Property Type

Buckingham Cos. Opens Residences at Aertson Midtown in Nashville

by Camren Skelton June 22, 2017

NASHVILLE, TENN. — Indianapolis-based Buckingham Cos. has opened the residential portion of Aertson Midtown, a 17-story, 600,000-square-foot mixed-use development located adjacent to Vanderbilt University in Nashville. The Residences at Aertson Midtown is made up of 350 studio, one-, two- and three-bedroom units with rents ranging from $1,800 to $5,500 per month. The property features a rooftop pool, dog park, dog wash station, bike storage, theater, fitness center and 24-hour in-room dining through the on-site Henley restaurant. The community features 35,000 square feet of retail space with tenants including Charleston-based gourmet grocer Caviar & Bananas, Kimpton Aertson Hotel and the Woodhouse Day Spa, which is due for completion this fall.

June 22, 2017

Georgia Office Southeast

CBRE Unveils Renovation Plans for 18-Story Office Building in Atlanta’s Central Perimeter

by Camren Skelton June 22, 2017

ATLANTA — CBRE has unveiled plans to transform 7000 Central Park, an 18-story office tower located within Atlanta’s Central Perimeter submarket. Improvements to the 423,775-square-foot tower include modernization of the front lobby, a fitness center, collaborative working space and conference center, expanded café area, meeting space and a new outdoor living area that will provide gathering space for lunches and special events. 7000 Central Park will join CBRE’s 5-Star Worldwide Program, a national network of office buildings that attracts talent through a range of professional services, hospitality and events. CBRE’s 5-star shuttle service will provide tenants access to MARTA stations, as well as several mixed-use communities in the area. Renovations are expected to be completed by November of this year.

June 22, 2017

Florida Loans Office Southeast

Walker & Dunlop Arranges $16.5M in Refinancing for Office Building in Fort Lauderdale

by Camren Skelton June 22, 2017

FORT LAUDERDALE, FLA. — Walker & Dunlop has structured a $16.5 million loan for the refinancing of Radice Corporate Center III, a Class A, 133,475-square-foot office building located within the Radice Corporate Center in Fort Lauderdale. Walker & Dunlop’s Al Rex and Niki Perez secured the long-term, fixed-rate loan through Ghitis Property Co. Built in 1978, the seven-story building is home to tenants including Aerotex, Marsh & McClennan Agency and Massachusetts Mutual Life Insurance.

June 22, 2017

Georgia Multifamily Southeast

Balfour Beatty Communities Acquires Multifamily Portfolio in Metro Atlanta

by Camren Skelton June 22, 2017

UNION CITY AND FAIRBURN, GA. — Balfour Beatty Communities has acquired three apartment communities in metro Atlanta for an undisclosed price. The Evergreen Portfolio, comprising Evergreen Commons, Evergreen Park and Evergreen Terrace, totals 882 units and encompasses 91 acres. Located in Union City, Evergreen Commons includes 328 one-, two- and three-bedroom units and features a pool, fitness center, playground, tennis and other sport courts. The 310-unit Evergreen Park located in Fairburn features one-, two- and three-bedroom units. Property amenities include indoor and outdoor pools, a tennis court, putting green and a playground. Also in Fairburn, Evergreen Terrace consists of 244 one-, two-, three- and four-bedroom units and features indoor and outdoor pools, a tennis court, bowling alley and a playground. With this acquisition, Balfour Beatty Communities expands its presence in Georgia to 10 properties and approximately 6,500 units.

June 22, 2017

Industrial Mississippi Southeast

NAI UCR Properties Brokers $3M Sale of Industrial Building in Richland, Mississippi

by Camren Skelton June 22, 2017

RICHLAND, MISS. — NAI UCR Properties has facilitated the $3 million sale of a 70,000-square-foot industrial facility located at 330 Leggett Drive in Richland. NAI UCR’s Micah McCullough represented the undisclosed buyer in the transaction. At the time of sale, the property was leased to FedEx Ground.

