Trending Multifamily News
CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Madison Cypress Lakes, a 1,002-unit apartment community in the Tennessee suburbs of Memphis. The community will be rebranded as Waterview Apartments.
Situated less than 25 miles from downtown Memphis, the community offers easy access throughout the metro area via Interstate 240 and 69, and is a short drive from the Nonconnah Technology Corridor, the Poplar Class A Office Corridor and Memphis International Airport. CAPREIT will renovate the community and implement upgrades to the townhome-style homes.
“Waterview will provide the Germantown/Collierville area with quality affordable housing that is much needed in the submarket, and we plan to invest a significant amount of capital into upgrading the community,” said Brendan Majev, a senior acquisitions associate for CAPREIT. “Our intention is to contribute to the continued growth of one of Memphis’ top submarkets with updated, reputable homes. We are excited about the opportunity to provide renovations in a growing area, and are confident these upgrades will make an already affluent submarket even more desirable.”
CAPREIT’s planned renovations include asphalt and sidewalk repairs, exterior painting, landscaping, pool refinishing, siding replacement, new fitness equipment and an upgraded clubhouse. Existing amenities at the spacious, 22-acre community include multiple lakes with some including stocked fish, indoor and outdoor pools, three resident clubhouses, a spa, business center, fitness center and indoor sports courts.
Located at 6860 Quince Road, Waterview is situated moments from the Bill Morris Parkway, which has transformed the area into a burgeoning technology hub. In addition to the Nonconnah Technology Corridor, the site is within close proximity of professional employment opportunities throughout the Memphis metro area, including major employers such as AutoZone, World Technology Center and the world headquarters of FedEx. The site is located three miles south of the Poplar Class A Office Corridor, home to seven million square feet of office space.
The community also is within 1.5 miles of 800,000 square feet of vibrant shopping, dining and entertainments options. Additional nearby attractions include Elvis Presley’s Graceland home, Beale Street and the FedEx Forum, home of the NBA’s Memphis Grizzlies. An eclectic mix of specialty stores at The Shops of Saddle Creek is conveniently located within a five-mile drive, and outdoor enthusiasts can access Shelby Farms Park with a quick drive on I-240.
Waterview consists of 1- and 2-bedroom apartment homes ranging from 533 to 1,160 square feet. The community features diverse floor plans, spacious kitchens with white appliances, washer and dryer connections, wood-burning fireplaces, vaulted ceilings, built-in bookshelves, ceiling fans and private patios or balconies with scenic views.
SOUTHAVEN, Miss. – June 29, 2017 – CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Legacy Crossing, a 430-unit apartment community in the Mississippi suburbs of Memphis.
Situated less than 30 minutes from downtown Memphis, the community is close to the city’s primary thoroughfares and within a 15-minute drive of Memphis International Airport. CAPREIT will renovate the community and implement upgrades to select apartment homes.
“Legacy Crossing is an affordable community positioned on excellent property that is ripe to be improved,” said Brendan Majev, a senior acquisitions associate for CAPREIT. “We intend to invest a significant amount of money in order to better serve the local community. In doing so, it is our hope and belief that the company’s improvements to the property will make a positive impact on the local schools and children who attend them.
“A desirable community creates increasingly friendly surroundings, and our acquisition of Legacy Crossing allows a clear opportunity to improve the lives of our residents, which is CAPREIT’s core mission.”
CAPREIT’s planned renovations for Legacy Crossing include new cabinets, appliances and sheet vinyl flooring in living areas, kitchens, entryways and bathrooms, and upgraded countertops in select homes. Existing amenities at the pet-friendly community include a clubroom, three pools, multiple laundry facilities and complimentary parking.
Located at 7560 Chesteridge Avenue, Legacy Crossing is within minutes of Route 51, which is adjacent to Southaven Middle and High School. Nearby transportation arteries, including Route 61, Interstate 40, and Interstate 69 offer convenient access to professional employment opportunities throughout the Memphis metro area. Major employers include AutoZone, International Paper Co. and Federal Express (more commonly “FedEx”), Memphis’ largest company, with 30,000 local employees. The community is also a short drive from Interstates 55 and 240, the gateways to downtown Memphis.
Nearby attractions include the Southaven Towne Center, Arena at Southaven Expo Center, Casino Tunica, Snowden Grove Amphitheater, Tanger Outlet Mall, FedEx Forum and Landers Center (where the Memphis Grizzlies’ NBA Development League will launch in the fall of this year). Legacy Crossing is also a short drive from the historic Graceland and Mississippi River Park, which offers a bevy of various outdoor recreation activities.
Legacy Crossing consists of 1-, 2- and 3-bedroom patio-style apartment homes ranging from 711 to 1,063 square feet. The apartments feature vaulted ceilings with lighted fan, washer and dryer connections, central heating and air conditioning, spacious closets and extra outside enclosed storage area.
CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has assumed management responsibilities for three affordable housing communities in the Miami metropolitan area.
The communities, Cedar Grove and Emerald Dunes (both in Miami Gardens) and Running Brook (Miami), include a combined 615 apartment homes. CAPREIT will spearhead renovation efforts at the communities, designed to bring them to par with some of the best affordable housing options in the area.
“Assuming management of these three communities will allow us to assist in the preservation and renovation of much-needed affordable housing in the Miami area,” said Ryan Tustin, senior associate at CAPREIT. “The Miami Gardens communities are located in an area where single-family homes have recently experienced significant appreciation. We recognize the growth in the surrounding area and are excited to be a part of the neighborhood’s ongoing transformation.”
