Property Type

Cushman & Wakefield Arranges $71.5M Sale of Multifamily Complex in Asheville, North Carolina

by Alex Tostado August 19, 2019

ASHEVILLE, N.C. — Cushman & Wakefield has arranged the $71.5 million sale of The District, a 309-unit multifamily complex in Asheville. The property is located at 100 District Drive, three miles south of downtown Asheville. The District offers one-, two- and three-bedroom floor plans ranging from $1,248 to $2,700. Communal amenities include a 2,300-square-foot clubhouse with a fitness center, game room, lounge, business center and cyber café, heated saltwater pool, fenced dog park, picnic area with six grills and a car care center. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield represented the seller, Flournoy Development, in the transaction. The buyer was not disclosed.

August 19, 2019

Development Multifamily Northeast Pennsylvania Student Housing

Lehigh University, Greystar Open 426-Bed Residence Hall in Bethlehem, Pennsylvania

by Alex Patton August 19, 2019

BETHLEHEM, PA. — A partnership between Lehigh University and Greystar has opened SouthSide Commons, a 426-bed residence hall located on the university’s campus in Bethlehem, about 50 miles northwest of Trenton. The community offers fully furnished studio, two-, three- and four-bedroom units. Atkin Olshin Schade Architects designed the project, construction of which began in May 2018 and was completed July 2018.

August 19, 2019

Acquisitions Loans Multifamily North Carolina Southeast

CBRE Funds $39.7M Acquisition Loan for Apartment Community in Southwest Charlotte

by Alex Tostado August 19, 2019

CHARLOTTE, N.C. — CBRE has provided a $39.7 million Freddie Mac acquisition loan for Arbor Steele Creek, a 384-unit apartment community in southwest Charlotte. The borrower, a joint venture between Charleston, S.C.-based Blaze Partners and Acre Valley Real Estate Capital, plans to continue interior and exterior renovations. The previous owner, a joint venture between Blaze Partners and True North Management Group, acquired the property in 2017 and began renovations. The complex comprises 16 three-story buildings. Communal amenities include a swimming pool, fitness center, business center, picnic areas with grilling stations, pet park, playground and a clubhouse.

August 19, 2019

Acquisitions Georgia Office Southeast

Savlan Capital Acquires Six Office Buildings in Atlanta for $33.2M

by Alex Tostado August 19, 2019

ATLANTA — Savlan Capital has acquired six office buildings totaling 289,433 square feet within Camp Creek Business Center, a 400-acre business park in south Atlanta. Hollywood, Fla.-based Savlan bought the property from Indianapolis-based Duke Realty for $111.25 per square foot. The office buildings are located at 1000, 1100, 1200, 1400, 1800 and 2000 Centre Parkway, five miles west of Hartsfield-Jackson Atlanta International Airport. Duke Realty is developing Camp Creek, which comprises 2.9 million square feet of existing industrial and office buildings with the capacity for an additional 2 million square feet of development. The six buildings were 79 percent leased at the time of sale to tenants including Sto Corp., DoverStaffing, Hopebridge, Jaguar Land Rover Automotive North America, Keller Williams and Primerica.

August 19, 2019

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates Two Office Leases Totaling 4,920 SF in Somerset, New Jersey

by Alex Patton August 19, 2019

SOMERSET, N.J. — Cushman & Wakefield has negotiated two office leases totaling 4,920 square feet in Somerset, a city located about 40 miles east of New York City. The offices are situated within 200 Cottontail Lane, a 208,000-square-foot Class A office property. August eTech signed a 3,230-square-foot headquarters office lease, and Tekcon Construction signed a 1,800-square-foot regional office lease. Paul Giannone, Todd Elfand, Kevin Carton and Joe Vacca of Cushman & Wakefield represented the landlord, The Winter Organization, in both lease negotiations. Carolyn Sica of CBRE represented eTech.

August 19, 2019

Acquisitions Alabama Retail Southeast

JLL Negotiates Sale of 208,568 SF Retail Center in Metro Birmingham

by Alex Tostado August 19, 2019

FULTONDALE, ALA. — JLL has negotiated the sale of Promenade Fultondale, a 208,568-square-foot retail center in Fultondale. The property was completed in 2008 and is located five miles north of downtown Birmingham. The center was 96 percent leased at the time of sale to tenants including Ross Dress for Less, Five Below, JC Penney, Books-A-Million and Shoe Dept. LBX Investments acquired the property for an undisclosed amount. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the undisclosed seller in the transaction.

August 19, 2019

Development Loans Maryland Mixed-Use Southeast

SunTrust, Harbor Bankshares Provide $19.8M in Debt, Equity for Mixed-Use Development in Baltimore

by Alex Tostado August 19, 2019

BALTIMORE — SunTrust Community Capital (STCC) and Harbor Bankshares Corp. have provided a total of $19.8 million in financing for Village Center at Stadium Place in Baltimore. STCC provided $4.8 million of equity and $4 million in its New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. Govans Ecumenical Development Corp. (GEDCO) and Commercial Development & Investments LLC (CDI) are co-developing the property, which will meld with the existing Stadium Place Adult Community Campus master plan. Village Center will include 70 discounted market-rate senior housing units and 30,000 square feet of medical office and retail space. A timeline for completion was not disclosed.

August 19, 2019

Loans Multifamily New York Northeast Seniors Housing

Contemporary Provides $2.1M Mezzanine Loan for Refinancing of Seniors Housing Community in Upstate New York

by Alex Patton August 19, 2019

NEWFANE, N.Y. — Contemporary Healthcare Capital has provided a $2.1 million mezzanine loan for the refinancing of a 165-bed seniors housing community in Newfane, a city located about 40 miles north of Buffalo. The borrowers were affiliates of Maximus Healthcare Group. CoastalStates Bank (CSB) provided an accompanying senior loan. The loans will refinance an existing and maturing term loan originally provided by Contemporary and another regional bank for the acquisition of the facility.

August 19, 2019

Acquisitions Multifamily Texas

Western Wealth Capital Acquires Two Multifamily Assets Totaling 939 Units in Texas

by Taylor Williams August 19, 2019

DALLAS AND HOUSTON — Multifamily investment firm Western Wealth Capital has acquired two apartment properties totaling 939 units, one of which is located in Dallas and the other in Houston. The undisclosed properties were built in 1980 and 1976, respectively. Western Wealth Capital, which now owns five multifamily assets in Dallas and seven in Houston, will upgrade the communities’ unit interiors. Newmark Knight Frank worked with Clint Duncan and Matt Phillips of CBRE to broker the deal.

August 19, 2019

Acquisitions Multifamily Student Housing Texas

Vie Management Buys 252-Bed Student Housing Property in San Marcos

by Taylor Williams August 19, 2019

SAN MARCOS, TEXAS — Vie Management has purchased Ella Lofts, a 252-bed student housing property located within walking distance of Texas State University in San Marcos, a city situated between Austin and San Antonio. The 75-unit mid-rise building features one-, two- and four-bedroom floor plans and amenities such as a fitness center, yoga studio, pool, coworking space, study lounge and a coffee shop. Vie Management will undertake a $1 million renovation program over the next several months. The seller was not disclosed.

August 19, 2019

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