Georgia

PCCP Funds $48.4M Refinancing Loan for Two-Building Office Campus in Atlanta’s Central Perimeter Area

by Alex Tostado February 25, 2020

ATLANTA — PCCP LLC has provided a $48.4 million refinancing loan for Sterling Pointe, a two-building, 348,399-square-foot office campus in Atlanta’s Central Perimeter submarket. The seven- and eight-story buildings were 42 percent leased at the time of financing. The borrower, The Simpson Organization, will use the funds to lease-up the property. The buildings were originally built in 1980 and the owner implemented a $2 million renovation in 2018 to upgrade the lobby and common areas, along with amenity improvements including the café, outdoor courtyard space and a fitness center. Sterling Pointe is situated at 303 Perimeter Center N., 16 miles north of downtown Atlanta.

February 25, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Property in Midtown Atlanta

by Alex Tostado February 25, 2020

ATLANTA — Cushman & Wakefield has arranged the sale of Lilli Midtown, a 24-story, 147-unit multifamily community in Midtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as 3,965 square feet of ground-level retail space. Communal amenities include a pool, clubhouse, grilling area, fitness center and bike storage. The community is situated at 693 Peachtree St., three miles north of downtown Atlanta. The sellers, JPX Works, Mariner Group and ELV Associates, delivered the property in 2016. Oxford Properties Group acquired the asset. Robert Stickel, Alex Brown and Chris Spain of Cushman & Wakefield represented the sellers in the transaction.

February 25, 2020

Acquisitions Georgia Retail Southeast

Consolidated-Tomoka Purchases Perimeter Place Retail Center in Atlanta for $75.4M

by Alex Tostado February 24, 2020

ATLANTA — Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Central Perimeter submarket, for $75.4 million. The property was 80 percent leased at the time of sale to 42 tenants including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera, Outback Steakhouse and Carrabba’s. SuperTarget shadow anchors Perimeter Place, which is located on a 24-acre site less than a mile from Perimeter Mall and 16 miles north of downtown Atlanta. CBRE will manage the property and JLL will lead leasing efforts on behalf of the buyer. Consolidated-Tomoka will finance the acquisition with its line of credit and $65 million in remaining funds from a 1031 tax exchange in November. The seller was not disclosed.

February 24, 2020

Acquisitions Georgia Multifamily Southeast

Berkadia Negotiates $38M Sale of Legacy Riverdale Apartment Complex in Metro Atlanta

by Alex Tostado February 24, 2020

RIVERDALE, GA. — Berkadia has negotiated the $38 million sale of Legacy Riverdale, a 615-unit, garden-style apartment complex in Riverdale. The property offers one-, two- and three-bedroom floor plans averaging 934 square feet. Community amenities include laundry facilities, a playground, a pool and barbecue areas. The asset was renovated in 2019 and is located at 6630 Church St., 13 miles south of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC. California-based Northport Realty LLC was the buyer.

February 24, 2020

Georgia Loans Multifamily ORIX Southeast

Hunt Provides $9.4M Acquisition, Renovation Loan for Affordable Multifamily Complex in North Georgia

by Alex Tostado February 21, 2020

ROME, GA. — Hunt Real Estate Capital has provided a $9.4 million Freddie Mac acquisition and renovation loan for Callier Forest Apartments, a 130-unit, mixed-income multifamily complex in Rome. The borrower, Memphis-based Envolve Communities (formerly LEDIC Realty Co.), plans to invest $7.3 million to upgrade unit interiors, including adding new kitchen cabinets, flooring, paint, fixtures and full bathroom renovations. Hunt Real Estate Capital closed the 17-year, tax-exempt loan featuring a 35-year amortization schedule through Freddie Mac’s Targeted Affordable Housing (TAH) program. Callier Forest comprises 17 two- and three-story buildings. The property was built in 1981 and renovated in 2004, utilizing low-income housing tax credits (LIHTC). Paul Weissman of Hunt Real Estate Capital says the property will benefit from a new, 20-year housing assistance payment (HAP) Section 8 contract. Callier Forest was fully occupied with an 87-household waitlist at the time of the transaction. Envolve Communities is an owner-operator of affordable housing properties, with a portfolio spanning 33,000 units in the Southeast, Southwest and Midwest.

February 21, 2020

Acquisitions Georgia Office Southeast

Bull Realty Negotiates $4.6M Sale of Office Building Along Atlanta BeltLine’s Future Northside Trail

by Alex Tostado February 19, 2020

ATLANTA — Bull Realty has negotiated the $4.6 million sale of a 23,000-square-foot office building situated along the future site of Atlanta BeltLine’s Northside Trail. The building is located at 644 Antone St. NW in the city’s Berkeley Park neighborhood, five miles north of downtown Atlanta. During the marketing period, the anchor tenant terminated its lease. Atlanta-based Bull Realty procured an undisclosed tenant to occupy the space at a 20 percent higher rate. Andy Lundsberg and Michael Wess of Bull Realty represented the seller, 644 Investment LLC, in the transaction. The buyer was Desert Bloom Investments LLC.

February 19, 2020

Acquisitions Georgia Retail Southeast

SRS Arranges $2.6M Sale of Retail Outparcel in Metro Atlanta

by Alex Tostado February 19, 2020

LAWRENCEVILLE, GA. — SRS Investment Properties Group has arranged the sale of a 5,452-square-foot outparcel at Village Shoppes at Creekside in Lawrenceville. Lamar Cos. sold the asset to Forten LLC for $2.6 million. The three-tenant strip center was built in 2006 and is leased to Chipotle Mexican Grill, Tropical Smoothie Café and AccuQuest Hearing Centers. The property is situated at 860 Duluth Highway, 30 miles northeast of downtown Atlanta in Gwinnett County. Pierce Mayson and Boris Shilkrot of SRS represented the seller in the transaction. Juanita Leibu of Keller Williams Real Estate represented the buyer in the transaction.

February 19, 2020

Georgia Loans Office Southeast

Ready Capital Closes $26.9M Acquisition Loan for Office Building in Atlanta

by Alex Tostado February 17, 2020

ATLANTA — Ready Capital has closed a $26.9 million acquisition loan for a 216,000-square-foot office building in Atlanta’s Cumberland/Galleria submarket. The undisclosed borrower plans to make various upgrades to the property including new elevators, conference rooms and a café. The three-year, non-recourse loan offers a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 17, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $26M Acquisition Loan for Multifamily Community Near Atlanta

by Alex Tostado February 14, 2020

JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.

February 14, 2020

Company News District of Columbia Georgia Southeast

CoStar Group to Acquire Atlanta-Based Apartment Data Company for $588M

by Alex Tostado February 13, 2020

WASHINGTON, D.C. AND ATLANTA — CoStar Group has entered into an agreement to acquire Atlanta-based RentPath Inc. Although the sales price was not disclosed, The Wall Street Journal reports the sales price will be $588 million. RentPath, a digital marketing solutions provider to the multifamily housing industry, is voluntary filing for Chapter 11 bankruptcy. CoStar is a stalking horse bidder, meaning if another qualifying bid to purchase RentPath emerges, a bankruptcy auction bid will be held. Washington, D.C.-based CoStar primarily focuses on selling real estate data but is continuing its push into the multifamily sector, having previously bought Apartments.com and ForRent.com. RentPath received $74.1 million in financing to remain operational through the sales process.

February 13, 2020

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