June 22, 2017

Florida Multifamily Southeast Student Housing Top Stories

Joint Venture Breaks Ground on $54M Student Housing Community Near University of Florida

by John Nelson June 22, 2017

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC), 908 Group and Kayne Anderson Real Estate Advisors has broken ground on The Nine @ Gainesville, a $54 million student housing community situated less than a quarter-mile from the University of Florida’s campus in Gainesville. Located at 1115 13th St., The Nine will feature 627 beds within one-, two-, three-, four- and five-bedroom units. All fully furnished residences will feature private bathrooms, in-unit washer and dryer units, stainless steel appliances and private balconies. Community amenities will include a resort-style swimming pool, fitness center, interactive study rooms, community café and a structured parking deck with 420 spaces. “We are thrilled to be underway on The Nine @ Gainesville and to launch this project with 908 Group,” says Litt Glover, CEO and president of Atlanta-based BCDC. “This location is unmatched in its proximity to the university, and with our team’s experience in student housing, we will be delivering a highly amenitized, desirable project that will appeal to UF students.” Kayne Anderson Real Estate Advisors, BCDC and 908 Group are providing equity and PNC Bank is providing construction financing. TSB Capital Advisors acted as consultant to 908 Group and BCDC on the …

June 22, 2017

Features Loans Multifamily Seniors Housing Top Stories

FHA’s Latest Revisions to Lean 232 Address Owner Issues

by Taylor Williams June 22, 2017

Recent changes to the Federal Housing Administration’s (FHA) Lean 232 program provide owners with more options, all of which a lender offering a full suite of financing options can act upon. Owners who anticipate future cash-out needs are in a good position to benefit. The program was made easier for owners to work with through several additional changes. For owners of residential healthcare facilities that offer services like skilled living or memory care, FHA Lean 232 loans are of exceptionally high value. Because the FHA is committed to ensuring an adequate supply of affordable beds for seniors, nursing home borrowers can secure terms that are unheard of in other CRE markets. Early this year, the FHA made changes in its official Section 232 Handbook that make these loans even more attractive, especially for owners who wish to take cash out of their properties. In order to understand the significance of these changes, it helps to see them in the context of baseline Lean 232 loans. These FHA-insured loans are non-recourse and assumable, offer maturity schedules of up to 35 years and loan parameters of up to 80 percent loan-to-value (LTV), as well as 1.45 debt service ratio coverage. Best of …

June 22, 2017

Illinois Industrial Market Reports Midwest Midwest Market Reports

Priming Chicago’s Industrial Corridors For 21st Century Development

by Kristin Harlow June 22, 2017

As Chicago has emerged as one of the country’s top tech capitals, large parcels of land across the city -— many set aside for manufacturers that no longer do business there — have remained stuck in the past, serving as roadblocks to billions of dollars in new real estate development. That’s about to change thanks to a yearlong effort spearheaded by Mayor Rahm Emanuel and the city’s Department of Planning and Development, which recently approved recommendations for modernizing the first of 26 industrial corridors across the city. The recommendations are the result of a community engagement process that solicited feedback from various stakeholders, including our firm and other real estate developers. The plan will pave the way for new residential and commercial projects throughout the North Branch Industrial Corridor, which stretches from Kinzie Street to just north of Fullerton Avenue along the Chicago River. These investments, which include much-needed infrastructure and open space initiatives, will engage the adjacent riverfront and create mixed-use environments. The early years In the 1980s, the city of Chicago designated a series of industrial corridors and Planned Manufacturing Districts (PMDs) — many along waterways and railways — to protect the city’s industrial base from encroachment by …

June 22, 2017

California Multifamily Western

MG Properties Receives $84.9M Loan to Acquire Alexan Melrose Apartments in Vista

by Nellie Day June 21, 2017

VISTA, CALIF. — MG Properties has received an $84.9 million loan to acquire the 410-unit Alexan Melrose in the San Diego submarket of Vista. The Class A complex is located at 1401 N. Melrose Drive. Alexan Melrose was built in 2015. It is 94 percent leased. The garden-style community features one- to three-bedroom units. The buyer plans to rebrand the property as the Preserve at Melrose Apartments. The 10-year loan features a fixed rate through Freddie Mac. CBRE’s Scott Peterson, Bill Chiles and Brian Cruz secured the financing.

June 21, 2017

California Multifamily Western

Van Nuys Apartment Complex Sells for $4.5M

by Nellie Day June 21, 2017

VAN NUYS, CALIF. – An unnamed buyer has acquired a 28-unit apartment building in Van Nuys for $4.5 million. The community is located at 15843 Saticoy St. It recently underwent an upgrade and has little deferred maintenance. Clyde Isaacson of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.

June 21, 2017

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