Quinn Residences increased its portfolio by more than 50% after acquiring six communities currently under construction in Georgia, Florida, and North and South Carolina.
The communities are built for Quinn by local development partners, who were found through the company’s existing relationships, said Richard Ross, CEO of Quinn. Multi-Accommodation News.
In Georgia, Quinn acquired three residential projects in the Atlanta area: Vista Lakes, Towns on Church and Winder Retreat. The 52 Vista Lakes units in Dallas are expected to have their first homes available in June 2022, while the 45 Towns on Church units in Decatur are expected to deliver their first homes by the end of 2022. The much larger 232-unit Winder Retreat in Winder will be ready for occupancy in the first quarter of 2023. All three Atlanta-area projects will offer three- and four-bedroom units in a variety of layouts.
In Eustis, Florida, Quinn acquired the 35-unit Eleven Oaks near the Orlando market. The project is expected to have two- and three-bedroom units and will also be completed in June 2022. In Columbia, SC, Quinn expects to see her 251 Ashcroft units in Colonel Creek and her three- and four-bedroom units delivered by the third quarter of 2022. And in Leland, North Carolina, the 169 Isabella Courts units will have three- and four-bedroom units available in the first quarter of 2023.
Plans to double the Southeast portfolio
Ross said in prepared remarks that the acquisitions are part of Quinn’s expansion strategy of creating new, high-quality communities in some of America’s fastest growing housing markets. With the acquisition of the six communities under construction, Quinn’s portfolio grew by more than 50% to nearly 2,300 units across 17 sites.
Ross said MNH that Quinn’s footprint is in the southeastern United States and that the company will continue to be optimistic in these markets. He also said MNH that the company has raised a significant amount of equity and plans to double its portfolio by the end of 2022.