Georgia

Ackerman, MDH Partners Acquire Mixed-Use Project in Atlanta’s West End for $40.3M

by Alex Tostado September 20, 2019

ATLANTA — Ackerman & Co. and MDH Partners have acquired the four-building, 433,204-square-foot Lee + White project in Atlanta’s West End for $40.3 million. The seller, Stream Realty Partners, recently redeveloped the buildings, which were initially constructed as industrial facilities in the 1950s and 1960s. The Lee + White buildings are currently home to breweries, restaurants, retailers and food manufacturers. The buyers plan to add a 20,000-square-foot food hall, 30,000 square feet of additional retail and 170,000 square feet of creative loft offices. A masterplan for the redevelopment is under way and construction is expected to begin in six to 12 months. Leo Wiener and Kelly Wilson of Ackerman will lead the restaurant and retail leasing efforts at the property. Porter Henritze and Sonia Winfield of Cushman & Wakefield will represent ownership in office leasing. The property features more than a half-mile of frontage along the Atlanta BeltLine with direct access to the westside trail. Lee + White is located three miles southwest of downtown Atlanta. Miles Theodore, Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented the seller in the transaction. The buyer was represented internally.

September 20, 2019

Acquisitions Georgia Multifamily Southeast

Blue Magma Acquires Multifamily Community Near Atlanta Airport for $32.5M

by Alex Tostado September 19, 2019

EAST POINT, GA. — Blue Magma Residential LLC has acquired Parkside at Camp Creek, a 486-unit multifamily community in East Point, for $32.5 million. The property is located at 4031 7 Oaks Lane SW, four miles west of Hartsfield-Jackson Atlanta International Airport and 14 miles southwest of downtown Atlanta. Parkside at Camp Creek offers two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, clubhouse, business center, fitness center, game room, media center and basketball and racquetball courts. The buyer will rebrand the community as The Park at Galaway. Tyler Averitt and Christopher Lyon of Cushman & Wakefield represented the buyer in the transaction. Greystone provided acquisition financing. The seller was not disclosed.

September 19, 2019

Acquisitions Development Georgia Office Southeast

Parkway Property Acquires Former United Way Building in Downtown Atlanta for $17.7M, Plans $45M Renovation

by Alex Tostado September 18, 2019

ATLANTA — Parkway Property Investments LLC has acquired 100 Edgewood, a former United Way building within an Opportunity Zone in downtown Atlanta, for $17.7 million. The company is planning a $45 million renovation for the 18-story, 306,000-square-foot office building, which is adjacent to Georgia State University. United Way employees have moved to a location on Courtland Street. Parkway Property raised $25 million in three hours for the acquisition and renovation through CrowdStreet Inc., an online marketplace for direct equity investment in commercial real estate. Details of the renovation were not disclosed.

September 18, 2019

InterFace Mixed-Use Southeast Capital Markets

Conference Coverage Georgia Mixed-Use Southeast

Capital Markets Professionals Put Mixed-Use Dynamics Under the Microscope During InterFace Panel

by John Nelson September 18, 2019

ATLANTA — One of the central themes of the first annual InterFace Mixed-Use Southeast conference was the interplay between the various uses present within mixed-use projects around the region. Whether it’s Avalon in Alpharetta, Georgia, or the American Tobacco Campus redevelopment in downtown Durham, North Carolina, the success of these projects hinges on whether the different uses can support one another. Can the apartment residents help patronize the retail and restaurants? Can the office component drive overnight stays at the project’s hotel? But before these dynamics can play out, a vital piece to having these projects come to fruition is financing. During the conference’s capital markets discussion, panelists tackled topics including equity requirements for mixed-use projects, a pending recession, the historically low interest rate environment and the strong competition among capital providers. For mixed-use specifically, the capital markets panelists discussed the challenges and opportunities in trying to underwrite the various uses all under one transaction. Lenders have to be careful not to overlook or make assumptions about a property type when financing mixed-use deals, warned Bryan Joyner, managing director of Bank of America Merrill Lynch. “They have to look at the separate uses both separately and together and then underwrite …

September 18, 2019

Development Georgia Hospitality Southeast

Songy Highroads, Hyatt Open 11-Story Hotel in Downtown Atlanta

by Alex Tostado September 17, 2019

ATLANTA — A joint venture between Songy Highroads and Hyatt Hotels Corp. has opened its 11-story Hyatt Place Centennial Park in downtown Atlanta. The 175-room hotel, which was announced in November 2017, opened on Thursday, Sept. 12. Amenities include ground-level retail space facing Luckie and Marietta streets, a swimming pool, fitness center, lobby bar, onsite food service, parking deck, 2,100 square feet of meeting space and a large aquarium in the lobby paying homage to its neighbor Georgia Aquarium. The hotel is also situated across the street from Centennial Olympic Park and World of Coca-Cola and near other venues such as College Football Hall of Fame, CNN Center, World Congress Center and State Farm Arena. Atlanta-based Reeves Young was the general contractor of Hyatt Place Centennial Park, and Alpharetta, Ga.-based Wakefield Beasley & Associates was the architect.

