Property Type

Jefferson, Camden Property Trust to Develop $100M Multifamily Community in Downtown Orlando

by Camren Skelton April 17, 2018

ORLANDO, FLA. — McLean, Va.-based Jefferson Apartment Group, in partnership with Houston-based Camden Property Trust, has unveiled plans to co-develop 520 East, a $100 million multifamily community in downtown Orlando. The 364-unit tower will be situated at the southwest corner of East Church Street and South Eola Drive, a sister property to Jefferson’s 299-unit 420 East community that was completed last year. 520 East will include 7,000 square feet of ground floor retail, 12 retail/live/work studios and a 630-space parking garage. Units will feature quartz countertops, wood flooring, custom-designed cabinetry and upgraded fixtures. Community amenities will include a resort-style pool with sundeck, fitness center, clubroom, outdoor lounge with grilling stations and 24/7 concierge services. The partnership expects 520 East to achieve LEED-Gold certification and for construction to kick off in June.

April 17, 2018

Development Georgia Mixed-Use Southeast

Foram Group Receives Zoning Approval for $40M Mixed-Use Project in Savannah

by Camren Skelton April 17, 2018

SAVANNAH, GA. — Savannah-based Foram Group has received approval from the Savannah City Council for zoning amendments needed to move forward with Starland Village, a planned $40 million mixed-use development in Savannah. Located on a two-block stretch along the historic Bull Street in the city’s Starland District, the development will be home to artist studios, an event venue, retail and restaurant space, a rooftop park, coworking space and 90 residential units. Other team members for the project include architecture firm Lynch Associates, DPR Construction, engineering firm Thomas & Hutton and Kaufman-Heinz LLC, which will manage the development upon completion. A construction timeline for the project was not disclosed.

April 17, 2018

Acquisitions Florida Multifamily Southeast

Greystar Sells Four-Property Multifamily Portfolio in South Florida to PGIM, Carroll Organization

by Camren Skelton April 17, 2018

CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners LLC has sold a four-property, 1,616-unit apartment portfolio in South Florida, including Bella Vista at Boca Del Mar in Boca Raton, Centro at Davie in Davie and Stonybrook Apartments and Savannah Lakes, both in Boynton Beach. Carroll Organization and PGIM Real Estate formed a joint venture to purchase the portfolio from Greystar for an undisclosed price. Greystar originally acquired the four properties in 2013 as part of a national 27-property portfolio, and invested in renovations to units, clubhouses and amenities at each property. Hampton Beebe, Avery Klann and Jonathan Senn of ARA Newmark arranged the transaction on behalf of Greystar. Leading the new ownership in the acquisition was PGIM’s Jim Mehalso and Carroll’s Josh Champion. As part of the transaction, all the newly acquired properties will be rebranded under the ARIUM name and managed by Carroll Management Group.

April 17, 2018

Development Georgia Office Southeast

Grove Street, BCDC to Deliver 51,000 SF Office Building Near Hartsfield-Jackson Airport in Atlanta

by Camren Skelton April 17, 2018

ATLANTA — Grove Street Partners, in a joint venture with Batson-Cook Development Co. (BCDC), has broken ground on Gateway Center Two, a 51,000-square-foot office building located a half-mile from Hartsfield-Jackson Atlanta International Airport. The building is part of the second phase of Gateway Center, a $230 million, 1.1 million-square-foot mixed-use project that Grove Street Partners is developing. The development also houses the 128,396-square-foot Gateway Center One and three Marriott-branded hotels spanning 754 rooms. Gateway Center Two marks the first joint venture between Grove Street Partners and BCDC. In addition to the groundbreaking, the joint venture inked a lease with ECFMG, a nonprofit medical certification and training provider based in Philadelphia. ECFMG will occupy a full floor, or 24,000 square feet, upon completion in March 2019. Lee Evans of Colliers International represented the landlord in the lease, and John Behm, Jim Byrd and Jason Jones of Cresa represented the tenant. Alfie Means, Wilson Rogers and Jimmy Warren of iCap Realty Advisors arranged construction financing through Protective Life Insurance Co. Gateway Center offers direct connectivity to Hartsfield-Jackson and MARTA via the airport’s SkyTrain commuter rail.

