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BTR Daily - December 11, 2024 - Berman acquires $54 million BTR

BTR Daily - December 11, 2024 - Berman acquires $54 million BTR

Berman acquires $54 million BTR. RXR breaks ground on $3 billion project. JCCG secures LDP. ResiHome expands in Southeast. Center Park enters Tampa market. Two new BTR deals.

Matt H & Aid Sopjani
December 11, 2024

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NEWS ROUNDUP

ACQUISITION: Berman acquires Baltimore BTR for $54 million. Berman Enterprises has acquired The Current at Watershed, a 97-unit community in Laurel, MD, for $54 million ($566,701/unit). The seller, Couloir Ventures, was represented by Northmarq's team, including Ari Azarbarzin, Will Harvey, Chris Doerr, and Jack Brocato. Completed in 2023 by Elm Street Development, The Current at Watershed comprises three-story townhomes with three-bedroom layouts, each featuring one- or two-car garages.

DEVELOPMENT: RXR breaks ground on $3 billion mixed-use project. RXR has commenced construction on Veridea, a $3 billion mixed-use development spanning 1,100 acres in Apex, NC. Phase I of Veridea will feature approximately 1,500 multifamily units, 1,100 single-family homes and townhomes developed in partnership with Lennar Homebuilders. Joe Graziose, RXR's Executive Vice President of Development, stated, "Veridea aligns with RXR’s national strategy to invest in what we call ‘superstar regions’, such as the Raleigh-Durham metro area."

DEVELOPMENT: JCCG secures LDP for 195-unit BTR. Jim Chapman Construction Group (JCCG), led by Jim Chapman, has secured a LDP for The Cottages at Dawsonville, a new 195-unit rental community in Dawsonville, GA. JCCG closed on the 34-acre site at Perimeter Road and Georgia Highway 53 on November 8, 2024. Land development is currently underway, with the community scheduled to welcome residents in the first quarter of 2026.

DEVELOPMENT: ResiHome expands services in the Southeast. ResiHome has expanded its third-party property management services in the Southeast. The company has partnered to manage two BTR communities: Copperleaf Townhomes and The Townes at Clairbrook. Andy Capps, CEO of ResiHome, expressed confidence in the company's capabilities, stating, "After years of fine-tuning our service offerings, enhancing our technology, and hiring industry veterans, we are geared up to support more clients seeking dependable property management services." Mentor Sokoli, Vice President for Property Management, emphasized their ability to provide personalized care and expert knowledge, combined with competitive pricing.

PEOPLE MOVES: Center Park enters Tampa’s BTR market. Center Park Group has expanded into the Tampa BTR market. Andy Kern has been appointed as Florida Division President and Brandon Gallagher will serve as Vice President of Operations for Tampa. The company currently has nearly 500 BTR units in various stages of design and planning in the Tampa market, reflecting its commitment to delivering high-quality residential rental communities. Jason Esposito, CEO of Center Park Group, stated, "Our entry into the Tampa market marks an exciting milestone for Center Park Group as we continue to expand our footprint to better service our clients."