Property Type

CRG Signs Rooms To Go to 465,250 SF Industrial Lease Near Port of Savannah

by John Nelson December 6, 2022

ELLABELL, GA. — CRG has signed a subsidiary of Rooms To Go to a full-building lease at The Cubes at Interstate Centre II, CRG’s 300-acre development within the broader Interstate Centre industrial park in metro Savannah’s Bryan County. The Orlando- based furniture retailer will fully occupy the 465,250-square-foot Building E, which CRG completed on a speculative basis in October. Jason Ovadia of JLL represented Rooms To Go in the transaction, while Chris Tomasulo, Ryan Hoyt and Bennett Rudder, also with JLL, represented CRG. Located at 1393 Interstate Blvd. in Ellabell, the warehouse is situated 30 miles west of the Port of Savannah and within two miles of I-16. Building E features 36-foot clear heights, 80 dock doors, four drive-in doors, an ESFR sprinkler system and ample parking for vehicles and trailers. CRG’s parent company, Clayco, served as the builder for the project, and Clayco subsidiary Lamar Johnson Collaborative was the architect. The project was developed through CRG’s GP Fund I, which participated as the general partner. Inclenberg Investments was CRG’s limited partner.

December 6, 2022

Development Florida Multifamily Southeast

Ventures, BCDC Break Ground on Southerly at Shipyards Apartments in St. Augustine, Florida

by John Nelson December 6, 2022

ST. AUGUSTINE, FLA. — A joint venture between Ventures Development and BCDC has broken ground on The Southerly at Shipyards, a 270-unit apartment community in St. Augustine, about 42 miles south of Jacksonville. The project will overlook the San Sebastian River and downtown St. Augustine and will serve as the multifamily component of a larger master-planned development that features single-family homes, a hotel, shops, offices and a restaurant. Planned amenities at The Southerly include a sky lounge, pool, hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a coworking lounge. Other amenities will include a club room, package room, pet park and dog washing station and a structured parking garage accompanied by street-level parking spaces. The design-build team includes architect JHP Architecture & Urban Design and general contractor ARCO Murray. Ameris Bank provided an undisclosed amount of construction financing for the project. The Southerly represents the sixth joint venture project between Ventures and BCDC. The co-developers expect to deliver the first units in the second quarter of 2024.

December 6, 2022

Acquisitions Multifamily Southeast Virginia

Milestone Group Acquires 870-Unit Multifamily Portfolio in Northern Virginia

by John Nelson December 6, 2022

FAIRFAX, VA. — The Milestone Group, a multifamily investment firm with offices in Dallas, Atlanta and Boca Raton, Fla., has purchased a three-property multifamily portfolio totaling 870 units in Northern Virginia’s Fairfax County. The value-add portfolio includes The Ellipse at Fairfax Corner in Fairfax (404 units), Windsor at Fair Lakes in Chantilly (250 units) and The Townes at Herndon Center in Herndon (216 units). Milestone Group acquired the portfolio via its discretionary value-add fund, Milestone Real Estate Investors V LP, in an off-market transaction through a loan assumption, which Milestone Group said saved $20 million in prepayment costs. The sellers, Hampshire Properties and Rose Valley Capital, sold the portfolio for an undisclosed price. Melnick Real Estate Advisors brokered the transaction. Milestone Group plans to make amenity enhancements and luxury upgrades to the unit interiors across the three assets.

December 6, 2022

Development North Carolina Office Southeast

Chartwell, Jefferson River Capital Begin Redevelopment of Office Campus in Raleigh

by John Nelson December 6, 2022

RALEIGH, N.C. — A partnership between Chartwell Property Group and Jefferson River Capital has begun the redevelopment of the former Martin Marietta corporate headquarters located at 2700 and 2710 Wycliff Road in Raleigh. The project, named The Grove, will feature two office buildings spanning 152,000 square feet of office space and 16,000 square feet of amenity space, including a self-serve café and bar, library, lounge, golf simulator, indoor and outdoor conference rooms and outdoor workspaces. The project will also include a high-end gym and spa that features an indoor pickleball court, Peloton bikes, sauna and a locker room. Chartwell and Jefferson River Capital have tapped John Brewer and Ed Pulliam of CBRE|Raleigh to lease The Grove, which is set for an early 2023 completion.

