Jonathan Taft discusses why Greenville is a great city for business.
Taft Development Group is developing Residences Galleria, which will include 250 units — one-, two- and three-bedroom apartments as well as two- and three-bedroom townhouses. The $35 million project is being built on a 21.5-acre site at 10252 Monroe Road, on the Charlotte-Matthews border and across the street from Family Dollar's headquarters.
Units will include interior finishes like granite countertops, plank floors and stand-up glass showers. Some of the townhouses will have garages. Community amenities include a clubhouse with a swimming pool and sundeck, yoga and fitness center, business lounge, pavilion, billiard room, and clubroom with a cooking demonstration area.
Taft Development estimates pre-leasing for Residences Galleria to commence in late 2019 and that move-ins will begin in winter 2020. Taft Construction Group is the general contractor at Residences Galleria. The property will be managed by Taft Management Group.
This is the second project in the Charlotte metro for Taft Development Group, which also developed The Indigo at Cross Creek in Indian Land. The company says it is currently planning and developing 1,300 multifamily units, 300 single-family lots and 40,000 square feet of commercial space.
Read the full article at Charlotte Business Journal
Taft Family Ventures has expanded its Raleigh footprint with the purchase of the Owens Roofing Co. property across from the Red Hat Amphitheater in the downtown Warehouse District for $5.1 million.
TFV’s Taft Development Group recently bought the nearly one-acre site at 301 West Cabarrus Street and plans to bring a new residential and retail building in that space.
“We are excited to launch another project in Raleigh, and especially so in the Warehouse District,” said Thomas Taft Jr., principal with Taft Family Ventures. “We believe this is a high-profile site in one of the region’s most vibrant urban neighborhoods.”
Read the full article at Triangle Business Journal
Taft Family Ventures is pursuing a third housing development that is geared towards home buyers in downtown Greenville, a company spokesman announced at Wednesday’s annual Uptown Greenville State of the District event.
Unlike its previous two student housing projects in the district, Avenue Townes will be 12 for-sale townhomes. The development will be located on a lot that is bordered by Reade Circle, Dickinson Avenue and Evans Street.
“Greenville needs diversified housing in our downtown area. A for-sale product is very important to us,” said Mike McCarty, president of Taft Development Group.
McCarty described the site as a premiere location since it puts future homeowners within walking distance of restaurants, retail shops, the State Theatre, Sheppard Memorial Library and other amenities.
“Hopefully we want to inspire other developers to do more for-sale products downtown,” McCarty said.
The firm is finalizing the project’s cost, but McCarty described the structures as “brownstone-inspired, luxury” townhomes.
The units will range from 2,160 to 2,400 square feet and are expected to have three bedrooms. Some units will have rooftop decks, elevator access from the ground floor, cantilevered patios off the main living area and parking. Pre-sales will begin this spring.
McCarty also announced the company also plans to move its headquarters to a building it is renovating near the intersection of Eighth Street and Dickinson Avenue this fall.
Read the article at The Daily Reflector
Further coverage at WITN.com
A family-owned real estate company based in Greenville is expanding its Raleigh footprint with plans for a 180-unit affordable apartment complex southeast of downtown Raleigh.
Taft Family Ventures is planning to build the development on a 14-acre parcel at the intersection of I-40 and Rock Quarry Road, behind a Food Lion-anchored shopping center.
The project is being built using tax-exempt bond financing and a $2.3 million contribution from the city of Raleigh, says Dustin Mills, President of Taft-Mills Group. The group is an arm of Taft Family Ventures that focuses on affordable housing. Residents who earn 60 percent of the area’s median income will qualify to live there.
Mills expects construction to begin in a year and says the project's location is what led the firm to make the investment.
“The site is excellent,” Mills says. “It’s immediately adjacent to a grocery store-anchored shopping center. There’s a library in the area and there’s easy access to public transportation.”
Taft Family Ventures has primarily focused on multifamily development across North Carolina, but has more recently diversified into other types of real estate investment.
In the Triangle, the firm has been active with new construction on apartment projects from Clayton to Durham, including affordable and high-end projects. In Raleigh, the company built and sold the 401 Oberlin apartment and retail building across from Cameron Village, closing a deal in 2015 for $65 million.
“We’re proud to have been involved with projects like 401 Oberlin, but developing and delivering affordable housing is just as important to us as any other asset class,” Mills says.
Read the full article via Triangle Business Journal
An in-state, family-owned real estate company making efforts to diversify its holdings has purchased a Triad industrial building used by a regional health care delivery system.
Taft Family Ventures of Greenville paid $6.44 million for a 112,000-square-foot building on 8.1 acres at 2100 Summit Ave. in northeast Greensboro that Cone Health leases and uses for distribution, storage and office space. The facility was built in 1974.
Seller South Atlantic Warehouse bought the facility in March 2016 and installed new HVAC systems, lighting, racking, fencing and security systems.
Tom Taft, principal at TFV, told Triad Business Journal that the building is in good shape, and that no major changes or renovations are planned in the near future.
Cone Health is "just a great tenant," Taft said. "They have a 10-year lease."
Taft said multifamily residential communities have dominated TFV's holdings, especially in the Greenville area, and that the company is trying to diversify into different sectors and other geographical markets.
"We're in the process of investing between $22 million and $25 million to try to increase the diversity of our holdings," Taft told TBJ.
TFV also owns a 60,000-square-foot building at Kimel Park and South Park Shopping Center in Winston-Salem.
TFV has an assortment of medical buildings as well as student apartments, single- and multifamily residential communities, and industrial and office developments throughout the Carolinas and several other states.
The company, through subsidiary Taft-Mills Group, has started construction on Amberly Trace, an 80-unit affordable housing apartment community at 1029 Chapel Hill Road in Burlington. It plans to start construction on Oliver's Trace, an 88-unit affordable complex at 1134 Oliver's Crossing Circle in south Winston-Salem, in summer 2019.
Read more at Triangle Business Journal
Taft Family Ventures (TFV) accepted $14.8 million in the sale of Signature Place Apartments, a 171-unit community in Greenville, N.C.
Located at 410 Beasley Drive, Signature Place Apartments, spans across more than 15 acres and includes 48 one-, 84 two- and 39 three-bedroom units.
Waterstone Multifamily worked on behalf of TFV and Drucker & Falk, its joint venture partner, in the transaction.
Read more at multihousingnews.com
Top 50 Student Housing Properties by Online Reputation
Taft Development Group's The Boundary at West End ranks number 23 with an ORA score of 85.
More than 81% of students use online ratings and reviews to search for an apartment, according to J Turner Research's exclusive ORA Power Rankings.
This issue of ORA Power Rankings focuses on the student housing market. In this debut ranking, J Turner Research features the Top 50 student housing properties in the nation by online reputation, tracking more than 1,100 such developments nationwide across various review sites.
Continue reading full article at Multifamily Executive
Development teams are debuting their first age-restricted, "pocket neighborhood" in Clayton.
The first model homes for the proposed 300-unit Walk at East Village community have opened at the intersection of U.S. 70 Business and N.C. 42 next to the new apartments at Arbors at East Village, and the community will be hosting an open house event April 22.
Walk at East Village will have a 12,000-square-foot clubhouse with the traditional neighborhood amenities, including a pool, fitness center and coffee shop, along with walking paths throughout the entire community. The project is about one mile east of Clayton’s downtown district. It is designated as an age-restricted community, which means that at least one member of the homebuying household must be 55 years or older.
The Walk at East Village is being developed in partnership with Taft Development Group.
Read the full article at Triangle Business Journal