Property Type

Partnership, Early Planning Integral to Multifamily Project Success, Say Interface Design Panelists

by Jeff Shaw December 9, 2022

ATLANTA — This year has been a tumultuous one for multifamily construction. Between rising interest rates, fluctuating supply lines, costs of materials and difficulties procuring labor, developer confidence in new multifamily starts is faltering as work on current projects is beginning to slow. “In this market, it’s so hard to stay abreast of all of the changes that are happening,” said Cara Frost, director of preconstruction at Juneau Construction, which is based in Atlanta. “And that has led to a more design-assist approach on our end.” Frost’s comment came during the “What to Look for in Architecture, Design and Construction Trends in 2023” panel at the 13th annual InterFace Multifamily Southeast on Dec. 1. France Media hosted the event at the Westin Buckhead hotel in Atlanta. There were approximately 325 conference attendees. Joe Martinez, president of Atlanta-based real estate development and investment firm Vida Cos., moderated the panel. Speakers discussed the challenges they are currently facing and emphasized the importance of collaboration and transparency early in the process of a project. “There are three buckets — budget, time and quality — and right now, you get to be really good at two of those things,” remarked Josh Kassing, vice president …

December 9, 2022

Acquisitions Florida Multifamily Southeast

Newmark Brokers $50M Sale of Sawgrass Apartments in Orlando

by John Nelson December 9, 2022

ORLANDO, FLA. — Newmark has arranged the sale of Sawgrass Apartments, a 208-unit multifamily community located at 2859 South Conway Road in Orlando. The McKinley Cos., a multifamily investment firm based in Ann Arbor, Mich., acquired the property from Philadelphia-based PRG Real Estate for $50 million. Apartments feature studio, one-, two- and three-bedroom layouts that range in size from 658 to 1,117 square feet. Amenities at the community — which underwent $2.5 million in capital improvements in 2008 — include a lakeside dining area, sundeck and swimming pool, fitness center, pet park, car care center and electric vehicle charging stations. Scott Ramey, Ryan Moody, Patrick Dufour, Brad Downing, Andrew Visnick and Paul Grant of Newmark brokered the transaction. The buyer plans to rebrand Sawgrass Apartments as The Frederick, according to McKinley.

December 9, 2022

Development Georgia Hospitality Southeast

Ascent Breaks Ground on Two New Hotels in Metro Atlanta Totaling 196 Rooms

by John Nelson December 9, 2022

SOUTH FULTON, GA. — Ascent Hospitality Management LLC has broken ground on two new hotels in South Fulton, approximately 20 miles southwest of Atlanta. Home2 Suites by Hilton will comprise 100 suites in studio and one-bedroom layouts and feature health and wellness amenities as well as work and meeting spaces. The second property, TownPlace Suites by Marriott, will feature 96 rooms furnished with full kitchens. Amenities will include a convenience store open 24 hours, a fitness center, swimming pool and an outdoor patio. The City of South Fulton estimates the new properties will drive $2 million of annual economic impact.

December 9, 2022

Development Industrial Leasing Activity South Carolina Southeast

Smart Warehousing Leases 497,952 SF Industrial Facility Underway in Central South Carolina

by John Nelson December 9, 2022

CALHOUN COUNTY, S.C. — Red Rock Developments has preleased the first speculative distribution facility at Sandy Run Industrial Park in Calhoun County, roughly 20 miles south of Columbia, to Smart Warehousing, a warehousing, fulfillment and technology solutions company. The tenant will occupy the full 497,952 square feet of the building, which is scheduled to be completed in the second quarter of 2023. The property is located near an Amazon distribution center, Nephron Pharmaceuticals, the PS Air HUB and the Columbia Metropolitan Airport. Chuck Salley, Dave Matthews, Thomas Bear and John Peebles of Colliers represented Red Rock in the lease negotiations. John Sharpe and John DeCuto of Lee & Associates represented Smart Warehousing.

December 9, 2022

Acquisitions Retail Southeast Tennessee

Matthews Facilitates $8.4M Sale of Nashville Retail Center

by John Nelson December 9, 2022

NASHVILLE, TENN. — Matthews Real Estate Investment Services has brokered the sale of a 10,656-square-foot shopping center located at 6700 Charlotte Pike in Nashville, about six miles outside of the city’s downtown district. The property is currently under construction and is fully preleased to tenants including Chase Bank, Pacific Dental Services and Sleep Outfitters, all of which are on 10-year leases. Hutt Cooke and Clay Smith of Matthews represented the seller, a partnership of five individual investors, in the $8.4 million, all-cash transaction. An undisclosed private investor acquired the property in a 1031 exchange.

