WASHINGTON, D.C. — Affinius Capital has originated a $97.9 million loan for the refinancing of The Lydian, a 324-unit apartment community located in Washington D.C.’s Mount Vernon Triangle submarket. Chris Hew and Susan Carras of JLL arranged the loan on behalf of the borrower, a joint venture between affiliates of locally based Quadrangle Development Corp. and The Wilkes. Co. Built in 2018, The Lydian comprises studio, one- and two-bedroom apartments ranging in size from 544 to 1,215 square feet. Amenities include a fitness center with a private yoga/training studio; an indoor-outdoor penthouse community space with extensive seating, a chef’s kitchen and private dining room; resort-style rooftop swimming pool and sun deck with grilling stations; landscaped interior courtyard; dog washing stations; secure bike room; and a controlled-access parking garage with 155 spaces.
ATLANTA — CBRE has arranged $83 million in acquisition financing for AMLI Lenox, a 391-unit luxury multifamily community located in Atlanta’s Buckhead district. Robert LaChapelle and Blake Cohen of CBRE secured the loan through New York Life on behalf of the owner, ORIX Corp. Shea Campbell, Ahish Cholia, Colleen Hendrix and Don Hoffman of CBRE represented the seller, AMLI Residential, in the transaction. Rebranded as Akari Buckhead, the apartment tower rises 24 stories and serves as a centerpiece for AMLI’s 1,302-unit, four-property campus that surrounds the 1.5-acre Marie Sims Park. The community, which was 96 percent occupied at the time of financing, offers studio, one-, two- and three-bedroom floorplans, as well as penthouses. Amenities include laundry services, a pet play area, pet washing station, electric vehicle charging stations and onsite retail, management and maintenance services.
CLAREMONT, N.C. — Conshohocken, Pa.-based Maguire Hayden Real Estate has sold a 395,990-square-foot industrial building in Claremont, a northern Charlotte suburb in Catawba County, to Box Equities for $22.1 million. Michael Scarnato, Pete Pittroff and Dave Andrews of JLL represented Maguire Hayden in the sale. Situated on approximately 17.9 acres, the industrial property includes 364,000 square feet of warehouse space, along with offices and other support areas. The facility also features 24 dock-high loading doors, clear heights ranging from 14 to 20 feet, truck courts ranging from 135 to 185 feet, a dedicated trailer parking lot and 109 car parking spaces. Maguire Hayden originally acquired the property through a sale-leaseback transaction and subsequently leased the entire building to CertainTeed, a wholly owned subsidiary of global building materials manufacturer Saint-Gobain. Maguire Hayden completed a capital improvements program during its ownership that included a new roof overlay and LED lighting throughout the facility. The building was originally constructed in 1986 and was renovated in 2011.
RICHMOND, VA. — Greenberg Gibbons has signed two new anchor retail tenants — Trader Joe’s and Onelife Fitness — at Midtown64, a 64-acre mixed-use project in Richmond. The first phase of the $500 million development, which includes the project’s 130,000-square-foot retail component, is expected to be completed in 2028. Onelife Fitness, which will occupy 65,000 square feet across two levels, will offer a turf training area, indoor saltwater pool, kid’s club, recovery suite and spa-inspired locker rooms, as well as studios dedicated for boxing, Pilates and stretching. Upon completion, Midtown64 will include 300,000 square feet of office space, nearly 1,000 apartments, 194 for-sale townhomes and a hotel, in addition to the retail space.
