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Affordable HousingDevelopmentGeorgiaMixed-UseMultifamilyRetailSeniors HousingSoutheast

Reports: RBH Group to Develop 34-Story Workforce Housing Tower in Downtown Atlanta

by John Nelson

ATLANTA — RBH Group plans to develop Teachers Village Atlanta, a 34-story workforce housing tower in downtown Atlanta’s Fairlie-Poplar neighborhood, according to multiple media outlets including Fox 5. The New Jersey-based developer received approval last week from the Development Authority of Fulton County to issue up to $370 million in tax-exempt bonds for the redevelopment of 98 Cone St. into the tower, according to The Atlanta Journal-Constitution. Situated near Centennial Olympic Park and Georgia State University, the development will span 457,584 square feet and include 227 independent living units, 197 rent-restricted apartments, 22,995 square feet of retail space, 371 garage parking spaces and 21,484 square feet of amenities and additional shared rooftop space, according to the project page on RBH Group’s website. 99.5 WSB reports that RBH Group plans to break ground on Teachers Village Atlanta in 2025, and Fox 5 reports that the tower will be delivered in 2027. The developer has previously delivered similar workforce housing developments such as Teachers Village Newark, Teachers Village Hartford and Teachers Village Chicago.

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AcquisitionsGeorgiaRetailSoutheast

Hendon Properties Acquires Shopping Center in Austell, Georgia for $15.2M

by John Nelson

AUSTELL, GA. — Hendon Properties has acquired East West Shops, an 85,565-square-foot shopping center located in Austell, a northwest suburb of Atlanta in Cobb County. Concorde Group Holdings sold the property for $15.2 million. OneLife Fitness, Starbucks Coffee and Urgent Team anchor the center, which was 96 percent occupied at the time of sale. Brad Peterson, Scott Israel and Tommy Isola of Colliers brokered the sale on behalf of Concorde Group.

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AcquisitionsAffordable HousingDevelopmentGeorgiaHospitalityMultifamilySoutheast

Bull Realty Brokers Sale of Hotel in Atlanta’s Summerhill Neighborhood, Buyer Plans Affordable Housing Conversion

by John Nelson

ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.

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GeorgiaIndustrialLeasing ActivitySoutheast

Colliers Arranges 215,822 SF Industrial Lease in Newnan, Georgia

by John Nelson

NEWNAN, GA. — Colliers has arranged a 10-year, full-building lease at Scout 85 Logistics, a 215,822-square-foot industrial building situated within Coweta Industrial Park in Newnan, a southwest suburb of Atlanta. Andrea Hopper and Jimmy Cohoat of Colliers’ Indianapolis office, along with Scott Plomgren of the firm’s Atlanta office, represented the tenant, Integrated Distribution Services (IDS), in the lease transaction. The landlord is Miami-based Scout Cold Logistics. Situated at 495 Coweta Industrial Parkway, the property offers proximity to the CSX Palmetto Industrial Facility and Hartsfield-Jackson Atlanta International Airport for IDS, a third-party logistics provider.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Careful Balance of Business Fundamentals, Quality Care Is Key to Seniors Housing Success, Say InterFace Panelists

by John Nelson

By John Nelson Seniors housing is a sector that has a long track record of carefully balancing care for its residents with the fundamentals of real estate, namely the return on investment in the form of monthly rental rates. Equity and debt partners have appreciated the sector as an investment vehicle for decades, but are now fully grasping how important operators are to realizing those gains. This was the topic of discussion among the “power panel” of executives at InterFace Seniors Southeast, an annual conference that was held at Westin Buckhead Atlanta on Wednesday, Aug. 28. Panelists were asked by moderator John Lariccia, CEO and founder of WelcomeHome Software, to summarize the state of the seniors housing industry in a single word. Doug Schiffer, president and chief operating officer of Allegro Senior Living, selected “encouraged” as the best term to describe the current mood of the sector. “The encouragement comes into the fact that both versions of capital, whether it was equity or debt, have actually recognized now the importance of the operator,” said Schiffer. “For quite some time, it was about the importance of the real estate and how the buildings were designed, and then ‘we’ll go find an …

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DevelopmentGeorgiaMixed-UseMultifamilySoutheast

Partnership Tops Out First Residential Tower at $5B Centennial Yards Development in Atlanta

by John Nelson

ATLANTA — Centennial Yards Co., a partnership between an affiliate of CIM Group and a group led by Tony Ressler, has topped off the first residential tower located within the $5 billion Centennial Yards development in downtown Atlanta. Dubbed The Mitchell and designed by TVS Architecture + Design and Goode Van Slyke Architects (GVSA), the building totals 19 stories and will feature 304 apartment units with studio, one-, two- and three-bedroom layouts. Amenities will include a pool with an event lawn and grilling stations, coworking spaces, a dog run and pet spa, fitness center and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion next year, with move-ins expected to begin in summer 2025. The Mitchell is situated across from a planned Sports and Entertainment District that will offer 470,000 square feet of entertainment, retail, restaurant and hospitality space. Cosm recently announced plans to open a 70,000-square-foot immersive entertainment venue at the district. Upon completion, Centennial Yards will span 50 acres and total 8 million square feet of commercial and residential space. Mercedes-Benz Stadium and State Farm Arena shadow anchor the development, which is located with proximity to Centennial Olympic Park and downtown Atlanta attractions including the …