April 17, 2018

California Loans Multifamily Western

HFF Arranges $132.9M Refinancing for Three-Property Apartment Portfolio in San Mateo

by Amy Works April 17, 2018

SAN MATEO, CALIF. — HFF has arranged $132.9 million in refinancing for a three-property apartment portfolio located within Bay Meadows, a master-planned community in San Mateo. The borrower, an affiliate of Stockbridge Capital Group, used the loan proceeds to retire existing construction financing. Totaling 336 units, the portfolio includes the 108-unit Field House located at 282 Pony Lane; the 158-unit The Russell located at 3098 Kyne St. West; and the 70-unit Quimby located at 3068 Kyne St. West. The portfolio also features 9,960 square feet of ground-floor retail space leased to Blue Bottle, Tin Pot Creamery and Roam Burger. Bruce Ganong, Chris Gandy and Bercut Smith of HFF arranged the fixed-rate loan through TH Real Estate.

April 17, 2018

California Development Multifamily Seniors Housing Western

Walker & Dunlop Provides $10M Construction Loan for Assisted Living Facility in Sonoma County

by Jeff Shaw April 17, 2018

CLOVERDALE, Calif. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale. The community will consist of a two-story, 42,000-square-foot building on a 2.5-acre site. Western Living Concepts is developing and will operate the property, the second seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019. Walker & Dunlop’s team, led by Kevin Giusti, closed the loan through HUD’s Section 232 loan program, which provides financing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed-rate mortgage throughout the construction period and 40-year permanent term of the mortgage.

April 17, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Sells 60-Unit Apartment Community in Tucson

by Amy Works April 17, 2018

TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom layouts, a swimming pool and children’s play area. Bill Hahn, formerly of Colliers and now with NorthMarq, represented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal.

April 17, 2018

Development Illinois Midwest Multifamily Student Housing

CA Ventures, Focus Break Ground on 241-Unit Apartment Building Near Northwestern University

by Kristin Harlow April 17, 2018

EVANSTON, ILL. — Developers CA Ventures and Focus have broken ground on 811 Emerson, an apartment building near Northwestern University in Evanston, Ill. The nine-story, 241-unit transit-oriented development is located at 811 Emerson St. One-, two- and three-bedroom floor plans will range in size from 400 to 1,100 square feet. Outdoor amenities will include a courtyard with a pool, fire pit and grilling stations. Indoor amenities will include a social lounge, business center and fitness center. Convenience store 7-Eleven will occupy a 3,300-square-foot retail space on the property’s ground floor. Focus is the general contractor, while bKL Architecture is providing architectural services. Pre-leasing will begin this fall, and the project is set for completion in the summer of 2019.

April 17, 2018

Acquisitions Office Washington Western

Colliers Brokers $7.5M Acquisition of Office Building in Mukilteo, Washington

by Amy Works April 17, 2018

MUKILTEO, WASH. — Colliers International has brokered the acquisition of an office property located at 12121 Harbor Reach Drive in Mukilteo. HPO Investment LLC purchased the building from Bocek/NCA for $7.5 million. The fully-leased, 33,387-square-foot property is Harbour Point’s Building A, North Campus. The building is one component of a 2,810-acre master-planned community that includes residential buildings, manufacturing facilities, a golf course, parks and a wildlife preserve. Derek Heed and Gregg Riva of Colliers represented the buyer in the transaction.

April 17, 2018

Illinois Industrial Leasing Activity Midwest

iHerb Signs 257,344 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow April 17, 2018

ELGIN, ILL. — iHerb Inc. has signed a 257,344-square-foot industrial lease in Elgin. The company sells nutritional supplements, vitamins, personal care, baby care and other health products. The industrial building, Zilber Industrial I, is located at 2640 Auto Mall Drive with immediate access to I-90. Jack Brennan and John Hamilton of CBRE represented the tenant in the lease transaction. Dominc Carbonari and Frank Griffin of JLL represented the owners, Zilber Property Group.

April 17, 2018

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