Georgia

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

Features Georgia Multifamily Seniors Housing Southeast Southeast Feature Archive

Independent Living Struggles to Keep Up With Active Adult, Say Conference Panelists

by Alex Patton September 11, 2019

ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are multifamily or single-family homes that often include amenities typically enjoyed by older residents, such as golf courses and clubhouses, but do not market themselves as full-fledged seniors housing. Independent living communities are structured similarly but often carry a strict age restriction of approximately 65 years old, and will sometimes offer basic assistance such as dining or laundry services. Independent living developers often struggle to attract residents when their target demographic of able-bodied senior citizens moves into nearby active adult communities 10 years early. Many of them will not move again until they are ready for assisted living or skilled nursing. “Independent living residents haven’t changed; the places where they are residing and the services they want that have changed, but we have stayed the …

September 11, 2019

Development Georgia Hospitality Southeast

Majestic Realty, Portman Architects Unveil Design of $350M Hotel Near Atlanta Airport

by Alex Tostado September 11, 2019

ATLANTA — Majestic Realty has unveiled design plans for its $350 million hotel near Hartsfield-Jackson Atlanta International Airport in Atlanta. Atlanta-based Portman Architects designed the 14-story hotel, which will be situated on the site of the current West economy parking lot. Majestic expects the hotel will be branded under a Hilton flag. Construction of the 541-room hotel, the first to be built at Hartsfield-Jackson and attached to the airport, is expected to begin later this year and be completed in 2022. Wimberly Interiors will design the guest rooms, and Tihany Design will design the lobby and restaurant space. The hotel is part of Majestic Realty’s larger master-planned development that will include 50,000 square feet of meeting space, an office building, a second hotel and a 1,150-space parking deck.

September 11, 2019

Acquisitions Georgia Leasing Activity Office Southeast

Cobb Chamber Sells Headquarters Building in Atlanta, Will Move Office Near SunTrust Park

by Alex Tostado September 11, 2019

ATLANTA — The Cobb County Chamber of Commerce has sold its headquarters building located at 240 Interstate N. Parkway in Atlanta to Pope & Land for an undisclosed price. The Cobb Chamber and other tenants, including the Cumberland Community Improvement District and Cobb Community Foundation, will relocate to the 10th floor of 1100 Circle 75, where they will occupy 17,517 square feet of office space by early 2020. SK Commercial Realty is the owner and landlord.The new office space is located across from The Battery Atlanta and SunTrust Park, home to Major League Baseball’s Atlanta Braves. The new space will feature meeting rooms, event spaces, modern workspaces, huddle rooms to foster collaboration and a bistro-style break room. Chad Koenig and Trey Dove of Cushman & Wakefield represented Cobb Chamber in the lease negotiations, and Andrew Walker of Colliers International represented the on the sale of its former headquarters building. Rule Joy Trammell + Rubio will serve as the architectural design firm and Darden will serve as project manager of building out the space. Choate Construction will serve as the general contractor. Turnerboone is the project’s furnishings vendor, and Unified Technology Systems is providing the audio-visual design and installation.

September 11, 2019

Development Georgia Restaurant Retail Southeast

Velvet Taco Opens First Restaurant in Atlanta

by Alex Tostado September 9, 2019

ATLANTA — Velvet Taco has opened its first Atlanta restaurant in Buckhead. The 2,500-square-foot establishment is situated at 77 W. Paces Ferry Road within a Whole Foods Market-anchored shopping center. The late-night joint offers a variety of chicken, beef, pork, fish and vegetarian tacos as well as brunch options. Velvet Taco expects to open a second Atlanta location next year at the Interlock development in West Midtown, according to local media. Based in Dallas, the brand also operates restaurants in Austin, Chicago and Houston.

September 9, 2019

Acquisitions Development Georgia Industrial Southeast

Ardent Acquires Three Industrial Buildings in Atlanta’s Armour Yards, Plans Conversion to Loft Office Space

by Alex Tostado September 5, 2019

ATLANTA — The Ardent Cos. has acquired three industrial buildings totaling 112,935 square feet within the Armour Yards district in Atlanta. The buyer plans to reposition the space into office loft space. The three buildings are 279 Ottley Drive (49,500 square feet), 221 Armour Drive (47,775 square feet) and 219 Armour Drive (15,660 square feet). The properties are located off Interstates 75 and 85, between Buckhead and Midtown near Sweetwater Brewery. A timeline for the renovations was not disclosed. Michael Anderson of Cresa Global Inc. represented the buyer in the transaction. The seller was DH Pace, parent company of Overhead Door Co. According to Atlanta Business Chronicle, Ardent cquired the buildings for $14.7 million and Overhead Door will vacate the buildings in the fourth quarter of 2019.

September 5, 2019

Acquisitions Alabama Georgia Multifamily Seniors Housing Southeast

Shepherd Living Sells Two Senior Living Properties in Georgia, Alabama

by Alex Tostado September 3, 2019

POOLER, GA. AND MADISON, ALA. — Shepherd Living has sold Shepherd Living at Savannah Quarters in metro Savannah and Shepherd Living at The Range in Madison, both 104-unit senior living communities. Savannah Quarters is located at 101 Shepherd Way in Pooler, about 15 miles west of downtown Savannah. The Range is located at 10801 County Line Road, 15 miles southwest of downtown Huntsville. All Shepherd Living communities offer more than 15,000 square feet of spa and wellness space, more than 10 acres of green space, greenhouses and a monthly farmers market. Atlas Senior Living acquired the properties and rebranded them under its Madison brand. Ari Adlerstein and Ari Dobkin of Meridian Capital arranged the sale and acquisition financing for the transaction. The sales prices were not disclosed.

September 3, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $21.8M Sale of Multifamily Property in Metro Atlanta

by Alex Tostado September 3, 2019

DULUTH, GA. — Berkadia has arranged the $21.8 million sale of Villas at Duluth, a 164-unit multifamily property 26 miles northeast of downtown Atlanta in Gwinnett County. The property offers one- through four-bedroom floor plans averaging 1,400 square feet. Communal amenities include a fitness center, playground, pet park, soccer field, swimming pool and a barbecue area. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia represented the seller, New York-based The Walden Group, in the transaction. The buyer was Atlanta-based Benimax.

September 3, 2019

Acquisitions Georgia Multifamily Southeast

Vista Realty Partners Sells Two Multifamily Communities in Metro Atlanta for $70M

by Alex Tostado August 30, 2019

ATLANTA — Vista Realty Partners has sold the 280-unit Longwood Vista Apartments and the 324-unit Lakeside Vista Apartments for a total of $70 million. Longwood Vista offers one-, two- and three-bedroom floor plans. The property is located at 2300 Global Forum Blvd. in northeast Atlanta. Communal amenities include a car care center, business center, clubhouse, conference room, swimming pool and a fitness center. Lakeside Vista is located at 2100 Ellison Lakes Drive in Kennesaw, 26 miles northwest of downtown Atlanta. The property offers one- through three-bedroom floor plans and communal amenities including a clubhouse, business center, storage space, fitness center, swimming pool, playground and a tennis court. Atlanta-based Vista Realty Partners developed both communities in 2006 using Low-Income Housing Tax Credits. Fairfield Residential, which specializes in affordable housing, was the buyer.

August 30, 2019

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