Nicholas SunTx RE Partners II has gotten a loan from the bank for $144.2 million to buy two communities in the Sun Belt states.
Square Mile Capital arranged Nicholas SunTx RE Partners II and Prizma Capital, who bought homes in Georgia and Texas. Jon Hyduke from Walker & Dunlop helped arrange it.
Alexan Avondale is a new apartment building on 2740 E. College Ave. in Decatur, Ga. The building has 270 apartments. Some of the apartments are big and have balconies or patios with them. All of the apartments have keyless entry and walk-in closets, which are nice to have!
The four-story community has amenities, like a fitness center and work-from-home space. There is also a club room, entertainment kitchen, recording studio, and pet spa. The new owners have changed the name to Bellevue at Avondale.
Follow us on Twitter
There is a place in Dallas called Aura Bluffview. It has 473 units. They are all different sizes. Some are 590 square feet, and some are 1,672 square feet. The units have yards and washers, and dryers. The community has a fitness centre, sky lounge, private clubroom, business lounge, garage with 752 spaces, and two pools. The name of the place is now Bellevue at the Bluffs.
Tom Burns, who works for Square Mile Capital, said in a statement that these two communities were leased up to stabilization after being built during the pandemic. He also said that major economic growth in Dallas and Atlanta would lead to stronger rents in the coming years for these communities. In August, Square Mile Capital and Pacific West Bank provided a $142.3 million construction loan for a 318-unit mixed-use project in Miami.
Nicholas Residential and SunTx Capital Partners created Nicholas Residential RE Partners II. They invest in apartments that are affordable and good places to live. This company has $650 million worth of assets right now.
Ned Fleming, a partner with SunTx Capital Partners, says in his remarks that the acquisition of Alexan Avondale is the first step for venturing into new markets in the Sun Belt. He wants to invest aggressively in new markets all over the U.S. to provide affordable housing to people who live in big cities across states like California, Texas, etcetera.