Georgia

Joint Venture Breaks Ground on 252-Unit Apartment Complex in Athens, Georgia

by Alex Tostado October 10, 2019

ATHENS, GA. — A joint venture between Fickling & Co., Novare Group and BCDC has broken ground on Lullwater at Athens, a 252-unit apartment complex in Athens. The property will offer one- through three-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center and a pet park. It will be located at 225 Jennings Mill Parkway, nine miles west of downtown Athens and six miles west of the University of Georgia. Lullwater at Athens is expected to open in the fourth quarter of 2020.

October 10, 2019

Georgia Leasing Activity Office Southeast

Atlanta Hawks Expands to Three Floors at 101 Marietta St. in Downtown Atlanta

by Alex Tostado October 10, 2019

ATLANTA — The National Basketball Association’s Atlanta Hawks have signed a three-story office lease with The Dilweg Cos. to occupy 53,865 square feet. The Hawks plan to renovate the space starting this month. Upgrades will include a new employee lounge and break room that will contain a full-service kitchen with a mix of seating, break-out spaces, flat-screen televisions and several other tech-infused amenities. Other plans include revamped offices for the Hawks sales team that will feature a variety of sales and training areas, open-floor layouts, socializing areas and a coffee bar. In January, WeWork signed a 100,300-square-foot lease, with company signage at the top of the building, at 101 Marietta St.

October 10, 2019

Acquisitions Georgia Office Southeast

CBRE Arranges Sale of Four-Building Office Park in Metro Atlanta

by Alex Tostado October 9, 2019

PEACHTREE CORNERS, GA. — CBRE has arranged the sale of The Corners, a four-building office park spanning 290,924 square feet. The property comprises two office buildings and two technology centers. The seller, Glenfield Capital, recently implemented a $6.8 million renovation, upgrading the lobby, common areas and electric wiring while adding a new roof and electric car charging stations. The Corners is located in Peachtree Corners, 21 miles northeast of downtown Atlanta. RealOp Investments acquired the asset for an undisclosed amount. Tom Shafer and John Hinson of CBRE represented the seller in the transaction.

October 9, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Portofino Apartments Near Atlanta for $19M

by Alex Tostado October 9, 2019

CLARKSTON, GA. — FCP has acquired Portofino Apartments, a 234-unit, garden-style community in Clarkston, for $19 million. The property is located at 1250 Brockett Road, 12 miles east of downtown Atlanta. Portofino Apartments offers one- through three-bedroom floor plans. Communal amenities include two swimming pools, a playground, basketball court and dog park. Wesley Kenney and Tyler Averitt of Cushman & Wakefield represented the undisclosed seller in the transaction.

October 9, 2019

Development Georgia Healthcare Southeast

Emory Healthcare Breaks Ground on 180,000 SF Musculoskeletal Institute in Metro Atlanta

by Alex Tostado October 8, 2019

BROOKHAVEN, GA. — Emory Healthcare has broken ground on its 180,000-square-foot Musculoskeletal Institute within Emory’s Executive Park innovation district in Brookhaven, a first-ring suburb of Atlanta. Hammes Co. will manage the project, which will offer orthopaedics and spine ambulatory care, physical therapy, imaging and ambulatory surgery, with additional space for clinical and discovery research. Emory expects to complete the LEED-certified facility in the first half of 2021.

October 8, 2019

Alabama Development Georgia Industrial Self-Storage Southeast

BCDC, Adevco Start Construction of Two Extra Space Storage Locations Totaling 1,512 Units

by Alex Tostado October 8, 2019

BIRMINGHAM, ALA. AND COLUMBUS, GA. — BCDC and Adevco have broken ground on two Extra Space Storage facilities, one in Birmingham and one in Columbus. The property in Birmingham will feature 732 climate-controlled units across 100,050 square feet. The building will be located at 2864 Acton Road, eight miles south of downtown Birmingham. Great Southern Bank provided construction financing for the three-story building, which is scheduled for delivery in September 2020. The Extra Space in Columbus will offer 780 units in a 100,080-square-foot building located at 7350 Blackmon Road, 13 miles northeast of downtown Columbus. Georgia’s Own Credit Union provided construction financing for the facility, which is slated for completion in summer 2020.

October 8, 2019

Acquisitions Georgia Multifamily Southeast

Blue Magma Acquires Park at Hairston Apartments Near Atlanta for $22.3M

by Alex Tostado October 8, 2019

STONE MOUNTAIN, GA. — Blue Magma Residential LLC has acquired Park at Hairston Apartments, a 360-unit multifamily community in Stone Mountain, for $22.3 million. The property offers one-, two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Blue Magma will invest $2.9 million in capital improvements to upgrade interiors and the community exteriors. The buyer will rebrand the property as The Park at Carrigan. Communal amenities include a swimming pool, children’s splash pool, playground, barbecue area, clubhouse, fitness center and a gazebo. Park at Hairston is located at 1038 S. Hairston Road, 12 miles east of downtown Atlanta. Paul Vetter of Berkadia represented the buyer in the transaction. Greystone provided acquisition financing.

October 8, 2019

Development Georgia Industrial Self-Storage Southeast

BMS Storage Opens 583-Unit Self-Storage Facility in North Georgia

by Alex Tostado October 7, 2019

CANTON, GA. — Bright-Meyers-Sasser Storage 1 (BMS Storage) has opened Canton Storage, a 66,608-square-foot, 583-unit facility in Canton. The property is located at 150 Reinhardt College Parkway, seven miles from Reinhardt University and three miles from Chattahoochee Technical College. Absolute Storage Management will provide management services.

October 7, 2019

Georgia Loans Multifamily Seniors Housing Southeast

Greystone Provides $48M Refinancing for Seniors Housing Community in Metro Atlanta

by Alex Tostado October 7, 2019

PEACHTREE CORNERS, GA. — Greystone has provided a $48 million Freddie Mac loan to refinance Village Park at Peachtree Corners, a 132-unit senior housing community. Cary Temper of Greystone originated the 10-year loan on behalf of the borrower, Harbert Seniors Housing Fund I. Village Park at Peachtree Corners offers independent living, assisted living and memory care services. The property includes communal amenities such as garden paths, a health spa, pet park, juice bar, fitness centers, stretch classes, restaurant-style dining, private transportation and a beauty and barber salon. The property is located at 5701 Spalding Drive, 22 miles northeast of downtown Atlanta.

October 7, 2019

Acquisitions Georgia Multifamily Southeast

Fogelman Properties, Thackeray Partners Buy 246-Unit Apartment Complex in Metro Atlanta

by Alex Tostado October 4, 2019

DOUGLASVILLE, GA. — Fogelman Properties and Thackeray Partners have acquired Lakeside at Arbor Place, a 246-unit apartment complex in Douglasville. The property offers one-, two- and three-bedroom floor plans and was 96 percent occupied at the time of sale. Communal amenities include a clubhouse, fitness center, swimming pool, dog park and a tennis court. The buyers plan to upgrade unit interiors and upgrade amenities, including making improvements to the fitness center and clubhouse, as well as adding a sports court and outdoor kitchen. The community was built in two phases in 1988 and 1996, and rents range from $904 to $1,385. Lakeside at Arbor Place is located at 3000 Georgia 5, 24 miles west of downtown Atlanta. The seller and price were not disclosed.

October 4, 2019

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