December 6, 2022

Industrial Leasing Activity Texas

Samsung Signs 670,941 SF Industrial Lease in South Fort Worth

by Taylor Williams December 6, 2022

FORT WORTH, TEXAS — Samsung has signed a 670,941-square-foot industrial lease in South Fort Worth. The Korean tech and electronics giant will occupy Building 1 at Fort Worth Logistics Hub, a 1.3 million-square-foot development by VanTrust Real Estate. Designed by Alliance Architects and built by Bob Moore Construction, the building was completed in the first quarter of this year. Construction on the second phase of Fort Worth Logistics Hub is underway, with a 607,074-square-foot building set to be delivered in the first quarter of 2023. Mark Becker of Cushman & Wakefield represented Samsung in the lease negotiations. Scott Moore of CBRE, along with Nathan Lawrence and Krista Raymond of KBC Advisors, represented VanTrust.

December 6, 2022

Affordable Housing Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Interest Rate Volatility Will Slow Multifamily Investment Activity in 2023, Says InterFace Panel

by John Nelson December 6, 2022

ATLANTA — A lot can happen in a year. This time a year ago, the 10-year Treasury yield was at 1.489 percent, the federal funds rate was at a range of 0 to 0.25 percent and SOFR was at 0.05 percent. As of this writing, those three benchmark interest rates are at 3.527 percent, 3.75 to 4 percent and 3.82 percent, respectively — none of which are within 200 basis points from a year ago. Debt capital has become decisively more expensive, and officials at the Federal Reserve are signaling that more rate hikes are coming. For the U.S. multifamily sector, the result is that investors are increasingly becoming “pencils down” until interest rates find their footing. “We haven’t had much [investment] sales volume, as you can imagine, in the third or fourth quarter,” said Bennett Sands, managing development director at Wood Partners, an Atlanta-based apartment developer. “Looking ahead, our sales volume in 2023 will be down 50 percent [from 2022], if we’re lucky.” “It has been pretty quiet the past few months, and we expect that to continue for the next few months as well,” added Andrew Zelman, vice president of acquisitions at GID, a multifamily and mixed-use developer …

December 6, 2022

Development Multifamily Texas

Sueba USA Breaks Ground on 335-Unit Ivy Lofts Apartments in Metro Houston

by Taylor Williams December 6, 2022

PEARLAND, TEXAS — Locally based developer Sueba USA has broken ground on Ivy Lofts, a 335-unit apartment community that will be located in the southern Houston suburb of Pearland. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Residences will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers. Completion is slated for late 2023.

December 6, 2022

California Development Multifamily Student Housing Western

Valiance Capital Buys Development Site for 270-Bed Student Housing Community Near UC Berkeley

by Amy Works December 6, 2022

BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital. Further details on the project, including a timeline for the development, were not announced.

December 6, 2022

Development Multifamily Nevada Western

Matter Real Estate Plans 352-Unit Vestra Apartments in Southwest Las Vegas

by Amy Works December 6, 2022

LAS VEGAS — Matter Real Estate Group is entering the residential real estate market with the planned development of Vestra, a multifamily property situated within its 40-acre UnCommons mixed-use community in southwest Las Vegas. Vestra will feature 352 apartments in a mix of studio, one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath layouts spread across three midrise towers. Each residence will offer quartz countertops, modern flat-panel cabinets, walk-in closets, washers/dryers and private lockers for a dry-cleaning service. Onsite amenities will include a pool house; resort-style pool with cabanas; fireplaces and barbecues; indoor/outdoor fitness center; lawn space; pet spa; coworking spaces; flex lounge; and media rooms. The property will also feature a 100 percent controlled access parking garage with electric vehicle charging stations. The community is slated to welcome residents early next year. EDI International designed the building with interiors by Jules Wilson Design Studio.

December 6, 2022

Acquisitions Industrial Texas

Griffin Partners, Pinto Realty Sell 282,190 SF Industrial Facility in North Houston

by Taylor Williams December 6, 2022

HOUSTON — A partnership between two locally based developers, Griffin Partners and Pinto Realty Partners, has sold Pinto 23, a 282,190-square-foot industrial facility in North Houston. The partnership completed the cross-dock property, which is located within a larger 5.3 million-square-foot development, in October 2022. Building features include 36-foot clear heights, 76 dock doors, 112 trailer parking spaces that can be expanded by 44 additional spaces and 4,604 square feet of office space. Hines purchased the asset for an undisclosed amount and has tapped CBRE to oversee leasing efforts. Trent Agnew of JLL brokered the deal.

December 6, 2022

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