The Miami-based single-family home builder hasn’t disclosed its apartment-building plans. It has, however, brought multifamily veterans Todd Farrell, former head of Charlotte, N.C.–based Crescent Resources’ multifamily division, and Randy Ell, president of Summit Management Co. at Charlotte-based Summit Properties, on board. Lennar is reportedly in the process of building two apartment developments in the Chicago area.
Charlotte-based retail developer Faison hired Chris Branch, former head of The Boulevard Co., to lead its multifamily development efforts as managing director last year. At the same time, Faison also purchased a 2.3-acre site in Charlotte for $2.3 million, where it plans to build a 250-unit complex, according to recent reports. Faison’s pipeline includes six to 10 projects across markets in the Southeast, Mid-Atlantic, and Texas.
The Washington, D.C.–based retail developer saw the downturn in the market and decided to convert two of its buildings in the D.C. area into apartments. Combined didn’t necessarily re-engineer the sites because of a slowdown in the retail market, however; changes in surrounding communities just made the sites more attractive for apartments.
Childress Klein Properties
Charlotte-based Childress Klein jumped into multifamily in its hometown when one of its affiliates bought a 1.7-acre site for $3.5 million, according to The Charlotte Business Journal. The paper reported that Childress Klein plans to start construction on the 11-story, 250-unit building this year. The firm, which has developed office, retail, and industrial properties, is seeking multifamily opportunities in the Southeast.
The Dallas-based firm is involved in development for master-planned communities, aviation, offices, and more. The Dallas Business Journal has reported that the company is expanding its multifamily division. Hillwood plans 5,000 multifamily units over the next decade.