Quinn Residences Starts Southeast Growth Spurt
The company purchased six properties under construction.
Quinn Residences has grown its portfolio by more than 50 percent after acquiring six communities that are currently under construction in Georgia, Florida and North and South Carolina.
The communities are being built for Quinn by local development partners, who were found through the company’s existing relationships, Richard Ross, CEO of Quinn, told Multi-Housing News.
In Georgia, Quinn acquired three residential projects in the Atlanta area: Vista Lakes, Towns on Church, and Winder Retreat. The 52-unit Vista Lakes in Dallas is expected to have its first homes available in June 2022, while the 45-unit Towns on Church in Decatur is scheduled to deliver its 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 of the Atlanta-area projects will offer three- and four-bedroom units in various arrangements.
In Eustis, Fla., 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, S.C., Quinn is expecting to see its 251-unit Ashcroft at Colonel Creek and its three- and four-bedroom units be delivered by the third quarter of 2022. And in Leland, N.C., the 169-unit Isabella Courts will have three- and four-bedroom units that will be available in the first quarter of 2023.
Plans to double Southeast portfolio
Ross said in prepared remarks that these acquisitions were part of Quinn’s expansion strategy that involves creating new high-quality communities in some of America’s fastest growing housing markets. With acquisition of the six under-construction communities, Quinn’s portfolio grew by more than 50 percent to nearly 2,300 units across 17 sites.
Ross told MHN that Quinn’s footprint is in the southeastern U.S. and the company will continue to be bullish in these markets. He also told MHN that the company raised a considerable amount of equity and plans to double its portfolio by the end of 2022.