AKAM Acquires Florida's Property Management Resources
Florida and New York-based property management company AKAM has announced their acquisition of Property Management Resources (PMR), a Palm Beach-based provider of property management services in South Florida and Southwest Florida.
Founded in 1974, Property Management Resources manages 25 communities comprising over 5,000 residential units on Florida’s Atlantic and Gulf Coasts. The communities in PMR’s portfolio range in size from 42 homes to 1,120 units.
In the official press release, PMR President Ralph Hintz says becoming a part of AKAM is a value add for the communities and residents PMR has served for a half century:
“We’re proud to bring the properties we’ve served an elevated level of support and resources through AKAM’s successful property management model. We’re confident that by becoming a part of AKAM, we are adding instant value for our residents, and they’ll see those returns quickly.” -PMR President Ralph Hintz
Benson Capital Partners Closes Deals In Atlanta & Dallas
This week Benson Capital Partners announced the firm recently closed on two investments in conjunction with major developers in Atlanta and Dallas.
According to the official press release, “BCP partnered in Atlanta with Pope & Land Real Estate to acquire 100 Midtown, a student housing property near Georgia Tech’s campus in Midtown Atlanta. Other partners in the deal included Noro Management of Atlanta and The Helis Interests of New Orleans.”
“In Dallas, BCP is providing capital for Panhandle at Rayzor Ranch, a 105-unit apartment development in Denton, Texas. The property is located in the 400-acre Rayzor Ranch development, which contains nearly 1 million square feet of retail and medical uses, providing the amenity base for the region. Town Companies and BC2 Capital, both of Dallas, are partners with BCP in the project.”
S2 Capital Acquires Multifamily Properties In Florida & Texas
This week Dallas-based S2 Capital announced the acquisition of two multifamily properties with a combined 307 units in Jacksonville and Austin.
The Jacksonville acquisition is the 104-unit Belle Rive Club located between I-95 and Baymeadows Road in the Royal Lakes neighborhood. Featuring one and two-bedroom layouts, Belle Rive Club is conveniently located ten miles from Downtown Jacksonville and seven miles from the University of North Florida.
In Texas, S2 acquired Vineyard Hills, a 202-unit multifamily development spread out over 11 acres in Southwest Austin. Vineyard Hills offers residents one, two, and three-bedroom options located 25 miles from Downtown Austin.
S2 VP of Acquisitions Ryan Everett emphasized positive market demographics that made both of these acquisitions so attractive for the Dallas-based firm:
“The Austin and Jacksonville markets continue to demonstrate population and job growth, and combined with the repricing taking place in the multifamily sector, we believe these two properties have attractive risk/reward profiles and are an excellent value.” –Ryan Everett, VP of Acquisitions at S2.
FirstService Chosen To Manage The Orchard In Northeast Georgia
Leading property management firm FirstService Residential announced that the company has been selected to manage The Orchard, a beautiful 683-unit, gated private golf community in Clarkesville, Georgia.
Situated in Northeast Georgia next to the Chattahoochee National Forest at the base of the Appalachian Mountains, The Orchard Golf & Country Club features an 18-hole championship golf course, a driving range, swimming pool, tennis and pickleball courts.
According to FirstService, The Orchard board members were adamant about finding a property management firm that offered “streamlined technology” and “financial backing” to be able to impact needed property improvements in the private golf community.
Dania Beach-based FirstService Residential is a subsidiary of FirstService Corporation, a leading provider of commercial and residential property services across North America.
Wood Partners Announces Alta Citron Grand Opening
This week Wood Partners announced the grand opening of their latest multifamily development in Metro Orlando.
Alta Citron is a new luxury apartment community in Davenport, a fast-growing region southwest of Orlando with fast access to Interstate 4, AdventHealth Celebration, Walt Disney World and other major attractions.
According to Wood Partners, Alta Citron features 324 apartment homes in one, two, and three-bedroom layouts with high-end finishes and Whirlpool appliances. Outdoor amenities at Alta Citron include a resort style pool with pavilion and private cabanas, as well as a 24-hour fitness center and private conference rooms.
Atlanta-based Wood Partners has been involved in the acquisition and development of over 100,000 multifamily homes nationwide. Alta Citron becomes the company’s tenth Alta-branded community in the Orlando area.
Contact CII Today
If you own an established property management business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.