BRANDON, FL – ResProp Management was selected to provide full-service property and construction management for The Park at Avilla and The Park at Pienza. The two properties combined consist of 200 garden-style apartment units in Brandon, Florida, a suburb of Tampa.

The Park at Avilla and The Park at Pienza are within two miles from one another and are composed of two-tale buildings with private entries to each unit. They offer large, open floor plans averaging 1,138 SF (Pienza) and 1,034 SF (Avilla). The properties have a complete amenity package, which includes clubhouses, pools, and sports courts.

The proximity to Tampa Bay’s largest employment centers like the I-75 Office Corridor, Downtown Tampa, and the Westshore Business District make these two properties a highly desirable location for residents working in different parts of the metro area. They are also close to premier shopping and entertainment including Westfield Brandon Mall, The Estuary, and Brandon Boulevard Retail. 

Clint Miller, Director of Business Development for InvestRes (parent company of ResProp) states, “We are excited to again work with Ryan Smyth and the 29th Street Capital team on their second and third acquisitions in Tampa Bay. The Park at Pienza and Avilla will start an immediate interior and exterior renovation plot on both properties. We look forward to continuing working with them as they continue to expand in the Florida market.”

With the recent addition of The Park at Avilla and The Park at Pienza into the portfolio, ResProp Management now manages more than 8,000 units across Florida. This latest addition was made possible through the partnership with 29th Street Capital. 

“We are excited to build our portfolio in the Tampa Bay area,” said Ryan Smyth, Vice President of Acquisitions for Florida. “29SC feels that the strong market fundamentals will continue for the foreseeable future and help drive renter demand.”

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LAFAYETTE, LA – Rhodium Capital Advisors announced the acquisition of Grand Pointe Apartments, a 266-unit garden style apartment community located in Lafayette, Louisiana. Rhodium plans to implement a comprehensive value-add program to improve the overall quality of the apartment complex and make Grand Pointe Apartments extremely unique and well positioned in the market.

Grand Pointe Apartments was built in 2006 and is spread across 14.3 acres with 9 three-tale apartment buildings, a clubhouse and maintenance building. The property is a gated community that offers tenants a tennis court, two designer salt-water pools, a playground, picnic areas with grills, a clubhouse, a fitness center and a cyber-center. The property currently offers units with walk-in closets, extra plush carpeting, outdoor storage, patios or private balconies, washer/dryer connection, ceiling fans in every room and extra-large bathtubs. Rhodium’s value-add plot looks to make significant in-unit renovations as well as community amenity improvements and the addition of resident services offered at the property.

“We are pleased to announce that we have bought Grand Pointe Apartments and are excited about the upcoming investments we will make to the property,” says Fredrick Schulman, Managing Partner of Rhodium Capital Advisors. “We believe these renovations and improvements will raise the overall quality of the asset and make Grand Pointe the “best in class” in its market.”

Grand Pointe is located in one of the most desirable areas of Lafayette with nearly 7.4 million square feet of retail within a three-mile radius. It is less than a three-mile drive to the prestigious River Marketplace, River Ranch Marketplace, and Acadiana Mall.

Known as the “Hub City,” Lafayette serves as a destination for people around the region seeking medical care, retail services, and education. The University of Louisiana Lafayette is located 15 minutes northeast from the property and has 17,500 students, 2,500 staff, and an economic impact of $755 million+ annually on the region.

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CHEVY CHASE, MD – FCP announced a $100 million preferred equity investment with Fairfield Properties to buy a seven-property, garden-style multifamily portfolio containing 1,496 units located in Nassau and Suffolk Counties in Long Island, NY. Fairfield Properties is the largest multifamily owner and operator on Long Island with over 40 years of experience.

The portfolio includes the communities of Westwood Village, Heritage Square, Cambridge Village, Yorkshire Village, Southern Meadows, Lake Grove and Mid-Island Apartments. Freddie Mac and Citibank provided senior loans for the acquisition.

“FCP is very pleased to make its first investment in the Long Island, NY market alongside Fairfield Properties, the top multifamily owner and operator in the market,” said FCP Senior Vice President, E.J. Corwin. “This investment continues FCP’s strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets.” Fairfield Properties plans to renovate the communities, transforming the vintage properties by upgrading both interior spaces as well as exterior common area improvements. 

“We are thrilled to add these multifamily rental properties to the Fairfield Family of communities,” said Gary Broxmeyerand Michael Broxmeyer, Managing Partners of Fairfield Properties in a statement. “The locations fit perfectly into our portfolio. We look forward to upgrading them to the Fairfield Standard so we can provide a premier level of service to the residents.”

David Webb, Maxi Leachman and Brynn Wendel with CBRE Mid-Atlantic Debt and Structured Finance Team advised the buyers on the Senior Debt and Preferred Equity placement. The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel, along with Alexander Virtue of CBRE Capital Advisors, represented the owner of the portfolio and also procured the buyer.

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