Georgia

Berkadia Arranges $32M Sale of Tucker Square Apartments in Metro Atlanta

by Julia Sanders July 1, 2021

TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.

July 1, 2021

Development Georgia Multifamily Southeast Student Housing

Juneau Construction Breaks Ground on Hub Atlanta Student Housing Project Near Georgia Tech

by Julia Sanders July 1, 2021

ATLANTA — Juneau Construction Co. has broken ground on Hub Atlanta, a student housing high-rise property located at 960 Spring St. in Midtown Atlanta. The property, developed by Core Spaces, is meant to be an off-campus housing option for students attending nearby Georgia Tech. Hub Atlanta will provide housing for almost 800 students beginning in the summer of 2023. The new development will be located close to the Midtown MARTA station and will comprise studios up to six-bedroom units. Standing 19 stories tall, Hub Atlanta will have 5,600 square feet of ground-level retail space along Spring Street. Community amenities will include a fitness center, study lounge, coworking space, pool deck with a hot tub, library and dog run and wash area. Additionally, Hub Atlanta residents will have access to four stories of garage parking with bicycle parking and electric vehicle charging stations. Core Spaces is a real estate investment firm that focuses on acquiring, developing and managing residential properties. Hartshorne Plunkard Architecture is also part of the project team and is a Chicago-based architecture and design firm. Juneau Construction is an Atlanta-based construction firm.

July 1, 2021

Development Georgia Industrial Southeast

Trammell Crow, Clarion to Develop 1.1 MSF Build-to-Suit Facility for Ace Hardware in Jefferson, Georgia

by Julia Sanders June 30, 2021

JEFFERSON, GA. — Trammell Crow Co. and its joint venture partner Clarion Partners LLC have released plans for a new distribution center for Ace Hardware Corp. as part of the Jefferson Mill Business Park in Atlanta’s I-85 Northeast submarket. Ace Hardware, a retailer of convenience hardware products based in Oak Brook, Ill., will lease a 1.1 million-square-foot building when construction is complete in the second quarter of 2022. Located at 1231 Hog Mountain Road in Jefferson, the build-to-suit facility will include 28,000 square feet of office space, 400 car parking spaces and 300 trailer parking spaces. The building will be expandable by an additional 460,000 square feet, and the property will serve as one of Ace Hardware’s retail support centers. David Lind of CBRE represented Ace Hardware in the lease negotiations. Ben Logue and Price Weaver of Colliers International represented the landlords.

June 30, 2021

Development Georgia Retail Southeast

North American Properties Opens Politan Row Food Hall at Colony Square in Midtown Atlanta

by Julia Sanders June 30, 2021

ATLANTA — Developer North American Properties (NAP) has opened Politan Row, a new food hall at Colony Square in Midtown Atlanta. The food hall is located at the corner of 14th and Peachtree streets and features space for 11 independent food and beverage concepts, a central bar, an event space and a hidden bar. An entity known as Politan Group operates the food hall. The nine open purveyors at Politan Row include Belli Pizzeria, Bun Mi Grill, Federal Burger, Gekko, Locale Cafe, Pretty Little Tacos, Tandoori Pizza and Wing Co., Unbeliebubble and YŌM. The last two concepts are still in the planning stages and more information about them will be released later. Politan Row at Colony Square’s interior space, which can seat 250 guests, makes up approximately 20,000 square feet. Colony Square’s outdoor space encompasses 22,000 square feet and includes three designated areas known as The Plaza, The Patio and The Grove. The Plaza will host Colony Square’s 200 plus annual events. The Patio features a variety of covered seating, an outdoor bar and shuffleboards. The Grove includes seating underneath a canopy of trees. Anchoring the new food hall is Bar Politan, a 40-seat bar whose program includes craft cocktails, …

June 30, 2021

Development Georgia Multifamily Seniors Housing Southeast

Capitol Seniors Housing Breaks Ground on 180-Unit Outlook at Exchange in Buford, Georgia

by Julia Sanders June 30, 2021

BUFORD, GA. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange seniors housing community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to Topgolf, Andretti’s, Sprouts Farmers Market and the food hall, The Outlook at the Exchange will feature a mix of one- and two-bedroom apartments. The project is scheduled to open in late 2022. Element Architects is the design firm for the project, and Core Construction is the general contractor. Capitol Seniors Housing is a senior housing development and investment firm based in Washington, D.C.

June 30, 2021

Acquisitions Georgia Office Southeast

Office Properties Income Trust Acquires Twelve24 Office Property in Metro Atlanta for $195M

by Julia Sanders June 29, 2021

DUNWOODY, GA. — Office Properties Income Trust (OPI) has acquired Twelve24, a 345,917-square-foot, Class A office property in Dunwoody, for $195 million. Trammell Crow Co. was the developer and seller. Will Yowell, Will Pike and Devon Huseman of CBRE brokered the sale, which sold to OPI at a 6.3 percent cap rate. Twelve24 is 96 percent leased to Insight Global for its corporate headquarters and 98 percent leased overall, with a weighted average lease term of 14.2 years. Located at 1224 Hammond Drive, the property includes direct access to MARTA. Built in 2021, the property’s amenities include a fitness center, outdoor patio, café, ground-floor retail and a total of 1,023 parking spaces. The property is within Atlanta’s Central Perimeter submarket which is a home to Fortune 500 headquarters for Mercedes-Benz USA, State Farm and Nasdaq. OPI is a real estate investment trust (REIT) focused on owning, operating and leasing properties. OPI is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Mass.

