AUBURN, AL – ResProp Management was selected to provide full-service property and construction management for Avalon Park. Avalon Park is centrally located near Auburn University in Auburn, Alabama. It is conveniently located at the tail end of Webster Road, not far from the campus, making it a well loved location for students and residents looking for location and space.

Avalon Park is a comfortable manufactured home community composed of 217 mobile homes. These spacious floor plans offer 2 and 3- bedroom layouts. The property is home to Auburn’s only private beach. Residents can delight in on-site amenities that include a swimming pool, 24/7 fitness center, and gated access.

Stephen D’Ambrosi, Regional Vice President for ResProp states, “We are excited to work with Trinity Property Group, on our first community in the Alabama market. Avalon Park is a fantastic location close to the University of Auburn campus. This community offers simple access to the campus via the Tiger Transit as well as a full amenity package.”

With the recent addition of Avalon Park into the portfolio, this marks ResProp Management’s first presence in Alabama. This latest addition was made possible through the partnership with Trinity Property Group.

Jeffry Hirschoff, Principal and Director of Operations for Trinity Property Group states, “We are excited about ResProp’s breadth of experience in the multifamily space, and believe they are a natural fit for management of Avalon Park.”

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AUSTIN, TX – Amherst Residential, a vertically-integrated owner and operator providing all necessary services to owners of single-family real estate, announced that, through its affiliates and subsidiaries, it has completed the acquisition of 2,400 single-family rental properties since October 2018 in several transactions valued at approximately $404.1 million in the aggregate. In the largest of these transactions, which closed in February 2019, Amherst Residential bought 446 single-family rental homes for $103.3 million.

The bought properties are located in 43 Metropolitan Areas across 18 states nationwide, including Miami, FL; Greensboro/Winston Salem, NC; Atlanta, GA; Memphis, TN; and Phoenix, AZ. With these acquisitions, Amherst Residential has expanded its national footprint to cover 29 markets, including the following new markets: Salt Lake City, UT; Las Vegas, NV; Seattle, WA; and Denver, CO.

“We see an opportunity for consolidation across the single-family residential market, and are focused on executing portfolio acquisitions that facilitate expansion into areas of high growth,” said Drew Flahive, President of Amherst Residential. “With the size, flexibility and attractive cost of capital associated with our scalable platform, we are uniquely positioned to capitalize on market fragmentation to aggregate bulk portfolios of single-family rental assets.”

Including the properties bought in its most recent transactions, Amherst Residential, through its affiliates and subsidiaries, has bought more than 23,000 single-family homes since its establishment in 2012 as part of the company’s continuing strategy to invest institutional capital in target markets across the United States. Amherst Residential is actively pursuing additional acquisition opportunities, targeting the buy of more than 10,000 single-family rental homes by the end of 2019.

“Across Amherst’s rapidly growing single-family rental platform, occupancy is high, rent growth is strong and margins are expanding as we continue to enhance our presence in markets where we see significant value and growth opportunities,” said Joe Negri, Co-Head of Institutional Single-Family Residential at Amherst Residential. 

“Supply of single-family housing inventory in the United States is at historical lows and we are seeing consistently strong demand for high-quality, safe and affordable, single-family housing,” said Chris Avallone, Co-Head of Institutional Single-Family Residential at Amherst Residential. “Amid this rising demand, we intend to accelerate acquisition activities and continue to provide the market with value-add services to lower the cost of real estate ownership.”

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OVERLAND PARK, KS – San Francisco-based real estate investment firm Hamilton Zanze has bought the 272-unit Metcalf Village Apartments in Overland Park, Kansas, rebranding the community as Boulders at Overland Park Apartments. The buy closed February 28.  

The 261,862-square-foot community was built in 2017 in the Blue Valley School District — one of the best performing districts in the nation. The Boulders at Overland Park offer a mix of one-, two-, and three-bedroom units well-suited for both single and family occupancy.

“This community represented a fantastic opportunity to buy new, stabilized product below replacement cost thanks to robust local market momentum,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “Overland Park has been a target market for our acquisitions team, and we are excited to have found a perfect acquisition to fit our criteria. We look forward to further growing our presence in Kansas in the years to come.”

The Boulders community is located close to Highway 69 at 16201 Travis Street, Overland Park, Kansas 66085. It features a 24-hour fitness center and an expansive outdoor saltwater pool, and HZ plans to do only minor community improvements due to its newer construction. Plotted projects will include landscape enhancements and improved outdoor lighting for way-finding and ambiance. The individual units feature state-of-the-art appliances, granite countertops, wood vinyl floors, and large, efficient dual pane windows. 

Property management responsibilities will be transitioned to Mission Rock Residential, a Denver-based affiliate company of Hamilton Zanze.

The Boulders at Overland Park Apartments are located just 30 minutes from the state capital of Kansas City. Since 2000, over $6 billion of public and private projects have been completed in the metro area. The city’s constant population growth, developing transportation system, and solid economic fundamentals can all be credited for making the region a prime target for multifamily and business investment.

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