REBusinessOnline

Besyata, Scharf Group Acquire 352-Unit Multifamily Community in Virginia Beach for $37.7M

VIRGINIA BEACH, VA. — Besyata Investment Group and The Scharf Group have purchased Brookfield Apartment Homes, a multifamily property located at 1101 Craftsman Drive in Virginia Beach. Bonaventure Investment Group sold the property for $37.7 million. Constructed in the early 1970s, Brookfield comprises 44 two-story apartment buildings holding 352 units. The property includes two swimming pools, two community rooms and a tennis court. George Hankins and Victoria Pickett of CBRE|Hampton …

Acquisitions, Multifamily, Southeast, Virginia

Mag Mile Capital Facilitates $12.1M Loan for Apartment Complex in Columbia

COLUMBIA, S.C. — Mag Mile Capital has arranged a $12.1 million bridge loan for St. Andrews Apartments, located at 601 St. Andrews Road in Columbia. The loan features an initial funding of $9.7 million with a 79 percent loan-to-value ratio and a $2.3 million future funding with a three-year initial term and two one-year extension options. Rob Bernstein of Mag Mile originated the deal, while Prabhat Jayara, Ian Carlos and Elizabeth Skrynecka, also of Mag Mile, provided the underwriting and …

Loans, Multifamily, South Carolina, Southeast

SunTrust Originates $8.2M Acquisition Loan for Apartment Property in South Georgia

VALDOSTA, GA. — SunTrust Banks has originated a $8.2 million bridge loan for the acquisition of Fields of North Valdosta, a multifamily property located at 480 Murray Road in Valdosta. The pet-friendly property features 113 two-bedroom units, ranging in size from 970 square feet to 1,200 square feet. Units include air conditioning, dishwasher, disposal, plush carpeting, walk-in closets and washer/dryer connections. Community amenities include a clubhouse, playground, swimming pool and …

Georgia, Loans, Multifamily, Southeast

SRS Arranges Sale of Walmart-Anchored Shopping Center Near Chattanooga

KIMBALL, TENN. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Kimball Crossing, a 280,476-square-foot retail center located in Kimball, 29 miles outside Chattanooga. Evansville, Ind.-based Regency Properties acquired the center for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the seller, Brixmor Property Group, in the transaction. The center was 98 percent leased at the time of sale to tenants such as Walmart, Goody’s, …

Acquisitions, Retail, Southeast, Tennessee

Hurricane Michael Wind, Storm Surge Causes Estimated $3B to $5B in Losses, CoreLogic Analysis Shows

MEXICO BEACH, FLA. — CoreLogic, a global property information, analytics and data-enabled solutions provider, has released updated residential and commercial storm surge and wind loss estimates for Hurricane Michael. According to new data, the wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion, while the storm surge losses, including losses covered by the National Flood Insurance Program, are slated to be an additional $500 …

Civic, Florida, Southeast

Walker & Dunlop Brokers $133M Sale of Two Multifamily Properties in Metro Atlanta

ATLANTA — Walker & Dunlop's Investment Sales division has arranged the sale of Stadium Walk and Overlook at Huntcrest, two multifamily properties located in Atlanta. Atlanta-based Brand Properties sold the properties to Charleston-based Blaze Partners for a total of nearly $133 million. Kris Mikkelsen and Chris Goldsmith of Walker & Dunlop represented the seller in the deal. Additionally, following the sale, Stephen West, Matthew Wallach and Justin Nelson of Walker & Dunlop’s …

Acquisitions, Georgia, Multifamily, Southeast

Greystone Provides $74.5M Freddie Mac Financing for 1,768-Unit Multifamily Portfolio in Southern Virginia

NEW YORK — Greystone has provided $74.5 million in Freddie Mac financing for a 16-property multifamily portfolio located across Virginia. New York-based The Lightstone Group, a privately held real estate company, is the borrower. Dan Sacks of Greystone’s New York office originated the separate loans for the various affordable housing and market-rate rental properties. Greystone provided a combination of both affordable and conventional market-rate Freddie Mac loans, each with 10-year terms. …

Loans, Multifamily, Southeast, Virginia

Core5 Completes First Phase of 2.5 MSF Logistics Center in Metro Memphis

HORN LAKE, MISS. — Atlanta-based Core5 Industrial Partners has completed its first two inventory buildings at DeSoto 55 Logistics Center, a business park in Horn Lake, a Mississippi town within the greater Memphis market. Situated along the Interstate 55 corridor, the 175-acre business park will feature more than 2.5 million square feet of Class A space once fully developed. The first phase included Building A1, a 581,475-square-foot cross-dock facility that is expandable to more than 1 …

Development, Industrial, Leasing Activity, Mississippi, Southeast

Cortland Sells 328-Unit Multifamily Community in Central Florida for $49.7M

OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit. Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in a mix of one-, two- and three-bedroom …

Acquisitions, Florida, Multifamily, Southeast

Vesper Acquires 792-Bed Student Housing Community Near University of Southern Mississippi

HATTIESBURG, MISS. — Vesper Holdings has acquired Vie at Hattiesburg, a 792-bed student housing community located near the University of Southern Mississippi campus in Hattiesburg. The property offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a clubhouse, swimming pool and poolside lounge with a TV, 24-hour fitness center, business center, computer lab, sand volleyball court and a private shuttle to campus. The community’s previous owner, whose name …

Acquisitions, Mississippi, Multifamily, Southeast, Student Housing
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