BIRMINGHAM, AL – Carter Multifamily announced its acquisition of two properties: Renaissance at Galleria for $26,840,000 and Chace Lake Villas for $31,370,000.
Built in 1996, Chace Lake Villas is in Birmingham, Alabama, has 264 units, and spans 13.2 acres of land in a desirable location, close to dining, shopping, entertainment, and the area’s employers. The community features well-designed one, two, and three-bedroom units. The high-quality amenities include a resort-like pool, gazebo for grilling, pet park, state-of-the-art fitness center, resident lounge, and more.
Renaissance at Galleria, built in 1994, is in Hoover, Alabama, a desirable submarket of Birmingham, and has 244 units. Hoover is one of Birmingham’s top growth suburbs, with a population increase of 35% since 2000. The property is situated on 19.4 lush acres and offers a mix of one and two-bedroom apartments. Amenities include a relaxing outdoor sun deck, a pet park, sport courts, and a pool with a poolside outdoor grill.
“We’re excited to grow our footprint in a market supported by brilliant growth fundamentals, favorable renter demographics, and limited new supply. We believe that Hoover’s growing job base, high average household incomes, and favorable renting trends will continue to fuel demand growth for high-quality, affordable multifamily housing – and that’s exactly what these two properties offer,” said Ray Hutchinson, Chief Investment Officer of Carter Multifamily.
Carter Multifamily intends to do a value-add strategy which will include operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations, and exterior plant improvements.

Powered by WPeMatico

DALLAS, TX – Lincoln Property Company, the second largest property management company in the United States, announced that it will buy the multifamily property management business of The Excelsior Group, Excelsior Multifamily LLC. The Excelsior Group is a Minneapolis-based real estate services company. Its Excelsior Multifamily LLC company manages a portfolio of 27 multifamily properties encompassing nearly 4,500 units in the Minneapolis/St. Paul metropolitan area. Terms of the sale were not told.
Excelsior Multifamily will expand Lincoln s Midwest region, which currently includes offices in Chicago and Kansas City and, with the acquisition, an expanded presence in the Minneapolis/St. Paul metropolitan area. The addition of Excelsior s multifamily portfolio will more than quadruple Lincoln s presence in the Minneapolis/St. Paul market. Nearly all Excelsior Multifamily employees, including the business s core leadership team, will join the local Lincoln team.
We are thrilled to welcome the Excelsior Multifamily team and its portfolio of properties to Lincoln, said Bruce Webster, Senior Vice President, Midwest Region, for Lincoln Property Company. Excelsior s management team will be joining Lincoln to ensure continuity of operations for both residents and owners. Meanwhile, Lincoln s leading management platform will enable the combined business to provide enhanced offerings and services and lower costs to property owners.
As we explored options for growing our multifamily property management business, it became clear that joining the Lincoln platform would be the best outcome for both our people and our clients, said Chris Culp, The Excelsior Group s Founder and Chief Executive Officer. Our clients will continue to delight in brilliant service from people they know and trust while gaining access to the breadth and depth of the resources Lincoln s national size and scale brings. Our people will thrive in a Lincoln corporate culture that is as entrepreneurial as ours but that also affords the career growth and professional development opportunities of an international real estate firm.

Powered by WPeMatico

FORT COLLINS, CO – San Francisco-based real estate firm Hamilton Zanze (HZ) has bought The Wyatt, a 368-unit apartment community in Fort Collins, Colorado.
The buy marks the firm’s second acquisition in the Fort Collins market and 15th in Colorado. The community, newly built in 2019, is in immediate proximity to Interstate 25, providing access to Downtown Fort Collins, Downtown Denver, and major regional employers.
“The Wyatt offered an exciting opportunity to buy a brand-new asset in Fort Collins,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “The property features an extensive amenity package, a prime location near regional employers, and offers residents the quality of life provided by the city’s close proximity to outdoor recreation. We are excited about our continued growth in the Fort Collins market.”
The Wyatt was 89.1% occupied at buy. The community is located at 4701 Strauss Cabin Road in the desirable Fort Collins South submarket, approximately 15 minutes from Downtown Fort Collins. The 368 units range from 761-1,413 square feet and community amenities include a clubhouse, resort-style swimming pool, fitness center, and a spa, steam room, and cabanas.
Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

Powered by WPeMatico