Middleburg Communities, a Vienna, Virginia-based real estate investment, development and management firm, with joint venture partner, The Mattoni Group, announce the sale of Mosby University City, a 309-unit luxury multifamily apartment community at 404 Gallop Lane in Charlotte, NC, developed by the venture and completed in the 4th quarter of 2021.

“Mosby University City was developed as part of a master plan to bring transit-oriented development to a light-rail adjacent location in the northeast submarket of Charlotte,” said Middleburg Communities Chief Investment Officer, Kory Geans. “We are thrilled with the successful execution of this development by our development, construction and management teams, completing the project on time despite COVID-related challenges and achieving 80%-plus occupancy in less than a year from completion. We couldn’t have had a better partner than Mattoni Group, who provided the equity for this Class A development.”

“We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project with Middleburg. As our first venture in partnership with Middleburg, we could not be more pleased with the success and look forward to continuing to enhance communities in Charlotte and other cities throughout the Southeast,” said Ricardo Caporal, Founder and President of Mattoni Group. 

About Middleburg Communities

Middleburg Communities is a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed more than 21,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.MiddleburgCommunities.com.

About Mattoni Group

Founded in 2009, Mattoni Real Estate Group is a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working transformative projects. The firm built a national reputation for transparency, reliability, flexibility, and velocity in acquiring and financing real assets. Mattoni Group exists to be the bridge between best in class managers/operators and investor capital. They leverage their network, relationships, creativity and education to create amazing spaces for people to live better lives.

The Virginia-based real estate firm paid $5 million this month to acquire 31.5 acres between Erwin Road and South Tryon Street, Mecklenburg County real estate records show. The complex is expected to be complete in 2023.

Middleburg Communities acquired 31.5 acres between Erwin Road and South Tryon Street near Steele Creek for $5 million, Mecklenburg County real estate records show. The deeds for the purchases were recorded on Sept. 27. The land will be home to Mosby Steele Creek, Middleburg’s new 272-unit apartment complex.

A representative for Middleburg said construction will begin within two weeks and completion is targeted for the second quarter of 2023.

“Charlotte is one of Middleburg’s most preferred markets due to its population and job growth,” said TJ Sedeski, Middleburg’s assistant vice president of investments. “We are particularly excited about Mosby Steele Creek because of the demonstrated viability and success of Class A multifamily in the submarket. There is a high level of demand from investors, lenders and consumers alike.”

The apartments will be split between 10 two-story buildings and include one-, two- and three-bedroom units.

Middleburg also developed Mosby University City, a 309-unit apartment complex in Charlotte that opened last year, with Miami-based Mattoni Group. Middleburg sold the complex to an entity affiliated with Stonecutter Capital Management earlier this month for $78.8 million, county real estate records show. The complex appears to have been rebranded as Metro University City, according to its website.

Middleburg operates in the Southeast and Mid-Atlantic regions.

MIAMI, FL – The Altman Companies, a nationally recognized developer, builder, and manager of exceptional rental apartment communities, today announced the topping-off of Altís Ludlam Trail, a mixed-use, six-story apartment building in Miami-Dade. 

“We’re very excited to reach this construction milestone with Altís Ludlam Trail,” said Joel Altman, Chairman of The Altman Companies. “This topping-off represents an important construction milestone for The Altman Companies and our partners, and it reflects our commitment to bringing exceptional living experiences to the residents of Miami.”

Residents of Altís Ludlam Trail will enjoy Class-A amenities including a rooftop resort-style pool, a pool deck with pavilions and BBQ grills, a rooftop clubhouse with a media room, fitness center and a coffee bar. The community will also feature workspace stations equipped with high-speed internet access, a synthetic turf gaming area, a hammock garden. Altís will be a pet-friendly community offering an indoor air-conditioned dog grooming spa where pets can indulge in and a pet spa and a bark park immediately adjacent to the new Ludlam Trail to allow residents to bond and play with their dogs.

“We have developed this community into a true live-work-play environment, incorporating residential and retail components,” said Seth Wise, co-CEO of The Altman Companies.

Located at the newly created Bird Road development area of the Ludlam Trail Corridor District, Altís Ludlam Trail will consist of 312 ultra-luxe apartments with an average unit size of 820-square feet and is set on approximately 2.74-acres of land. The property will be developed in partnership with MV Real Estate Holdings and The Mattoni Group, a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working on transformative projects.

Altís Ludlam Trail will be National Green Building Standard (NGBS) certified and its sustainable initiatives will include energy efficient designer lighting, ENERGY STAR® refrigerator, dishwasher and washer, individual unit electric meter & sub-metered water, high-efficiency water heater, and programmable thermostat with humidistat. Furthermore, the installation of electric car charging stations will allow residents to charge their electric cars free of cost as an incentive for their commitment to green energy.

