Alabama Based Developer Closes $77 Million in New Construction Multifamily Developments
Dothan, Alabama developer Hall Group recently announced closing and construction start for The Reserve at Gashes Creek in Asheville, North Carolina and Graces Reserve in Kannapolis, North Carolina.
ASHEVILLE, N.C., April 3, 2020 (Newswire.com) - Hall Group affiliate, Pointe Wiregrass, Inc. (PWI) is serving as the general contractor and Pendleton, South Carolina based PDI Architecture is the architect of record for both developments. Hall Group partnered with Florida based Morrison Avenue Capital Partners to provide approximately $15 million investment equity and Highland Mortgage Company of Birmingham, Alabama provided approximately $62 million in construction and permanent financing through the FHA 221(d)(4) loan platform. North Carolina based Multifamily Select, Inc. served as an FHA consultant and will provide property management services upon construction completion. Tommy McRae, Vice President for Pointe Wiregrass, Inc., lauded the efforts of the entire team stating “when executing developments of this scale it takes multiple layers of expertise and we have assembled one of the most talented groups of multifamily professionals in the entire Southeastern U.S.”
Located at 251 Highway 74 in the southeastern submarket of Asheville, The Reserve at Gashes Creek is conveniently located to I-40, I-26, and I-240, which will allow convenient access to the entire Asheville market and thriving culture of downtown Asheville. The Reserve at Gashes Creek will include 190 apartments consisting of one-, two- and three-bedroom units along with 12 garages and 16 storage units. Of the 22-acre development site, approximately 6 acres will be forever preserved by way of a conservation easement thus allowing residents to enjoy the beauty of the preexisting forests and mountain streams. Graces Reserve is located at 2200 Roxie Street NE in Kannapolis just a short distance off of I-85 providing easy access to North Charlotte and surrounding areas within Cabarrus County. The property adjoins Northlite Shopping Center giving residents convenient access to national retailers and restaurants. Graces Reserve is situated on approximately 17 acres and will include 240 apartments consisting of one-, two- and three-bedroom units along with 36 garages and 48 storage units. Common area amenity packages for both developments will include resort-style pools, sundecks with cabanas, electric vehicle charging stations, grilling areas, fire pits, car care centers, dog parks, and playgrounds. Clubhouses will include concierge package delivery systems, pet spas, designer kitchen spaces, cyber cafes, and fully equipped fitness centers. Apartment interiors for both developments will include solid service countertops, luxury plank flooring, designer LED lighting, Energy Star appliances, washers and dryers, integrated USB ports, exterior storage, porches, and nine-foot ceilings. John David Chambless, Co-Director of Development for the Hall Group, shared “we are really excited about delivering these two projects as multifamily residential performance in many North Carolina markets continues to be strong. Significant job and population growth coupled with high single-family residential valuations in the Asheville and Kannapolis markets should provide The Reserve at Gashes Creek and Graces Reserve solid footing as they complete construction and begin to lease-up.”
Source: Hall Group
Categories: Real Estate