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DevelopmentGeorgiaRestaurantRetailSoutheast

Chick-fil-A Opens First Elevated, Drive-Thru Only Restaurant in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Chick-fil-A is opening its first elevated, drive-thru only restaurant in the south Atlanta suburb of McDonough today. Located at 2155 Jodeco Road, the restaurant features four drive-thru lanes that run below an elevated kitchen that is twice the size of a typical Chick-fil-A kitchen. Food reaches the delivery team members via a custom meal transport system that uses conveyer belt technology. Patrons can either order onsite with a Chick-fil-A team member or order ahead on the Chick-fil-A app. The restaurant features dedicated lanes for both ordering methods, as well as “pull-aside lanes” for guests whose orders are taking longer to fulfill.  The Atlanta-based fast-casual restaurant chain says that the Jodeco Road restaurant has the capacity to support two to three times more vehicles than a standard Chick-fil-A restaurant drive-thru. Chick-fil-A, which opened its first restaurant with a drive-thru in 1993, expects to employ 150 team members at the new McDonough restaurant, which serves both the McDonough and Stockbridge markets. The company announced the new restaurant concept in summer 2023, along with a digital-only pick-up restaurant in New York City that opened in March.

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AcquisitionsCompany NewsGeorgiaLoansSoutheast

Trimont Agrees to Acquire Wells Fargo’s Commercial Mortgage Servicing Business

by John Nelson

ATLANTA AND SAN FRANCISCO — Atlanta-based Trimont has signed a definitive agreement to acquire Wells Fargo’s non-agency third-party commercial mortgage servicing business. The acquisition does not include the San Francisco-based company’s Fannie Mae or Freddie Mac business lines, which Wells Fargo will continue to service, along with the loans remaining on its balance sheet. Värde Partners, a global alternative investment firm, acquired and has owned Trimont through certain funds since 2015. Värde will provide funding for the acquisition, which will enable Trimont to offer servicing across all non-bank commercial real estate lending structures. Following the close of the acquisition, which is expected to occur in early 2025, Trimont will manage more than $715 billion in U.S. and international commercial real estate loans, making the firm the largest commercial real estate loan servicer in the United States. Trimont’s consultants in the transaction include J.P. Morgan Securities LLC (financial advisor), Goldman Sachs & Co. LLC (general advisory services) and Kirkland & Ellis LLP, Cadwalader, Wickersham & Taft LLP, and Trilegal (legal). Wells Fargo Securities LLC served as exclusive financial advisor to Wells Fargo, and Wachtell, Lipton, Rosen and Katz served as the company’s legal advisor.

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Build-to-RentDevelopmentGeorgiaMultifamilySingle-Family RentalSoutheast

Parkland Residential Begins Vertical Construction for 114-Unit Build-to-Rent Community in Lawrenceville, Georgia

by John Nelson

LAWRENCEVILLE, GA. — Parkland Residential has begun vertical construction at Sugarloaf Landing, a 114-unit build-to-rent residential community underway in Lawrenceville, a northeast suburb of Atlanta. Situated on 10 acres at 3440 Sugarloaf Parkway, the property will include rear-entry stacked townhomes, with each unit featuring two or three bedrooms and a one-car garage. Parkland Residential says that the townhomes will span between 1,600 for a two-bedroom home and 1,950 square feet for a three-bedroom unit, with monthly rental rates starting at $2,400. Prim Properties will begin leasing at the property in October. In addition to the townhomes, Sugarloaf Landing will feature a swimming pool with a cabana, playground, nature preserve, sidewalks and pocket parks.

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DevelopmentGeorgiaSoutheastStudent Housing

LV Collective Completes 750-Bed Student Housing Community Near University of Georgia

by John Nelson

ATHENS, GA. — LV Collective has completed Rambler Athens, a 600,000-square-foot student housing development located at 558 W. Broad St. in Athens near the University of Georgia campus. The community offers 750 beds across 342 units, with configurations ranging from studio to five-bedroom layouts. Amenities at the property include a second-floor study mezzanine with private study spaces and conference rooms; a resort-style swimming pool and hot tub surrounded by fire pits, a grilling area and jumbotron; an onsite dog spa; and a fitness center with cardio machines, weightlifting equipment, a yoga studio, artificial turf area and two saunas. The community also features a coffee shop dubbed Daydreamer Café, as well as 22,692 square feet of retail space. The development team for the project included Niles Bolton Associates, Krywicki Interior Design and Rabren General Contractors.

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