Georgia

RSE Capital, Carter Multifamily Acquire Georgia Apartment Portfolio for $202.5M

by Taylor Williams August 5, 2019

GEORGIA — A joint venture between Washington, D.C.-based RSE Capital Partners and Tampa-based Carter Multifamily has acquired a portfolio of 11 apartment communities located across five cities in Georgia for $202.5 million. The seller was Savannah-based Kole Management. The new ownership will undertake a capital improvement program that will upgrade the properties’ unit interiors and amenity space. In announcing the value-add deal, the joint venture cited the strong job growth that is occurring throughout Georgia and the limited supply of quality workforce housing as the key driving forces behind the acquisition. The portfolio totals 1,966 units in the Class B and C spaces. Specifically, three of the properties totaling 438 units are in Savannah; three communities featuring 382 units are in Garden City; three assets comprising 716 units are in Macon; one property totaling 240 units is in Canton; and one community featuring 200 units is in Augusta. The Savannah properties were all built between 1969 and 1978 and feature amenities such as pools and playgrounds. Each of the Garden City communities was built in the late 1980s and offers amenities such as pools, playgrounds, sport courts and fitness centers. Garden City is located along the eastern coast near Savannah. …

August 5, 2019

Acquisitions Georgia Multifamily Southeast

Passco Purchases Apartment Community in Augusta for $58M

by Alex Tostado August 2, 2019

AUGUSTA, GA. — Passco Cos. has purchased Grand Oaks at Crane Creek, a 300-unit apartment community in Augusta, for $58 million. The seller, Southeastern Development Associates, delivered the property in 2016 at 680 Crane Creek Drive, about five miles west of downtown Augusta. Communal amenities include a pet wash station, dog park, 24-hour fitness center, spin room, yoga studio, saltwater swimming pool, outdoor kitchen, shuffleboard, cybercafe and outdoor fireplaces. Passco plans to implement a series of eco-friendly upgrades to the property, including new LED lighting, low-flow toilets and showerheads and Nest thermostats. The company will also add washers and dryers to each unit.

August 2, 2019

Acquisitions Georgia Office Southeast

KKR, Banyan Street Capital Acquire Office Tower in Buckhead for $205M

by Alex Tostado August 1, 2019

ATLANTA — KKR and Banyan Street Capital have acquired Salesforce Tower, a 34-story, 631,808-square-foot office tower in Atlanta’s Buckhead district, for $205 million. Banyan Street partnered with the previous owner, Oaktree Capital Management LP, to invest $14 million in renovations to the tower. The new owners are planning to invest an additional $5 million in renovations. Major tenants include the regional hub for Salesforce and the corporate headquarters for RentPath and Rubicon Global. Salesforce Tower sits directly on the MARTA line and interstate system. Justin Parsonnet, Will Yowell, Jay O’Meara and Ryan Reeth of CBRE represented thew sellers in the transaction. Chris Port, Nicole Goldsmith and Kyle Kenyon of CBRE have been retained to lease the tower. Banyan Street Capital will manage the property directly.

August 1, 2019

Acquisitions Development Georgia Industrial Southeast

Black Creek Group Buys 53 Acres Near Atlanta, Plans 777,000 SF Industrial Development

by Alex Tostado July 31, 2019

EMERSON GA. — Black Creek Group has bought 53 acres in Emerson with plans to develop River Point, a three-building industrial park totaling 777,000 square feet. The Denver-based developer said the park can accommodate tenants needing 40,000 to 400,000 square feet. River Point will be located about 40 miles northwest of downtown Atlanta. Black Creek expects construction to begin on all three buildings by the end of this year.

July 31, 2019

Development Georgia Mixed-Use Southeast

Armada Hoffler, S.J. Collins Enterprises to Develop $80M Mixed-Use Project in Metro Atlanta

by Alex Tostado July 30, 2019

ROSWELL, GA. — A joint venture between Armada Hoffler Properties and S.J. Collins Enterprises has unveiled plans to develop Southern Post, an $80 million, 240,000-square-foot mixed-use project in historic downtown Roswell. Southern Post will include 125 apartment units, 80,000 square feet of creative office space and 40,000 square feet of retail space. The joint venture worked with the City of Roswell in the design of Southern Post to honor the city’s historic charm. Armada Hoffler will be the majority partner in the joint venture, which anticipates closing on the purchase of the land from the City of Roswell in the fourth quarter of 2019 and commencing construction in the first quarter of 2020. Armada Hoffler Construction Co., a wholly owned subsidiary of the Armada Hoffler Properties, will serve as general contractor for the project, which is situated about 23 miles north of downtown Atlanta.

