Georgia

APG Sells Two Metro Atlanta Office Properties for $18.5M

by John Nelson March 22, 2023

KENNESAW AND ATLANTA, GA. — Atlanta Property Group (APG) has sold two office buildings in metro Atlanta for a combined $18.5 million. The transactions include the $8.1 million sale of 1075 Big Shanty, a 72,000-square-foot, single-story office building located at 1075 Big Shanty Road in Kennesaw, and the $10.4 million sale of Paces Cumberland, a 70,000-square-foot, multi-tenant office building located in Atlanta’s Vinings district. The buyers were not disclosed. APG currently owns or operates nearly 4.5 million square feet of office and industrial properties throughout the Southeast.

March 22, 2023

Acquisitions Georgia Multifamily Southeast

RADCO Sells Two Metro Atlanta Apartment Communities to Viking Capital for $96.5M

by John Nelson March 21, 2023

MCDONOUGH AND STOCKBRIDGE, GA. — The RADCO Cos. has sold two apartment communities in metro Atlanta to Viking Capital in two transactions totaling $96.5 million. The properties include Crossings at McDonough in McDonough and Crossings at Eagle’s Landing in Stockbridge and total 419 one-, two- and three-bedroom apartments. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented RADCO in both transactions. The Atlanta-based owner and operator has completed over 100 deals in the last decade totaling more than $3.3 billion, according to RADCO CEO Norman Radow.

March 21, 2023

Georgia Loans Multifamily Southeast

Dwight Capital Provides $66.3M HUD-Insured Loan for Woodstock West Apartments in Metro Atlanta

by John Nelson March 21, 2023

WOODSTOCK, GA. — Dwight Capital has provided a $66.3 million loan for the refinancing of Woodstock West, a 407-unit apartment community in the Atlanta suburb of Woodstock. Brandon Baksh and Karnveer Bal of Dwight Capital originated the HUD 223(f) loan for the borrower, Walton Communities. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because the property is in the process of achieving an NGBS Bronze certification. Woodstock West, which was developed in two phases in 2013 and 2017, comprises nine apartment buildings, two townhome buildings and one amenity building with a pool, cabana, grills and a fireplace. The property also features a 1,148-square-foot commercial space occupied by photography studio White Wall Studio.

March 21, 2023

Development Georgia Mixed-Use Southeast

Balfour Beatty Completes Redevelopment of Krog District in Atlanta

by John Nelson March 15, 2023

ATLANTA — Working on behalf of owner Asana Partners, general contractor Balfour Beatty has completed construction of the Krog District redevelopment in Atlanta’s Inman Park neighborhood. Designed by architect ASD | SKY, the project featured site improvements and enhancements to existing properties at Krog District, including the Krog Street Market food hall, as well as two newly constructed mixed-use buildings with retail and office space. The new four-story building and attached five-story parking deck adjacent to Krog Street Market involved the demolition of an existing office structure. Balfour Beatty delivered the building in shell condition for future interior upfits by tenants. Level one is slated for street-facing retail, and the remainder of the building is designated as office space. The new parking deck offers 186 spaces and is already open to the public. The 33,000-square-foot, three-story building at Lake Avenue Northeast and Krog Street Northeast abuts the Atlanta BeltLine’s Eastside Trail and provides new access to Krog Street Market. The building will feature retail and office tenants and was also delivered in shell condition. The redevelopment project also features upgrades to the existing Atlanta Stove Works retail and office building, including landscape and hardscapes, new storefront systems and façade updates, …

March 15, 2023

Development Georgia Office Restaurant Retail Southeast

Ardent to Develop Food-and-Beverage District at Piedmont Center Office Campus in Atlanta

by John Nelson March 15, 2023

ATLANTA — Ardent Cos. plans to add a food-and-beverage destination within its Piedmont Center office campus in Atlanta’s Buckhead district. Dubbed Oxton, the project will transform 35,000 square feet of ground-level office space along Piedmont Road to a collection of eateries that will spill into Piedmont Center’s tree-lined courtyard. Atlanta-based Square Feet Studio Architects is leading the design that will span about an acre of the campus. Ardent plans to break ground in the third quarter. Piedmont Center comprises about 2 million square feet of offices and connects to PATH400, a greenway connecting various neighborhoods in the Buckhead area. Along with consulting on Oxton, Bridger Properties will handle the retail leasing assignment. Westbridge is also a consultant for the project.

