ORLANDO, FL – Walker & Dunlop, Inc. announced that it structured $27,900,000 in financing for the acquisition of Brooke Commons Apartments in Orlando, Florida. The affordable, garden-style community consists of 288 units across 38 buildings and is subject to a Land Use Restrictive Agreement (LURA), requiring that half of the units have household income of 60 percent or less than Area Median Income (AMI) and that 5 percent of the units cater to residents with household incomes of 55 percent or less than AMI. In the growing Orlando market with consistent demand for multifamily housing, Brooke Commons Apartments serves an vital role in providing quality apartment units at affordable rents.

Led by Managing Director John Gilmore, Walker & Dunlop’s team identified Freddie Mac as the ideal lender for the transaction. Leveraging the GSE’s Capital Markets Execution (CME) program, Gilmore locked in an attractive rate and five years of interest-only payments for the sponsor, Avanath Capital Management, a premier owner and operator of affordable, workforce, and value-oriented apartment communities. This property represents the first acquisition within Avanath’s fourth affordable housing fund, the firm’s latest socially responsible fund.

Avanath’s President and Chief Investment Officer, John Williams, stated, “We very much loved working on our first transaction with Walker & Dunlop. We found their team to be efficient and transparent during the process. We look forward to many future transactions with the Walker & Dunlop team.”

“As incomes fail to keep up with rent increases and the supply of affordable multifamily options remains limited, the nationwide demand for affordable housing continues to increase,” Walker & Dunlop’s Gilmore commented. “We are honored to be a part of this transaction and are confident that this community will continue to provide high quality living for working families in this growing market.”

Despite a recent wave of apartment supply within the region, Brooke Commons Apartments has maintained consistently high levels of occupancy, thanks to its affordability and brilliant location. Situated just 13 miles northeast of Orlando’s central business district, Brooke Commons Apartments has brilliant access to employment centers such as the city’s downtown area, the University of Central Florida, Quadrangle Business Park, Lockheed Martin, the AdventHealth East Orlando hospital and the Central Florida Research Park.

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POMPANO BEACH, FL -Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced that it has bought Overlook Pointe, a 249-unit apartment community in Pompano Beach, Fla. on behalf of its Fund VI investors. The property will be renamed Bell Lighthouse Pointe and be managed by Bell. 

Situated between the growing job and housing markets of Fort Lauderdale and Boca Raton, and located 2.5 miles from the beach, Bell Lighthouse Pointe provides residents convenience for both work and leisure. The community is on North Federal Highway, ideal for those commuting to employment hubs in Broward and Palm Beach County. In addition, the property is situated close to a cluster of retail shopping and dining at Las Olas Boulevard, Galleria Mall and Mizner Park. For travelers, the property is less than 30 minutes away from Fort Lauderdale-Hollywood International Airport, which serves all major U.S. airlines and numerous international carriers.

“Greater Fort Lauderdale is experiencing strong population growth and an expansion of job opportunities, making the area highly attractive to both residents and investors,” said Kary Nordholz, Senior Vice President of Investments at Bell Partners. “The region’s strong economic development is driven by its favorable business and tax climate as well as the high quality of life it offers residents. This growth has led to higher demand for multifamily housing, and Bell Partners continues to identify investment opportunities in this business hub of South Florida.”

Bell Lighthouse Pointe offers one, two- and three-bedroom apartments with stainless steel appliances, granite countertops, and washer/dryer in each home. Residents of the community have access to amenities which include a resort-style swimming pool, a BBQ area with grills, a fitness center, free Wi-Fi in common areas and a coffee bar exclusive to residents. The property also has a six-tale parking garage with 413 spaces.

Including Bell Lighthouse Pointe, Bell Partners manages 32 communities in Florida.

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CHARLOTTE, NC – The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, announced the opening of The Parkwood at Optimist Park, a new community of 309 residences in the city’s rapidly growing Optimist Park neighborhood. This marks the second community the national developer has completed in the Charlotte area, with more developments to follow in the near future.

Located at 1700 Brevard St., The Parkwood at Optimist Park is directly adjacent to the Parkwood Lynx Blue Line rail station and includes a mix of studio, one-, two- and three-bedroom apartments plus a host of world-class amenities. The community provides a first-rate location that is minutes away from NoDa and Uptown Charlotte, and is positioned centrally within Optimist Park, a thriving neighborhood recently named by niche.com as one of the “best places for young professionals to live” in Charlotte.  With blossoming culture, nightlife and restaurants, including the newly opened Optimist Hall, Optimist Park provides a perfect destination for both residents and visitors to the neighborhood.  

The Parkwood at Optimist Park is the second development by The NRP Group in the Charlotte area, after Loft 135, an upscale, market-rate apartment community on the south end of Charlotte, completed in 2016.  

In January, The NRP Group broke ground on Platform Lofts, an affordable community located across the street from Ancient Concord Station, also on the LYNX Blue Line. Completion is targeted for the summer of 2020. 

Nationally, the NRP Group is on target to deliver around 16 developments in 2019. It is considered to be the No. 1 developer in the U.S. that makes both affordable and market-rate communities at scale.

“The NRP Group is excited to enrich our outstanding relationship with the City of Charlotte, which is undergoing tremendous growth,” said Aaron Pechota, Senior VP of Development for The NRP Group. “The Parkwood at Optimist Park represents an elevated living experience, thoughtfully plotted to take advantage of one of America’s fantastic cities. The community will be a key part of Optimist Park’s continued emergence, connecting residents to Downtown Charlotte and the surrounding neighborhoods.”

The Parkwood at Optimist Park includes a fitness center, a resort-inspired heated pool with a tanning ledge, cabanas, grills, a private parking garage, a free bike-share program with lights, locks and helmets provided at no cost, and an onsite bike workshop.

“As we work to fulfill our mission of delivering exceptional rental housing to individuals and families, regardless of income, we’re also focused on making transit-oriented communities that allow our residents to go easily between where they live, work and play,” said Jason Mochizuki, VP of Development for The NRP Group. “The Parkwood at Optimist Park checks all of these boxes by offering a high-quality, perfectly conceived community that sits right on the Parkwood Lynx Blue Line and is just 15 minutes from most major employers in the area.”

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