September 17, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Purchases New Apartment Complex in Metro Atlanta

by Alex Tostado September 17, 2019

PEACHTREE CORNERS, GA. — Cortland has purchased Echo Lakeside, a 296-unit apartment complex in Peachtree Corners that was delivered in April. The buyer will rebrand the property as Cortland Peachtree Corners. The property is bordered by two lakes, which includes two docks for residents to fish from or launch kayaks. Additional communal amenities include a clubhouse, business center, fitness center, swimming pool, rideshare space and a dog park. The seller and sales price were not disclosed, though the Gwinnett Daily Post reported that Brand Properties was the developer.

September 17, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Community in Southwest Atlanta for $23.2M

by Alex Tostado September 16, 2019

ATLANTA — FCP has acquired Ashford at Spring Lake, a 180-unit multifamily community in southwest Atlanta, for $23.2 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, playground, fitness center and a swimming pool. The complex is located at 6200 Bakers Ferry Road, 13 miles west of downtown Atlanta. Pinnacle Management, which manages 17 communities for FCP throughout the Southeast, will manage Ashford at Spring Lake. Matt White, Andrew Mays and Paul Vetter of Berkadia represented the undisclosed seller in the transaction.

September 16, 2019

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Memory Care is Down But Not Out, Say Investors

by John Nelson September 12, 2019

ATLANTA — Seniors housing investors are pumping the brakes on acquiring memory care facilities as the property type’s fundamentals and high turnover have proven to be worrisome. That’s according to an investment panel during the annual InterFace Seniors Housing Southeast conference. Held on Wednesday, Aug. 28 at the InterContinental Buckhead Atlanta, the one-day conference attracted more than 430 seniors housing professionals from all over the Southeast. Memory care is a subsector of seniors housing real estate for seniors suffering from Alzheimer’s disease or other forms of dementia. According to the National Investment Center for Seniors Housing & Care (NIC), memory care is often located within assisted living facilities but also exists in standalone settings. Memory care residents are typically separated from assisted living residents in a secured area with specialized programming. The panelists said that memory care was a hot product type in the recent past but that the sector’s current distress is a direct result of overzealous developers. “Memory care was low hanging fruit for developers but now it has become overbuilt and has fallen out of favor,” said the panel’s moderator Adam Heavenrich, managing director of Heavenrich & Co., a seniors housing investment brokerage firm based in Chicago. …

September 12, 2019

Development Georgia Multifamily Southeast Student Housing

Peak Campus, Blue Vista Capital Complete 525-Bed Student Housing Community in Atlanta

by Alex Tostado September 12, 2019

ATLANTA — Peak Campus Development and investment partner Blue Vista Capital Management have completed Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Atlanta. The property offers fully furnished studio, one-, two-, three- four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool with a sundeck, outdoor grilling area, 24-hour fitness center, computer lab, study lounges, game room with billiards, outdoor lounge with a fire pit, roof deck with seating and grilling stations, business center and 10,500 square feet of retail space. The property was designed by Niles Bolton Associates Inc. and built by Summit Contracting Group.

September 12, 2019

Acquisitions Affordable Housing Georgia Multifamily Southeast

Legacy Shamrock Community Sells Affordable Housing Property in Atlanta for $23.5M

by Alex Tostado September 12, 2019

ATLANTA — Legacy Shamrock Community has sold Shamrock Gardens, a 344-unit affordable housing community in Atlanta, for $23.5 million. Built in 1967, Shamrock Gardens is an all-brick property offering one-, two- and three-bedroom floor plans. Communal amenities include a community center, computer room, two playgrounds, onsite laundry facilities, community garden and an orchard. The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is near Camp Creek Market and Hartsfield-Jackson Atlanta International Airport. Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown Real Estate Advisors represented the seller in the transaction and procured the buyer, Alcott Capital. Greystone also provided a 10-year, $19.3 million Fannie Mae acquisition loan to Alcott.

September 12, 2019

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