Georgia

North American Properties Opens Politan Row Food Hall at Colony Square in Midtown Atlanta

by Julia Sanders June 30, 2021

ATLANTA — Developer North American Properties (NAP) has opened Politan Row, a new food hall at Colony Square in Midtown Atlanta. The food hall is located at the corner of 14th and Peachtree streets and features space for 11 independent food and beverage concepts, a central bar, an event space and a hidden bar. An entity known as Politan Group operates the food hall. The nine open purveyors at Politan Row include Belli Pizzeria, Bun Mi Grill, Federal Burger, Gekko, Locale Cafe, Pretty Little Tacos, Tandoori Pizza and Wing Co., Unbeliebubble and YŌM. The last two concepts are still in the planning stages and more information about them will be released later. Politan Row at Colony Square’s interior space, which can seat 250 guests, makes up approximately 20,000 square feet. Colony Square’s outdoor space encompasses 22,000 square feet and includes three designated areas known as The Plaza, The Patio and The Grove. The Plaza will host Colony Square’s 200 plus annual events. The Patio features a variety of covered seating, an outdoor bar and shuffleboards. The Grove includes seating underneath a canopy of trees. Anchoring the new food hall is Bar Politan, a 40-seat bar whose program includes craft cocktails, …

June 30, 2021

Development Georgia Multifamily Seniors Housing Southeast

Capitol Seniors Housing Breaks Ground on 180-Unit Outlook at Exchange in Buford, Georgia

by Julia Sanders June 30, 2021

BUFORD, GA. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange seniors housing community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to Topgolf, Andretti’s, Sprouts Farmers Market and the food hall, The Outlook at the Exchange will feature a mix of one- and two-bedroom apartments. The project is scheduled to open in late 2022. Element Architects is the design firm for the project, and Core Construction is the general contractor. Capitol Seniors Housing is a senior housing development and investment firm based in Washington, D.C.

June 30, 2021

Acquisitions Georgia Office Southeast

Office Properties Income Trust Acquires Twelve24 Office Property in Metro Atlanta for $195M

by Julia Sanders June 29, 2021

DUNWOODY, GA. — Office Properties Income Trust (OPI) has acquired Twelve24, a 345,917-square-foot, Class A office property in Dunwoody, for $195 million. Trammell Crow Co. was the developer and seller. Will Yowell, Will Pike and Devon Huseman of CBRE brokered the sale, which sold to OPI at a 6.3 percent cap rate. Twelve24 is 96 percent leased to Insight Global for its corporate headquarters and 98 percent leased overall, with a weighted average lease term of 14.2 years. Located at 1224 Hammond Drive, the property includes direct access to MARTA. Built in 2021, the property’s amenities include a fitness center, outdoor patio, café, ground-floor retail and a total of 1,023 parking spaces. The property is within Atlanta’s Central Perimeter submarket which is a home to Fortune 500 headquarters for Mercedes-Benz USA, State Farm and Nasdaq. OPI is a real estate investment trust (REIT) focused on owning, operating and leasing properties. OPI is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Mass.

June 29, 2021

Build-to-Rent Georgia Market Reports Multifamily Southeast Southeast Market Reports

Investors are ‘Swarming’ Atlanta’s Multifamily Market, Driving Pricing Up

by John Nelson June 28, 2021

Atlanta is a hot spot for investing in multifamily assets as the market emerges from the COVID-19 pandemic. The apartment market’s fundamentals, including occupancy and rent growth, have held up considerably well, making the market extremely attractive to buyers. Because the Atlanta market has an abundance of capital looking to be deployed, prices are being driven up significantly and cap rates driven down. Multifamily has outperformed many other commercial real estate sectors during the pandemic, considered a “hot-ticket asset class” by investors, which leads to new capital swarming the Atlanta apartment market. Many multifamily properties are now routinely trading at a sub-4 percent cap rate, indicative of the vast amount of available capital and the confidence that investors have in the product type. However, rather than clearing the market and searching for as many prospective buyers as they can, sellers are looking at a smaller subset of dominant, well-known investors that they know will deliver and get the transaction done. They are seeking six to 12 well-recognized, established players that can execute a deal at top prices. It is an extremely competitive process, and all buyers know they have to swing high on pricing. Oftentimes, no one broker is selected …

June 28, 2021

Acquisitions Georgia Multifamily Southeast

FCP Sells 312-Unit River Crossing at Roswell Apartments in Metro Atlanta

by Julia Sanders June 25, 2021

ROSWELL, GA. — FCP has sold River Crossing at Roswell, a 312-unit apartment community in metro Atlanta. The buyer was Ashcroft Capital, who bought the property for an undisclosed price. Originally known as River Trace Apartments when FCP acquired the property in 2016, River Crossing at Roswell has undergone $5.5 million in improvements to its amenities, units and exteriors. Located at 1450 Raintree Way in Roswell, River Crossing at Roswell is located adjacent to neighborhood shopping centers anchored by a Publix and Life Time Fitness. The property has a lake and is located close to the Chattahoochee River. Community amenities include a fully renovated clubhouse with a fitness center, pool, playground, picnic area and a laundry center. As part of the capital improvements made on the property, 36 percent of the one-, two-, three- and four-bedroom apartments were renovated and have full-size washer and dryer connections, as well as private balconies and patios. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Mark Taylor of CBRE represented FCP in the sale. FCP is a privately held real estate investment company based in Chevy Chase, Md.

