FORT LAUDERDALE, FL – Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its latest luxury midrise apartment community, Bask, in Fort Lauderdale, Florida. Located at 1919 Southeast 10th Avenue, Bask joins a list of well-established Wood Partners’ properties in the state.

The community, which features 310 apartment homes, is located immediately adjacent to the Harbor Shops, a 250,000-square-foot regional shopping center, complete with a Publix, and is within walking distance to several restaurants and bars. In addition, the well loved and lively Las Olas Boulevard is situated less than two miles to the north and Greater Fort Lauderdale’s beaches are located within 1.5 miles to the east.

“We are excited to be a part of Fort Lauderdale’s urban living resurgence,” said Jeff Quinlivan, Managing Director for Wood Partners’ South Florida office. “Situated within the 17th Street corridor, Bask offers simple access to Downtown and Fort Lauderdale’s stunning beaches.”

Bask is an eight-tale apartment wrap with a parking garage. The community offers convenient access to major transit thoroughfares via nearby US-1, which affords quick access to I-595, I-95, I-75, and Florida’s Turnpike. The location also connects residents to greater economic resources in the region, including nearby Broward Health Medical Center – Fort Lauderdale’s largest health care facility – Port Everglades, Fort Lauderdale-Hollywood International Airport, and the 17thStreet Corridor, which is filled with local shops, entertainment and small businesses.

Now open, Bask features oversized one- and two- bedroom floor plans. High-touch, community-centric amenities such as a community demonstration kitchen, flex office space, fitness room, yoga room, pet spa and outdoor TV lounge provide residents with an elevated living experience. Taking advantage of the balmy Florida climate, Bask also provides a hammock lounge area, tropical courtyard gardens, grilling areas and a resort-style pool.

The coastal-inspired apartment interiors feature wood-styled floors, stainless steel kitchen appliances and expansive kitchen islands with quartz countertops. Additionally, all apartments have balconies and the first floor units feature private, fenced-in patios. Bask offers technology and green-living upgrades as well, including Wi-Fi in all common areas, electric vehicle charging stations, a covered, controlled-access parking deck, and a 24/7 access-controlled package room.

Powered by WPeMatico

AUSTIN, TX – Preferred Apartment Communities announced the sale of McNeil Ranch, a Class A multifamily community built in 1999 and located in Austin, Texas. Preferred Apartment Communities sold McNeil Ranch for yucky proceeds of approximately $30,000,000.

Preferred Apartment Communities plans to utilize the net proceeds for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate loan investments and general corporate purposes.  

McNeil Ranch offers a rare combination of resort style amenities, classic architecture, and a superior location. Conveniently located just minutes from fine dining and shopping, McNeil Ranch is in close proximity to some of the most prestigious golf courses, parks and resort amenities you can in the Austin market.

“The sale of McNeil Ranch, our oldest multifamily asset, enables us to recycle capital into other strategic investment opportunities,” said Jeff Sherman, Executive Vice President and Director of Multifamily Investments for PAC.   Mr. Sherman added, “The outstanding average annualized return and gain on the sale of this asset continues to demonstrate the Company’s ability to buy, operate and dispose of assets in an effort to maximize returns to our stockholders.”

The property achieved an average annualized return of approximately 18% and generated a gain on sale of approximately $13.8 million.  

Powered by WPeMatico

CHARLOTTE, NC – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought The Oaks, a 318-unit garden-style community located in Charlotte. Situated just 15 minutes north of the downtown in the West Sugar Creek area, the asset marks the firm’s sixth acquisition in the Charlotte market. The property was 94 percent occupied at the time of the sale.

American Landmark, and its partner Electra America, continue to selectively buy properties in brilliant locations across the Southeast and Southwest. The company has completed 25 property acquisitions worth over $1.5 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.

Charlotte’s strong long-term job and population growth has made it a focus of continued strategic investment for the company.

“Charlotte is one of the fastest-growing metro areas in the United States, and added nearly 200,000 jobs over the past five years,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We anticipate the demand for apartments to outpace supply for many years to come.”

American Landmark will invest approximately $2.3 million into interior and exterior upgrades to the property. Unit enhancements will include stainless steel appliances, new kitchen cabinets and granite countertops, tile blacksplashes and new brushed chrome faucets, smart thermostats, two-inch blinds, USB plugs, Bluetooth speaker lighting fixtures, under-the-cabinet lighting systems, and plank flooring to carpeted upper floor units. Enhancements to the overall community will include adding a pet grooming station, a package locker system, new landscaping, and enhancements to the clubhouse.

Built in 1996, The Oaks consists of one- and two-bedroom apartments in three-tale garden-style buildings. Average unit size is around 833 square feet, and all units feature washer/dryer machines. Attached garages are available and fireplaces are in select units. Community amenities feature a large swimming pool with travertine deck, clubhouse with cyber café, bocce ball court, fitness center, car care center, and dog park.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States, with a current portfolio consists of approximately 23,000 units in Florida, Georgia, North Carolina, South Carolina and Texas.

Powered by WPeMatico