Georgia

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

Conference Coverage Features Georgia Mixed-Use Southeast

InterFace Panelists Predict More Variety, Less Food for Future Mixed-Use Projects

by Alex Patton August 29, 2019

ATLANTA — Traditionally, mixed-use developments are multifamily-based with ground-floor retail or dining and a few floors of offices in between or adjacent. That combination still works, but changing demographics demand more variety from the popular model, according to panelists of InterFace Mixed-Use Southeast on Aug. 22 at the Westin Buckhead in Atlanta. Projects like The Battery Atlanta and the upcoming Revel development in nearby Duluth are anchored by popular entertainment sites — SunTrust Park and Infinite Energy Center, respectively. Other upcoming developments in the Southeast like Kern’s Bakery in Knoxville, Tennessee, will feature student housing, while others like 12|12 Aventura in South Florida will feature seniors housing units. Speakers at the show cautioned that while restaurants are necessary elements of a successful mixed-use project and often bring some added variety, food and beverage options nationwide are becoming oversaturated, especially in mixed-use settings. Professionals involved with some of the most successful mixed-use developments in the Southeast spoke about prominent trends and the future of the product type at the conference. Overall the various speakers were bullish on the product type going forward as demand generators such as job and population growth are strong in the Southeast’s top markets. “I see two …

August 29, 2019

Development Georgia Mixed-Use Southeast

Public-Private Partnership to Develop $85M Mixed-Use Project in Snellville, Georgia

by Alex Tostado August 27, 2019

SNELLVILLE, GA. — A public-private partnership (PPP) between the City of Snellville and developers CASTO and MidCity Real Estate Partners, will develop The Grove at Towne Center, a planned mixed-use development in downtown Snellville. The City of Snellville unanimously approved the project on Monday, Aug. 26 in a 6-0 vote. The PPP will break ground on the $85 million Phase I in 2020 and expects the first deliveries in 2021. Phase I will comprise more than 50,000 square feet of retail, restaurant, office and entertainment space, and about 250 multifamily units. The Market Center building will serve as the project anchor. CASTO and MidCity are working with the City of Snellville to customize the overall design and uses within the building. Early ideas include a brew pub on the first floor and event space on the second floor. The Grove Apartments will offer amenities such as a fitness center, swimming pool, grilling area, parking deck and business center. The Commons area will allow the City to host many of the community’s festivals and activities in one centrally located space.

August 27, 2019

Acquisitions Georgia Multifamily Southeast

PPD Holdings, Residential Group Sell Multifamily Community in Metro Atlanta for $83M

by Alex Tostado August 27, 2019

DULUTH, GA. — PPD Holdings Investment Group and The Residential Group have sold District at Duluth, a 370-unit multifamily community in metro Atlanta’s Gwinnett County, for $83 million. The partnership designed and built the community. The property offers studio through two-bedroom floor plans, 11 townhomes, one-bedroom penthouses and 15,000 square feet of commercial space. Communal amenities include a 24-hour fitness center, pet park, pet spa, saltwater swimming pool and a game room. Principal Real Estate Investors acquired the property.

August 27, 2019

Acquisitions Georgia Office Southeast

Bull Realty Arranges $14.8M Sale of Office Building Near Atlanta

by Alex Tostado August 27, 2019

NEWNAN, GA. — Atlanta-based Bull Realty has arranged the $14.8 million sale of 1825 Summit, a 100,000-square-foot office building in Newnan. Delta Community Credit Union sold the building, which was 56 percent leased at the time of sale. The financial community will continue to operate within the asset. MBRE acquired the property for $147.50 per square foot. 1825 Summit is located 37 miles southwest of downtown Atlanta and immediately adjacent to Summit Family YMCA and Georgia Bone & Joint medical office building.

August 27, 2019

Acquisitions Georgia Office Southeast Top Stories

Piedmont Office Realty Trust Buys Two Office Towers in Atlanta’s Cumberland-Galleria Area for $231M

by John Nelson August 27, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has purchased the remainder of Atlanta Galleria Office Park in northwest Atlanta. The $231 million acquisition consolidates Atlanta Galleria’s multi-tenant office buildings and 6,000-space structured parking facilities under a single owner for the first time. Situated in the city’s Cumberland-Galleria submarket near SunTrust Park and The Battery Atlanta, the acquisition comprises Galleria 400 and Galleria 600, two office towers totaling approximately 860,000 square feet. The purchase also included an adjacent 10.2-acre parcel entitled for 1 million square feet of additional development. The seller was undisclosed. “When we acquired Galleria 300 in 2015, we boldly imagined the environment a single owner could create adjacent to the unique amenity set evolving in The Battery,” says Brent Smith, president and CEO of Piedmont Office Realty Trust. “Today, the first step of that vision becomes a reality and marks the beginning of Piedmont’s transformation of this prominent Atlanta mixed-use development.” Piedmont Office Realty Trust purchased Galleria 100 and an additional 1.5-acre parcel in May for $95.1 million. The company’s total investment in The Galleria is just under $500 million. The 2.1 million square feet of office space within the master-planned development is spread across five …

August 27, 2019

Acquisitions Georgia Multifamily Southeast

Wilkinson, Torchlight Investors Buy 454-Unit Apartment Community in Metro Atlanta

by Alex Tostado August 26, 2019

MARIETTA, GA. — Wilkinson Corp. and Torchlight Investors have acquired The Arbors at East Cobb, a 454-unit apartment community in Marietta. The value-add property offers one-, two- and three-bedroom floor plans. The Arbors, previously known as The Crawford at East Cobb, was originally built in 1975. The new ownership plans to upgrade the interiors and exteriors of the property. Communal amenities include two swimming pools, a sports court, tennis court, outdoor lounge with fireplace, fitness center with yoga and spinning studio, pet care center, cybercafé and a business center. Cushman & Wakefield represented the undisclosed sellers in the transaction.

August 26, 2019

Conference Coverage Development Features Georgia Mixed-Use Southeast Southeast Feature Archive

Community Involvement is Necessary for Successful Mixed-Use Projects, Says InterFace Panel

by John Nelson August 26, 2019

It’s not just a good idea for real estate developers to engage the surrounding community as part of their due diligence: It’s essential. While on stage at the close of the InterFace Southeast Mixed-Use conference, some of the Southeast’s most prolific mixed-use developers and owners say community involvement can be the difference between success and failure. “Nowadays, if you want a successful mixed-use project, you have to get in deep with the community and all the stakeholders — whether it’s adjacent landowners, homeowners associations, NPUs [neighborhood planning units] or local architecture committees,” said Jeff Garrison, development partner at S.J. Collins Enterprises, an Atlanta-based commercial real estate developer. “We conducted 50 meetings for The Interlock project before we even submitted for zoning. It’s overboard, but that’s what makes it successful.” The Interlock is an upcoming $450 million mixed-use development in Atlanta’s popular West Midtown district. S.J. Collins recently inked WeWork to lease three stories of its office tower, which will also have Georgia Tech as an anchor. Garrison says that the project’s 145-room Marriott Tribute Portfolio hotel was a direct result of feedback that his team heard from the community. “We didn’t have a hotel in our original design,” said Garrison. …

August 26, 2019

Newer Posts

Older Posts