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BTR Daily - November 20, 2024 - Cushman & Wakefield sells 153-unit BTR

BTR Daily - November 20, 2024 - Cushman & Wakefield sells 153-unit BTR

Cushman & Wakefield sells 153-unit BTR. Steinbridge Group receives city approval for Dallas BTR. NexMetro opens 21st BTR in Phoenix. Pinnacle & Trilogy launch BTR fund. Core Spaces shuffles executive team. Two new BTR deals.

Matt H & Aid Sopjani
November 20, 2024

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NEWS ROUNDUP

DISPOSITION: Cushman & Wakefield sells 153-unit BTR. Cushman & Wakefield has completed the sale of Centennial Ridge, a 153-unit BTR community in the Atlanta MSA. Atlanta-based Rocklyn Homes was the seller, with Cushman & Wakefield’s Parker Caldwell, James Wilber, Nelson Abels and Sim Patrick managing the sale.

DEVELOPMENT: Steinbridge Group receives green light for Dallas BTR project. The city of Dallas has approved Steinbridge Group’s plans to build 180 BTR townhomes in southwest Dallas. The homes will be built on three plots of land totaling about 15 acres. This project, which is expected to cost around $54 million ($300,000/unit), is the company’s first project in Texas. Led by CEO Tawan Davis, Steinbridge Group has about 1,400 housing units in various stages of development.

DEVELOPMENT: NexMetro opens 21st BTR in Arizona. NexMetro has announced the opening of Avilla Palomino, its 21st BTR project under the Avilla Homes brand. Located in Glendale, AZ, the 197-unit community offers convenient access to several city attractions. “Our Avilla neighborhoods continue to provide an option for those renters by choice seeking the privacy and comforts of a single-level detached home without the hassles of home ownership" - Linda Coburn, NexMetro. According to Jared Geisler, managing director of NexMetro’s Phoenix Divison, the company has four more projects under construction in the area.

FUNDRAISING: Pinnacle Partners and Trilogy Investment launch BTR fund. Pinnacle Partners and Trilogy Investment have launched a new BTR opportunity zone fund, targeting three regions in the Sunbelt. The $60 million fund will be used to build three BTR projects totaling 462 units. “This tax-advantaged real estate fund is targeting strong risk-adjusted returns, fueled by long-term positive trends in these markets with an exciting in-demand asset class” - Jeff Feinstein, Pinnacle Partners.

PEOPLE MOVES: Core Spaces shuffles executive team. Core Spaces has announced several key appointments to its executive team: Sean Devine joins the company as Executive VP of Property Operations & Experience; Jennifer Holmes transitions from CFO to COO; Merritt Poole is promoted to CFO; Christine Bentley joins as CIO; Katy Darnaby is promoted to CMO; and Jourdan Vartabedian joins as VP of Leasing & Sales.