CHARLOTTE, NC – LMC, a leader in apartment development and management, announced the start of preleasing at Bradham at New Bern Station, a luxury mixed-use apartment community in Charlotte’s South End neighborhood.  

Bradham, which features 432 apartment homes and 25,500 square feet of retail space, has already announced that restaurants Link & Pin and Eight & Sand and hair salon Fantastic Clips will be the first three retailers to join the community. LMC expects to announce as many as three additional restaurants and other service providers later this year.  Bradham will welcome first residents this summer. 

“This brings us one step closer to welcoming our first residents, and we are looking forward to officially joining the South End neighborhood,” said Jeff Harris, division president of the Carolinas for LMC. “We are keen to provide first-class apartment homes and new retail options along the LYNX Blue Line and Charlotte Rail Trail within one of the most dynamic neighborhoods in Charlotte.”

Located at 145 New Bern Street, the midrise community is situated at the site that served the first Pepsi-Cola bottling franchise in the nation. Pepsi creator and longtime New Bern North Carolina resident Caleb Bradham served as the inspiration for the community name. The neighborhood has experienced a pronounced increase of local and national retailers in recent years, in addition to a healthy level of high-end commercial office and residential construction. 

Bradham residents will experience superior access to the Lynx Blue Line and Charlotte Rail Trail. A trail-adjacent transit lounge will feature a televised train schedule and gaming consoles. Additionally, a transit courtyard will offer outdoor amenities including an outdoor lounge, game areas and grilling stations while enjoying the ambiance of the nearby Rail Trail.

Bradham features studio, 1- and 2-bedroom apartment homes with townhome floor plans available. Apartment interiors offer two distinct color schemes and are finished with quartz countertops, stainless-steel appliances, hardwood-inspired flooring, ceramic tile backsplashes, under-cabinet lighting, spacious walk-in closets, front-loading washers and dryers and keyless entry. 

Common-area amenities at this smoke-free community include a saltwater pool with cabanas, fitness workshop with yoga room, club and game room, private work pods, dog park and spa, outdoor kitchen and digital package lockers.

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HUNTINGTON, NY – URS Capital Partners, a multifamily real estate investment company headquartered in Huntington, NY that buys value-add apartment complexes as well as Opportunity Zone projects throughout the Southeast and Northeast, announced it has bought 7+ acres of land in a Qualified Opportunity Zone to build 256 units in South Portland, Maine. 

URS was able to utilize a combination of private equity sourced through URS’ private network of high net worth investors combined with a construction loan from Bar Harbor Bank in ME.

Christopher Urso, the Managing Partner of URS Capital Partners states, “The South Portland market is severely underserved with the occupancy rate hovering around 95%.  We will break ground in May, anticipating a 2- month construction period, with stabilization at 36 months. With carefully selected finishes and attention to attractive floor plans, we plot on Latitude at South Portland becoming a best in class asset, offering the amenities of the properties in the city center of Portland at an attractive price point only 10 minutes away from downtown. Our business plot is to hold the asset for 10 years to maximize the OZ benefits.”  

“URS’ total acquisitions to date are over $250M and we are looking to continue our growth in 2019 as we pursue additional more traditional value-add opportunities as well as Opportunity Zone projects that are well located within our targeted markets,” said Urso.

URS Capital Partners is a real estate investment firm focused on acquiring and managing value add multifamily real estate in strategic markets throughout the Southeast and Midwest, providing its investor partners with above market cash returns, significant upside potential and limited downside.

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LOS ANGELES, CA – TruAmerica Multifamily, in partnership with an institutional partner, has bought a two-property, 608-unit apartment portfolio of assets in the Las Vegas and Atlanta metros in an off-market transaction valued at $96.8 million.

TruAmerica in joint venture with its institutional capital partners has invested nearly $500 million this year in value-add apartment communities in Florida, Georgia, Nevada and Colorado. This is its second investment with this partner, after making a joint venture in January 2018 that bought a 635-unit portfolio of assets located in the Denver and Seattle metros for $127 million.  

“We continue to see positive signs that the economic demand drivers for multifamily investment in our target markets are strong and will remain so for the foreseeable future,” said TruAmerica Multifamily Head of Acquisitions and Co-Chief Investment Officer Matthew Ferrari.   “Both of these markets exhibit strong job growth, stable occupancy projections, and a demonstrable supply/demand imbalance and we will continue to look for value add investment opportunities in these and other target markets throughout the United States.”

The acquisition of the 368-unit Vintage Pointe in Las Vegas and the 240-unit Sweetwater Creek in the Atlanta suburb of Lithia Springs are the most recent examples of TruAmerica’s commitment to those markets.  With the acquisition of Vintage Pointe, TruAmerica has grown its portfolio in the Silver State to approximately 4,000 units since entering the market in 2016. After making its first investment in Atlanta earlier this year TruAmerica now owns four properties totaling nearly 1,400 units. 

While well maintained, neither Vintage Pointe, built in 1994 nor Sweetwater Creek built in 2003, have benefitted from significant physical renovations providing the TruAmerica joint venture with strong value-add upside, according to Ferrari. The new ownership will invest in a multi-million dollar capital improvement program across the portfolio to reposition both properties on par with the competitive set in those markets. 

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages an $8.5 billion portfolio of approximately 40,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida and Georgia.

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