Property Type

Stadium-Walk-Overlook-Huntcrest-Atlanta-GA

Walker & Dunlop Brokers $133M Sale of Two Multifamily Properties in Metro Atlanta

by Amy Works October 16, 2018

ATLANTA — Walker & Dunlop’s Investment Sales division has arranged the sale of Stadium Walk and Overlook at Huntcrest, two multifamily properties located in Atlanta. Atlanta-based Brand Properties sold the properties to Charleston-based Blaze Partners for a total of nearly $133 million. Kris Mikkelsen and Chris Goldsmith of Walker & Dunlop represented the seller in the deal. Additionally, following the sale, Stephen West, Matthew Wallach and Justin Nelson of Walker & Dunlop’s multifamily finance and capital markets team arranged financing for the buyer’s acquisition. Situated in Atlanta’s Cumberland submarket in Cobb County, Stadium Walk features 309 Class A units and surface parking. The community is within walking distance to The Battery Atlanta and SunTrust Park, home of the Atlanta Braves. The 229-unit Overlook at Huntcrest is located in the Sugarloaf submarket of Gwinnett County.

October 16, 2018

Loans Multifamily Southeast Virginia

Greystone Provides $74.5M Freddie Mac Financing for 1,768-Unit Multifamily Portfolio in Southern Virginia

by Amy Works October 16, 2018

NEW YORK — Greystone has provided $74.5 million in Freddie Mac financing for a 16-property multifamily portfolio located across Virginia. New York-based The Lightstone Group, a privately held real estate company, is the borrower. Dan Sacks of Greystone’s New York office originated the separate loans for the various affordable housing and market-rate rental properties. Greystone provided a combination of both affordable and conventional market-rate Freddie Mac loans, each with 10-year terms. The 1,768-unit portfolio serves a cross-section of multifamily housing needs, including student housing, affordable housing and workforce housing. Located throughout the Interstate 81 corridor in Southern Virginia, the properties are located in or near Roanoke, Harrisonburg, Blacksburg and Virginia Beach.

October 16, 2018

Development Industrial Leasing Activity Mississippi Southeast

Core5 Completes First Phase of 2.5 MSF Logistics Center in Metro Memphis

by Amy Works October 16, 2018

HORN LAKE, MISS. — Atlanta-based Core5 Industrial Partners has completed its first two inventory buildings at DeSoto 55 Logistics Center, a business park in Horn Lake, a Mississippi town within the greater Memphis market. Situated along the Interstate 55 corridor, the 175-acre business park will feature more than 2.5 million square feet of Class A space once fully developed. The first phase included Building A1, a 581,475-square-foot cross-dock facility that is expandable to more than 1 million square feet, and Building B, a 300,000-square-foot, rear-loading building. Core5 has preleased 200,000 square feet of space within Building B to DSV Solutions, a global provider of supply chain solutions to customers across multiple industries. DSV will utilize the entire 200,000 square feet of an existing client’s distribution facility serving the Eastern United States. Dan Wilkinson, Allen Wilkinson and Brad Kornegay of Colliers International represented Core5 in the lease transaction, as well as the entire development.

October 16, 2018

Acquisitions Florida Multifamily Southeast

Cortland Sells 328-Unit Multifamily Community in Central Florida for $49.7M

by Amy Works October 16, 2018

OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit. Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in a mix of one-, two- and three-bedroom units with an average size of 1,015 square feet and an average market rent of $1,266. All units features full-size washers and dryers, deep-soaking bathtubs, granite countertops and nine-foot or vaulted ceilings. Situated on 38 acres, the community amenities include a renovated clubhouse and leasing center, resort-inspired swimming pool, Wi-Fi café, car care center, dog park, business center, nature trail and a 24-hour fitness center. At the time of sale, the property was 94 percent occupied. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily team represented Atlanta-based Cortland in the transaction.

October 16, 2018

Acquisitions Mississippi Multifamily Southeast Student Housing

Vesper Acquires 792-Bed Student Housing Community Near University of Southern Mississippi

by Amy Works October 16, 2018

HATTIESBURG, MISS. — Vesper Holdings has acquired Vie at Hattiesburg, a 792-bed student housing community located near the University of Southern Mississippi campus in Hattiesburg. The property offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a clubhouse, swimming pool and poolside lounge with a TV, 24-hour fitness center, business center, computer lab, sand volleyball court and a private shuttle to campus. The community’s previous owner, whose name was undisclosed, recently completed a $2 million renovation that included upgrades to flooring, appliances, furniture, clubhouse and the fitness center. Vesper is planning to invest an additional $600,000 to further upgrade the amenities, enhance the property’s exteriors and make substantial technology upgrades throughout the complex.

