Property Type

Designing and Developing Student Housing for Gen Z

by Katie Sloan May 8, 2019

Gen Z is one of the most fiscally responsible generations we’ve seen in a long time, prompting student housing companies to find creative ways of satisfying both cost and quality of life for students, especially within the off-campus luxury housing market. The following are important features to consider when designing and developing a student housing community geared towards this demographic: Innovated Tech Experiences One thing we know about Gen Z is that they are hyper-connected and have always lived on-demand. With an influx of luxury student housing options, student housing complexes need to find a way to differentiate themselves and the use of technology is a good place to start. Voice-activated integrations, including smart home devices, TVs and appliances, are easy wins for attracting Gen Z’s, who appreciate and expect the aid of technology in most aspects of their daily lives. Flexible Community Spaces Amenity-rich apartments that incorporate both community gathering spaces and wellness offerings are taking the housing industry by storm. Specifically, community gathering spaces with great Wi-Fi, comfortable, easy-to-reconfigure seating and a big screen TV. These spaces should be multi-purpose, from a studying lounge to a place to host dinner with friends, and they need to be flexible …

May 8, 2019

Development Georgia Office Southeast

Serta Simmons Bedding Opens New Office Headquarters at $2B Assembly Yards Project in Metro Atlanta

by Alex Tostado May 7, 2019

DORAVILLE, GA. — Georgia Gov. Brian Kemp was onhand Friday at the site of the former GM plant in Doraville to officially open the new Serta Simmons Bedding headquarters. The mattress company now employs more than 500 people at its 210,000-square-foot office building situated adjacent to Third Rail Studios within the $2 billion Assembly Yards project. Joining Gov. Kemp were Doraville Mayor Donna Pittman, chairman and CEO of Serta Simmons Dave Smith and outgoing CEO of Serta Simmons, Michael Traub. In 2014, The Integral Group LLC acquired the land after GM closed its plant in 2008 and began working on Assembly Yards. The planned “city within a city” will offer 120,000 square feet of retail and entertainment space, 500,000 square feet of office space, more than 700 residential units and three miles of paved pathways at full buildout. “Assembly Yards is one of the things that really excites me about our metro area,” said Kemp during the event. Autonomous Transportation In addition to creating a place where people can work and live, Integral is also creating a technological hub by bringing in Georgia’s only autonomous shuttle bus operated by Navya that will be able to take employees from the campus to …

May 7, 2019

Development Georgia Office Southeast

Georgia Tech Research Institute Completes $42M Expansion in Marietta

by Alex Tostado May 7, 2019

MARIETTA, GA. — Georgia Tech Research Institute (GTRI) has completed a $42 million expansion that includes two buildings spanning 350,000 square feet in Marietta. The facilities are part of GTRI’s South Cobb Campus. In 20167, GTRI acquired four buildings on an unused, 52-acre Lockheed Martin site next to Dobbins Air Reserve Base. Renovations included transforming 205,500 square feet of retired office space into a research facility featuring computing and electronics laboratories. It also included the 144,500-square-foot renovation of a 403,500-square-foot high-bay industrial warehouse, which GTRI will also use for research. This space incorporates two, 10-ton cranes and a 30-ton crane to handle heavy equipment. The design team included McCarthy Building Cos. and Flad Architects. JLL’s project and development services division managed the design and construction phases.

May 7, 2019

Acquisitions Multifamily Southeast Tennessee

Continental Realty Advisors Sells Multifamily Complex in Metro Memphis for $35.9M

by Alex Tostado May 7, 2019

GERMANTOWN, TENN. — Continental Realty Advisors (CRA) has sold The Preserve at Southwind Apartments, a 306-unit multifamily complex built in 2000 in Germantown, for $35.9 million. Denver-based CRA bought The Preserve in December 2014 and renovated the clubhouse, leasing center, fitness center and swimming pool area. The asset is situated one mile south of the FedEx Express World Headquarters and 21 miles southwest of downtown Memphis. Blake Pera of Newmark Knight Frank represented the seller in the transaction. The buyer was not disclosed.