June 25, 2021

Development Georgia Mixed-Use Southeast

Lincoln Property Co. Breaks Ground on Echo Street West Mixed-Use Property in Atlanta

by Julia Sanders June 22, 2021

ATLANTA — Lincoln Property Co. has broken ground on the next phases of Echo Street West, a 19-acre mixed-use property located at intersection of Donald Lee Hollowell Parkway and Northside Drive in Atlanta. The multi-phase project includes 300,000 square feet of creative office space, 50,000 square feet of retail and restaurant space, 292 multifamily units, an events venue, artist colony and 3.4 acres of outdoor entertainment and green space. Future phases will bring additional office, retail, residential and hotel components to the site. The total Phase I development is expected to cost $265 million. Echo Street West will have several new community amenities, including the now-open event venue Guardian Works, the soon-to-open artist colony Guardian Studios and CoLab, a neighborhood creative office and venue space led by Joan Vernon, community organizer and director of Neighborhood Engagement at Westside Future Fund. Guardian Studios is an adaptive reuse of an early 1900s-era warehouse at Echo Street West. The first phase will feature 14 rentable art studios ranging in size from 200 to 500 square feet, a 3,000-square-foot open gallery space and outdoor wall murals. The second phase will add another 26 studios, bringing the total creative community to over 40 artists. Black …

June 22, 2021

Georgia Loans Multifamily Southeast

Newmark Secures $82M Refinancing Loan for 788 West Midtown Condo Property in Atlanta

by Julia Sanders June 21, 2021

ATLANTA — Newmark, on behalf of McKinley Homes, has secured an $82 million loan for the refinancing of 788 West Midtown, a 279-unit luxury condominium building located in Atlanta’s West Midtown neighborhood. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani and Ben Kroll of Newmark arranged the financing through Cerberus. Located close to Georgia Tech and Atlantic Station, 788 West Midtown is located at 788 W. Marietta St. NW. Roughly 40 percent of the condos at 788 West Midtown are sold and sales velocity is averaging more than four per month, according to Newmark. Based in Peachtree Corners in metro Atlanta, McKinley Homes is a land developer and builder specializing in real estate development and vertical construction.

June 21, 2021

Affordable Housing Development Georgia Multifamily Southeast

Wendover Housing Partners to Open $28M Hartland Station Affordable Housing Project in Atlanta

by Julia Sanders June 17, 2021

ATLANTA — Wendover Housing Partners LLC will open in August 2021 Hartland Station, a new mixed-income affordable housing community in Atlanta. Located at 2074 Fleet St. SW in the city’s Sylvan Hills neighborhood, Hartland Station is situated four miles south of downtown Atlanta and 6.8 miles from Hartsfield-Jackson Atlanta International Airport. The community features 131 one-, two- and three-bedroom units with rents starting at $888 a month. Community amenities include a business center, fitness center, activity room with kitchen, splash pad and a playground for children. The $28 million project was financed in part by nearly $1 million in Low Income Housing Tax Credit (LIHTC) equity from the Georgia Department of Community Affairs, and Invest Atlanta provided $1.5 million in Housing Opportunity Bonds. Funding was also provided from $18.8 million in tax-exempt bonds and $1.3 million in grant funding from the Metropolitan Parkway Tax Allocation Bond District. Slocum Platts Architects provided design services for the project, and Roger B. Kennedy Construction was the general contractor. Based in Altamonte Springs, Fla., Wendover Housing Partners is a privately held real estate development, investment and management company that specializes in the development of single-family and multifamily homes, apartment communities, seniors housing and transit-oriented …

June 17, 2021

Development Georgia Office Southeast

FanDuel Selects Ponce City Market in Atlanta for New 68,000 SF Office

by Julia Sanders June 15, 2021

ATLANTA — FanDuel Group, a fantasy sports betting and entertainment company, plans to open a new technology office within Ponce City Market in Atlanta. The New York-based company selected the historic development in the city’s Old Fourth Ward neighborhood as the new technology hub for its software engineering, product development, user experience and user interface teams. The company plans to grow its Atlanta-based workforce to approximately 900 colleagues over the next five years. These staffers will be housed in a 68,000-square-foot space on the third floor. FanDuel workers will enjoy Ponce City Market’s onsite amenities, including a food court, shops, direct access to the Atlanta Beltline, proximity to an urban Kroger grocery store, furnished corporate apartments, bike storage, fitness options and child daycare. The owner/developer of Ponce City Market, Jamestown, recently unveiled new plans to include 500,000 square feet of new development and neighborhood amenities at Ponce City Market. The new uses include an office building, outdoor courtyard surrounded by 38,000 square feet of shopping and dining and more than 400 units in a new hospitality living concept.

June 15, 2021

Georgia Loans Mixed-Use Retail Southeast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders June 15, 2021

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

June 15, 2021

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