Property Type

Cushman & Wakefield Arranges $22M Sale of Multifamily Property in Durham

by Camren Skelton August 9, 2017

DURHAM, N.C. — Cushman & Wakefield has brokered the $22 million sale of Bainbridge in the Park, a 216-unit apartment community in Durham. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, PRG Real Estate. Dasmen Residential acquired the property. Constructed in 1986, Bainbridge in the Park is located roughly three miles from the Meridian Corporate Center and Research Triangle Park. At the time of sale, the property was 94.9 percent occupied.

August 9, 2017

Loans Multifamily North Carolina Southeast

SunTrust Community Capital Provides $17.4M in Financing for Multifamily Project Near Asheville

by Camren Skelton August 9, 2017

ARDEN, N.C. — SunTrust Community Capital has provided $17.4 million in financing for the development of Perry Lane Apartments, a 120-unit multifamily project in Arden, roughly 10 miles south of Asheville. SunTrust Community Capital, a division of SunTrust Banks, provided $8.3 million in equity investments and a $9.1 million construction loan on behalf of the borrower, Mills Construction Co. Community Investment Corp. of the Carolinas also provided a $5.7 million permanent loan on behalf of the borrower. Perry Lane Apartments will be affordable for those earning 60 percent of the area median income and will feature on-site management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. Construction is scheduled to begin this month, with completion slated for August 2018.

August 9, 2017

Multifamily South Carolina Southeast

Monument Capital Management Acquires 222-Unit Apartment Community in North Charleston

by Camren Skelton August 9, 2017

NORTH CHARLESTON, S.C. — Monument Capital Management has purchased Plantation Flats, an apartment community located at 2181 Dunlap St. in North Charleston. The property comprises 32 two-story buildings with one- and two-bedroom, garden-style and townhouse floor plans. The community also features a clubhouse, swimming pool, fitness center, laundry center and a tennis court. Plantation Flats is situated across from Trident Technical College and is roughly four miles north of Charleston International Airport, home to The Boeing Co. Monument Real Estate Services, an affiliate of Monument Capital Management, will manage the property. The sales price and seller were not disclosed.

August 9, 2017

Industrial Midwest Missouri

Contegra Builds 1.1 MSF Logistics Center in Wentzville, Missouri

by Kristin Harlow August 9, 2017

WENTZVILLE, MO. — Contegra Construction Co. has completed a 1.1 million-square-foot logistics center in Wentzville, about 40 miles west of St. Louis. The multi-million dollar facility, which serves as a logistics optimization center for the nearby General Motors Corp. assembly plant, is located on a 132-acre site at 201 Wentzville Industrial Drive. TVS Supply Chain Solutions operates the center. The building features 32-foot clear heights, 168 dock doors and six drive-in doors. The project is among 14 logistic facilities in the metro St. Louis area that Contegra is currently building or has completed in 2017. NorthPoint Development was the project developer.

August 9, 2017

Illinois Industrial Midwest

Meridian Completes 421,203 SF Spec Industrial Building in Bartlett, Illinois

by Kristin Harlow August 9, 2017

BARTLETT, ILL. — Meridian Design Build has completed a 421,203-square-foot speculative industrial building for developer Exeter Property Group in Bartlett, about 35 miles northwest of Chicago. The new facility, located on a 34-acre site within Brewster Creek Business Park, can accommodate up to four tenants. The building features 32-foot clear heights, 117 loading docks, four drive-in doors, 449 car parking stalls and 110 exterior trailer stalls. Harris Architects provided architectural services, while V3 Cos. completed civil engineering work.

August 9, 2017

Michigan Midwest Multifamily

RHP Properties Acquires Two Manufactured Housing Communities in Canton Township, Michigan

by Kristin Harlow August 9, 2017

CANTON TOWNSHIP, MICH. — RHP Properties has acquired two manufactured housing communities in Canton Township, located between Detroit and Ann Arbor, for an undisclosed price. The 416-unit portfolio includes the 365-unit Sherwood Village and the 51-unit Glen Ridge communities. Both are located approximately 12 miles from the Detroit Metropolitan Wayne County Airport. With these two acquisitions, RHP Properties now owns and operates 225 manufactured housing communities totaling more than 56,997 units.

August 9, 2017

Midwest Retail Wisconsin

Colliers Brokers $5M Sale of Retail Center in Grand Chute, Wisconsin

by Kristin Harlow August 9, 2017

GRAND CHUTE, WIS. — Colliers International | Wisconsin has brokered the sale of Grand Plaza in Grand Chute, near Appleton, for $5 million. The 23,720-square-foot retail center is located at 3404-3456 W. College Ave. HuHot Mongolian Grill anchors the multi-tenant property, which is 100 percent leased. Mark Pucci of Colliers represented the sellers, 111 Mall Drive LLC and 1200 South Koeller Street III. Jeff Slinde of Slinde Realty represented the buyer, Carey & Slinde Enterprises LLC. The sale equates to approximately $211 per square foot.

August 9, 2017

Illinois Midwest Multifamily

Essex Arranges $2.4M Sale of Apartment Property in Arlington Heights, Illinois

by Kristin Harlow August 9, 2017

ARLINGTON HEIGHTS, ILL. — Essex Realty Group Inc. has arranged the sale of The Fountain Apartments in Arlington Heights, a northwest suburb of Chicago, for $2.4 million. The 26-unit apartment property is located at 908-910 Euclid Ave. The property is comprised of eight studios, 16 one-bedroom and two two-bedroom units split between two buildings. Jordan Gottlieb and Brian Mond of Essex brokered the transaction.

August 9, 2017

Florida Multifamily Southeast Top Stories

Rockpoint Group Buys 365-Unit Town City Center Apartments Near Miami for $87M

by Nellie Day August 9, 2017

PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group. Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort Lauderdale just 20 miles away. Pembroke Pines City Center is also expected to deliver a new retail concept adjacent to the property’s waterfront site. The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. In-unit features include patios and porches, washers and dryers, porcelain tiling, stainless steel appliances, and designer vanities. The pet-friendly complex also boasts a two-level fitness studio, pool deck, cabanas, private waterside dock, private screening room and tennis courts. VStarr Interiors designed Town City Center. Greg Engler, Roberto Pesant and Chris Conklin of Walker & Dunlop’s investment sales team represented both the buyer and seller. “This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market,” …

August 9, 2017

Connecticut Market Reports Northeast Northeast Market Reports Office

Despite Challenges, Connecticut’s Fairfield County Office Market Shows Improvement Potential

by Taylor Williams August 9, 2017

With employment representing one of the most critical factors in the health of the office sector, people naturally look to the unemployment rate as a key metric to quickly assess a given market. By this standard, Fairfield County should be thriving, with the unemployment rate at 4.4 percent in April 2017 — just under the 4.8 percent rate reached just prior to the recession. And yet, the availability rate in Connecticut’s largest office market stood at 24.5 percent at the end of the first quarter of 2017 — a far cry from the 15.2 percent rate seen at year-end 2007. There are two reasons for the discrepancy. First, it is far more accurate to look at office-using employment (information, financial, professional services and other industries) versus overall employment as a barometer. While office-using employment has rebounded approximately 4.0 percent since the depths of the latest recession, today’s count is still 8.4 percent lower than the latest peak. Second, a marked shift in the desired style of office and an upswing in remote working opportunities have led to reduced utilization rates in terms of square feet per employee. Today’s employers want to be in buildings that make their employees happy and …

August 9, 2017

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