October 16, 2018

California Development Industrial Western

Ivanhoé Cambridge, CapRock Partners Break Ground on 3 MSF Logistics Complex in the Inland Empire

by Amy Works October 16, 2018

ONTARIO, CALIF. — Ivanhoé Cambridge and California-based CapRock Partners have broken ground on Phase I of Colony Commerce Center in Ontario. Located at the northeast corner of Carpenter and Remington avenues within the Inland Empire, Colony Commerce Center Phase I will feature 1.3 million square feet of industrial space. The first phase will be divided into two Class A industrial buildings of 589,000 and 700,000 square feet, both with 36-foot clear heights. Additionally, the phase will feature 185-foot-wide truck courts, cross-dock loading, 100 percent concrete drive areas and excess trailer parking stalls. The logistics complex is located in close proximity to corporate neighbors, such as Walmart, FedEx and Amazon, and is within a few miles of retail amenities. CapRock Partners will also develop Phase II of the logistics complex for the Ivanhoé Cambridge. The second phase is adjacent to the first phase on the southwest corner for Archibald and Merrill avenues and will include a 1 million-square-foot, LEED-certified building with 40-foot clear height that anchors eight additional small-box buildings ranging from 35,000 square feet to 45,000 square feet. The second phase will total approximately 1.7 million square feet. Construction on Phase II is slated to begin by year end.

October 16, 2018

Acquisitions Office Utah Western

Unico Properties Acquires 229,600 SF City Centre Office Tower in Salt Lake City

by Amy Works October 16, 2018

SALT LAKE CITY — Unico Properties, a subsidiary of Unico Investment Group, has purchased City Centre I, a high-rise tower in downtown Salt Lake City, for an undisclosed price. Located in Salt Lake City’s central business district, the 10-story property features 229,600 square feet of Class A office space. Additionally, the acquisition includes an adjoining 1.8-acre surface parking lot. The building is situated on the TRAX light rail line and offers direct freeway access to Interstate 15, as well as walkability throughout the downtown core. This transaction is Unico’s third investment in the Salt Lake City market, bringing the company’s downtown Salt Lake City portfolio to more than 1 million square feet of space.

October 16, 2018

Acquisitions Office Texas

HFF Negotiates Sale of Three Office Properties Totaling 230,506 SF in Houston

by Taylor Williams October 16, 2018

HOUSTON — HFF has negotiated the sale of three office properties totaling 230,506 square feet in Houston. Amerix Capital purchased 2930 West Sam Houston Parkway; Enterprise Holdings bought 10401 CentrePark Drive; and S&B Engineers & Contractors Ltd. acquired 15150 Memorial Drive. The first two properties were built in the early 2000s, are located in Houston’s West Belt submarket and were 94.2 percent and 69.7 percent leased at the time of sale, respectively. The third property was built in 1992 and is located in the Energy Corridor area. Dan Miller and Trent Agnew of HFF represented the privately held seller, Houston-based MetroNational, in the transactions.

October 16, 2018

Acquisitions Multifamily Texas

Hayden Properties Sells Two Multifamily Assets Totaling 388 Units in San Antonio

by Taylor Williams October 16, 2018

SAN ANTONIO — Oregon-based Hayden Properties has sold Fifth Avenue and Bitterwood Ranch, two multifamily assets totaling 388 units in San Antonio. Both properties offer one- and two-bedroom units and amenities such as a pool, business center, fitness center and outdoor grilling areas. According to The Austin Business Journal, the buyer was Wildhorn Capital, an Austin-based investment firm that acquired the properties for an undisclosed price.

October 16, 2018

Acquisitions Arizona Industrial Western

Cohen Asset Management Sells Industrial Property in Metro Phoenix for $16M

by Amy Works October 16, 2018

CHANDLER, ARIZ. — Los Angeles-based Cohen Asset Management has completed the sale of Iridium @ Price Road Corridor, an industrial property in Chandler. Braintree, Mass.-based Bay Capital acquired the property for $16 million. Will Strong of Cushman & Wakefield Capital Markets led the company’s team that represented the seller in the deal. Constructed in 1986 and renovated in 2017, the 69,820-square-foot property is fully air conditioned, provides heavy power and has features a large fenced and secured yard. The asset also includes approximately three acres of vacant land for future expansion. Iridium Communications, a mobile voice and data satellite communications network, is the sole tenant of the property.

October 16, 2018

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