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AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

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12th & James
AcquisitionsAffordable HousingGeorgiaMultifamilySoutheast

JLL Negotiates $39M Sale of Luxury Apartment Complex in Atlanta’s Upper Westside Neighborhood

by Abby Cox

ATLANTA — JLL Capital Markets has negotiated the $39 million sale of 12th & James, a 214-unit luxury apartment complex in Atlanta’s Upper Westside neighborhood. While all units will be dedicated to long-term affordable housing under the new ownership, half of the apartments will be specifically reserved for families earning up to 80 percent of the area median income (AMI). An agreement with the Atlanta Urban Development Corp. ensures the units will remain affordable for at least 25 years. Situated along 1212 James Jackson Parkway NW, the complex was originally built in 2002 and features 189 partially renovated units and 25 original apartments spanning one-, two- and three-bedroom floorplans. The partially renovated units include upgrades such as white cabinetry, new countertops, tile backsplashes, stainless steel appliances, Nest thermostats and smart home features. Community amenities include a resort-style swimming pool, fitness center, business center, outdoor kitchen and an off-leash dog park. John Weber, Peter Yorck, Nick Brown and Dean Shoham of JLL’s Investment Sales and Advisory team represented the seller, Aspen Square Management, in the transaction. The buyer was EQ Housing Advisors Inc., who partnered with Atlantica Properties to convert the property into long-term affordable housing.

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Tom Cousins
GeorgiaSoutheast

Legendary Atlanta Real Estate Developer, Philanthropist Tom Cousins Dies at 93

by Abby Cox

ATLANTA — Tom Cousins, an Atlanta-based real estate developer, professional sports supporter and philanthropist, has died at the age of 93 while hospitalized in Florida, according to multiple media outlets. After starting his real estate career selling $11,000 houses with his father in the late 1950s at a firm called Knox Homes, Cousins founded Cousins Properties Inc. in 1958 at 26 years old. The small homebuilding company experienced rapid growth, launching an initial public offering (IPO) in 1962 and solidifying its position as the state’s largest homebuilder by 1964, while soon expanding to office development in 1965. The company transitioned to a real estate investment trust (REIT) in 1986. Today, the company stands as a preeminent office REIT in the Sun Belt, with office buildings in Atlanta, Austin, Charlotte, Dallas, Nashville and Phoenix. Cousins’ most notable achievements include the development of Bank of America Plaza in Midtown Atlanta; 191 Peachtree, the CNN Center and Omni Coliseum in downtown Atlanta; and the Pinnacle Building in Buckhead. Cousins, along with former retail head Joel Murphy, also pioneered The Avenue open-air retail concept, opening several retail and dining destinations in the suburbs of Atlanta in the late 1990s and early 2000s. Cousins also …

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DevelopmentGeorgiaSoutheastStudent Housing

Carter, Front Street Break Ground on 521-Bed Student Housing Development Near Wake Forest University

by John Nelson

WINSTON-SALEM, N.C. — A joint venture between Carter and Front Street Capital has broken ground on Creekside at The Grounds, a 521-bed student housing development located near the Wake Forest University campus in Winston-Salem. The community will be part of Phase I of The Grounds, a 100-acre mixed-use project under development by the partnership. The $215 million first phase of construction is also set to include an office building and a retail village. Creekside at the Grounds will offer 229 fully furnished units with bed-to-bath parity. The community will also feature a clubhouse with study rooms and a fitness center, as well as an outdoor swimming pool, kitchen and entertainment area. The project is scheduled for completion in fall 2027. The design-build team includes The Preston Partnership (architect), Brasfield & Gorrie (general contractor) and Stimmel Associates (engineer of record). Carter and Front Street Capital’s financial partners on Creekside are Kayne Anderson Real Estate and Truist Financial Corp.

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DevelopmentGeorgiaSeniors HousingSoutheast

ASC Begins Construction on 377-Unit Seniors Housing Community in Athens, Georgia

by John Nelson

ATHENS, GA. — Active Senior Concepts (ASC) has broken ground on Celebration Village Athens, a new senior living community in Athens, roughly 80 miles northeast of Atlanta and home of the University of Georgia. Upon completion, the development will total 377 units, with 96 bungalows, 20 independent living cottages, 70 independent living villas, 96 concierge living apartments, 66 assisted living apartments and 29 memory care suites. Celebration Village Athens will also feature a 30,000-square-foot Celebration Club and 4,000-square-foot spa and wellness center. Other amenities will include pickleball and bocce ball facilities, pavilions with grill stations, fire pits, a putting green, walking paths, community gardens and a private lake, as well as onsite wellness programs, chef-prepared meals and a social calendar. The first phase of the project, which will comprise three-bedroom bungalows, is scheduled for completion in 2026. This marks the fifth Celebration Village community in Georgia, with existing properties located in Peachtree City, Snellville, Forsyth and Acworth.