Altís Ludlam Trail will be a mixed-use community located in proximity to the 7,500-square feet of retail space facing the well-travelled Bird Road. It will be located less than a mile from the Palmetto Expressway, two miles from the University of Miami and three miles from Coral Gables.

For more information about Altís Ludlam Trail, please visit www.altmancos.com

The 312-unit Altís Ludlam Trail is expected to come online next spring.

Altís Ludlam Trail, a 312-unit luxury community in Miami, has topped off. The Altman Cos. is developing the project in a partnership with MV Real Estate Holdings and The Mattoni Group.

The joint venture secured financing for the project in June 2020 when Comerica Bank provided a $55.4 million construction loan. According to Yardi Matrix, completion is anticipated for spring 2022.

The six-story building is situated on 2.74 acres at 7004 Bird Road, in the Ludlam Trail Corridor District. The average unit will span approximately 820 square feet and will feature energy-efficient lighting, ENERGY STAR-rated dishwashers, washers and refrigerators. Apartments will include individual unit electric meter and sub-metered water and a programmable thermostat with a humidistat. 

The community is targeting National Green Building Standard certification and will provide electric car charging stations that residents can use free of charge.

Amenities at the pet-friendly Altís Ludlam Trail will include a bark park and a grooming area, as well as a playground with synthetic turf and a hammock garden. Additional features include a rooftop pool, a pool deck with pavilions and barbecue grills, a clubhouse with a media room, a fitness center and a coffee bar. 

Located near 7,500 square feet of retail space, the community is 3 miles from Coral Gables, just 2 miles from the University of Miami and less than a mile from the Palmetto Expressway.

https://www.multihousingnews.com/post/altman-cos-tops-off-miami-luxury-apartments/

The Connor Group makes $101.6 million buy. Luxury community opens near LYNX station. Read our September selection of Charlotte must-knows.

Real estate hummed along across North Carolina in September, as the coronavirus health crisis recorded a slight stabilization, at least when compared to the previous month, with both new COVID-19 cases and hospitalizations dropping. Meanwhile, business activity recorded an uptick and the state entered Phase 3 of lifting restrictions on Oct. 2. With the area economy in recovery phase, September also brought significant activity for Charlotte’s multifamily sector, with both transactions and development marking headline-worthy progress. Read our September list of Charlotte must-knows: 

1. DEAL – The Connor Group grows footprint with $101.6 million buy.

The company acquired the 205-unit Cielo and the 266-unit Greenway at Mallard Creek from Weinstein Properties. Newmark Knight Frank secured two Freddie Mac loans totaling $78.7 million, Yardi Matrix shows. Located at 8230 Greenway Village Drive, Greenway at Mallard Creek has one- to three-bedroom apartments in 16 buildings completed in 2004. The LEED Silver-certified Cielo at 4943 Park Road features a variety of floorplans averaging 1,075 square feet.

2. DEAL – Stonebridge pays nearly $41 million for 264-unit asset.

The company bought Magnolia Terrace from RADCO Cos. The transaction was part of a seven-property disposition across the South, with the seller closing all deals on the same day. The buyer secured the acquisition with the help of a $32.6 million Freddie Mac loan, according to Yardi Matrix. Located at 8301 Paces Oaks Blvd., the property consists of 13 three-story buildings completed in 1989. The unit mix features one- to three-bedroom floorplans averaging 917 square feet.

3. DEVELOPMENT – Luxury community opens near University City Boulevard station.

Middleburg Communities and The Mattoni Group broke ground on the 309-unit Mosby University City this March. Regions Bank provided a $38.5 million construction loan for the project, Yardi Matrix shows. Located some 7 miles from the city center at 404 Gallop Lane, the transit-oriented property has one- to three-bedroom apartments in four four-story buildings. Amenities include a fitness center, clubhouse, saltwater pool, dog park and spa, as well as a tree sanctuary.

4. DEAL – Taft Family Ventures makes $48 million Matthews purchase.

Dasmen Residential sold the 288-unit Cove at Matthews, the sale being subject to a $38 million Fannie Mae loan from Arbor Realty Trust, according to Yardi Matrix. The 1988-built community at 1701 Gander Cove Lane encompasses 28 two- and three-story buildings with one- and two-bedroom floorplans. Amenities include a swimming pool, business center and fitness center, among others. The 21.7-acre property is roughly 11 miles southeast of downtown Charlotte.

5. FINANCING – LIV Development lands $35.5 million for luxury asset near Lake Wylie.

Truist Bank provided the refinancing for the 274-unit Newton Apartments. The developer broke ground on the community in 2017, taking out a $29.1 million construction loan from the same bank, Yardi Matrix shows. Completed earlier this year on 18 acres, the community at 15902 White St. is some 17 miles from downtown Charlotte. The three-story buildings house one- to three-bedroom floorplans averaging 1,036 square feet.

