Georgia

RangeWater, ParkProperty Break Ground on 325-Unit Vivan Apartments in Atlanta

by Julia Sanders August 16, 2021

ATLANTA — RangeWater Real Estate and its equity partner, ParkProperty Capital, have broken ground on The Vivan, a 325-unit apartment project along the Atlanta BeltLine’s Westside Trail. The apartment development marks RangeWater’s third project along the Atlanta BeltLine and ParkProperty’s second investment in Atlanta. The first apartment units are slated for completion in late 2022 with the total project slated to be complete by summer 2023. The Vivan will have three-, four- and five-story buildings offering studio, one- and two-bedroom apartments. Rents at The Vivan will start at $1,200 per month, with 20 percent of units priced at attainable rents, per the City of Atlanta’s specifications for new BeltLine projects. Community amenities will include a dog park, clubroom, pool and a fitness center. The property will be located in the Capitol View neighborhood, with two entry points to the Westside Trail. Located at 1246 Allene Ave. S.W., the 8.5-acre site formerly was the Exide Technologies battery plant. RangeWater is an Atlanta-based multifamily real estate company. RangeWater’s other projects along the Atlanta BeltLine include Maverick, an apartment and townhome project at 72 Milton Ave., and Skylark Apartments located at 1099 Boulevard S.E., both along the Atlanta BeltLine Southside Trail.

August 16, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $62.2M Sale of Multifamily Property in Metro Atlanta

by Julia Sanders August 10, 2021

STONE MOUNTAIN, GA. — Berkadia has arranged the $62.2 million sale of Lakeview I and II, a 540-unit apartment property in the Atlanta suburb of Stone Mountain. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, California-based Praxis Capital, in the transaction. Bethesda, Md.-based Acento Real Estate Partners was the buyer. Lakeview previously operated as two properties and is now combined into one property. Located at 200 Summit Lake Drive, Lakeview I and II has one-, two- and three-bedroom floor plans. The property features fully equipped kitchens and patios or balconies. Praxis Capital previously renovated 32 of the units so the transaction represents a value-add opportunity for Acento. Community amenities include two swimming pools, two playgrounds, an outdoor area with grilling stations and a laundry facility. The property is located about 1.5 miles from Stone Mountain Industrial Park and is also situated close to the Atlanta Media Campus, Amazon’s new robotic distribution facility and Assembly Yards.

August 10, 2021

Development Georgia Loans Multifamily Southeast

AHS Residential Receives $46.5M Loan for Multifamily Development in Metro Atlanta

by Julia Sanders August 9, 2021

DOUGLASVILLE, GA. — AHS Residential has obtained construction financing for AHS Tributary, a 433-unit mixed-use residential community located in Douglasville, a suburb approximately 20 miles west of Atlanta. PNC Bank provided the $46.5 million construction loan to AHS Residential, which broke ground on the project in late June. The community is slated for a first-quarter 2023 delivery. AHS Tributary will offer studio, one- and two-bedroom floor plans in seven five-story buildings. Apartments will feature stainless steel appliances and in-unit laundry. Community amenities include assigned parking, a business center and a multipurpose clubhouse featuring a swimming pool and fitness center. In addition, the community will feature a two-story, 22,000-square-foot commercial building with a 9,000-square-foot retail space on the first floor and 13 one-bedroom lofts available for lease on the second floor. The property will also include a 5,000-square-foot freestanding retail building.

August 9, 2021

Development Georgia Industrial Southeast

SunCap Breaks Ground on Speculative Industrial Project Near Savannah

by Julia Sanders August 5, 2021

POOLER, GA. — SunCap Property Group has broken ground on SunPort 95, a speculative industrial project situated on 123 acres in Pooler, about 10.2 miles from Savannah and 7.3 miles from the Port of Savannah. SunPort 95 is located off Coleman Boulevard near the intersection of Highway 80 and Interstate 95. The project’s first building will be a 944,260-square-foot, cross-dock facility meant for warehouse and distribution users. The building will accommodate a single user or multiple tenants and will feature 40-foot clear heights. At full buildout, the project can accommodate 1.8 million square feet. Building One is slated for completion in September 2022. Bill Sparks of CBRE will handle leasing for the project. Ware Malcomb designed Building One, and Evans General Contractors has been selected as its general contractor.

August 5, 2021

Georgia Loans Office Southeast Top Stories

JLL Arranges $421.8M Refinancing for Atlanta’s Piedmont Center Office Complex

by Jeff Shaw August 5, 2021

ATLANTA — JLL’s Capital Markets group has arranged a $421.8 million refinancing for Piedmont Center in Atlanta. The 2.2 million square foot, 14-building, Class A office complex is located on Piedmont Road NE in Atlanta’s Buckhead submarket. Proceeds from the loan were used to purchase four additional office buildings within the complex and to refinance the debt of Ardent’s existing holdings within Piedmont Center. The tenant roster includes technology, healthcare and professional services companies. The area is served by a MARTA Station that provides transportation throughout the city of Atlanta, as well as several thoroughfares such as Georgia 400 and Peachtree, Roswell and Lenox roads. The office space is located four miles north of Midtown, which offers amenities from museums to shopping to recreation. JLL’s Capital Markets team represented the borrower, The Ardent Cos., in the transaction to secure the floating-rate loan from a bank lender. Matt Casey and Ed Coco led the JLL Capital Markets team, while JLL’s brokerage team of David Horne and Jeff Taylor won the assignment to lease buildings five through eight. “Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace …

