TAMPA, FL – Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, announced that it has expanded its Florida portfolio with the buy of Providence at Zephyr Ridge located in the quick-growing Tampa submarket of Zephyrhills, FL. The Company bought the property as part of a joint venture with Houston-based real estate firm, Apex One Investment Partners.

The community—which will be rebranded as Preserve at Zephyr Ridge—is comprised of 13 residential buildings that span more than 12 acres located at 35940 Inspiration Drive. A variety of retail, entertainment and restaurant options are easily accessible in the Zephyrhills area, in addition to major healthcare providers including the Florida Hospital System.

The property is comprised of 208-units in a variety of one, two, and three-bedroom floor plans averaging 1,023 square feet. Apartment features that are offered include large walk-in closets, modern fixtures, master suites and fully-equipped kitchens. Several community amenities including a sparkling pool with outdoor kitchen and screened-in lanai, playground, fitness center and clubhouse with business center.

“This acquisition falls directly in-line with Balfour Beatty Communities’ strategy of acquiring high-quality assets in growing submarkets where we can add value through operational improvements and a targeted renovation plot,” said Michael Price, vice president of residential transactions for Balfour Beatty Communities. “We are excited to expand our Florida footprint into the Tampa market and look forward to delivering the world-class property management services and exceptional living experience that has become our hallmark.”

Balfour Beatty Communities will self-perform property management services and invest in a series of capital improvements at the property, including interior, exterior and amenity upgrades.

Powered by WPeMatico

BOSTON, MA – Gables Seaport, located in the Seaport District, will be a new transit oriented 23-tale apartment building offering 307 distinct apartment homes and 1,370 square feet of retail in one of the most vibrant submarkets of Boston. Gables Residential will develop the community in conjunction with the Drew Company and Suffolk Construction as the General Contractor. Gables Seaport is located at 501 Congress Street and holds along-term ground lease with Massport. 

Located in the South Boston Waterfront, a walkable urban neighborhood within a dynamic Live-Work-Play environment, the community is just steps away from public transportation and unique dining and entertainment offerings. The area is home to major employers like pharmaceutical companies, Vertex and Intarcia, as well as financial giants State Street, John Hancock and PWC. In addition, the Boston Consulting Group, Red Hat, GE headquarters and Amazon are also present. The community is immediately adjacent to the entrance to the MBTA Silver Line with direct access to Downtown Boston and Logan International Airport as well as entrance ramps to Interstates 90 (Mass Turnpike) and 93. 

“This is an exciting opportunity for Gables in the Boston market to showcase the high level of quality product that Gables is known for while partnering with the Drew Company, one of the most respected developers in the city and a pioneer in the development of the South Boston Waterfront,” stated Joseph Shea, Development Director for Gables Residential.

The 307 apartment homes will range in size from 469 square foot studios to 1,289 square foot two bedroom homes. Gables Seaport has also committed to having 15 affordable on-site units and has made a $5,700,000 contribution for off-site affordable housing.

Sue Ansel, Chief Executive Officer for Gables Residential shares, “Gables continues to focus on growth in and around the Boston market, and we are very excited to be a part of the Seaport District. We believe this community will afford us the opportunity, in conjunction with our partners, to showcase a product that will be a strong addition to the multifamily marketplace.”

Design features will showcase “best in class” finishes such as stainless steel appliances, quartz countertops, under mount sinks, tile backsplashes, under cabinet lighting and LVT flooring in the kitchens and living rooms to name a few. Community amenities will include a state-of-the-art fitness center, business center, club room, game room, barbecue grills and a terrace level with a pool.

In addition, Gables Seaport plans to achieve LEED Silver certification and will incorporate a number of green building and efficiency features. Being LEED Silver certified continues to establish Gables’ reputation as an environmentally conscious developer in the Greater Boston market as well as across the country.

Powered by WPeMatico

IRVINE, CA – CoreVest, the leading lender to residential real estate investors, announced the closing of a $6-million mortgage loan secured by a pool of 55 single-family rental homes.  The properties, located in and around Kansas City, Missouri, are owned by Golden Pacific Capital’s GPC Fund I.  This transaction is one of the inaugural loans being originated as part of the Freddie Mac Multifamily pilot program for Single-Family Rental (SFR). 

GPC identifies homes that are unlikely to be bought by potential homeowners due to the extensive renovation work required.  After updating the properties, GPC rents them to people in the community.  “We look for homes where we can add value,” said Ian Fisher, co-founder of GPC. “Often times, we invest as much as 20% of the buy price of the home on the rehab.”  

“Golden Pacific Capital is currently managing over 250 homes in Kansas City,” added Hubert Hultgren, co-founder. “We provide residents affordable places to live with fantastic access to jobs and schools.”  In this transaction, 82 percent of the units are affordable for families earning at or below 80 percent of the area’s adjusted median income.  

CoreVest sees participation in the Freddie Mac pilot as a natural extension of its core business. “We financed GPC with traditional blanket SFR term and bridge loan products to help them buy and rehabilitate properties, and now, we’re expanding the relationship as part of the Freddie pilot program,” commented Beth O’Brien, CEO of CoreVest.  “It’s exciting to watch a client grow, especially when they are putting freshly rehabbed assets back into the housing stock.”

With Freddie Mac entering the space on a pilot basis, it is expected that liquidity in the affordable market will increase and help drive greater availability of workforce housing.  “We were excited to be the first partner for Freddie Mac in the SFR pilot with our wrapped securitization last November,” said Christopher Hoeffel, CoreVest CFO.  “Loans such as GPC now allow our borrowers to participate directly in the Freddie program.”

“We are pleased to fund another transaction under our affordable single-family rental pilot, which is designed to increase the availability of affordable rental housing in communities across the country,” said Andrew Tush, senior production manager of Targeted Affordable Housing Structured Transactions at Freddie Mac Multifamily. “The overwhelming majority of the homes in this transaction will remain affordable to working families, and we thank our strong partners at CoreVest for delivering this vital housing. We continue to learn from these pilot transactions using our unique position in the market to drive financing towards greater affordability in the single-family rental market.”

Powered by WPeMatico