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BTR Weekly - October 9, 2024 - Greystar announces opening of Atlanta BTR community

BTR Weekly - October 9, 2024 - Greystar announces opening of Atlanta BTR community

Greystar opens Atlanta BTR. Ascendant Development delivers 320 units in Texas. Berkadia finances for Orlando BTR for Bayshore. Park Residential secures $57 million loan. Two new BTR deals.

Matt H & Aid Sopjani
October 09, 2024

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NEWS ROUNDUP

DEVELOPMENT: Greystar announces opening ceremony for Atlanta BTR community. Greystar announced that it will be hosting a ribbon cutting ceremony on October 8 to celebrate the grand opening of Summerwell Parkway Village. The community consists of 282 townhomes in three- and four-bedroom layouts. Each home features a two-car garage and fully fenced-in front or back yard. Joe Parsons, Managing Director of Investments at Greystar, expressed great enthusiasm about this project.

DEVELOPMENT: Ascendant Development completes 320 unit BTR. Ascendant Development announced the completion of Preserve at Highway 6, a BTR community in Fresno, TX. According to David Kulkarni, principal of Ascendant Development, this project is an example of Ascendant’s strategy of delivering luxury living. Designed by EDI International, Preserve at Highway 6 consists of 320 one-story, detached single-family homes.

FINANCING: Berkadia arranges $13.2 million in acquisition financing for Orlando BTR asset. Berkadia arranged acquisition financing for Cedar Ridge at Forest Lake, a 70-unit BTR community in Davenport, FL. Berkadia’s Brad Williamson, Mitch Sinberg, Scott Wadler, Matthew Robbins and Kyle Ryan secured the financing on behalf of Bayshore Investment Partners, a Miami-based real estate investment firm. Fannie Mae provided a seven-year, interest-only loan at a fixed rate of 5.09%. Bayshore has closed on $550 million in acquisitions since inception and is led by Jose Tello.

FINANCING: Parkland Residential secures $57 million loan for Houston County BTR. Parkland Residential closed a $57 million aggregation loan with Encore Finance to provide financing for Grove Landing, a 317-unit BTR community in Warner Robins, GA. Greystone’s Avi Kozlowski, Thomas Wayda and Dante Distefano sourced the transaction and handled the debt placement. Jim Jacobi, President at Parkland Residential, believes that this loan is a testament to his company’s strength. Grove Landing is the only single-family BTR community in Houston County.

READ: Share of investors buying SFR drops. In June 2024, investors purchased 80,000 homes, down from 112,000 in June 2023 and 149,000 in June 2021, marking a nearly 50% decrease. According to CoreLogic, the decline, which began in March, may be partly due to seasonal buying trends.