One Real Estate Investment is building “The One at Hope Mills” in Fayetteville

Berkadia has arranged senior construction financing for The One at Hope Mills, a 360-unit garden-style multifamily development in the rapidly expanding Fayetteville, North Carolina market.

Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson, Scott Wadler and Matt Robbins of Berkadia South Florida secured acquisition financing on behalf of the sponsor, One Real Estate Investment (OREI), a real estate investment and management firm based in Miami, Florida.

City National Bank of Florida with Abanca provided the $47 million floating rate construction loan for the project. Construction will begin in the third quarter of this year and the property is scheduled for completion in the second half of 2024.

Founded in 2001 by Jeronimo Hirschfeld, OREI is a leading multifamily investment firm with a portfolio of garden-style apartment communities valued at more than $1.5 billion in several high-growth markets across the Sun Belt. In 2022, OREI broke ground on over 800 units and has over 1,500 units in planning for 2023.

“The Sponsor’s investment thesis is driven by the favorable rental market in Fayetteville, which experienced 16.8 percent year-over-year rent growth, while the vacancy rate has compressed due to limited supply and a strong job growth,” said Williamson. “Hope Mills is being transformed by the southwest expansion of the I-295 Outer Loop, providing commuters with quicker access to Fayetteville and Fort Bragg while enabling the emergence of area’s logistics corridor.”

Located 3680 Elk Road, The One at Hope Mills will consist of 11 three-story buildings and a clubhouse on a 46-acre site approximately six miles southwest of downtown Fayetteville and three miles west of Fayetteville Regional Airport. The property will feature a mix of one-, two-, and three-bedroom floor plans with best-in-class amenities.

Community amenities will include a resort-style pool, an outdoor cabana with TV’s, a game room with billiards and shuffleboard, and a state-of-the-art fitness center amongst many others.

The One at Hope Mills benefits from its proximity to several retailers including the high-end grocer Harris Teeter and the area’s main retail corridor, N Main Street. The property also will benefit from the expansion of I-295 Outer Loop, which will provide excellent interstate connectivity for the region and a direct connection from Fort Bragg to I-95 south of the city.

“We’re thrilled to present our second residential development in the Fayetteville metro area,” stated Jeronimo Hirschfeld, President and CEO of OREI. "This project represents a unique and very exciting opportunity that capitalizes on continued growth in the market. We look forward to expanding our presence throughout the Southeast region with additional development opportunities in high growth markets with strong fundamentals.”

Berkley Hall Companies is the general contractor, BSB Design is the architect, and Site Design Inc. is the civil engineer for The One at Hope Mills.

 Allied Orion Group has been selected by One Real Estate Investment (OREI) to manage Axio, The Fredd, Villas De Santa Fe, and The Summit apartment communities in San Antonio, Texas, adding another 1,130 units to its expanding portfolio in the San Antonio market.  

Centrally located at 8722 Cinnamon Creek Drive in the Medical Center, Axio offers newly renovated one-, two-, and three-bedroom homes and three-bedroom townhomes with attached garages. Amenities include two pools, 24-hour fitness center, basketball and volleyball courts, playground, dog park, picnic, and grilling areas as well as an afterschool program. 

The Fredd, located at 9109 Dartbrook Drive in the heart of the Medical Center and across the street from USAA headquarters, is a townhome community featuring one- two-, and three-bedroom floorplans with large private patios. Amenities include pool with grilling areas, basketball courts, playground, dog park, clubhouse with fitness center and coffee/tea bar, as well as an on-site laundry facility.  

Villas De Santa Fe offers one- and two-bedroom apartment homes in the heart of the Medical Center. Situated at 3601 Magic Drive, the community offers residents a variety of amenities such as a clubhouse with fully equipped business center, pool, sports court with outdoor gaming area, two on-site laundry facilities, and a dog park. In addition, there is an afterschool program available to residents. 

Located at 1955 Larkspur in Castle Hills near major area employers and Alon Town Center, The Summit offers one-, two-, and three-bedroom apartments convenient to 1-10. Community amenities include a clubhouse with gaming area, fitness center, yoga room, two pools, picnic area with grilling space, walking track, playground, and dog park.

“We selected Allied Orion Group to manage these four communities in San Antonio due to our successful, ongoing management partnership as well as their proven track record and expertise in the San Antonio market,” said Brad Schwartzmann, Vice President of Asset Management for OREI.   