August 5, 2021

Acquisitions Development Georgia Industrial Southeast

Seefried Industrial Buys 53 Acres in Metro Atlanta, Plans Spec Industrial Project

by John Nelson August 3, 2021

BUFORD, GA. — Seefried Industrial Properties, along with an unnamed institutional partner, has purchased 53 acres in Buford for the development of a new speculative industrial project near Interstate 85. Stuart Bracey of Hughes Commercial represented Atlanta-based Seefried Industrial in the land acquisition. The two-building development, known as Gravel 85 Distribution Center, will span 626,616 square feet and include 384 parking spaces, 108 trailer spaces and 135- to 180-foot truck courts. The development team includes civil engineer Eberly & Associates and Randall Paulson Architects. Construction is set to begin in October.

August 3, 2021

Acquisitions Georgia Retail Southeast

SRS Arranges $11M Sale of Big Lots-Anchored Shopping Center in Metro Atlanta

by John Nelson August 3, 2021

MARIETTA, GA. — SRS Real Estate Partners has brokered the $11 million sale of Market Square, a 137,889-square-foot shopping center located at 2932 Canton Road in Marietta. The center sits on 13.4 acres and houses tenants such as Big Lots, Ace Hardware and Planet Fitness. A privately held entity doing business as MSQ Realty LLC purchased the asset from an entity doing business as Wood Marietta Center LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented.

August 3, 2021

Acquisitions Georgia Mixed-Use Multifamily Southeast

Kaplan Residential Sells Mixed-Use Apartment Community in Metro Atlanta for $59.2M

by John Nelson August 2, 2021

SANDY SPRINGS, GA. — Kaplan Residential, a multifamily developer with offices in Atlanta and Miami, has sold Square One, a 203-unit mixed-use multifamily community in Sandy Springs. Atlanta-based Audubon purchased Square One for $59.2 million. Located at 6050 Roswell Road, Square One encompasses studios starting from 620 square feet to two-bedroom units spanning 1,361 square feet. Unit interiors feature stainless steel appliances, full-size washers and dryers, nine- and 10-foot ceilings, granite kitchen islands, subway tile in kitchens and bathrooms and walk-in closets. Community amenities include a rooftop bar and pool, coffee bar, onsite dog park, preferred parking for energy-efficient cars and a fitness center. The property also includes 10,000 square feet of retail space on the ground level leased to a wax salon, nail salon, gym and Vietnamese restaurant. George Morgan and Candy Morgan of George S. Morgan Development Co. Inc. partnered with Kaplan Residential for the entirety of the project. The firm enlisted architectural firm Niles Bolton Associates to design the shared amenity spaces, units and overall structure. Robert Stickel of Cushman & Wakefield represented the buyer in the transaction. Steven Kennedy of Seyfarth Shaw represented the seller. Kaplan Residential opened the five-story property, which sits at the corner …

August 2, 2021

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Brokers $3.2M Sale of Windward Square Shopping Center in Metro Atlanta

by John Nelson July 30, 2021

ALPHARETTA, GA. — Stan Johnson Co. has brokered the sale of Windward Square, a 11,166-square-foot shopping center located at 5215 Windward Parkway in the northern Atlanta suburb of Alpharetta. Jeff Enck of Stan Johnson Co. represented the 1031 exchange buyers, a group of private investors based in Georgia. Penn Hodge Properties sold the property for more than $3.2 million. Windward Square was fully leased to six tenants at the time of sale, including Verizon Wireless and Eye Level Learning Center. Originally constructed in 2003, the center is shadow-anchored by Costco and has other neighboring tenants including The Home Depot and Walmart. The property fronts Windward Parkway and is situated on nearly 1.6 acres.

July 30, 2021

Acquisitions Georgia Office Southeast Top Stories

Cousins Acquires 725 Ponce Office Property in Midtown Atlanta for $300.2M

by Kristin Harlow July 30, 2021

ATLANTA — Cousins Properties (NYSE: CUZ) has acquired 725 Ponce, a 372,000-square-foot office property in Midtown Atlanta, for $300.2 million. The seller, New City Properties, completed development of the 12-story asset in late 2019. Located on the Atlanta BeltLine and directly across from popular mixed-use development Ponce City Market, 725 Ponce is fully leased to tenants such as BlackRock, McKinsey & Co. and Chick-fil-A. The $140 million development includes an adjacent 60,000-square-foot Kroger grocery store, which replaced a former Kroger that was built in 1986. As part of the transaction, Cousins also acquired a 50 percent ownership interest in an adjacent land site for an additional $4 million that can accommodate 150,000 to 200,000 square feet of development. Atlanta-based Cousins is a self-managed REIT that primarily invests in Class A office buildings within Sun Belt markets. The company’s stock price opened at $40.04 per share Friday, July 30, up from $30.49 per share one year ago. Cousins recently sold One South at the Plaza, a 40-story office tower in Uptown Charlotte, for $271.5 million. Additionally, Cousins and New City recently unveiled plans to develop a mixed-use project known as Neuhoff in the Germantown submarket of Nashville. Plans call for 448,000 …

July 30, 2021

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