July 30, 2019

Development Georgia Industrial Southeast

Cabot, Republic Property Break Ground on 275,000 SF Distribution Center Near Atlanta for Biolab Inc.

by Alex Tostado July 29, 2019

CONYERS, GA. — Cabot Properties and Republic Property Co. have broken ground on a 275,000-square-foot, build-to-suit distribution center in Conyers. Biolab Inc. will occupy the entire building upon completion. Biolab, which has operated in Conyers since 1973, will use the new facility to house production and storage space for pool and spa water-treatment chemicals. The center will feature a 32-foot ceiling clear height, fifteen overhead dock doors and two drive-in doors. ARCO Design/Build is the general contractor. A timeline for completion was not disclosed.

July 29, 2019

Affordable Housing Georgia Loans Multifamily Southeast

Dougherty Provides $7.3M Fannie Mae Acquisition Loan for Affordable Housing Community in Brunswick, Georgia

by Alex Tostado July 29, 2019

BRUNSWICK, GA. — Dougherty Mortgage LLC has provided a $7.3 million Fannie Mae acquisition and rehabilitation loan for Glynn Pines Apartments, an 88-unit affordable housing community in Brunswick. The 17-year loan features a 35-year amortization schedule, which was arranged for the borrower, Glynn Pines Housing Partners LP. The property includes 18 single-story buildings with one- and two-bedroom floor plans. Glynn Pines was built in 1970. The seller was not disclosed.

July 29, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $33.5M Sale of Multifamily Portfolio in Metro Atlanta

by Alex Tostado July 24, 2019

ATLANTA — Berkadia has arranged the $33.5 million sale of a garden-style multifamily portfolio comprising two properties in metro Atlanta. The first property is Ashford Oaks, a 260-unit property in Union City, which sold for $22.7 million. Ashford Oaks offers two-, three- and four-bedroom plans, as well as communal amenities including a fitness center, swimming pool, business center, sundeck, playground and a barbeque area. The second asset, Ashford Town and Country, is a 132-unit complex in Fairburn that sold for $10.8 million. Ashford Town and Country offers two-bedroom townhomes and amenities such as a sundeck, business center, swimming pool and a playground. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based Benimax, in the transaction. New York City-based Asden Properties acquired the communities.

July 24, 2019

Georgia Market Reports Retail Southeast Southeast Market Reports

Main Street’s Retail Resurgence is Well Underway Across Metro Atlanta

by Alex Tostado July 22, 2019

Main Street is making a comeback, and this is not news by any means. This growing trend is not only affecting real estate in the greater Atlanta area, but also throughout the United States. Main Street’s demise began with the design of President Eisenhower’s interstate highway system. It allowed travelers to bypass once sustaining rural towns and divided urban cities in their hearts. In Atlanta, it’s easy to notice with the unconscionable prejudice that comes with the interstates that divide our city compounded by the inefficiency of MARTA. The fall of Main Street was further catalyzed by the rise of the service-based economy and exportation of U.S. manufacturing to low cost nations, allowing larger retailers to capitalize and increase their market share by selling low-cost goods. Increasing affordability, especially for consumer goods, is great for everyone -— no one wants to be digging out of their savings for daily necessities — especially in a time when almost half the country cannot afford a $400 medical bill. However, this increased our fascination with saving on discretionary spending and led to increased demand for the “big-box” store. Large retailers’ capitalization on this trend led to increased foot traffic to their centers. Developers’ …

July 22, 2019

Acquisitions Georgia Retail Southeast

Jamestown Acquires The Shops Buckhead Atlanta

by Alex Tostado July 18, 2019

ATLANTA — Jamestown has acquired The Shops Buckhead Atlanta, a 355,646-square-foot retail and office property in Atlanta’s Buckhead district. Situated along Peachtree Road and bounded by Pharr Road and Buckhead Avenue, The Shops Buckhead Atlanta is home to international retail brands such as Hermès and Tom Ford, as well as restaurants, entertainment and fitness tenants. The office space is fully leased to two tenants, Spanx’s global headquarters and No18, the first U.S. coworking location. Additionally, the property includes two prime development sites totaling 2.7 acres. OliverMcMillan developed the upscale, six-block property in 2014. In 2018, Brookfield Residential purchased OliverMcMillan and certain assets in its portfolio, which did not include Shops Buckhead Atlanta. Richard Reid, Trey Morsbach, Barry Brown, Jim Hamilton and Mike Allison of JLL represented the seller, an institutional joint venture, in the transaction. Atlanta-based Jamestown, which developed Ponce City Market and Manhattan’s Chelsea Market, will host a series of town hall meetings in the coming weeks that will be open to the community.

July 18, 2019

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