SAVANNAH, GA – DXE Properties, Acuity Partners, and JSR Development announced the acquisition of Jasmine Place Apartments in Savannah, GA. This is the second acquisition the group has place together in Georgia within the past twelve months. Jasmine Place Apartments, located just north of Whitemarsh Island, is a 112-unit value add property built in 1979.
Donato Settanni, DXE Properties, said, “The market for well located multifamily property in the South East is extremely competitive right now. We were able to secure this property off-market through strong local relationships. Savannah is a market that continues to grow in many directions, including their major port operation, manufacturing and tourism. We are long term believers in this market and excited to take on this asset.”
The property will be rebranded to The Retreat Savannah and will receive over $2.5 million in property renovations to drive a robust value-add strategy.
Joshua Gelb, JSR Development, said, “We are excited to once again partner with the teams at DXE Properties and Acuity Partners to add this attractive and well located property to our growing Southeast portfolio and to expand to the Savannah market.”
DXE Properties, in conjunction with Acuity Partners and JSR Development, have invested nearly $5 million in equity into the deal. Scott Kurland, President of Acuity Partners said, “We are pleased to be partnering with DXE on the acquisition of this attractive asset.”
The transaction was brokered by the Cushman and Wakefield team of: Nelson Abels, Austin Weathington, Taylor Birdand Jaime Slocumb.

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CHARLOTTE, NC – FCP and The Community Builders (TCB) announced the formation of a joint venture for the adaptive reuse redevelopment of the historic Johnston Mill property in the NoDa neighborhood of Charlotte, NC. The $50 million project will include the new development of 419 and 423 E. 36th Street and the adaptive reuse redevelopment of 3315 N. Davidson Street (the former Johnston Mill).
The project will transform the venerable 100+ year ancient 3315 building and the adjacent parcels into 235 apartment units under a new name, NoDa Wandry. 84 apartment units will be located in 3315 N. Davidson while the remaining 151 apartment units will be constructed in the new 423 E. 36th Street building. Noda Wandry will also include 2,800 square feet of retail, a leasing center, and co-working amenity space in the 419 E. 36th Street building. FCP provided $18 million in mezzanine financing for Noda Wandry, arranged for the senior financing with Bank of America and brought in a state and federal historic tax credit investor, also Bank of America.
“FCP is excited to work with TCB, who has been a longstanding member of the NoDa community, delivering needed quality housing and recovering vital historic properties as part of their work,” said FCP’s Ross Magette. “Working with Juan and his team at TCB, FCP lined up the financing and completed a highly complex capital stack to fulfill the needs of our partner.”
“TCB is equally excited about the opportunity to complete the work started at this transit-oriented site in NoDa. Combined with 47 affordable units contained in the previously restored Mecklenburg Mill, we have been successful in moving toward a truly mixed income community,” said TCB Regional Vice President for Development, Juan Powell. “We appreciate the opportunity to work with a partner such as the FCP team – one that brings tremendous development skills, financial resources, and the grit to tackle tough projects. We look forward to expanding our services to the Charlotte community by providing more first-class affordable and mixed income housing in the future.”
Construction on NoDa Wandry started in March 2021 and is expected to be complete in spring 2023. The community will include 80 studios, 97 one-bedroom apartments, 51 two-bedroom apartments and 7 three-bedroom apartments. TCB initially bought the Johnston Mill buildings in 2011 from the City of Charlotte.
The adaptive reuse redevelopment of 3315 N. Davidson Street will feature large historic windows with exposed brick. A number of units will have exposed historic wood ceilings with wood beams and all units will feature new floors. Exposed brick and beam architecture will provide architectural interest and authenticity in the clubroom, gym and art production center. A current boiler room will be repurposed into an outdoor lounge with a rooftop patio overlooking a pool area.
419 E. 36th Street will be a fully ground up new apartment building with 151 units. A transit lounge will be included in the building, providing a connection directly onto the ramp leading to the 36th Street Station on the LYNX blue light rail line.
423 E. 36th Street will be developed as a two-tale ground-up building that will house the leasing center for the property, 2,800 square feet of retail, a co-working area, and a rooftop patio overlooking 36th Street and providing a visual connection to the N. Davidson/36th Street intersection, with a lively view of the neighborhood’s multiple restaurants, bars, shops, and music venues.
The project team includes BB+M Architecture (architect), LandDesign (civil engineer), Samet Corporation (general contractor) and Trinity Partners (construction management services).

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DORAL, FL – Denver-based Avanti Residential announced the acquisition of Sanctuary Doral, an ultra-luxury 226-unit multifamily community in Doral, FL for $102 million. Avanti bought Sanctuary Doral from Miami-based Shoma Group, who developed the project with condominium-quality finishes and resort-like amenities in 2020. The acquisition continues the growth of Avanti s nationwide apartment portfolio and is the second of three South Florida investments the company plans to complete in 2021.
We reckon this is a tremendous investment opportunity on so many levels, with design and quality attributes befitting the highest quality for-sale condominium complexes in the market, plus the project is in a prime location serving a growing and upwardly mobile apartment resident demographic, said Christian Garner, president of Avanti Residential.
Walker & Dunlop s Managing Director Still Hunter represented Avanti and Shoma Group in the sale transaction, with Senior Managing Director Trevor Fase arranging the acquisition loan.
Sanctuary Doral is located at 9400 NW 41st Street in Doral and fronts Doral Boulevard, the major east/west thoroughfare in Doral. The project includes abundant outdoor amenities in 1.35 acres of open space, including an oversized pool deck with cabanas and day beds, barbeque areas, a large children s playground and soccer field, a half-acre sculpture garden, and a large pet park and pet spa area. The property also features a deluxe fitness center with a steam room and dry sauna, a game room/lounge area, and a resident business center and conference room. Apartment interiors include high-end, condo-quality finishes and designer kitchens with island entertainment areas. The master plot for the project also includes numerous dining and entertainment choices on site, though this was not a part of the sale.
Avanti Residential has been an active investor in multifamily communities in Florida as the firm expands its nationwide portfolio. The company bought the 341-unit 500 Ocean apartment complex in Boynton Beach, FL for $105 million in July 2021, and is nearing completion on a similar sized buy in the Tampa, FL area by the end of the year.
We recognize the strong apartment demand in South Florida, where our acquisition team has successfully partnered with local market experts to uncover attractive core plus investments that outperform many of the value-add investment opportunities that we see in other markets, added Garner.
A key factor in Avanti s investment strategy is to buy in markets with strong population and employment growth patterns. Doral s population has grown by 36% since 2010, making it the fastest growing large city in Florida and the fourth fastest growing large city in the U.S.
We believe the current economic environment presents the opportunity to buy apartments in high-demand locations and where strong market fundamentals support further growth potential, added Garner.

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