March 15, 2023

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $24M Sale of Lexington Park Apartment Community in Metro Atlanta

by John Nelson March 13, 2023

SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Lexington Park, a 156-unit multifamily community located in Smyrna, roughly 16 miles northwest of Atlanta. Travis Presnell, Nathan Swenson and James Wilber of Cushman & Wakefield represented the seller, Castlegate Property Group, in the $24 million transaction. Knickerbocker Asset Management acquired the property. Built in 1963, Lexington Park features amenities including a grill area, swimming pool, dog park and play area, laundry facility and a business center. Castlegate previously completed $500,000 in exterior renovations at the property.

March 13, 2023

Acquisitions Georgia Retail Southeast

ShopOne Acquires 68,271 SF Bethesda Walk Shopping Center in Metro Atlanta

by John Nelson March 13, 2023

LAWRENCEVILLE, GA. — ShopOne Centers REIT Inc., with joint venture partners Pantheon and an institutional investor, has acquired Bethesda Walk, a 68,271-square-foot shopping center located in Lawrenceville, roughly 30 miles northeast of Atlanta. Walmart Neighborhood Market anchors the property, which was 98 percent occupied at the time of sale. Other tenants at the center include Subway, Wingstop and Metro by T-Mobile. The seller and sales price were not disclosed.

March 13, 2023

Acquisitions Georgia Retail Southeast

CBRE Brokers $4M Sale of Thornton Promenade Retail Center in Metro Atlanta

by John Nelson March 10, 2023

LITHIA SPRINGS, GA. — CBRE has brokered the $4 million sale of Thornton Promenade, an 18,900-square-foot shopping center located at 639 Thornton Road in Lithia Springs, roughly 20 miles west of downtown Atlanta. Avis Car Rental, Domino’s Pizza and Metro PCS are tenants at the center, which was 92 percent leased at the time of sale. Craig Taylor of CBRE represented the seller, an entity doing business as RAW Promenade LLC, in the transaction. Riverwood Properties represented the buyer, a private investor. Riverwood will also provide leasing and management services for the property.

March 10, 2023

Acquisitions Affordable Housing Florida Georgia Multifamily Southeast Top Stories

Standard Communities Acquires 3,200-Unit Affordable Housing Portfolio in Florida, Georgia

by Jeff Shaw March 10, 2023

LOS ANGELES — Standard Communities, an affordable housing developer and investor based in Los Angeles, has acquired controlling interest in an affordable housing portfolio of approximately 3,200 units in Florida and Georgia. The seller and price were not disclosed. This is Standard Communities’ largest acquisition to date. The portfolio includes the firm’s first acquisitions in Florida and first affordable housing acquisitions in Georgia. “Standard is expanding its portfolio in the Southeast to foster more thriving communities in the region,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “High-quality, well-maintained affordable housing is crucial to the well-being and livelihood of so many people.” Standard Properties is partnered with Apartment Life, a Dallas-based nonprofit organization that works to increase renters’ access to education and healthcare, foster community engagement, reduce food insecurity and provide opportunities for economic mobility. The firm plans to invest $25 million in capital improvements across the portfolio. Apartment Management Consultants and Arco Management Corp. will manage the properties. Also in Georgia, Standard Communities recently broke ground on a project in Savannah that will convert a 1920s-era Atlantic Coast Line Railroad office building into a 219-unit market-rate apartment community. — Channing Hamilton

March 10, 2023

Development Georgia Southeast Student Housing

Georgia Tech to Break Ground on $117M Residence Hall Development in Atlanta

by John Nelson February 27, 2023

ATLANTA — The University System of Georgia’s Board of Regents has approved a $117 million residence hall development on the Georgia Tech campus in Midtown Atlanta. The 191,000-square-foot community will offer 850 beds alongside collaborative learning spaces, community lounges and group kitchens. The project is being built to accommodate first-year student enrollment growth over the next 10 years, and to help relocate students during planned renovations to the university’s existing housing. The residence hall will be Georgia Tech’s first new construction since 2005 when 10th and Home opened according to Kasey Helton of Georgia Tech’s Campus Services division. Completion on the project is scheduled for fall 2026.

February 27, 2023

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