ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The..
MARSHALL COUNTY, MISS. — Mohr Capital, in conjunction with Panattoni Development Co., is underway on a 1 million-square-foot industrial warehouse for Cooper Tire & Rubber Co. in Marshall County, a Mississippi county within the Memphis MSA. The Findlay, Ohio-based company specializes in the design, manufacturing, marketing and sale of passenger car, truck, motorcycle and racing tires. Alston Construction is the general contractor for the project, and Pickering Firm Inc. is the architect...
KINGSLAND, GA. AND BILOXI, MISS. — Aries Conlon Capital has arranged two loans totaling $13.6 million for the refinancing of two hotels in Georgia and Mississippi. Rushi Shah of Aries Conlon Capital arranged a $6.8 million loan for a Hampton Inn in Kingsland and a $6.8 million loan for a Quality Inn & Suites in Biloxi. Both loans were funded by CMBS investors and feature 10-year terms, fixed interest rates and 25-year amortization schedules. The 78-room Hampton Inn is located roughly 25..
OLIVE BRANCH, MISS. — Hilton Worldwide has opened Home2 Suites by Hilton Olive Branch, a 94-room hotel in Olive Branch, roughly 30 miles southeast of Memphis, Tenn. Located at 7595 Lodging Lane, the hotel is within walking distance to shops and restaurants, as well as the Cherokee Valley Golf Club. Home2 Suites by Hilton Olive Branch features complimentary internet, communal spaces and standard Home2 Suites amenities, including Spin2 Cycle, a combined laundry and fitness area; Home2 MKT for..
OXFORD, MISS. — Texla Housing Partners has sold University Trails Oxford, a student housing community located near the University of Mississippi in Oxford. The buyer, Capstone Real Estate Investments LLC, plans to rebrand the community as Flatts at South Campus. The property contains 492 beds in a mix of two-, three- and four-bedroom units. Shared amenities include a resort-style pool, business center, fitness center, beach volleyball court, basketball court, computer lab and a 24-hour game..
SOUTHAVEN, MISS. — CVH Airways LLC has opened Homewood Suites by Hilton Southaven, a 99-room hotel located at 135 Homewood Drive in Southaven, roughly 13 miles south of Memphis in Mississippi. The hotel includes a mix of studio, one- and two-bedroom accommodations and features fully equipped kitchens and separate living and sleeping areas. Amenities include a fitness center, indoor pool, outdoor sports court and 468 square feet of meeting space. Vista Host Inc. will manage the property.
OLIVE BRANCH, MISS. — KeyBank Real Estate Capital has arranged $21.4 million in financing for Annandale Gardens, a 400-unit apartment community in Olive Branch, roughly 25 miles south of Memphis, Tenn. Caleb Marten of KeyBank arranged the seven-year financing through Fannie Mae with a one-year interest-only period and 30-year amortization schedule. The garden-style property was built in 1998 with Phase II constructed in 2001, and features a fitness center, two swimming pools, playground area..
MERIDIAN, MISS. — Home2 Suites by Hilton Meridian, part of Hilton’s All Suites portfolio, has opened at 201 N. Frontage Road in Meridian. The 97-room hotel is designed for travelers who want to maintain their normal routine, and features fully equipped kitchens, modular furniture, a fitness center, pool, fire pit and grill area, market for grab-and-go items and complimentary daily breakfast. Inn Alliance LLC owns the property and Lala Enterprises handles management.
RICHLAND, MISS. — NAI UCR Properties has facilitated the $3 million sale of a 70,000-square-foot industrial facility located at 330 Leggett Drive in Richland. NAI UCR’s Micah McCullough represented the undisclosed buyer in the transaction. At the time of sale, the property was leased to FedEx Ground.
OLIVE BRANCH, MISS. — IDI Gazeley plans to develop two industrial facilities totaling nearly 2 million square feet within Crossroads Distribution Center in Olive Branch, a Mississippi suburb of Memphis. IDI Gazeley has broken ground on Building I for an expected November delivery. The next facility, Building J, is slated to span nearly 1.1 million square feet and is scheduled to start construction in mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square..