CLP acquired Vue at Belleair in December 2019. The property is a newly built 339-unit luxury apartment community in Clearwater, FL that boasts the most expansive amenity package in the market. Developed by Flournoy Companies, the property was designed with the highest standards, featuring 9’, 10’ & 11’ ceilings and offering three different designer finish collections. Units feature kitchen islands, French door refrigerators, separate showers with glass enclosures and bay views. The property also features a rooftop terrace with water views, zero entry salt water swimming pool and performance fitness center with wellness& spin room.
CLP acquired 300 Riverside Apartments, a 220-unit property located in Austell, GA, in August 2019. CLP has a strong local market presence, owning multiple properties totaling 942 units in the area (more than 1,000 units inclusive of this property). We recently closed on Premier Apartments, which is less than 0.5 miles away, allowing potential operating synergies and staff sharing. The property is situated close to major highways leading to Downtown Atlanta and the Platinum Triangle. Walmart, Home Depot, and other large retailers are within 2 miles from the property. Cobb County is one of the most robust real estate markets in Georgia, benefiting from high population density and strong household income. The benefits of low property taxes, low occupational business taxes, and convenient services make the county a major center for commerce. Additionally, the county boasts one of the strongest school districts in the state. Multifamily development faces strong opposition by both homeowners and the Cobb County Planning & Zoning Department, creating a barrier for new apartment construction in this sub-market. A local government program to purchase and demolish older apartments has removed more than 2,000 units in this area. Increases in land, labor and materials costs have pushed new construction prices up to $180,000/unit, ensuring that this property will be insulated from new construction.
Misty Ridge Apartments is a 409-unit apartment community comprised of 25 two-story buildings located in Woodbridge, VA. The property is located in Prince William county which has distinguished itself as a premier business destination and taken on a new role as a thriving science and technology hub throughout CLP’s ownership period. CLP successfully closed on the sale of Misty Ridge Apartments in July 2019.
In October 2015, CLP purchased The Heights at Skyland, a 304-unit workforce housing complex located in the regional center of commerce, healthcare, and education of western Alabama. Tuscaloosa is home to the University of Alabama, one of the top universities in the state, with a total enrollment at the time of over 36,000 students. CLP successfully sold The Heights at Skyland in February 2019.
Acquired in June 2019, Overlook at Stonemill is a 216-unit garden-style community located in Lynchburg, VA. The property is comprised of one-, two-, and three-bedroom units featuring 9-foot ceilings, fireplaces, oversized walk-in closets, washers/dryers in every unit, and balconies. Community features include a resident clubhouse, a resort style swimming pool, a 24-hour fitness center, an outdoor pavilion with grilling stations, and a children’s playground.
Overlook at Stonemill is situated within easy driving distance to employment centers, retail, schools, and restaurants. Complete plans and approvals are in place for the future development and all utilities have been brought to the site. Lynchburg is rapidly growing as Central Virginia’s urban center for commerce and culture. Forbes Magazine named Lynchburg one of the “Top 50 Best Places for Business and Careers” with a diverse employment base including health care, retail trade, and education.
Acquired in October 2018, Meridian Obici is a 224-unit, Class-A property located in Suffolk, VA. The property features one, two and three-bedroom apartments ranging from 718 square feet to 1,432 square feet. Units have nine-foot ceilings with high-end design features, including pass-through kitchens that include state of the art appliances, balconies, lighted ceiling fans, and fire suppression systems; satellite television and high-speed internet are included with the rent, as well. Community amenities include a saltwater swimming pool with poolside cabanas, an outdoor kitchen, and a sundeck. The resident clubhouse features a 24-hour fitness center, a multimedia theater with billiards, a game room, and a business center. Other amenities include a car care center and a dog park.