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BTR Daily - November 6, 2024 - RangeWater & Harbert expand Texas presence

BTR Daily - November 6, 2024 - RangeWater & Harbert expand Texas presence

RangeWater & Harbert acquire Texas BTR. Berkadia sells 72-unit asset. Balcara Group completes Florida BTR community. Interforum refinances 60-unit community in Illinois. Two new BTR deals.

Matt H & Aid Sopjani
November 06, 2024

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NEWS ROUNDUP

ACQUISITION: RangeWater and Harbert expand Texas presence with BTR acquisition. RangeWater and Harbert have acquired Rock Springs Duplexes, a 150-unit BTR community in Austin, TX. The asset features 108 three-bedroom, two-bath, and 42 three-bedroom, 2.5-bath homes. “This acquisition represents an exceptional addition to our local portfolio of communities due to the market conditions, population growth, proximity to employment hubs, and more” - Micheal Hoy, RangeWater. Led by CEO Steven Shores, RangeWater manages over 2,300 units across Texas.

DISPOSITION: Berkadia sells 75-unit BTR in Statham, GA. Berkadia has completed the sale of The Lakes at Statham, a 75-unit BTR in the Atlanta MSA. Built on 26 acres, The Lakes at Statham is a Class A+ community featuring three-, four-, five-, and six-bedroom homes. The sale was handled by Berkadia’s Russ Hardy, Caleb Troop, Andrew Mays, and Mike Riley.

DEVELOPMENT: Balcara Group completes Florida BTR. Balcara Group, led by CEO Paul Davey, has successfully completed Balcara 301 at Sun City, a 120-unit BTR community featuring two- and three-bedroom townhomes. Balcara Group has been active in the Tampa-St. Petersburg market in recent years with two other BTR developments completed. The company has also developed two BTR communities in Greater Houston.

FINANCING: Interforum refinances 60-unit BTR community in Illinois. Interforum has secured a $25 million refinancing package for Arden Townhomes. The package includes $5 million in mezzanine financing from Pearlmark and a $20 million loan from an entity managed by Argentic Investment Management. JLL’s Trent Niederberger and Philip Galligan arranged the deal. Arden Townhomes was completed in 2021 using a $59.9 million construction loan from CIBC Bank.

READ: BTR starts and completions increased in 2024.