“We are now managing approximately 4,310 units across 17 communities for OREI in multiple markets throughout Texas, North Carolina, and Louisiana” said Loyal Proffitt, President of Allied Orion Group. “We look forward to continuing to build and expand our management partnership with OREI across the country.”

MLG Capital provided $17.5 million in JV equity for the acquisition of Wildcreek Apartments in Clarkston, Ga.

Berkadia announces it has secured a JV equity partner for the off-market acquisition of Wildcreek Apartments, a 242-unit Class B apartment community located in Clarkston, Ga. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up the equity partner, MLG Capital, on behalf of Miami-based One Real Estate Investment (OREI). MLG contributed $17.5 million in equity toward the $34 million acquisition as the property was purchased with a loan assumption.

Situated in Dekalb County, just 18 miles west of downtown Atlanta, Wildcreek is 97 percent occupied. OREI intends to implement an interior and exterior value-add program, including adding stainless-steel appliances, updated lighting fixtures, resurfaced countertops, backsplashes, new cabinet fronts, and vinyl flooring, and also make exterior upgrades such as roof repair/replacement, fitness center renovation, addition of Amazon Lockers, exterior lighting, and new signage/rebranding.

“Our team prides itself on introducing like-minded sponsors and capital partners when arranging programmatic relationships. In today’s acquisition market, sponsors need to move quickly, and having a reliable capital partner is paramount. Wildcreek is the fourth acquisition for the partnership between OREI and MLG, and they plan to be active together in 2022 and beyond,” said Kirkpatrick.

“OREI remains bullish on the Atlanta MSA with Wildcreek Apartments serving as our team’s third acquisition in the metro in 2021,” added Jeronimo Hirschfeld, CEO of OREI. “The Southeast Dekalb submarket’s demonstrated rent growth and a lack of upcoming new supply prompted OREI’s interest in Wildcreek and align closely with our team’s value-add investment strategy for the asset.”

Built in 1988, Wildcreek Apartments is located at 100 Wild Circle and offers one- and two-bedroom units ranging from 850 to 1,100 square feet, along with a resort-style pool, fitness center, playground, tennis court, walking/biking trails and approximately 300 parking spaces. The property is conveniently situated near the U.S. 78 and I-285 interchange, placing downtown Atlanta just 20 minutes away.

ATLANTA (October 13, 2021) -- Berkadia announces it has secured debt for the refinance of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of Miami-based One Real Estate Investment (OREI). In addition, Berkadia also sourced a capital group to recapitalize the sponsor’s equity partner.  

Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami arranged a $33.12 loan through Freddie Mac. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up an equity partner, MLG Capital, to complete the equity stack for OREI.

Freddie Mac provided a 10-year, floating-rate loan with a competitive rate and five years of interest-only. MLG Capital contributed $16.55 million in equity to the deal. 

“The Carter underwent an extensive value-add program by OREI prior to its recapitalization,” said Williamson. “We are excited to see OREI continue its plan and create value at the property for both the tenants and the new equity partner.”

“OREI has continued to grow its multifamily portfolio and is now over 5,000 units in Texas and the Southeast,” said Jeronimo Hirschfeld, CEO of One Real Estate Investment CEO. “In an effort to capitalize on this dynamic market and deliver superior returns to our investors while still maintaining our portfolio, we opted to recapitalize a strong performing asset in an excellent submarket of Atlanta.”

Berkadia has arranged debt and equity for OREI’s multifamily portfolio expansion several times over the past two years.

Built in 1985, The Carter 4250 is located at 4250 Jimmy Carter Boulevard and offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Individual units feature hardwood-style flooring, stainless steel appliances, a gas range, modern shaker-style cabinetry, large closets, carpeting, electronic thermostats, washer and dryer hookups and patio/balconies. Community amenities include a saltwater swimming pool, a fitness center with free weights, a playground, dog park, laundry center and a BBQ/Picnic area.

It is situated near Interstate I-85 and Jimmy Carter Boulevard providing quick access to downtown Atlanta , minutes away from the Fountain of Gwinnett, Lions Club Park and a half hour away from the Hartsfield-Jackson Atlanta International Airport.

Allied Orion Group (AOG) has been selected to manage Canyon Grove Apartments, a 310-unit apartment community in Grand Prairie, Texas. The firm continues to expand its growing management portfolio and presence in the Dallas/Fort Worth market. 

