BTR Daily - January 31, 2025 - JLL sells BTR development site

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NEWS ROUNDUP

DISPOSITION: JLL sells BTR development site. JLL has sold a 25-acre land site in Wildwood, FL. The site is approved for a 224-unit BTR community. JLL’s Max La Cava, Zach Nolan, and Pier Barinci arranged the sale.

DISPOSITION: Cushman & Wakefield Sunbelt BTR sold 22 assets in 2024. Cushman & Wakefield’s Sunbelt BTR team has sold 2,382 unit across 22 assets in 2024. The assets sold for a total of $520 million ($218,303/unit). Parker Caldwell, Nelson Abels, Alex Brown, Grant Raymond, John Carr, Austin Green, Bo McHugh, Tyler Mayo, Craig Hey, and Alex Philips are part of the Sunbelt BTR team.

DISPOSITION: Strata SFR facilitates sale of $7 million SFR portfolio. Strata SFR has successfully facilitated the sale of 29 SFR properties in the Atlanta market for $7.14 million. The average per-unit price was approximately $246,000, with an average rental income of $1,920. "This is why Strata was created — to help real estate investors achieve their life goals and focus on what matters most to them” - Adam Stern, Strata SFR.

FINANCING: Lument secures $198 million. Lument announced that it closed over $198 million in balance sheet bridge financing for multifamily properties in December 2024. These loans will support more than 1,500 units across six states, as summarized below:

- $60 million for a multifamily property in Olympia, WA
- $37 million for a multifamily property in Macon, GA
- $31 million for a BTR property in Dayton, OH
- $25 million for a BTR property in Groveport, OH
- $22 million for an affordable housing property in Miami, FL
- $17 million for a multifamily property in Lafayette, IN
- $6 million for an age-restricted multifamily property in Bellflower, CA

DEVELOPMENT: Center Park Group to begin construction on 192-unit BTR. Center Park Group has announced plans to develop Berkshire on Clements Ferry, a 192-unit BTR community in Charleston, SC. The development will feature 36 three-story buildings, each comprising six townhomes. Each residence will be a three-bedroom townhome spanning approximately 1,200 square feet and will include a one-car garage.

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BTR FOR SALE

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64 Units | Built in 2021 | Prime Location

113 Units | Built in 2023 | Avg. Unit Size: 1,381 SF

ONE MORE THING

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