BTR Daily - January 8, 2025 - Second Avenue acquires property management company

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NEWS ROUNDUP

ACQUISITION: Second Avenue acquires property management company. Second Avenue has acquired Pacific Oak Residential, a Jacksonville-based property management company overseeing 2,110 single-family homes. This acquisition expands Second Avenue's portfolio to 5,300 homes under management and increases its AUM to $1.5 billion. Michael Gough, President of Pacific Oak Residential, Inc., noted that in a prior collaboration managing a 255-home portfolio, Second Avenue increased NOI by approximately 30% within seven months. Michael Rothman, Co-Founder and CEO of Second Avenue, expressed enthusiasm for the acquisition, stating that it positions the company for significant growth in 2025.

DEVELOPMENT: NEWSTAR announces plans for 159-unit BTR in North Carolina. NEWSTAR has acquired 23 acres on Harrisburg Road in Charlotte, NC, for the development of Long Farm, a 159-unit BTR community. The company will operate the community under its Stella Homes platform. “We are excited to announce Long Farm, NEWSTAR’s largest neighborhood development to-date” - Boone DuPree, NEWSTAR.

FINANCING: Walker & Dunlop arranges financing for Maricopa BTR. Dominium has secured $45.7 million in permanent debt and $41.5 million in Low-Income Housing Tax Credit (LIHTC) equity for Saddleback Village at Stonegate, a BTR development in Maricopa, AZ. Walker & Dunlop’s Aaron Krasnow and P.J. McDevitt arranged the financing.

FINANCING: Capital Square fully subscribers DST offering for 129-unit BTR. Capital Square has fully subscribed its offering, CS1031 Valley Ridge BFR Housing, DST, in record time. The Regulation D private placement comprises a newly constructed, 129-unit BTR community located in Chattanooga, TN. The offering raised $20.25 million in equity from accredited investors. Louis Rogers and Whitson Huffman, Co-Chief Executive Officers, explained that Capital Square is bullish on the BTR housing sector.

PEOPLE MOVES: East West Partners shuffles executive team. East West Partners has announced key promotions within its executive team. Katie Blum has been elevated to Managing Partner, and Harriette Calder to Senior Vice President of Development. Chris Frampton, CEO of East West Partners, expressed confidence in the new leadership, stating that these promotions usher in a new era for the company and strengthen its position in the Charleston market.

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