Over the past two decades, the multifamily sector, both nationally and locally, has had relatively calm seas, expanding demand, low predictable interest rates and, in the case of metropolitan New Orleans, significant barriers to entry. As a result, the headwinds that New Orleans has faced have been primarily due to national factors (interest rates, inflation) as opposed to any significant local factors. The metro New Orleans market is holding up surprisingly well despite some challenges. Demand is strong, new supply is restrained and although rent growth has been flat, occupancy remains relatively stable. Metro New Orleans is reporting overall occupancy in the 91 to 95 percent range. Average rents are $1,325 per month, with the highest being reported in Downtown New Orleans and St. Tammany Parish. It should be noted that the actual occupancy is at least 100 basis points higher as the metro has a significant number of units off-line as they undergo major renovations. The highest reported rents are in the Central Business District (CBD)/Warehouse District, which consists of predominately mid- and high-rise developments. Rents average $1,985 per month, with reported occupancy in the 92 to 94 percent range. The Mid-City market is reporting average monthly rents of …
APEX, RALEIGH AND WILMINGTON, N.C. — BWE Investment Sales has brokered the $349.9 million sale of the Cambridge Village Portfolio, a three-property independent living portfolio in Apex, Raleigh and Wilmington. The portfolio comprises Cambridge Village of Apex, a 219-unit community in Apex; The Cambridge at Brier Creek, a 195-unit community in Raleigh; and Cambridge Village of Wilmington, a 222-unit community in Wilmington. In addition, the acquisition includes entitled land parcels adjacent to the Apex and Brier Creek communities. Miami Beach, Fla.-based Starwood Capital Group purchased Cambridge Village of Apex and The Cambridge at Brier Creek senior living communities for a combined $209 million, according to the Triangle Business Journal. The firm also acquired Cambridge Village of Wilmington for $140.9 million. Oliver Development built the three communities, which were constructed between 2010 and 2022 and are operated by Cambridge Village Senior Living. Each campus features resort-style amenities including fitness centers with instructor-led programming, heated indoor pools, a full-service salon and spa, restaurant-style dining, movie theaters, libraries and landscaped outdoor gathering areas.
FORT VALLEY, GA. — Blue Bird Corp., an American manufacturer of school buses and alternative-fuel student transportation, plans to invest an estimated $300 million to expand its manufacturing operations in Fort Valley, about 27 miles southwest of Macon, Ga. The new 1 million-square-foot facility is expected to create 375 new jobs over the next three years. Blue Bird will convert a former manufacturing site for diesel-powered motorhomes located at 401 Wanderlodge Way into a new facility to build buses of all powertrains. The facility will produce Type C school buses — i.e. the classic, “conventional” yellow school buses — which will include diesel, gasoline, propane and electric-powered models. Construction is expected to begin in the first quarter of 2027. Civic support for Blue Bird’s investment includes the Development Authority of Peach County, Georgia Quick Start and the Georgia Department of Economic Development’s (GDEcD) Global Commerce team.
WINTER HAVEN, FLA. — SRS Real Estate Partners has arranged the $133 million sale of a 685,000-square-foot, single-tenant industrial property in Winter Haven occupied by Sherwin-Willaims. Situated on nearly 40 acres about 46 miles south of Orlando, the property serves as a major distribution center for Sherwin-Williams, which operates on a corporate-guaranteed triple-net lease with a new long-term extension option. Sherwin-Williams uses the property for the storage and distribution of paint and related products. John Redfield of SRS represented the seller, a New Jersey-based private owner. Matthew Mousavi and Patrick Luther, also with SRS, represented the buyer, an East Coast-based, family-owned company with interests in real estate and agriculture. Both parties requested anonymity. SRS also managed the multi-loan financing strategy for the property. Originally constructed in 1992, the industrial property underwent a significant expansion this year, adding new buildings and office space to enhance the facility’s operational capacity.
GREENVILLE, S.C. — Insite Properties has acquired Pelham @ Hyland, a four-building small bay/flex portfolio located along the I-85 corridor in Greenville. Trinity Partners represented the undisclosed buyer, while BWE’s Charlotte office supported the buyer for capital sourcing. CBRE represented the undisclosed seller in the transaction. The sales price was also not disclosed. Trinity Partners will handle leasing for the property, and Insite will provide property management services. Insite is planning a capital improvement program for the 120,000-square-foot property, which includes parking lot and landscaping upgrades, new signage and branding, additional dock and roll-up doors and the addition of spec suites.
MONTREAL AND NEW YORK CITY — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington. The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers and essential services that demonstrate “durable performance and resilient foot traffic,” according to the press release. In particular, the joint venture targets U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where well-capitalized retailers are actively seeking to expand. “Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” says Brian Wallick, portfolio manager of U.S. cities retail strategy at Nuveen Real Estate. “We’re confident this combination of scale, relationships and local execution positions us strongly in one of the most stable and defensive segments …
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