May 7, 2019

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Apartment Community in Savannah for $13.2M

by Alex Tostado May 7, 2019

SAVANNAH, GA. — Carter Multifamily has acquired Ascend at Savannah, a 159-unit community in Savannah, for $13.2 million. Ascend at Savannah was built in 1970 on 8.9 acres, seven miles south of downtown Savannah. Carter Multifamily plans to update unit interiors and communal areas including the swimming pool, clubhouse and recreational areas, as well as add a fenced-in pet park and dog spa, fitness center, internet café and outdoor gathering areas. The property offers one-, two- and three-bedroom floor plans ranging in size from 744 to 1,050 square feet. The seller was not disclosed.

May 7, 2019

Acquisitions Georgia Office Southeast

Newmark Knight Frank Arranges Sale of Office Building in Metro Atlanta for $10.8M

by Alex Tostado May 7, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the $10.8 million sale of an 88,000-square-foot office building in Alpharetta. The property, situated at 5925 Cabot Parkway 25 miles north of downtown Atlanta, was built in 1999 and renovated in 2007. The asset offers 48 private offices, about 130 work stations, 11 conference rooms, two lounge areas and a full-service catering kitchen. Jason Schrago and Frank Clementi of NKF represented the seller, JM Family Enterprises, in the transaction. Tom Kirbo of SK Commercial Realty represented the buyer, The Woodbury Group.

May 7, 2019

Development Mixed-Use Texas

Seritage Breaks Ground on Redevelopment of Former Mall in North Dallas

by Taylor Williams May 7, 2019

DALLAS — Seritage Growth Properties (NYSE: SRG) has broken ground on Park Heritage, a mixed-use project located at the intersection of the LBJ Freeway and Preston Road in north Dallas that could ultimately span as much as 2 million square feet. Seritage is the master developer, and Dallas-based KDC currently plans to develop about 1.1 million square feet of Class A office space. Toll Brothers Apartment Living will construct the first phase of the project’s multifamily component, which calls for roughly 300 units. At full build-out, Park Heritage could span as much as 275,000 square feet of retail, restaurant and entertainment space, 660 to 800 multifamily units and up to 300 hotel rooms, as well as three acres of open space. Construction work will begin with the demolition of the former Sears building and automotive center, located at the site of the old Valley View mall, followed by investment in the surrounding infrastructure. Seritage was formed in 2015 to unlock the underlying real estate value of a portfolio acquired from Sears Holdings.

May 7, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 217,800 SF Manufactured Housing Community in Fort Worth

by Taylor Williams May 7, 2019

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Fowler’s RV Park, a 217,800-square-foot manufactured housing community in Fort Worth. The property comprises 65 recreational vehicle sites, 10 apartments and four commercial units on five acres. The property, which was close to fully occupied at the time of sale, was acquired at a 10 percent cap rate and a price of approximately $22,900 per site. A local bank provided acquisition financing at a 70 percent loan-to-value ratio. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.

May 7, 2019

Acquisitions Retail Texas

HFF Negotiates Sale of 89,679 SF Shopping Center in Southwest Houston

by Taylor Williams May 7, 2019

HOUSTON — HFF has negotiated the sale of Beechcrest Shopping Center, an 89,679-square-foot, grocery-anchored shopping center in southwest Houston. The property is located near Beltway 8 at the intersection of Beechnut and Wilcrest streets, which have a combined traffic count of nearly 60,000 vehicles per day. Beechcrest Shopping Center was 100 percent leased at the time of sale to tenants such as DD’s Discounts, Dollar General, Pizza Hut and Lone Star Title. Ryan West, John Indelli, Charles Strauss and Ethan Goldberg of HFF represented the seller, South Florida-based Global Fund Investments LLC, in the transaction. Houston-based Wu Investments acquired the asset for an undisclosed price.

May 7, 2019

Acquisitions Healthcare Texas

CareTrust REIT Acquires Skilled Nursing Facility in Dallas for $10M

by Taylor Williams May 7, 2019

DALLAS — California-based CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Lakewest Rehabilitation & Skilled Care, a 118-bed skilled nursing facility located in Dallas. Next Gen P LLC is the operator of the property, which was acquired for roughly $10 million. Initial annual cash rent will be approximately $900,000. The seller was not disclosed.

May 7, 2019

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