MOBILE, AL – Legacy Capital Partners, a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, have formed a joint venture and announced they have bought Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Alabama. The property is located within 2 miles of the University of South Alabama and Providence Hospital, a major health care system in Mobile.
Legacy and Morrison Avenue have bought Timber Ridge as part of their value-add strategy and plot to increase cash flow and value through the execution of interior upgrades for all 320 units, exterior and amenity improvements. As a part of the value-add strategy the joint venture will immediately address the property’s deferred maintenance issues which include bringing a small number of down units back online.
“Timber Ridge aligns well with our value-add multifamily investment strategy. The property is well-occupied and performing well in a strong market but we will be able to enhance its performance and the resident experience through significant physical and operational improvements. This is Legacy’s third joint venture and fourth asset bought with Morrison Avenue in the state of Alabama, and we are excited to be able to grow the partnership,” said David St. Pierre, Managing Director at Legacy.

Powered by WPeMatico

ATLANTA, GA – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of SouthLawn Lawrenceville, newly constructed multifamily community with retail space in Lawrenceville, a suburb of Atlanta, Georgia. The community was bought for CS1031 SouthLawn Lawrenceville Apartments, DST, a Reg. D private placement.
“SouthLawn Lawrenceville is the next in Capital Square’s line of newly constructed, Class A multifamily communities in the Southeast,” said Louis Rogers, founder and chief executive officer of Capital Square. “It is the highest quality, walkable, mixed-used community in the area. In addition, Atlanta is the business center of the South East, with major employers following businesses into the Peach State. Microsoft, Airbnb, Honeywell, GE Digital and BlackRock are opening major facilities in the area, adding jobs and increasing demand for quality apartments.”
Located at 30 S. Clayton St., the community was constructed in 2020. SouthLawn Lawrenceville is comprised of 430 units and approximately 15,000 square feet of street-level retail space. Situated on 14 acres of land within downtown Lawrenceville, the community features studio, one-, two- and three-bedroom units ranging in size from 622 square feet to 1,375 square feet.
Community amenities include electric car charging stations, two bicycle storage rooms with maintenance stations, a dog park and dog grooming room, two business centers with private workrooms and two private conference rooms. The property also features three resort-style pools with cabanas, including a roof-top pool above the clubhouse, poolside outdoor grilling areas, a resident clubhouse with multiple lounges and meeting areas, two fitness centers with Peloton bikes and TRX equipment, package delivery lockers for Amazon and other e-commerce deliveries as well as detached garages that are available for rent.
Alexandra Huffman, Justin Nelson and Lynn Pearson with Walker & Dunlop sourced the acquisition loan, which has a 10-year term and a 3.55% fixed interest property loan rate.
“The Atlanta area remains an exceptionally desirable market for institutional investors, attracting record amounts of capital in the last two years,” said Whitson Huffman, chief strategy and investment officer. “We are excited to buy another property in a growth market from a best-in-class developer, allowing us to use a focused rent roll optimization strategy as we roll over the original leases.”
The community is located in the Lawrenceville submarket, which outperformed the overall Atlanta apartment market, with an average occupancy of 95.9% and rent growth at 6.9% for the year ending February 2021, according to Yardi Matrix. Located approximately five miles from the property is Rowen, a plotted research and office park development, which is expected to break ground in 2023 and bring more than 18,000 jobs to the area by 2035.

Powered by WPeMatico

ATLANTA, GA – The Wingate Companies announced the groundbreaking for its newest community located in Northeast Atlanta, GA. Station 496 (formally known as City Lights 2A) will be the third phase of Wingate’s master redevelopment plot to revitalize its holdings of 733 affordable apartment homes located in the Ancient Fourth Ward neighborhood of Atlanta. Wingate will increase its unit mix by preserving 733 units and adding mixed income community in the future.
Wingate has been an active developer and operator of affordable and market rate housing in Atlanta since the early 1970’s. Most recently, Wingate has been at the forefront of revitalizing affordable housing in the Ancient Fourth Ward community along the Atlanta Beltline Corridor. With the addition of Station 496, Wingate will be more than halfway complete with the master redevelopment plot for the neighborhood, with the next phases anticipated to break ground in the fourth quarter of 2021 and the second quarter of 2022. Mark Schuster, the President & CEO of The Wingate Companies, has undertaken this initiative in partnership with and the strong support of the City of Atlanta, Invest Atlanta, the State of Georgia Department of Community
Affairs, the United States Department of Housing and Urban Development, representatives of the Ancient Fourth Ward community, and multiple investment partners.
The Station 496 property is slated to open in the spring of 2022 with 123 apartment homes which will feature modern floor plans, well-equipped kitchens and baths, in unit washers and dryers, and amenities such as a business center, spacious community room, fitness center and outdoor playground that will serve its residents and unmet local needs.
“We are excited to work alongside the City of Atlanta and our community partners to deliver modern, high-quality affordable housing options for families that will contribute to the area’s revitalization while enhancing the quality of life for our residents. Our company motto, It’s All About Home, is exemplified by what we’re building at Station 496 ” says CEO Mark Schuster, “which complements our other residential developments currently underway in Boston, Massachusetts and Providence, Rhode Island”.
Groundbreaking participants and special guests include City of Atlanta Mayor Keisha Lance Bottoms, Councilman Amir Farokhi, Invest Atlanta President & CEO Eloisa Klementich, Fulton County Commissioner Natalie Hall, Former U.S. Congressman Kwanza Hall, The Wingate Companies’ President & CEO Mark Schuster and Radio Personality Frank Ski, to name a few. Other invited guests include State Representative Park Cannon, Atlanta City Council Members, Fulton County Board of Commissioners, representatives from HUD and DCA.

Powered by WPeMatico