JACKSONVILLE, FL – ResProp Management was selected to provide full-service property and construction management for Lakewood Oaks Apartments, formerly known as San Jose Apartments. Lakewood Oaks is located in Jacksonville, Florida, southeast of downtown.

The property is located within walking distance of numerous amenities including grocery stores, banks, and retailers. With its close proximity to I-95 and U.S. Route 1 throughways, residents of this property can quickly access an array of recreation, shopping, and entertainment options offered throughout the greater Jacksonville area as well as having top employers within a five-mile radius. 

Lakewood Oaks Apartments is a garden-style apartment community featuring walk-up apartments and is composed of 138 residential units. The two-tale surface parked property has units averaging 854 Square Feet. The property has on-site amenities that include a swimming pool, clubhouse, clothes care center, and playground.

Clint Miller, Director of Business Development for InvestRes (parent company of ResProp) states, “We are excited to work with Boardwalk Wealth on this acquisition. A redevelopment plot is in the works that will take this property to the next level. We look forward to working with them on executing the business plot and continuing to grow with them on future deals”.

With the recent addition of Lakewood Oaks Apartments into the portfolio, ResProp Management now manages more than 8,000 units across Florida. This latest addition was made possible through the partnership with Boardwalk Wealth. 

“This is an extraordinarily compelling growth market for rental housing and is notable for the lack of new supply catering to the needs of the rapidly gentrifying population,” said Omar Khan, the Managing Principal at Boardwalk Wealth. 

“Similar to our Texas strategy, we are in the process of gaining a strong foothold in the market by acquiring a further dozen or so communities in the coming 18 months,” said Omar while reiterating the strong fundamentals and diversified economic growth in Jacksonville. 

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LEESBURG, VA – Walker & Dunlop announced that it structured financing for the acquisition of Bellemeade Farms Apartments, a 316-unit multifamily community located in Leesburg, Virginia. Walker & Dunlop’s Alexandra Huffman and Andrew Tapley led the team in arranging the $45,337,000 transaction on behalf of Capital Square 1031.

Drawing on their deep understanding of Fannie Mae’s loan programs, the origination team rate-locked the ten-year, fixed-rate loan just one day after the application was submitted. Additionally, the team helped Capital Square 1031 in structuring its debt to accommodate the intricacies of the Delaware Statutory Trust (“DST”) structure, permitting investors to buy interests in the property in a tax-deferred exchange under Section 1031 of the Internal Revenue Code.

Bellemeade Farms Apartments is the tenth execution that Huffman and Tapley have originated for their longstanding client over the last three years, totaling over $200 million in Agency debt.

“Walker & Dunlop has done a superb job of originating loans for Capital Square 1031. In spite of our honestly complex DST structures, Walker & Dunlop has performed at the highest level. We have been able to rate-lock early, obtain third-party reports, and close quickly and efficiently. Andrew and Alexandra have given us a competitive advantage amongst DST sponsors and have helped us to grow to over $1 billion of assets sponsored for the program,” stated Louis Rogers, CEO of Capital Square 1031. 

Situated on 15.7 acres, Bellemeade Farms Apartments is comprised of 12 residential buildings and a clubhouse with a leasing office. Community amenities at the property include a 24-hour fitness center, tennis court, dog park, community garden, an outdoor lounge with newly renovated grilling stations, and a resort-style pool. 

In addition to its top-notch facilities, the community is ideally located in Loudoun County, which has the highest median household income in the U.S. Being part of the Washington, D.C. MSA, the area is well-known for its economic stability. Furthermore, Amazon’s HQ2 in Crystal City and the Metro’s Silver Line extension are plotted for the region, bringing a surplus of jobs and expected rent growth over the next decade and beyond.

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PHOENIX, AZ – Beatitudes Campus held a groundbreaking ceremony to mark the start of construction on the senior living community’s 34 new Patio Homes.

Located on the Myrtle Avenue side of the 27-acre community, the Patio Homes are part of a larger master plot to enhance and expand Beatitudes Campus. The life plot community offers residential living, activities, amenities and services for older adults.

“It’s simple to see why Patio Homes are a well loved residential choice. They offer the best of all worlds — a comfortable home in a traditional neighborhood, convenient services that make life simpler, plus restaurants, fascinating activities, and healthcare all within walking distance,” said Michelle Just, President and CEO of Beatitudes Campus. “We’re excited to break ground on these wonderful, new Patio Homes for our neighbors-to-be.”

The single-level, attached Patio Homes feature a mid-century modern design with sophisticated features and finishes, a full kitchen, garage, and front and back patios. They come with a lifestyle package that includes restaurant-style dining, maintenance, housekeeping, utilities, DIRECTV®, internet, phone, and onsite healthcare services, if ever needed. Along with the silent neighborhood-style living, residents will delight in unlimited access to all of Beatitudes Campus’ activities and amenities.

Orcutt Winslow architectural firm of Phoenix is overseeing the project’s design. The company specializes in sustainable design and has managed a variety of projects, from healthcare and higher education to religious and governmental.

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