Georgia

CCRC in Atlanta Breaks Ground on $115M Expansion

by Alex Tostado October 11, 2019

ATLANTA — Lenbrook, an independently owned and operated continuing care retirement community in Atlanta’s upscale Buckhead neighborhood, has broken ground on a 53-unit independent living expansion at the community. Named Kingsboro at Lenbrook, the four-acre expansion project is scheduled for completion in 2022. Development costs were estimated at $115 million. The expansion is split into two buildings. The Flats comprise 39 residences in a five-story building with a variety of floor plans ranging from 1,700 to 3,200 square feet. The Villas will consist of three buildings, each with four to five residences between 2,000 and 3,200 square feet. The project will bring Lenbrook’s total number of residences to 479, including independent living, assisted living and skilled nursing.

October 11, 2019

Development Georgia Multifamily Southeast

Joint Venture Starts Construction of Apartment Community in Augusta

by Alex Tostado October 11, 2019

AUGUSTA, GA. — A joint venture between BCDC and Novare Group has broken ground on Alexander Heights, a 252-unit apartment community in Augusta. The property will offer one- and two-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center, walking trails and a pet park. It will be located on Alexander Drive, four miles north of downtown Augusta. Texas Capital Bank provided construction financing for the property, which is slated to open in late 2020.

October 11, 2019

Development Georgia Multifamily Southeast

Joint Venture Breaks Ground on 252-Unit Apartment Complex in Athens, Georgia

by Alex Tostado October 10, 2019

ATHENS, GA. — A joint venture between Fickling & Co., Novare Group and BCDC has broken ground on Lullwater at Athens, a 252-unit apartment complex in Athens. The property will offer one- through three-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center and a pet park. It will be located at 225 Jennings Mill Parkway, nine miles west of downtown Athens and six miles west of the University of Georgia. Lullwater at Athens is expected to open in the fourth quarter of 2020.

October 10, 2019

Georgia Leasing Activity Office Southeast

Atlanta Hawks Expands to Three Floors at 101 Marietta St. in Downtown Atlanta

by Alex Tostado October 10, 2019

ATLANTA — The National Basketball Association’s Atlanta Hawks have signed a three-story office lease with The Dilweg Cos. to occupy 53,865 square feet. The Hawks plan to renovate the space starting this month. Upgrades will include a new employee lounge and break room that will contain a full-service kitchen with a mix of seating, break-out spaces, flat-screen televisions and several other tech-infused amenities. Other plans include revamped offices for the Hawks sales team that will feature a variety of sales and training areas, open-floor layouts, socializing areas and a coffee bar. In January, WeWork signed a 100,300-square-foot lease, with company signage at the top of the building, at 101 Marietta St.

October 10, 2019

Acquisitions Georgia Office Southeast

CBRE Arranges Sale of Four-Building Office Park in Metro Atlanta

by Alex Tostado October 9, 2019

PEACHTREE CORNERS, GA. — CBRE has arranged the sale of The Corners, a four-building office park spanning 290,924 square feet. The property comprises two office buildings and two technology centers. The seller, Glenfield Capital, recently implemented a $6.8 million renovation, upgrading the lobby, common areas and electric wiring while adding a new roof and electric car charging stations. The Corners is located in Peachtree Corners, 21 miles northeast of downtown Atlanta. RealOp Investments acquired the asset for an undisclosed amount. Tom Shafer and John Hinson of CBRE represented the seller in the transaction.

October 9, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Portofino Apartments Near Atlanta for $19M

by Alex Tostado October 9, 2019

CLARKSTON, GA. — FCP has acquired Portofino Apartments, a 234-unit, garden-style community in Clarkston, for $19 million. The property is located at 1250 Brockett Road, 12 miles east of downtown Atlanta. Portofino Apartments offers one- through three-bedroom floor plans. Communal amenities include two swimming pools, a playground, basketball court and dog park. Wesley Kenney and Tyler Averitt of Cushman & Wakefield represented the undisclosed seller in the transaction.

October 9, 2019

Development Georgia Healthcare Southeast

Emory Healthcare Breaks Ground on 180,000 SF Musculoskeletal Institute in Metro Atlanta

by Alex Tostado October 8, 2019

BROOKHAVEN, GA. — Emory Healthcare has broken ground on its 180,000-square-foot Musculoskeletal Institute within Emory’s Executive Park innovation district in Brookhaven, a first-ring suburb of Atlanta. Hammes Co. will manage the project, which will offer orthopaedics and spine ambulatory care, physical therapy, imaging and ambulatory surgery, with additional space for clinical and discovery research. Emory expects to complete the LEED-certified facility in the first half of 2021.

October 8, 2019

Alabama Development Georgia Industrial Self-Storage Southeast

BCDC, Adevco Start Construction of Two Extra Space Storage Locations Totaling 1,512 Units

by Alex Tostado October 8, 2019

BIRMINGHAM, ALA. AND COLUMBUS, GA. — BCDC and Adevco have broken ground on two Extra Space Storage facilities, one in Birmingham and one in Columbus. The property in Birmingham will feature 732 climate-controlled units across 100,050 square feet. The building will be located at 2864 Acton Road, eight miles south of downtown Birmingham. Great Southern Bank provided construction financing for the three-story building, which is scheduled for delivery in September 2020. The Extra Space in Columbus will offer 780 units in a 100,080-square-foot building located at 7350 Blackmon Road, 13 miles northeast of downtown Columbus. Georgia’s Own Credit Union provided construction financing for the facility, which is slated for completion in summer 2020.

October 8, 2019

Acquisitions Georgia Multifamily Southeast

Blue Magma Acquires Park at Hairston Apartments Near Atlanta for $22.3M

by Alex Tostado October 8, 2019

STONE MOUNTAIN, GA. — Blue Magma Residential LLC has acquired Park at Hairston Apartments, a 360-unit multifamily community in Stone Mountain, for $22.3 million. The property offers one-, two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Blue Magma will invest $2.9 million in capital improvements to upgrade interiors and the community exteriors. The buyer will rebrand the property as The Park at Carrigan. Communal amenities include a swimming pool, children’s splash pool, playground, barbecue area, clubhouse, fitness center and a gazebo. Park at Hairston is located at 1038 S. Hairston Road, 12 miles east of downtown Atlanta. Paul Vetter of Berkadia represented the buyer in the transaction. Greystone provided acquisition financing.

October 8, 2019

Development Georgia Industrial Self-Storage Southeast

BMS Storage Opens 583-Unit Self-Storage Facility in North Georgia

by Alex Tostado October 7, 2019

CANTON, GA. — Bright-Meyers-Sasser Storage 1 (BMS Storage) has opened Canton Storage, a 66,608-square-foot, 583-unit facility in Canton. The property is located at 150 Reinhardt College Parkway, seven miles from Reinhardt University and three miles from Chattahoochee Technical College. Absolute Storage Management will provide management services.

October 7, 2019

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