December 9, 2022

Kentucky Loans Retail Southeast

Northmarq Arranges $3M Refinancing of Shopping Center in Bardstown, Kentucky

by John Nelson December 9, 2022

BARDSTOWN, KY. — Northmarq’s Louisville office has secured the $3 million refinancing of Wilson & Muir Plaza, a 63,598-square-foot retail center located at 100 W. John Rowan Blvd. in Bardstown, roughly 40 miles southeast of Louisville. Randall Waddell of Northmarq negotiated a blended interest rate of 4.9 percent fixed over a 19-year term on behalf of the undisclosed borrower. A new anchor tenant — Marshalls — recently opened at the property.

December 9, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

Newmark Brokers $255M Sale of Four-Property Seniors Housing Portfolio in Metro Phoenix

by Amy Works December 9, 2022

PHOENIX — Newmark has arranged the $255 million sale of a four-property, Class A seniors housing portfolio in Phoenix and its suburbs. The LivGenerations portfolio totals 546 units comprising independent living, assisted living and memory care units. The seller built all four communities — LivGenerations Agritopia, LivGenerations Ahwatukee, LivGenerations Pinnacle Peak and LivGenerations Mayo Boulevard — between 2014 and early 2022. Newmark represented the seller, regional owner-operator and developer Liv Communities, in the transaction. The buyer was not disclosed.

December 9, 2022

Acquisitions California Multifamily Western

TMG Arranges $50M Sale of Oak View Apartments in Visalia, California

by Amy Works December 9, 2022

VISALIA, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Oak View Apartments, a garden-style multifamily community at 4700 W. Caldwell Ave. in Visalia. A Southern California-based private investor acquired the asset from a Los Angeles-based private investor for $50 million. Built in 1990 and partially renovated in 2022, Oak View Apartments features 237 residences in a mix of one-, two- and three-bedroom layouts, ranging from 608 square feet to 1,170 square feet, spread across two-story apartment buildings and single-level duplexes on a 16.5-acre site. Community amenities include two swimming pools, a resident clubhouse with full kitchen, business centers, fitness centers, tot lots, sports courts and laundry facilities. The buyer plans to upgrade the 173 un-renovated units. Otto Ozen of TMG represented the seller in the deal.

December 9, 2022

Affordable Housing Loans Multifamily Oregon Western

Urban Development Group Receives $40M in HUD Financing for Two Multifamily Properties in Portland

by Amy Works December 9, 2022

PORTLAND, ORE. — Urban Development Group has received two separate loans, totaling $40 million, for two apartment communities in Portland. Dwight Capital provided a $24.9 million HUD 223(f) loan for The Kathryn Ann and a $15.2 million HUD 223(f) loan for The Sellina. The 146-unit The Kathryn Ann and the 90-unit The Sellina both feature dog wash stations, indoor bicycle storage and community courtyard. Both loans benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the properties achieved Energy Star certifications. The Kathryn Ann also has an affordability component, as 15 percent of its units are restricted to 80 percent or less of the median family income. These loans are the seventh and eighth HUD loans that Dwight Capital has closed for the borrower. McBride Capital brokered the transactions.

December 9, 2022

Acquisitions California Industrial Western

Stos Partners Buys Industrial Building in Escondido, California for $20M

by Amy Works December 9, 2022

ESCONDIDO, CALIF. — Stos Partners, in a joint venture with a global insurance company, has acquired a freestanding industrial property located at 2425 Auto Park Way in Escondido. South Image Inc. sold the asset for $20 million in an off-market transaction. The sale brings the buyer’s total 2022 deal volume to nearly $300 million. Located near Interstate 5 and Highway 78, the 86,690-square-foot property features 18-foot to 22-foot clear heights and 10,000 square feet of office buildout. Approximately 11 percent of the total building space is dedicated to private business operations space, sound engineer testing space, a mechanics tool shop and a racked storage area. The property also features a 2000A/277 480V 3-Phase system and 200 parking spaces. Barry Handler of Lee & Associates represented the buyer and seller in the deal.

December 9, 2022

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