RK Properties acquired the 285-unit Alta East Shore in Apopka

Berkadia announces it has arranged the sale of Alta East Shore, a brand new, 285-unit, luxury garden-style community in the Orlando area suburb of Apopka.

Managing Directors Brett Moss and Matt Wilcox, and Associate Director Tyler Swidler of Berkadia Orlando, marketed the property on behalf of the seller, Wood Partners, one of the nation’s largest multifamily real estate developers, based in Atlanta, Ga. RK Properties, a national multifamily owner and operator with assets across the southeast,  acquired the property.

“We continue to be impressed with the exceptional performance and lease-up metrics we are witnessing on new multifamily developments like Alta East Shore, that are situated in perceived ‘second’ or ‘third’ rung suburban locations in Central Florida,” said Moss. “We commend Wood Partners for having the strategic foresight in recognizing these types of population and demographic shifts that are playing out and delivering a best-in-class product that truly fills a gap in the market.”

Added Wilcox, “There are many eyes on Apopka now in anticipation of the completion of the Wekiva Parkway project, which opens up an entirely new economic corridor connecting the Apopka area to Lake Mary/Sanford, and represents the final link in Orlando’s beltway system. Apopka’s rapid growth up to this point is just the tip of the iceberg.”

According to Berkadia Research’s Q3 2021 score card for the Orlando market, average monthly rent in the Orlando metro area rose 19.5 percent year over year landing at $1,493 per month. Occupancy is hovering around 97.6 percent.

Built in 2021 and located at 2423 Areca Palm Drive, Alta East Shore offers one-, two- and three-bedroom apartments ranging from 757 square feet to 1,287 square feet. Individual units offer fully equipped kitchens with stainless-steel, energy-efficient appliances, granite countertops, a kitchen island with breakfast bar seating, soft-close cabinetry with chrome hardware, under-cabinet lighting in kitchens, designer pendant lighting, wood-inspired flooring, plush carpets in bedrooms, spacious walk-in closets, full-sized washer and dryers, and expansive screened balconies and patios.

The gated community amenities include a resort-style swimming pool with private, poolside cabanas, an outdoor fire pit, pool pavilion with a beer tap and pizza oven, state-of-the-art fitness center with free weights, recreational boxing & cardio equipment, dedicated yoga studio with a virtual trainer, a club room with both business and conference centers, game room with billiards, resident coffee bar, dog park with pet washing station, 24/7 package room, storage units, and private detached garages available for rent.

Situated in Apopka, Alta East Shore is located just west of the AdventHealth Apopka medical campus, near the intersection of Orlando’s Western Beltway (SR-429) and Maitland Boulevard (SR-414).

CHARLOTTE – JLL announced today it has closed the sale of Alta Prosperity Village, a recently completed, 292-unit apartment community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Wood Partners and its investment partner, and procured the buyer, RK Properties.

Alta Prosperity Village is located at 7304 Brice Knoll Lane just north of the intersection of Interstate 485 and Prosperity Church Road in North Charlotte. In addition to connectivity to major employment centers, the property’s location within Prosperity Village Square offers walkability to a Publix Supermarket and a variety of other retailers and restaurants. Completed in 2018, the property offers residents Class A amenities such as a resort-style saltwater pool, outdoor TV lounge and grilling station, 24-hour fitness center, private gaming room, business center, coffee bar, dog park, pet spa and garages. Units average 1,045 square feet with top-notch finishes, including large kitchen islands, stainless steel appliances, custom subway tile backsplashes, quartz countertops, plank flooring, nine-foot ceilings and private rotunda balconies. 

The JLL Capital Markets team representing the seller was led by Senior Director Allan Lynch, Director Caylor Mark and Managing Directors Justin Good and Jeff Glenn.

“The main attributes apartment investors target are grocer adjacency, job connectivity and demonstrated rental demand,” Lynch said. “With Publix next door, immediate I-485 interchange access to three major job clusters and proven onsite performance, Alta Prosperity Village presented a compelling investment opportunity by having all of those qualities.”

“Wood Partners' early identification of this burgeoning pocket of Charlotte and subsequent development execution was validated in the property’s competitive marketing process,” Mark added. “RK Properties emerged from a highly qualified field and performed tremendously in its acquisition.”

CHARLOTTE, NC – June 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $57.3 million sale of Solis Berewick, a 275-unit, Class A apartment community in Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, Terwilliger Pappas, and procured the buyer, RK Properties.

Solis Berewick is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte.  The property’s prime location also provides accessibility to Interstate 485 and top employers in the Uptown Charlotte and Ballantyne employment hubs.  Completed in 2017, Solis Berewick has units averaging 1,016 square feet featuring top-quality finishes such as ENERGY STAR® stainless steel appliances, custom-built white cabinetry, granite countertops, plank flooring, oversized windows, full-size washers and dryers, Nest Learning Thermostats, ButterflyMX video intercom systems, and spacious balconies and patios.  The NGBS Green Certified community also features high-end amenities, including a resort-style saltwater pool, outdoor grilling area with fire pit, gaming and entertainment lounge, state-of-the-art fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail and playground.

The HFF team was led by senior director Allan Lynch, managing director, Justin Good, director Caylor Mark and managing director Jeff Glenn.

“With the vision and execution of Solis Berewick, Terwilliger Pappas delivered a high-performing, premier asset in one of the fastest growing areas of Charlotte,” Lynch said.  “With its investment, RK Properties certainly recognized these attributes, and we are excited to be a part of their first acquisition in Charlotte.”

29th Street Capital (29SC), a privately-held real estate operator, has acquired Willows at Town Center Apartments, a 188-unit multifamily community located in Las Vegas, Nevada. 29SC plans to invest over $1.8 million in capital improvements. Interiors will receive stainless steel appliances, quartz countertops, plank flooring and refaced cabinets. All interior units will also be equipped with Nest Thermostats. Exterior improvements will focus on modern paint in addition to enhancing the pool area, fitness center and clubhouse to boost overall curb appeal. 

The seller was RK Properties, located in Long Beach, California, which has more than 4,300 multifamily units under management. The transaction closed January 25. The sales price was not disclosed. 

“Willows at Town Center is in the desirable Centennial area, which is one of the fastest growing submarkets in the entire valley,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest. “This asset has convenient access to major employment areas in the submarket as well as the greater MSA via US-95 and 215 Beltline.”

The Las Vegas metro is home to approximately 75% of Nevada’s residents with above average population growth of 2.4%. The area is also experiencing strong employment and wage growth compared to the national average. Single-family housing prices are approaching pre-recession peak levels, causing the cost of home ownership to rise.

“Las Vegas is ranked as the number one rent growth market year-over-year according to multiple data sources,” Eddy added. “We feel that the positive demographic trends for the market will continue, which will allow us to execute our business plan and offer higher quality yet still affordable housing.”  

Rent growth in the Centennial submarket (9.7%) has outpaced the greater Las Vegas area (7.6%) year-over-year. There is limited new supply in the submarket, as much of the land in the area is set for master-planned housing developments, with home values in the $350,000 range and higher.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months, 29th Street Capital has also acquired 18 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 7,400 units having acquired over 14,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. Learn more about 29SC at https://29thstreetcapital.com.