North Carolina

Capital One Multifamily Closes Two Multifamily Acquisition Loans Totaling $39.5M

by John Nelson March 5, 2015

COLUMBIA, S.C. AND HIGH POINT, N.C. — Capital One Multifamily Finance has closed a total of $39.5 million in agency loans for the acquisition of two apartment communities in the Carolinas. Chad Thomas Hagwood of Capital One originated both agency loans on behalf of the borrowers, affiliates of EBSCO Income Properties. The loans included a $20.5 million Freddie Mac loan for EBSCO’s acquisition of Polo Village, a 312-unit apartment community in Columbia, and a $19 million Fannie Mae loan for the acquisition of Highbrook Apartments, a 312-unit Class B apartment community in High Point. Watson Bryant of Multi Housing Advisors’ Charlotte office brokered the sale of both communities.

March 5, 2015

Healthcare North Carolina Southeast

Crosland Southeast, Childress Klein Sign Novant Health to Anchor South Charlotte Development

by John Nelson March 4, 2015

CHARLOTTE, N.C. — Charlotte-based Crosland Southeast and Childress Klein have inked a lease agreement with Novant Health to serve as the medical office anchor of Waverly, a master-planned, mixed-use development that will be located at Providence and Ardrey Kell roads in south Charlotte. Upon its completion in 2016, Waverly will feature a 40,000-square-foot Whole Foods, Novanta Pizzeria Napoletana, Bad Daddy’s Burger Bar, Menchie’s Frozen Yogurt, Modern Salon & Spa, Polished Nail Bar and Quail Dry Cleaners. Gwen Glaeser and Tommy Trimble of CNL Commercial Real Estate represented the developers in the lease transactions. Novant Health will occupy roughly 23,000 square feet of space in Waverly’s first 33,000-square-foot building, which is slated to open this fall. The medical office space will include an urgent care, family healthcare services and physical therapy. Mike Wiles of NAI Southern Real Estate represented Novant in the lease transaction, and the owners were represented internally by James Downs, partner of Crosland Southeast, and Paul DeVine of Childress Klein. Travis Hart of Childress Klein is working on pre-leasing the remaining medical office space.

March 4, 2015

612 Hillsborough Chapel Hill North Carolina

Multifamily North Carolina Southeast

Eller Capital Acquires Colonial Arms Apartments in Chapel Hill for $3.6M

by John Nelson March 4, 2015

CHAPEL HILL, N.C. — Eller Capital Partners has acquired Colonial Arms Apartments located at 612 Hillsborough St. in Chapel Hill for $3.6 million. Eller Capital will rebrand the asset as 612 Hillsborough. The apartment community is within walking distance to the University of North Carolina at Chapel Hill campus and downtown Chapel Hill. 612 Hillsborough is Eller Capital’s fourth acquisition in the Chapel Hill area in the past 16 months, with the other three properties being The Apartments at Midtown 501, 86 North Apartments and Timber Hollow Apartments.

March 4, 2015

ECPI Building 4101 Doie Cope Road in Raleigh

North Carolina Office Southeast

CBRE | Raleigh Brokers Sale of Class A Office Building

by John Nelson March 3, 2015

RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of the ECPI Building, a Class A office building located at 4101 Doie Cope Road in Raleigh. Constructed in 2001, the 51,903-square-foot property is fully leased with ECPI University occupying 42,637 square feet through February 2026. The buyer, Family Video, purchased the office building for an undisclosed price. Ben Kilgore of CBRE | Raleigh represented the seller, Robinson Development Group, in the transaction.

March 3, 2015

Industrial North Carolina Southeast

PIRET Acquires 51 Percent Interest in $57M North Carolina Industrial Portfolio

by John Nelson February 24, 2015

VANCOUVER — Pure Industrial Real Estate Trust (PIRET), an industrial REIT based in Vancouver, has purchased a 51 percent interest in the $57 million acquisition of three industrial assets in North Carolina. The three bulk distribution/warehouse facilities are located in the Greensboro/Winston-Salem markets and total roughly 1.3 million square feet. The assets are 100 percent leased to three tenants. The properties are located at 6104 and 6105 Corporate Park Drive in Greensborough and 3928 Westpoint Blvd. in Winston-Salem. The acquisition was funded with a $29 million bridge loan facility and $14.1 million that PIRET provided from existing working capital for its share of the balance of the purchase price. After completing the acquisition, PIRET’s portfolio of assets under management will total 177 properties spanning 17.5 million square feet.

