Property Type

CHARLOTTE, N.C. — Portman and National Real Estate Advisors have topped out Linea at the Line, a 25-story apartment tower underway in Charlotte’s South End. The residential property is situated adjacent to The Line, a 16-story mixed-use property that Portman and National developed and sold in 2022. Portman and National plan to begin preleasing at the 370-unit high-rise in June and begin move-ins in February 2025. Linea at the Line will include connectivity to the Rail Trail and Lynx Blue Line light rail. In addition to luxury residences, Linea will feature ground-level retail space that will house True Food Kitchen, BAR ONE South End and Night Swim Coffee. Amenities will include concierge service, a rooftop pool, coworking spaces, pet spa, game room, climbing wall and an indoor/outdoor fitness center. Units will come in studio, one-, two- and three-bedroom floor plans, as well as lofts and penthouse suites.

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NAPA, CALIF. — Marcus & Millichap has negotiated the sale of Creekside Park I and II, a two-property multifamily portfolio in Napa. The assets traded for $46.9 million, or $249,734 per unit. Constructed in two phases in 1983 and 1985, Creekside Park consists of 15 two-story residential buildings and two single-story amenity buildings on more than 10 acres. The 188 one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units offer new flooring, cabinet faces, hardware, fixtures and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities and manicured grounds. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer, and procured the undisclosed buyer in the transaction.

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DULUTH, GA. — Gwinnett County has partnered with CBRE to redevelop Gwinnett Place Mall, a beleaguered regional mall in metro Atlanta. The county purchased 39 acres at the mall, including a shuttered Belk-Parisian department store, food court and inline retail space, in 2020 for $23 million. Other stakeholders in the nearly 1.3 million-square-foot mall include Northwood Ravin, which purchased the former Sears in 2018, and department store owner-operators Macy’s, Mega Mart and Beauty Master. Originally opened in 1984, Gwinnett Place Mall has served as filming locations for movies and TV series such as “Stranger Things” and “I, Tonya,” among others. Gwinnett County’s vision for the site is to create a dense, mixed-use activity center that is “well-connected, green and walkable, while preserving the cultural diversity and character of the area.” Next steps for the project will include collaboration with CBRE to refine plans before seeking development partners to transform the site. “Building on Gwinnett County’s work to date and commitment to this transformational project, CBRE is proud to join the county to deliver a revitalized, vibrant and inclusive development for Gwinnett residents,” says Jae Kim, vice president and head of CBRE’s U.S. East Coast Korea Desk.

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Broadstone-Edition-Irvine-CA

IRVINE, CALIF. — Developer Alliance Residential and architect KTGY have opened Broadstone Edition, a 264-unit residential property with a mix of market-rate and affordable apartments in Irvine. Located on the corner of Alton Parkway and Von Karman Avenue within the Irvine Business Complex, the five-story Broadstone Edition wraps around a six-story, 426-stall parking structure and two open courtyards. The property offers 22 very low-income units, 14 moderate-income units and 228 market-rate units. Onsite amenities include a pool and spa with cabanas; private karaoke lounge; 2,000-square-foot rooftop deck with a social lounge and firepits; 2,000-square-foot gym/studio; specialty bicycle parking; and a courtyard barbecue area. Additionally, the development has a Fitwel Healthy Building certification. The project team included Hendy as interior designer, Fuscoe Engineering as civil engineer and MJS Landscape Architecture as landscape architect.

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Tempo-Nine-Mile-Aurora-CO

AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development has completed vertical construction of Tempo Nine Mile, a multifamily community in Aurora. The project, which is located at the northeast corner of Parker Road and Peoria Street, is part of the 22-acre The Point at Nine Mile master-planned development. The five-story property will feature 255 market-rate apartments in a mix of one-, two- and three-bedroom layouts, ranging from 542 square feet to 1,321 square feet. Additionally, the community will offer 3,000 square feet of ground-floor retail space, an outdoor pool, landscaped courtyard, community room, bike-ski-kayak room, and rooftop fitness center and party deck. Pre-leasing is slated to begin this summer, with first deliveries and move-ins scheduled for fall 2024. KTGY is serving as architect, and Brinkmann Constructors is serving as general contractor. The developers are financing the project through a HUD-insured loan that PGIM Real Estate originated.

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RALEIGH, N.C. — A joint venture between Woodfield Development and American Asset Corp. plans to soon open The Keaton at Brier Creek, a 264-unit apartment community located at 3920 Macaw St. in Raleigh. The property will serve as the multifamily component of Brier Creek Town Center, which features an 800,000-square-foot shopping center called Brier Creek Commons Shopping Center. Woodfield and American Asset Corp. have begun leasing The Keaton, which will include studio, one-, two- and three-bedroom apartments commanding monthly rental rates starting at $1,414, according to the property website. Shelton Taylor + Associates designed the unit interiors. Amenities will include an 8,000-square-foot clubhouse, resort-style pool, fitness center, rooftop sky lounge, courtyards, dog park and spa, car wash station and detached garages. Move-ins are slated to begin later this month.

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The-Beverly-Portland-OR

PORTLAND, ORE. — Newmark has arranged the sale of The Beverly, a boutique mixed-use asset in Portland’s Hollywood District. Terms of the transaction were not disclosed. Originally delivered as condominiums in 2009, the 48,684-square-foot community features ground-floor retail space and 53 high-end residential units above. Whole Foods Market anchors the retail space. Nick Kucha, Nick Bicardo, Jakob Nicholls, Robert Black and Sam Lawhead of Newmark represented the undisclosed seller, while Tim Sotoodeh represented the undisclosed buyer in the deal.

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ATLANTA — Swinerton, a general contractor firm based in San Francisco, has opened its new office space at 251 Armour Drive in Atlanta. The 10,000-square-foot office is part of the Armour Yards adaptive reuse development and will house 70 Swinerton employees. JLL arranged the lease on behalf of the Armour Yards landlord, Northwoods Office. Designed by MurphyMeyers, the new space includes 22 private offices, 30 workstations, two flex rooms, two meeting rooms and a “preconstruction room.” Amenities include a fitness studio, wellness room and a working lounge with overhead doors, as well as direct access to the Atlanta BeltLine. The space also includes a mural, custom art pieces and the integration of mass timber into the overall aesthetic. Founded in 1888, Swinerton is 100 percent employee-owned and has 21 offices nationwide. Swinerton first opened its Atlanta office in 2017.

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1525-W-Indian-School-Rd-Phoenix-AZ

PHOENIX — ABI Multifamily has arranged the acquisition of a multifamily property located at 1525 W. Indian School Road in Phoenix. The asset traded for $2.4 million, or $136,111 per unit. Both the undisclosed buyer and seller are based in Arizona. Built in 1959, the two-story property features 18 apartments in a mix of four studio units, eight one-bedroom/one-bath units and six two-bedroom/one-bath units. The asset also offers parking for each unit and an on-site laundry facility. Andrew Arambula, Tom Palestina and Bryce Neagle of ABI Multifamily represented the buyer in the deal.

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BOSTON — Dallas-based REIT Ashford Hospitality Trust has entered into a definitive agreement to sell the 390-room Hilton Boston Back Bay Hotel for $171 million. Located at 40 Dalton St., the hotel offers a mix of traditional guestrooms and suites and amenities such as a fitness center, meeting and event rooms and an onsite restaurant. The deal is expected to close before the end of March. The buyer, a partnership between New York City-based hospitality investment firm Certares and California-based Belcourt Capital Partners, plans to implement a capital improvement program. The sales price represents a cap rate of 7.3 percent based on the property’s 2023 net operating income of $14.9 million.

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