REAL ESTATE NEWS

Two multifamily properties in the Sunbelt, owned by Buckingham Companies, are getting refinanced for $110 million.

ACRE provided the financing through bridge loans, with a floating rate. Walker & Dunlop arranged the deal, which replaces the existing construction loans.

One of the assets is Loveland, Colorado's Plat 10 at the Ranch, with the other located in Durham, North Carolina, called Plat 4 at Research Triangle. Both combine for nearly 600 luxury units, offering garden-style communities.

Plat 4 has 240 units, ranging from studios to three bedrooms. The site is known for its location inside the Research Triangle Park, just eight minutes from the Raleigh-Durham International Airport. Plus, two shopping centers with more than 170 stores are nearby.

Plat 10 offers 353 units through seven buildings, spanning 8.4 acres. The apartment complex is an hour away from Denver, 20 minutes from Fort Collins and 45 minutes from the Denver International Airport. The area Plat 10 is located in is known for its green space. Nearby, the following can be found: three golf courses, 17 miles of trails and 31 parks.

“Buckingham Companies is a leader in the multifamily development, management, and ownership space, with Plat 4 and Plat 10 being two of their latest successful multifamily projects to deliver," Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop, said in a statement.

As of May 2024, Buckingham said it managed over 25,000 rental units across the country.

In the current landscape, many Sunbelt markets are in a period of disruption for multifamily. In fact, a July analysis from Markerr found that most of the regions with declining rents were located in the Sunbelt. This includes Austin, TX (-5 percent), Cape Coral, FL (-4.4%), Denver, CO (-4.2%), Sarasota, FL (-3.3%) and Phoenix, AZ (-3.2%). Meanwhile, the top performing markets are located in the Mid-Atlantic, Northeast and Midwest.

Source: GlobeSt/ALM