June 29, 2021

Build-to-Rent Georgia Market Reports Multifamily Southeast Southeast Market Reports

Investors are ‘Swarming’ Atlanta’s Multifamily Market, Driving Pricing Up

by John Nelson June 28, 2021

Atlanta is a hot spot for investing in multifamily assets as the market emerges from the COVID-19 pandemic. The apartment market’s fundamentals, including occupancy and rent growth, have held up considerably well, making the market extremely attractive to buyers. Because the Atlanta market has an abundance of capital looking to be deployed, prices are being driven up significantly and cap rates driven down. Multifamily has outperformed many other commercial real estate sectors during the pandemic, considered a “hot-ticket asset class” by investors, which leads to new capital swarming the Atlanta apartment market. Many multifamily properties are now routinely trading at a sub-4 percent cap rate, indicative of the vast amount of available capital and the confidence that investors have in the product type. However, rather than clearing the market and searching for as many prospective buyers as they can, sellers are looking at a smaller subset of dominant, well-known investors that they know will deliver and get the transaction done. They are seeking six to 12 well-recognized, established players that can execute a deal at top prices. It is an extremely competitive process, and all buyers know they have to swing high on pricing. Oftentimes, no one broker is selected …

June 28, 2021

Acquisitions Georgia Multifamily Southeast

FCP Sells 312-Unit River Crossing at Roswell Apartments in Metro Atlanta

by Julia Sanders June 25, 2021

ROSWELL, GA. — FCP has sold River Crossing at Roswell, a 312-unit apartment community in metro Atlanta. The buyer was Ashcroft Capital, who bought the property for an undisclosed price. Originally known as River Trace Apartments when FCP acquired the property in 2016, River Crossing at Roswell has undergone $5.5 million in improvements to its amenities, units and exteriors. Located at 1450 Raintree Way in Roswell, River Crossing at Roswell is located adjacent to neighborhood shopping centers anchored by a Publix and Life Time Fitness. The property has a lake and is located close to the Chattahoochee River. Community amenities include a fully renovated clubhouse with a fitness center, pool, playground, picnic area and a laundry center. As part of the capital improvements made on the property, 36 percent of the one-, two-, three- and four-bedroom apartments were renovated and have full-size washer and dryer connections, as well as private balconies and patios. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Mark Taylor of CBRE represented FCP in the sale. FCP is a privately held real estate investment company based in Chevy Chase, Md.

June 25, 2021

Development Georgia Mixed-Use Southeast

Lincoln Property Co. Breaks Ground on Echo Street West Mixed-Use Property in Atlanta

by Julia Sanders June 22, 2021

ATLANTA — Lincoln Property Co. has broken ground on the next phases of Echo Street West, a 19-acre mixed-use property located at intersection of Donald Lee Hollowell Parkway and Northside Drive in Atlanta. The multi-phase project includes 300,000 square feet of creative office space, 50,000 square feet of retail and restaurant space, 292 multifamily units, an events venue, artist colony and 3.4 acres of outdoor entertainment and green space. Future phases will bring additional office, retail, residential and hotel components to the site. The total Phase I development is expected to cost $265 million. Echo Street West will have several new community amenities, including the now-open event venue Guardian Works, the soon-to-open artist colony Guardian Studios and CoLab, a neighborhood creative office and venue space led by Joan Vernon, community organizer and director of Neighborhood Engagement at Westside Future Fund. Guardian Studios is an adaptive reuse of an early 1900s-era warehouse at Echo Street West. The first phase will feature 14 rentable art studios ranging in size from 200 to 500 square feet, a 3,000-square-foot open gallery space and outdoor wall murals. The second phase will add another 26 studios, bringing the total creative community to over 40 artists. Black …

June 22, 2021

Georgia Loans Multifamily Southeast

Newmark Secures $82M Refinancing Loan for 788 West Midtown Condo Property in Atlanta

by Julia Sanders June 21, 2021

ATLANTA — Newmark, on behalf of McKinley Homes, has secured an $82 million loan for the refinancing of 788 West Midtown, a 279-unit luxury condominium building located in Atlanta’s West Midtown neighborhood. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani and Ben Kroll of Newmark arranged the financing through Cerberus. Located close to Georgia Tech and Atlantic Station, 788 West Midtown is located at 788 W. Marietta St. NW. Roughly 40 percent of the condos at 788 West Midtown are sold and sales velocity is averaging more than four per month, according to Newmark. Based in Peachtree Corners in metro Atlanta, McKinley Homes is a land developer and builder specializing in real estate development and vertical construction.

June 21, 2021

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