REBusinessOnline

Carroll Acquires Two Multifamily Properties in Atlanta for $175M

ATLANTA — Atlanta-based Carroll has acquired two new multifamily properties in northeast Atlanta called The Artisan and Berkshires at Lenox Park for a combined purchase price of $175 million. Carroll paid $245,000 per unit with a total of 715 units between the two properties, according to the Atlanta Business Chronicle. The seller(s) was not disclosed.Both properties were acquired through Carroll’s institutional investment vehicle, Carroll Multifamily Venture VI LP. The Artisan and …

Major Food Group, JDS to Develop 259-Unit Mixed-Use Residential Tower in Miami

MIAMI — Major Food Group and New York-based JDS Development Group have plans to develop MAJOR, a mixed-use residential tower located at 888 Brickell Ave. in Miami. Upon completion, MAJOR will be the tallest building in Miami at 1,049 feet, according to the developers.MAJOR will offer 259 for-sale condominiums, as well as a collection of food and beverage amenities, including standalone restaurants and private clubs. No other project plans were disclosed. William Sofield of Studio Sofield …

Berkadia Arranges $42.1M Sale of Multifamily Property in Largo, Florida

LARGO, FLA. — Berkadia has arranged the sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo. Jason Stanton, Cole Whitaker, David Etchison, Mary Beale, Lauren Gassie, Greg Rainey of Berkadia represented the seller, New York-based Ashcroft Capital, in the transaction. Indiana-based The Sterling Group purchased the property for $42.1 million.Mystic Bay Apartments features one-, two- and three-bedroom floor plans. The units include features such as walk-in …

Cherry & Associates Sells Short-Term Rental Development in Downtown Nashville

NASHVILLE, TENN. — Cherry & Associates has sold a short-term rental condo development in downtown Nashville. The buyer and sales price were not disclosed. Construction on the property started in March 2020 and is nearing completion this month. Brian Merrill and Grant Hammond of Metropolitan Brokers were the brokers for the residential portion and Nathan Frost and Elam Freeman with Ojas Partners were the brokers for the restaurant/retail space. A short-term rental is a furnished property …

Six Factors Helping to Power Interest in Multifamily Markets

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord.Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of …

Parkview Financial Provides $45M Construction Loan for Medical Office Building in Aventura, Florida

AVENTURA, FLA. — Los Angeles-based Parkview Financial has provided a $45 million construction loan for a speculative medical office building located in Aventura, approximately 19 miles north of Miami. The borrower was an entity of Gomez Development Group.The medical office project will have 142,000 square feet of space. Located at 21291 N.E. 28th Ave. on 1.6 acres, the property will include a seven-story building, as well as a four-level parking garage with 346 spaces. The site is …

Georgetown, RocaPoint to Develop 1 MSF Mixed-Use Project in Atlanta’s Central Perimeter District

ATLANTA — New York City-based The Georgetown Co. and affiliates of Atlanta-based RocaPoint Partners plan to co-develop Campus 244, a mixed-use development in Atlanta’s Central Perimeter submarket that will exceed 1 million square feet in size.Situated on 12.8 acres near the Dunwoody MARTA station, the first phase of Campus 244 will include an adaptive reuse of an existing office building into a five-story, 400,000-square-foot building. The office building formerly was the headquarters …

KBS Signs Three Tenants, Completes Renovations at 175,262 SF McEwen Building in Metro Nashville

FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet.One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based …

Nicol Investment Acquires Apartment Community in Daytona Beach for $68.5M

DAYTONA BEACH, FLA. — Nashville-based Nicol Investment Co. has acquired Madison Pointe, a 240-unit, four-story, garden-style apartment community located at the intersection of Interstate 95 and LPGA Boulevard in Daytona Beach. The purchase price was $68.5 million. The seller was not disclosed.Madison Pointe offers one-, two- and three-bedroom floorplans with a size range of 731 to 1,275 square feet, according to Apartments.com. Constructed in 2020, Madison Pointe units feature quartz …

US Economy Added 210,000 Jobs in November, Well Below Expectations

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 210,000 in November, and the unemployment rate fell from 4.6 percent in October to 4.2 percent, the U.S. Bureau of Labor Statistics (BLS) reported today. The headline number was well below Wall Street expectations of 573,000 jobs, according to CNBC.Notable job gains occurred in the professional and business services, transportation and warehousing, construction and manufacturing employment sectors. Meanwhile, employment in retail …

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