CAPREIT assumes all management responsibilities, including the renovations blueprint. Renovation efforts will include asphalt and sidewalk repairs, new signage, new access gates, exterior painting, exterior lighting, landscaping, new fitness equipment and new pool furniture.
Cedar Grove, located at 20601 NW 17th Avenue, contains 2-, 3- and 4-bedroom homes and 288 units. Community amenities include a swimming pool, fitness center, business center and clubhouse. Apartment interiors are equipped with washer and dryer connections.
Emerald Dunes is located steps away from Cedar Grove, at 1931 NW 207th Street, and features 1-, 2- and 3-bedroom homes for a total of 141 units. It contains the same community amenities as Cedar Grove. The communities are situated less than two miles from Hard Rock Stadium, home of the Miami Dolphins, and are within walking distance of the city’s Orange Line bus stop.
Running Brook is 30 to 40 minutes southwest of the other two at 20505 SW 122nd Avenue. Featuring 2-, 3- and 4-bedroom homes and 186 units, Running Brook is nestled in a quiet neighborhood and is within minutes from Southland Mall and Zoo Miami. The site is within walking distance of a Publix Supermarket, 7-Eleven, Walgreens, Bank of America and Caribbean Elementary School. Community amenities include a swimming pool, clubhouse, fitness center and volleyball court.
Including Cedar Grove, Emerald Dunes and Running Brook, CAPREIT currently owns or operates nearly 14,000 units across the nation.
CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Avana Southgate, a 256-unit apartment community on the south side of the state’s largest city.
Situated less than 20 minutes from downtown Louisville, the community sits in close proximity to the city’s primary thoroughfares and within nine miles of Louisville International Airport. CAPREIT will renovate portions of the community and add washers and dryers to select homes.
“It’s tough to beat the fantastic location of Avana Southgate, with several local businesses in the immediate area and prime access to key destinations throughout the Louisville area,” said Ernie Heymann, Chief Investment Officer at CAPREIT. “The community will serve as an excellent housing option for the many local-business employees, as well as those who commute to the airport or the downtown corridor.”
Located at 10960 Southgate Manor Drive, Avana Southgate is within minutes of Route 61 and Interstate 65, which offer expedient access to professional employment opportunities throughout the metro area. That includes Worldport, the worldwide air hub for the United Parcel Service. The airport-based hub has more than 20,000 employees. The community also is a short drive from Interstate 265, the gateway to desirable and affluent suburbs on the east side of the city.
Nearby attractions include historic Churchill Downs, Kentucky Exposition Center, Quail Chase Golf Course, Southgate Shopping Center and Jefferson Mall. The community is within walking distance of a Kroger grocery store, a Jimmy John’s sub shop and several other fast-casual restaurants. Commuters are a three-minute walk from the Hillview Woods stop on the Louisville TARC bus line on Mud Lane. Less than a mile east, Blue Lick Park is home to several recreational outlets, including athletic fields, running trails and picnic areas.
CAPREIT’s planned renovations for Avana Southgate include upgraded stainless steel appliances, plank flooring, new cabinet fronts, two-tone paint and updated plumbing and lighting fixtures. Existing amenities at the pet-friendly community include a state-of-the-art fitness center, resort-inspired swimming pool, resident clubhouse, business center, personal garages and storage areas, grilling areas and tennis and basketball courts.
Avana Southgate consists of 1- and 2-bedroom apartments ranging from 680 to 1,488 square feet. The apartments feature 9-foot vaulted ceilings, private balconies or patios, oversized pantries, washer and dryer connections and gas fireplaces in select homes.
Including Avana Southgate, CAPREIT currently owns and operates nearly 14,000 units across the nation.
CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Waverley Place, a 300-unit apartment community located minutes from the beach on the Sunshine State’s west coast.
CAPREIT will renovate portions of the community while maintaining many of the amenities already in place, such as a resort-style swimming pool, tennis courts and barbecue areas. From its perch in the Golden Gate neighborhood, Waverley Place sits moments away from downtown Naples and provides expedient access to Interstate 75.
“Naples is a fantastic submarket south of Fort Myers, and Waverley Place already possesses a charm of its own and a prime location in the sixth-wealthiest city in the nation,” said Ryan Tustin, acquisitions analyst for CAPREIT. “While we believe our upgrades will add significant value for our residents and investors, we also plan to keep intact the community’s relaxed, resort-style vibe. Waverley Place will be one of the finest apartment communities in Golden Gate.”
CAPREIT will institute vast improvements to the interior units and common areas, including an extensive revamp of the clubhouse, roof replacements, landscaping, painting of door trims and upgrades to the pool area. The interiors of the 1-, 2- and 3-bedroom apartment homes will receive a significant refresher as well in the form of stainless steel appliances, updated cabinets and countertops, vinyl wood-plank flooring, new carpet, new paint and modernized plumbing and light fixtures.
Waverley Place is situated just off Green Boulevard at 5300 Hemingway Lane and surrounded by an abundance of picturesque lakes and several major land reserves, including Everglades National Park. A pristine white-sand beach bordering the Gulf of Mexico is about 10 miles due west of the pet-friendly community, and downtown Naples the same distance to the southwest. The city is home to Naples Zoo at Caribbean Gardens, Kensington Golf & County Club, Naples Municipal Airport and Physicians Regional Medical Center – Pine Ridge. Fortune 1000 company Health Management Associates is among the city’s many high-level employers.
Fort Myers is 37 miles to the north of Waverley Place and Marco Island 32 miles to the south. Fort Lauderdale is a 90-minute drive to the east and Miami a 1 hour, 50 minute drive to the southeast. Including Waverley Place, CAPREIT currently owns and operates nearly 13,000 apartment homes across the nation.