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DevelopmentGeorgiaHealthcareSoutheast

Piedmont Healthcare to Build $275M Hospital Expansion in Fayetteville, Georgia

by John Nelson

FAYETTEVILLE, GA. — Piedmont Healthcare’s board of directors has approved a $275 million expansion and renovation project at Piedmont Fayette, an existing hospital campus in Fayetteville, about 28 miles southwest of Atlanta in Fayette County. The project will add a new patient tower with space for future expansion, as well as the renovation of 31,304 square feet that includes surgical rooms, a kitchen, lab, pharmacy, loading dock and central utility plant. Construction is expected to start in early 2026 and be completed within three years. The project represents Piedmont Healthcare’s largest capital investment since the Marcus Tower on the campus of Piedmont Atlanta, the health system’s founding hospital. Piedmont Fayette, formerly known as Fayette Community Hospital, opened in 1997 and was last renovated in 2017.

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AcquisitionsGeorgiaRetailSoutheast

Matthews Arranges Sale of 73,931 SF Shopping Center in Dalton, Georgia

by John Nelson

DALTON, GA. — Matthews has arranged the sale of Northside Plaza, a 73,931-square-foot shopping center located at 1263 N. Glenwood Ave. in Dalton, a city in north Georgia near the Tennessee border. The center was 92 percent leased at the time of sale to tenants including America’s Thrift Stores and Dollar Tree, as well as other national and restaurant outparcels. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction. A family office out of Texas purchased Northside Plaza for an undisclosed price. The seller was also not disclosed.

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Company NewsDevelopmentGeorgiaIndustrialSoutheast

Pilgrim’s to Invest $400M for Prepared Foods Facility in Northwest Georgia, Create 630 Jobs

by Abby Cox

LAFAYETTE, GA. — Pilgrim’s, a global food company primarily known for producing and processing chicken and pork, will invest $400 million for the construction of a new prepared foods facility located in the northwestern corner of Georgia in LaFayette, about 30 miles south of Chattanooga, Tenn. Situated within Walker County Business Park, the multi-phase development is expected to create more than 630 new jobs at full capacity. The project is scheduled to break ground in the fall, and hiring is expected to begin in 2027, aligning with the scheduled completion of the first phase of construction. Lori Dowdy, in partnership with the Walker County Development Authority and Georgia Quick Start, internally represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team in the Pilgrim’s deal. Pilgrim’s currently operates seven food production facilities across Georgia, employing roughly 7,500 people.

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The Weldon
DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential Opens 330-Unit Multifamily Community in McDonough, Georgia

by Abby Cox

MCDONOUGH, GA. — Alliance Residential Co. has opened The Weldon by Broadstone, a 330-unit multifamily community located in McDonough, roughly 30 miles south of Atlanta. The project team included locally based Dynamik Design, which served as the architect and interior designer, and Planners & Engineers Collaborative, which served as the project’s civil engineer. Situated within metro Atlanta’s I-75 corridor, The Weldon features one- and two-bedroom apartments ranging in size from 810 square feet to 1,182 square feet, according to Apartments.com. Amenities at the complex include a resort-style saltwater swimming pool with in-pool lounge chairs, outdoor lounge seating, a covered outdoor entertainment area with grilling stations, 24-hour fitness center, coworking spaces, a clubroom with an entertainment kitchen, gated pet park, children’s playground and a mailroom featuring a Luxer One package locker. Private balconies will also be available to residents in select units. Rental rates begin at $1,383 for a one-bedroom apartment.

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Company NewsGeorgiaRetailSoutheastTennessee

Pinnacle Financial, Synovus Agree to $8.6B Merger, Operate Under Pinnacle Brand

by John Nelson

NASHVILLE, TENN. AND COLUMBUS, GA. — Pinnacle Financial Partners (NASDAQ: PNFP) and Synovus Financial Corp. (NYSE: SNV) have entered into a definitive agreement to combine operations in an all-stock transaction valued at $8.6 billion. The price reflects the closing stock prices for the two companies on July 21, the latest date unaffected by the merger announcement — $116.83 per share for Pinnacle and $55.53 for Synovus. Under terms of the agreement, Pinnacle shareholders will own approximately 51.5 percent of the combined company, which will operate under the Pinnacle name and trade under the PNFP ticker symbol on the New York Stock Exchange. Pinnacle Financial will move its headquarters to Atlanta while the retail bank branch division of the combined company, which will operate under the Pinnacle Bank brand, will be based in Nashville. As of June 30, Synovus operates 244 bank branches in Georgia, Alabama, Florida, South Carolina and Tennessee. Pinnacle operates 179 bank branches in Tennessee, Virginia, North Carolina, South Carolina, Georgia, Alabama, Kentucky and Florida, according to the FDIC. The Pinnacle-Synovus merger will create the largest bank holding company in Georgia and the largest bank in Tennessee. The transaction, which is expected to close in first-quarter 2026, has …

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