Located at 1960 W. Tarrant Road in Grand Prairie near I-30 and Highway 161, Canyon Grove is approximately 20 minutes from both downtown Dallas and downtown Fort Worth offering an easy commute around the Metroplex. The pet-friendly community is convenient to DFW International Airport, American Airlines headquarters, numerous shopping, dining, and local entertainment options, such as AT&T Stadium, Globe Life Park and Texas Live (Arlington’s Entertainment District). 

Canyon Grove features one and two-bedroom apartment homes with a wide array of amenities, including a two-tiered, resort-style pool with expansive sundeck and poolside grilling station, fully equipped fitness center, clubhouse with billiards and table shuffleboard, business center with Wi-Fi, dog park, picnic areas, on-site clothes care center, package lockers and planned resident activities. 

Owned by One Real Estate Investment (OREI), Canyon Grove offers residents six floor plan options with wood-style flooring, walk-in closets, balconies/patios, window coverings, in-unit washer/dryer connections, and optional covered parking. Some units feature stainless-steel appliances, subway tile backsplashes, updated lighting, brushed nickel hardware, wood-burning fireplaces, framed mirrors, and vaulted ceilings. 

“We selected AOG to manage Canyon Grove due to their management acumen in the Dallas/Fort Worth market, as well as their successful track record of managing numerous other properties in our portfolio,” said Brad Schwartzmann, Vice President of Asset Management for OREI. 

“We are now managing close to 3,000 units across 12 communities for OREI in multiple markets throughout Texas and the nation, and are honored by the trust OREI has placed in our team and our comprehensive management services,” said Loyal Proffitt, President of Allied Orion Group. 

Allied Orion Group has been selected by One Real Estate Investment (OREI) to manage The Kelston, The Avalon, and Axiom Apartments in Charlotte, NC--adding more than 750 units to its expanding portfolio in the Piedmont Region.  

Located at 1207 Kelston Place close to Highway 27, The Kelston is an upscale, 310-unit, pet-friendly community, offering residents an easy, 20-minute commute to downtown Charlotte. A variety of floor plan options are available, ranging from one to three bedrooms. The newly renovated apartments feature wood-inspired flooring, ceiling fans, spacious closets, washer/dryer connections, and private balconies or patios. Some units have vaulted ceilings, decorative fireplaces, and wooded views. The Kelston offers a multitude of amenities, including valet trash service, complimentary coffee bar, 24-hour emergency maintenance, and a brand-new clubhouse with resident lounge, fitness center with cardio equipment, sparkling swimming pool, and on-site pet park coming soon. 

A 240-unit community located at 6000 Regal Estate Lane, The Avalon is situated off of US 74 and Jenkins Drive--about nine miles east of downtown Charlotte. The community offers one, two and three-bedroom floor plan options with features such as wood-inspired flooring, ceiling fans, washer/dryer connections, private balconies/patios, and spacious closets. Some units have vaulted ceilings, decorative fireplaces, and wooded views. Amenities include a resident lounge with billiards table, cybercafé, complimentary coffee bar, elite fitness center with free weights, swimming pool with sundeck, pet washing station, picnic area with grilling stations, valet trash service, and an on-site clothes care center. Detached garages are also available.  

Axiom Apartments are located at 5625 Keyway Blvd just off of Highway 24 (E.W.T. Harris Road)—only 20 minutes east of downtown Charlotte.  A pet-friendly community, The Avalon features 202 units of one- and two-bedroom floor plans. Each apartment home features energy-efficient kitchen appliances, garbage disposals, plush carpeting, linen closets, washer/dryer connections, spacious walk-in closets, private patios or balconies. Some units have granite countertops, kitchen pantries, fireplaces and faux hardwood floors. Residents of Axiom Apartments have access to a clubhouse with resident lounge, cybercafé, fully equipped fitness center, resort-style pool with spacious sundeck, complimentary Wi-Fi at the clubhouse and in the pool area, playground, and an on-site, clothes care center. 

“We selected Allied Orion Group to manage The Kelston, The Avalon, and Axiom Apartments because of our successful, ongoing management partnership as well as their proven track record and expertise in the Charlotte market,” said Brad Schwartzmann, Vice President of Asset Management for OREI.   “We are now managing approximately 2,475 units across 11 communities for OREI in multiple markets throughout Texas and North Carolina,” said Loyal Proffitt, President of Allied Orion Group. “We look forward to deepening our presence as we continue to expand our management footprint/portfolio in the southeast part of the country as well as North Carolina, specifically.”