February 24, 2015

Multifamily North Carolina Southeast

TWO Capital Breaks Ground on Apartment Community in Raleigh

by John Nelson February 23, 2015

RALEIGH, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Creek, a 214-unit multifamily community in Raleigh’s North Wake submarket. The property will be part of the 2,000-acre Heritage master-planned development, which upon completion will feature a golf course, three public schools, a private school, a charter school, multifamily housing an multiple office and retail facilities. Patterson arranged construction financing through RBS Citizens for Capital Creek. TWO Capital Partners expects construction to last roughly 16 months with lease-up starting in early 2016.

February 23, 2015

Multifamily North Carolina Southeast

First Capital Realty Brokers $26.4M Sale of Charlotte Apartment Community

by John Nelson February 23, 2015

CHARLOTTE, N.C. — First Capital Realty has brokered the $26.4 million sale of Belle Haven, a 176-unit, Class A apartment community in northeast Charlotte near UNC-Charlotte. The property was delivered in 2014 and has received LEED Silver certification. Rick Shinberg and Jeff Coles of First Capital Realty represented the seller, an undisclosed national developer, in the transaction.

February 23, 2015

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Resilient Raleigh Apartment Market Weathers Onslaught of New Supply

by John Nelson February 23, 2015

As 2015 begins, the Raleigh-Durham market continues to see heavy investment and development interest in the multifamily sector. Strong fundamentals, including an influx of young professionals lured by healthy job growth, an emergent live-work-play atmosphere and an economy that has continued to outpace its national counterpart, justify the area’s reign as one of the most attractive non-gateway markets in the country. The healthy, long-term fundamentals are challenged by an apartment construction pipeline that is among the nation’s most active, but so far the market is performing remarkably well. Construction starts in the area have exploded during the last two years, and there are now 8,835 units under construction throughout the Triangle area, with an additional 4,919 units proposed, according to Real Data. Whether demand can keep up with supply has been a widely debated topic among real estate analysts. The high number of units delivered represents an increase in supply of 9.3 percent over the past 24 months. Strong demand has shielded the region from notable occupancy declines. In the first half of 2014, 2,453 units were absorbed and 2,642 new units were completed, providing a differential of only 189 units, according to Real Data. Average vacancy ticked up to …

February 23, 2015

Industrial North Carolina Southeast

DTZ Brokers Sale of Industrial Properties in Charlotte

by John Nelson February 20, 2015

CHARLOTTE, N.C. — DTZ has brokered the sale of two industrial properties located at 2198 and 2130 Wilkinson Blvd. in Charlotte. Titan Electric Co. Inc. purchased the assets, which total roughly 30,200 square feet, from Quinn Management for an undisclosed price. Charlie Ripple of DTZ’s Charlotte office represented the seller in the transaction. Andy Burch of Ford Realty Co. represented the buyer.

February 20, 2015

Loans Multifamily North Carolina Southeast

Prudential Mortgage Capital Provides $44M Acquisition Loan for Charlotte Apartment Property

by John Nelson February 19, 2015

CHARLOTTE, N.C. — Prudential Mortgage Capital Co. has provided a $44 million acquisition loan to a joint venture between Stockbridge Capital Group and TriBridge Residential for Venue, a 366-unit luxury apartment community in Charlotte’s Elizabeth neighborhood. The 10-year loan was structured with a fixed interest rate and features interest-only payments for the full term of the loan. Completed in November 2014, Venue’s Class A units include hardwood floors, granite countertops and stainless steel appliances, and the community amenities include a theater room, grilling areas and a resort-style pool. The Elizabeth neighborhood is less than three miles from Charlotte’s central business district and is close to a 1.5-mile streetcar project, which is currently under construction. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc.

February 19, 2015

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