CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. (BRG) has acquired a newly constructed apartment community in Charlotte’s South End neighborhood known as the Park & Kingston Apartments. BRG purchased the 168-unit asset in a joint venture with Bluerock Special Opportunity + Income Fund III LLC for roughly $30.7 million. BRG funded the acquisition with $6.3 million in equity and a five-year, $15.3 million Fannie Mae loan that features a fixed interest rate of 3.21 percent and five years of interest-only payments. Park & Kingston’s amenity package includes a rooftop terrace with uptown skyline views, internet cafes, coffee bars, private courtyards, pool and sundeck, outdoor fireplaces, dining and grilling stations, controlled access covered parking and a fitness studio. The seller was Park Kingston Investors LLC.
AUGUSTA, GA. — Berkadia has brokered the $10.5 million sale of Georgian Place Apartments, a 324-unit multifamily community located at 1700 Valley Park Court in Augusta. The apartment property is located across the street from Georgia Regents University and roughly five miles from Augusta National Golf Course. The property features a swimming pool, playgrounds and a laundry facility. The buyer was a New York-based entity and the seller was a South Carolina-based entity. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered the transaction. Georgian Place Apartments was 96 percent occupied at the time of sale.
MIAMI — Crocker Partners has signed international law firm Hughes Hubbard & Reed LLP to a 24,000-square-foot lease renewal for the full 25th floor at Miami Center, a 34-story office tower in Miami’s central business district. Rashid Siapoosh of Newmark Grubb Knight Frank, along with Gerard Cruse and Fran Tuffy of Hughes Hubbard, represented the tenant in the 10-year lease renewal. Jon Blunk, Laurel Oswald and Cristina Glaria of Cushman & Wakefield represented the landlord.
NEW YORK CITY — Kalbridge Associates, a joint venture of The Kalikow Group and Waterbridge Capital, has sold three adjoining multifamily buildings located at 113-117 Elizabeth St. in the Nolita section of Manhattan. A.D. Real Estate Investors purchased the 30-unit portfolio for $26 million. Each five-story building features 10 apartments in a mix of two- and three-bedroom layouts. Alex Heydt of TOWN Residential represented the seller, while Joe Messina and Stephen Ferrara, also of TOWN, represented the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of an apartment building, located at 71-13 60th Lane in the Ridgewood section of Queens. Viking Management purchased the property for $21 million from Bonjour Capital. The 45,800-square-foot building features a mix of one-, two- and three-bedroom units, game room, resident lounge, children’s playroom and a furnished roof deck. Eric Goldberg, Keith Pollock and Eliska Krausova of Olsham Law provided legal counsel for the seller, while Stephen O’Connell of Smith, Gambrell & Russell served as legal counsel for the buyer in the transaction.
BOSTON — An affiliate of The Grossman Companies Inc. has acquired a self-storage facility in Boston’s Roslindale neighborhood. Located at 34-44 Lochdale Road, the 44,000-square-foot facility features 366 storage units, as well as 17,000 square feet of commercial space that is leased to two tenants. The property was purchased for $8.8 million, including a $6.4 million acquisition loan provided by Brookline Bank. The name of the seller was not released.
HARTFORD, CONN. — Colliers International has secured a $3.9 million loan for Colonial Court Apartments in Hartford. The non-recourse loan features a 75 percent loan-to-cost ratio with a rate of 3.75 percent. Kris Wood, John Banas and Alex Hails of Colliers secured the financing for the undisclosed repeat borrower.
RAMSEY, N.J. — NAI Hanson has brokered the lease of 44,560 square feet of industrial space in Ramsey. Glebar Corp. will relocate to the industrial space at 565 Crescent Ave. from Franklin Lakes, N.J. The facility features five tailgates, one drive-in loading dock and 9,400 square feet of office space. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the property owner, West Essex Industrial Park LLC, while Craig Engelhardt of Savills Studley represented the tenant in the lease transaction.
Nashville has quickly become one of the most active Southeast markets for multifamily, both in terms of development and sales. Driven by tremendous job growth, strong population increases, a pro-business climate and an educated workforce, Nashville’s remarkable multifamily growth is not overstated. From 2014 to 2017, more than 12,300 units are projected to enter the market, with another 9,000 that are planned or proposed. Concerns have arisen that Nashville’s supply will outpace the demand in the medium term. However, job growth indicators, sales activity and lease-up velocity indicate the contrary. Nashville’s economy has surpassed the $100 billion mark with a 5.1 percent unemployment rate and a 4.2 percent GMP growth rate that is double that of the rest of the nation. Notable recent expansions include General Motors (1,800 jobs), Under Armour (1,500 jobs), Magna International (357 jobs), and FedEx (347 jobs) — all of which were announced in the second half of 2014. In addition, Bridgestone America has announced that it will consolidate its operations in Nashville adding 600 jobs. These expansions combined with immense foreign direct investment continue to fuel the area’s growth. According to IBM’s 2014 Global Location Trends Report, Tennessee ranks first in the nation in terms …
OVERLAND PARK, KAN. — Carter Validus Mission Critical REIT II Inc. has acquired the Heartland Rehabilitation Hospital in Overland Park for $24.5 million. The newly built, 45-bed in-patient rehabilitation facility is located on more than four acres and measures approximately 54,568 square feet in net rentable area. The facility will provide physical, psychological, social and vocational rehabilitation services to patients. The property is fully leased to Heartland Rehabilitation Hospital LLC, which is a newly formed operating subsidiary of Post-Acute Medical LLC, an owner/operator of eight in-patient rehabilitation facilities and long-term acute care hospitals in Texas and Louisiana. PAM is an affiliate of Vibra Healthcare LLC.