6. DEAL – Student housing community changes hands in $478.7 million portfolio sale.

Preferred Apartment Communities sold the 887-bed Rush to TPG Real Estate Partners in an eight-property portfolio transaction marking PAC’s exit from the student housing sector. The 332-unit community at 9200 University City Blvd. is across from the UNC at Charlotte campus. Completed in 2018, the building features one- to five-bedroom units. Amenities include a swimming pool, fitness center and cyber-lounge with charging stations.

https://www.multihousingnews.com/post/charlotte-multifamily-wrap-up-september-2020/

Mosby University City was built across from a light rail station on the city’s LYNX Blue Line.

Addressing a lack of transit-oriented developments in the city, Middleburg Communities has opened Mosby University City in Charlotte, N.C. The multifamily developer, alongside its joint venture partner The Mattoni Group, broke ground on the site that’s located across from a LYNX Blue Line station in March 2020. The project also secured a $9.3 million construction loan that was arranged by Walker & Dunlop a year prior.

The 309-unit luxury multifamily community is split into four, four-story apartment buildings with one-, two- and three-bed units ranging in size from 748 to 1,418 square feet. The apartments are equipped with Bluetooth keyless entry, Nest thermostats and EnergyStar washers and dryers. The community’s amenities include a fitness center, clubhouse, pool house, outdoor kitchen and grilling areas, saltwater pool, dog park and spa, lounge, parking garages and tree sanctuary.

Located at 404 Gallop Lane, Mosby University City was built across from the University City Boulevard station of the city’s LYNX Blue Line light rail service. The community is also roughly 20 minutes away from downtown Charlotte and five minutes away from The University of North Carolina at Charlotte.

Duane Wooldridge, president of Middleburg Management, said in prepared remarks that the community has already seen more than two dozen leases signed within the first weeks.

“We are excited to join the growing number of developers who recognize the importance of transit location,” Wooldridge told Multi-Housing News. “We feel that our leasing thus far has directly benefited from our proximity to transit so we also know the public is embracing it.”

BUILDING MORE MOSBY DEVELOPMENTS

While not a transit-oriented development, Middleburg also began construction on Mosby at Riverlights in December. The 250-unit community is Middleburg’s first foray into the Wilmington market and is expected to be complete in late 2020.

More recently, Middleburg also broke ground on a luxury apartment community in Huntsville, Ala., in June. The developer has been working on Mosby Bridge Street, a 290-unit community with one-, two- and three-bed units, for an expected completion in April 2022.

The developer has obtained a construction loan for the 312-unit project, which it is building in partnership with The Mattoni Group.

Developer The Altman Cos. has closed on construction financing for Altis Ludlam Trail, a 312-unit development in Miami, and will immediately start construction on the Class A project. Comerica Bank provided the loan with Iberia Bank as a participating partner. Although the loan amount was not disclosed, a report in the South Florida Business Journal indicates that it was $55.4 million.

The Altman Cos. is developing the project in partnership with MV Real Estate Holdings and private equity real estate firm The Mattoni Group. Slated for completion in 2022, the six-story property will feature units averaging 820 square feet. Common-area amenities will include a rooftop pool, clubhouse with media room, fitness center, hammock garden, bicycle storage and pet spa.

Altis Ludlam Trail will sit on a roughly 3-acre site at the southeast corner of Southwest 70th Court and Bird Road, west of downtown Miami. The community will form part of the Bird Road development area in the Ludland Trail Corridor District, a former railway corridor once known as the Miami Beltline, which Miami-Dade County is converting into a linear park. The site is located less than a mile from the Palmetto Expressway and two miles from the University of Miami.

In May, The Altman Cos. completed Altis Grand at The Preserve, a 350-unit community in Odessa, Fla. The developer financed the construction with a $39.8 million loan from TD Bank.

https://www.multihousingnews.com/post/altman-cos-starts-work-on-miami-community/

The Altman Companies, a nationally recognized developer, builder, and manager of exceptional rental apartment communities in partnership with The Mattoni Group and Alex Mantecon from MV Real Estate Holdings, announced today that it has closed on its construction loan for their newest development, Altís Ludlam Trail.  Comerica Bank was the lead provider of the loan with Iberia Bank as a participating partner.

Located at the newly created Bird Road development area of the Ludlam Trail Corridor District, Altís Ludlam Trail will consist of 312 ultra-luxe apartments with an average unit size of 820-square feet and is set on approximately 2.74-acres of land. The property will be developed in partnership with The Altman Companies, MV Real Estate Holdings and The Mattoni Group, a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working on transformative projects.

“We are grateful to our Altman Team, our lenders and equity investors that allowed us to close on this transaction in the midst of the Covid-19 pandemic,” said Seth Wise, Co-CEO of The Altman Companies. “We will immediately start construction and look forward to bringing an exceptional living experience to this suburban area of Miami-Dade.”

