North Carolina

Northmarq Brokers Sale of 352-Unit Apartment Community in Charlotte

by John Nelson November 18, 2022

CHARLOTTE, N.C. — Northmarq has arranged the sale of Tapestry University City, a 352-unit multifamily community located on 17 acres at 5340 Periwinkle Hill Ave. in Charlotte. The community features apartment homes in one-, two- and three-bedroom layouts. Amenities include a dog park, pet washing station, pool deck, clubroom, cyber café, fitness center, electric vehicle charging stations, a yoga and spin studio, grilling station and bike racks. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of Northmarq represented the sellers, Arlington Properties and Glenmont Capital Management, in the transaction. Faron Thompson, David Vinson and Grant Harris of Northmarq originated a fixed-rate Fannie Mae acquisition loan. The buyer, sales price and loan amount were not disclosed.

November 18, 2022

Acquisitions North Carolina Office Southeast

CBRE Arranges Sale of 176,601 SF Northchase at Midtown Office Park in Raleigh

by John Nelson November 18, 2022

RALEIGH, N.C. — An entity doing business as JPB Raleigh Holdings LLC has sold Northchase at Midtown, an office park comprising two buildings totaling 176,601 square feet at 6501 and 6601 Six Forks Road in Raleigh. Ben Kilgore, Chandler Hawkins and Leslie Holmes of CBRE, along with with NAI Tri Properties’ Jimmy Barnes, represented the seller in the transaction. Rachael Gaston and Sesha Debnam of Debnam Commercial Real Estate represented the buyer, local investor Dean Debnam. The sales price was not disclosed. Fully renovated in 2014 and 2015, Northchase at Midtown was 95 percent leased at the time of sale to companies including Merz North America, Globant, Redline and HITT Construction.

November 18, 2022

Acquisitions Life Sciences North Carolina Southeast

Goldman Sachs, Lincoln Harris Purchase 445,000 SF Life Sciences Campus in Durham

by John Nelson November 17, 2022

DURHAM, N.C. — A joint fund managed by Goldman Sachs Asset Management and Lincoln Harris is acquiring TBC, a 445,000-square-foot life sciences property located on Stirrup Creek Drive in Durham. Previously owned in part by Lincoln Harris, the campus is part of the Triangle Business Center and adjacent to Research Triangle Park. Tenants at the property, which comprises five single-story buildings, include DuPont, Carsgen Therapeutics, Brightview Technologies, HemoSonics and Charles River Labs. The campus also includes a newly completed, 14,000-square-foot amenity center featuring a fitness center, outdoor recreational space, shower facilities and lounge and conference space. The seller and terms of the transaction were not disclosed.

November 17, 2022

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Banyan Secures $64.5M Construction Loan for Single-Family Rental Community in Wilmington, North Carolina

by John Nelson November 9, 2022

WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.

November 9, 2022

Acquisitions North Carolina Retail Southeast

JLL Brokers Sale of 102,539 SF Emerald Plantation Shopping Center in Coastal North Carolina

by John Nelson November 9, 2022

EMERALD ISLE, N.C. — JLL has arranged the sale of Emerald Plantation Shopping Center, a 102,539-square-foot retail center located in Emerald Isle on the coast of North Carolina. Tom Kolarczyk of JLL represented the seller, Cameron Street Partners, in the $12 million transaction. Charlie Barzola of Eastern Commercial represented the unnamed buyer. The shopping center, which is anchored by a Food Lion, was 100 percent leased at the time of sale to tenants including Michelangelo’s Pizza, Shark’s Den Bar and Grill, Rucker John’s and Elly’s.

November 9, 2022

Leasing Activity North Carolina Office Southeast

CBRE Opens 24,535 SF Office in Charlotte’s South End District

by John Nelson November 8, 2022

CHARLOTTE, N.C. — CBRE has opened a new office at Vantage South End, a 635,000-square-foot mixed-use development located in Charlotte’s South End neighborhood. The Dallas-based real estate services giant now occupies 224,535 square feet of space on the second floor of the campus’ east tower, located at 1120 S. Tryon St. The office space is designed with a focus on hybrid work compatibility and flexibility, including a “free address” style wherein desks and workstations are not assigned. The office also features a wellness lounge with a petrified moss wall and anonymous occupancy sensors to monitor employee behaviors. Artwork was curated with a focus on Charlotte artisans and regional representation.

