ – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Harper in South Tempe, AZ.  Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Harper consists of eight, three-tale buildings with modern interior unit finishes, market leading amenities, and convenient access to multiple Phoenix employment hubs, as well as attractive walkable retail. 

The property’s unit mix consists of one-, two- and three- bedroom homes ranging from 711 SF to 1,374 SF. Unit interiors feature granite or quartz countertops, stainless steel appliances, undermount sinks, wood style cabinetry with undermount lighting, designer backsplashes, side-by-side refrigerators, handscraped hardwood flooring, full size washer/dryers, walk-in closets with custom wood shelving and balconies or patios.  

Community amenities include a resort style swimming pool with pool-side cabanas, an outdoor lounge with fireplace and misters, a resident lounge and business center, a wellness center with Technogym equipment, a pet park with pet grooming area, a 24-hour Luxor package locker system and electronic car charging stations.

“Harper is located in South Tempe, a municipality with a growing employment base and strong population growth,” said Mr. Calatozzo. “The Phoenix MSA continues to be among the fastest growing metropolitan areas in the U.S. and the Southeast Valley has been the beneficiary of a number of corporate relocations and expansions.  The property benefits from its proximity to a number of diverse employment hubs and an abundance of retail, dining and entertainment options.  The buy of Harper continues our strategy of purchasing high quality properties in growth markets.” 

Josh Kogel, Associate of The Praedium Group, added: “The high barriers to entry for future multifamily supply in Tempe south of US 60 makes an attractive supply/demand dynamic in the submarket.”   

Within a 10-mile radius of the property, there are over 500,000 jobs as Harper’s convenient location benefits from the main employment corridors of the East Valley. Major corporate expansions and relocations in the area, including JP Morgan, Intel and Norther Trust, will support continued employment growth in the market. Additionally, the property provides fantastic accessibility and connectivity across the state via I-10, I-17 and US-60, and is just 8 miles to the Phoenix Sky Harbor International Airport.

Harper provides residents unrivaled access to walkable, modern retail and entertainment options, including The Collective on Baseline. The Collective is a newly developed retail and entertainment center featuring an upscale seat-side-service cinema and local chef driven restaurants. Additionally, the property sits within a one-mile radius of an additional 1-million SF of retail, including a Whole Foods and Target.

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SAVANNAH, GA – Carter Multifamily announced its acquisition of six garden-style apartment communities in the Savannah, Georgia metropolitan area for a total buy price of approximately $84.3 million. 

Alhambra – Located in Savannah, Georgia, Alhambra is situated in the increasingly desirable, Victory Heights neighborhood just east of downtown Savannah and minutes from the area’s major retail centers. Set among graceful live oak trees, Alhambra offers spacious one-, two-, and three-bedroom garden and townhome-style apartments. As renovations and improvements at the property commence, the community will be rebranded as Ascend Midtown. 

Azure Cove, Kessler Point & The Arbors – Azure Cove, Kessler Point and The Arbors are adjacent to each other and located in northeast Savannah, Georgia (Garden City, GA) approximately six miles equidistant southeast to downtown Savannah and six miles northwest to the Pooler suburb. Azure Cove consists of 144 units with a mix of one, two, and three-bedroom floorplans; Kessler Point has 120 units with one, two, and three-bedroom floorplans; and The Arbors has 108 units with two and three-bedroom floorplans. 

Carriage House & Ridgewood – Carriage House and Ridgewood are located 2 miles from each other in Savannah, Georgia in the amenity rich Abercorn Street retail corridor near the area’s two major hospitals, two university campuses and Hunter Army Airfield. Both properties offer 144 units each and a mix of one-, two-, and three-bedroom floorplans. 

“We are excited to add these properties to our growing Southeast portfolio and to expand our presence in the Savannahmarket where, according to Yardi Matrix, average occupancy was 94.3% at the end of Q1 2019 and has remained steady since 2016. We believe this is largely due to significant job and population growth in the Savannah MSA along with continued demand for housing paired with a limited pipeline of new apartment construction,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition the properties to be best-in-class apartment communities to serve the area’s large concentration of retail, hospitality, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas.

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