Residents of Altís Ludlam Trail will enjoy Class-A amenities including a rooftop resort-style pool, a pool deck with pavilions and BBQ grills, a rooftop clubhouse with a media room, fitness center and a coffee bar. The community will also feature workspace stations equipped with high-speed internet access, a synthetic turf gaming area, a hammock garden, pet spa and bark park immediately adjacent to the new Ludlam Trail with ample bicycle storage and fix-it station.

Altís Ludlam Trail will be a mixed use, six-story building located in proximity to the 7,500-square feet of retail space facing the well-travelled Bird Road. It will be located less than a mile from the Palmetto Expressway, two miles from the University of Miami and three miles from Coral Gables.

The Ludlam Trail is a former railway corridor that Miami-Dade County is converting into a linear park. The 6-mile stretch of abandoned rail corridor, formerly known as the Miami Beltline, runs next to four public schools, through densely populated neighborhoods, weaving together a network of assets into an interconnected civic realm binding together many different public places and amenities.

Altís Ludlam Trail is set to be completed in 2022. 

http://www.multifamilypress.com/categories/new-construction-and-development/2469-the-altman-companies-closed-on-construction-loan-for-its-newest-development-altis-ludlam-trail

The Altman Cos. broke ground on an apartment complex along the Ludlam Trail in Miami-Dade County after obtaining a $55.4 million construction loan.

Comerica Bank and Iberiabank provided the mortgage to the Boca Raton-based developer, which is co-owned by Fort Lauderdale-based BBX Capital Corp. (NYSE: BBX), for Altís Ludlam Trail. Mattoni Group and Alex Mantecon from MV Real Estate Holders are partners in the development. It is being developed on the 2.74-acre site at the southeast corner of Southwest 70th Court and Bird Road.

It’s on the west side of the Ludlam Trail, a former rail line that the county is transforming into a linear park. Having the residential and retail of Altís at Bird Road will be a great synergy with the pedestrian traffic on the Ludlam Trail, said Seth Wise, co-CEO of Altman.

The project will have 312 apartments and 7,500 square feet of retail. Jeff Roberts, president of Altman Development, said they’ve already had discussions with a national restaurant chain about the space. About 72,000 cars a day pass by the site.

Wise said obtaining a construction loan was more challenging than usual because of the Covid-19 pandemic. The lenders wanted to make sure there was still demand in the market, how much competition there would be, and whether construction costs would change drastically. It appears there’s still plenty of demand for apartments in Miami-Dade.

The units would average 820 square feet. Wise said rents would range from $1,600 for a studio to nearly $3,000 for a three-bedroom unit.

Amenities in the six-story project will include a pool deck, grilling stations, a rooftop clubhouse, a media room, a fitness center, a coffee bar, work stations, a synthetic turf gaming area, a pet spa and a dog park.

It is expected to be completed by 2022. An affiliate of Altman is the general contractor.

The developer acquired the property for $9 million in 2018.

https://www.bizjournals.com/southflorida/news/2020/06/10/atlman-breaks-ground-on-ludlam-trail-apartments.html

The development will have 312 apartments

The Altman Companies closed on a $55.4 million construction loan for a Ludlam Trail apartment project.

Altman Companies secured the loan from Comerica Bank and IberiaBank to build the 312-unit apartment complex at 7004 Bird Road near the Ludlam Trail Corridor District, according to a press release.

The six-story building will be on about 2.74 acres of land. The project, known as Altís Ludlam Trail, will also have 7,500 square feet of retail space. Altman Companies is developing the property in a partnership with Alex Mantecon from MV Real Estate Holdings and The Mattoni Group, a private equity real estate investment firm.

The development group purchased the two parcels for Altís Ludlam Trail for a combined $9 million in 2018, records show.

Amenities at Altís Ludlam Trail will include a rooftop resort-style pool, a pool deck with pavilions and barbeque grills, a rooftop clubhouse with a media room, fitness center and a coffee bar. The project will also feature a gaming area, a hammock garden, pet spa and bark park adjacent to the new Ludlam Trail. The average unit size will be 820 square feet, according to the release.

The project is expected to be completed in 2022.

Adjacent to Altís Ludlam Trail, apartment developer Zom Living and its partners closed on a $57.3 million construction loan in May for the first phase of the group’s Ludlam Trail project. The developers plan to build 950 apartments and up to 35,000 square feet of retail space.

The Miami-Dade County Commission approved zoning for commercial and residential developments at major intersections along the six-mile Ludlam Trail in early 2019. The trail runs from Miami International Airport south to Dadeland Station.

Altman Companies has developed, constructed, acquired and managed over 26,000 multifamily units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina since 1968, according to the release.

https://therealdeal.com/miami/2020/06/10/altman-scores-55m-construction-loan-for-ludlam-trail-project/