November 8, 2022

Affordable Housing Development Multifamily North Carolina Southeast

Annex Group to Build 200-Unit Affordable Housing Community in Charlotte

by John Nelson November 3, 2022

CHARLOTTE, N.C. — The Annex Group has plans to develop Union at Tryon, a 200-unit affordable housing community located at 614 Rocco Road in Charlotte. Situated on more than seven acres, the $44 million property will feature studio, one-, two- and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). Amenities will include a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Annex Group’s partners on the project include architect KTGY, civil engineer Tarr Group and LIHTC consultant Shelter Investments Development Corp. Financial partners include Merchants Capital, which directly provided a $31 million construction loan and a $20.8 million Freddie Mac loan; tax credit equity partner Aegon Asset Management, which provided $18 million in equity; and INLIVIAN (Charlotte’s housing authority) that issued $20.8 million in bonds. The Annex Group is providing property management services for Union at Tryon, which is expected to open in spring 2025.

November 3, 2022

Florida Loans Multifamily North Carolina Southeast

NewPoint Provides $93.5M Freddie Mac Financing for Two Apartment Communities in Charlotte, Orlando

by John Nelson October 27, 2022

CHARLOTTE, N.C. AND ORLANDO, FLA. — NewPoint Real Estate Capital LLC has provided two separate Freddie Mac loans totaling $93.5 million for two apartment communities in Charlotte and Orlando. The borrower, an affiliate of American Landmark LLC, is using the loans to refinance both properties. The transactions include a $51 million loan for the 338-unit 8 Metro Station in Charlotte and a $42.5 million loan for the 279-unit Central Station on Orange in Orlando. Marc Cesare of NewPoint originated the 10-year, fixed-rate loans. The loans both featured five years of interest-only payments and provided cash-out options for American Landmark, an investment firm that manages over $5 billion in multifamily properties spanning approximately 32,000 units.

October 27, 2022

Development Multifamily North Carolina Southeast

Alliance Residential Opens 335-Unit Broadstone Oak City Apartments in Raleigh

by John Nelson October 27, 2022

RALEIGH, N.C. — Alliance Residential Co. has opened Broadstone Oak City, a 335-unit apartment community located at 2911 Mid-Century Drive in Raleigh’s East Midtown district. Located near Capital Boulevard and I-440, the site formerly housed a Holiday Inn hotel that opened in the 1970s and was converted in 2005. Broadstone Oak City features studio, one-, two- and three-bedroom apartments ranging in size from 640 to 1,356 square feet. Amenities include a podcast studio, cold brew on tap, private workspaces, pet park, outdoor grills, resort-style saltwater pool with in-pool loungers, indoor fitness center, outdoor fitness space featuring Beaverfit equipment, 445 parking spaces and four electric vehicle charging stations. The design-build team includes LS3P, Cline Design Associates and McAdams. Rental rates range from $1,439 for a studio to $2,240 for a three-bedroom apartment, according to the property website.

October 27, 2022

Acquisitions Multifamily North Carolina Southeast Student Housing

Preiss Acquires 928-Bed Student Housing Community Near NC State in Raleigh, Plans $10M Renovation

by John Nelson October 27, 2022

RALEIGH, N.C. — The Preiss Co. has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina State University (NC State) campus in Raleigh. Located steps away from campus at 3009 ME Valentine Drive, the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage. The seller and sales price were not disclosed, but Ben Roelke and Ian Walker of Newmark secured $77.3 million in financing for the acquisition through an unnamed life company lender. The five-year loan features full-term, interest-only payments. Preiss Co. is planning a $10 million capital improvement plan for Valentine Commons, the construction timeline of which was not disclosed.

October 27, 2022

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