BTR Daily - January 3, 2025 - Paragon sells $57 million BTR community

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NEWS ROUNDUP

DISPOSITION: Paragon sells $57 million BTR community. Paragon Development Group has sold Hampton Meridian, a 195-unit BTR community in Apache Junction, AZ, for $56.5 million ($289,743/unit). The buyer, a private individual, financed the purchase with a $35 million loan. IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.

DISPOSITION: Northmarq completes $54 million sale. Northmarq's BTR team, led by Ari Azarbarzin, has completed the sale of The Current at Watershed, a 97-unit community in Maryland for $54 million ($556,701/unit). Built in 2023, The Current at Watershed offers three-story, three-bedroom townhomes averaging 1,407 square feet. The Northmarq team also included Chris Doerr, Jack Brocato, Will Harvey, Shack Stanwick, Wallace Halpert, and Anthony Pino.

ACQUISITION: Tower 16 purchases Phoenix BTR for $46.5 million. Tower 16 has acquired Yardly McDowell, a 167-unit community in Phoenix for $46.5 million ($278,443/unit). Northmarq’s Jesse Hudson, Trevor Koskovich, Bryan Mummaw and Bryan Liu facilitated the transaction. A Cushman & Wakefield team led by Cindy Owens, Angela Marotta and Marlena Leyva will take over as property manager.

DEVELOPMENT: Center Park Group to start vertical integration at Wilmington BTR. Center Park Group, a BTR general contractor, is set to commence vertical construction on Townes at Park Place, an 88-unit townhome community in Wilmington, NC. The development is a collaboration with Lafayette and will be managed by Brandywine Homes. "Going vertical at Townes at Park Place will be a major milestone, and our partnership with Lafayette is key to bringing this vision to fruition” - Jason Esposito, Center Park Group.

FINANCING: LFB Ventures provides a $38 million construction loan. LFB Ventures has provided a $38 million loan for the development and construction of a 180-unit community in Georgia. The project was fully zoned and entitled before being presented to LFB Ventures, demonstrating the developer’s planning and readiness.

BTR FOR SALE

Click each image for more information:

6 Assets | 238 Units | Private Garages | 1,371 Avg SF

51 Units | Built in 2020 | 26 THs | 52% Pre-Leased

ONE MORE THING

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