Multifamily

LAFAYETTE, LA., AND JACKSONVILLE, FLA. — Triple Net Properties has acquired Emberwood Apartments in Lafayette on behalf of TIC investors from Goodman Real Estate. The 296-unit property features 24 two-story buildings and approximately 267,000 square feet of space. Property amenities include two swimming pools, a sports court and children’s playground. Wachovia Bank provided the financing. Additionally, Triple Net Properties has acquired Exchange South in Jacksonville on behalf of TIC investors from G&I V Exchange South LLC. The five-building, 194,400-square-foot property is located along Philips Highway near Interstate 95. It is 95 percent leased and tenants include Florida Oncology Associates, Columbia Analytical Services and Unique Customer Concept.

CONYERS, GA. — St. Germain, Wis.-based Eliason 1031 Properties has acquired Lake St. James in Conyers from a group of limited liability companies and associated individuals. The 20-building, garden-style community features 484-units and is situated on approximately 55 acres at 50 St. James Dr., along Interstate 20. Property amenities include a clubhouse, a fitness facility, two swimming pools, picnic areas and tennis courts. Eliason plans to offer the property to TIC investors. Steve Griffin with Cushman & Wakefield of Georgia represented the seller in the transaction.

MURFREESBORO, TENN. — Radnor, Pa.-based DeSanto Realty Group has acquired Cason Estates in Murfreesboro from Tarragon Corp. for $27 million. The 20-building community, situated on 19 acres at 1650 Cason Ln., features one-, two- and three-bedroom units. The property will be offered to TIC investors. CB Richard Ellis brokered the transaction.

CHATTANOOGA, TENN. — A joint venture between CORE Real Estate Services and Birmingham, Ala.-based Broder & Sachse Real Estate Services has acquired Mountain Creek Apartments, a 296-unit apartment and townhome community located at the intersection of Mountain Creek Road and North Runyan Drive in Chattanooga for $13.25 million. The property was secured with a non-recourse Fannie Mae loan from Prudential. An out-of-state owner sold the 93 percent occupied multifamily property.

ATLANTA — MCL Cos. has purchased the Connie Rose Apartments, located adjacent to Skyline at Lindbergh. The current apartments sit on approximately 5 acres of land that will be transformed into 70,000 square feet of retail space as well as additional residences for Skyline at Lindbergh. The multifamily property stands as the tallest building in the area and will include 220 one-, two- and three-bedroom units priced from the $190,000s to the $600,000s. Completion is set for spring 2009.

ATLANTA — Cortland Partners has begun building Avalon Ridge Apartments in South Atlanta. Located at 183 Mt. Zion Rd., the $26.6 million mixed-income community will have 222 one-, two- and three-bedroom apartments. The first residents are expected to move in next summer, with full completion the following winter. Amenities will include a park-like central courtyard with a swimming pool, a playground and picnic areas.

RINCON, GA. — Auburn, Ala.-based McShane Construction Corp. has been selected by Continental Properties Co. to build Springs at Effingham, a 352-unit apartment complex. The project is situated on a 32-acre site located at 617 Towne Park West Dr. in Rincon. McShane will provide final completion of the new apartment development in April 2009 with initial occupancy slated for summer 2008.

FORT LAUDERDALE, FLA. — Construction has completed on Bamboo Flats, a residential community within Flagler Village in Fort Lauderdale. Located along NE 3rd Avenue between NE 7th and NE 8th streets, Bamboo Flats features 57 three- and four-story units, rooftop terraces, 11-foot ceilings, a community swimming pool and two courtyards. Bamboo Flats is one of six communities within Flagler Village, a mixed-use development currently underway. Project partners for Bamboo Flats included owner Flagler Junction LLC, Fort Lauderdale-based Pasquale Kuritzky Architecture and general contractor W.A. Bentz.

MARIETTA, GA. — Atlanta-based Lane Co. and Griffin Realty Advisors have acquired River Heights Apartments, located off Columns Drive in Marietta, for $40.7 million from Waterton Associates. This is the first investment for Griffin Realty Advisors value-added fund. The community includes 384 one-, two- and three-bedroom apartments. Renovation of the first group of apartments should be complete by first quarter 2008 with work continuing through November 2009.