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AcquisitionsAffordable HousingConference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Volatility Disrupts Investment Sales Activity in Affordable Housing Market, Says InterFace Panel

by John Nelson

ATLANTA — The investment sales market for the affordable housing sector remains muted for one overarching reason: volatility. Cory Sams, executive managing director of GREA (Global Real Estate Advisors), said that a lack of certainty, especially in the capital markets, is giving buyers and sellers of affordable housing properties pause. “The worst thing for a deal is [interest rates] constantly moving around,” she said. “When they were running up and down, every deal fell apart.” Doug Childers, senior managing director of JLL, estimated that affordable housing transaction volume fell 40 percent in 2023 compared with the prior year. For context, multifamily investment sales overall declined by 61 percent year-over-year in 2023, according to MSCI Real Assets (formerly Real Capital Analytics). Childers and Sams made their comments during the investment sales panel of Interface Affordable Housing Southeast, an information and networking conference held at the Cobb Galleria Centre in Atlanta on Thursday, May 9. Interface Conference Group and Southeast Multifamily & Affordable Housing Business hosted the event, which drew approximately 170 industry professionals from across the region. Brian Flanagan, regional director of RBC Community Investments, moderated the investment sales panel. Fittingly, Flanagan kicked off the investment sales discussion by asking the …

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DevelopmentGeorgiaHospitalityMixed-UseMultifamilyOfficeSoutheastTop Stories

KDC Receives Approval for Two New Towers at Mixed-Use Park Center Development in Dunwoody, Georgia

by John Nelson

DUNWOODY, GA. — The Dunwoody City Council has approved the rezoning of Phase IV of Park Center, a 17-acre, transit-oriented office campus in metro Atlanta. The master developer of the project is KDC, a Dallas-based corporate development and investment firm. The amended zoning will allow KDC to change its plans from a standalone fourth office tower to a two-tower project that will comprise 175 hotel rooms, 300 residential units, 22,000 square feet of retail space and 300,000 square feet of office space. The plan includes two towers on a common podium with a 20-story apartment tower and a combined office and hotel tower, where six floors of hotel rooms will sit atop 12 levels of office space. Phase IV represents the final phase of Park Center and will occupy the last undeveloped portion of the development, which was originally conceived as a 2.2 million-square-foot East Coast hub for State Farm Insurance. The project team includes local architecture firm Cooper Carry. The current campus contains three office towers developed over the past 10 years: the 600,000-square-foot Park Center One, which is directly connected to the Dunwoody MARTA Station; the 621,000-square-foot Park Center Two with more than 39,000 square feet of retail …

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DevelopmentGeorgiaIndustrialLoansProperty TypeSoutheast

Cushman & Wakefield Secures Construction Financing for 500,220 SF Industrial Development in Locust Grove, Georgia

by Hayden Spiess

LOCUST GROVE, GA. — Cushman & Wakefield has arranged financing for the construction of a 500,220-square-foot speculative industrial building in Locust Grove, roughly 40 miles southeast of Atlanta. Dubbed Building C, the property will be situated at 600 Price Drive within The Cubes at Locust Grove, a master-planned industrial park. The building will feature 40-foot clear heights, 156 trailer parking spaces and 120 docks. John Alascio, Walker Brown, T.J. Sullivan, Claire Oster, Stewart Calhoun, Casey Masters and Ryan Bellows of Cushman & Wakefield secured the financing through Bank OZK on behalf of the borrower. A construction timeline for Building C at The Cubes at Locust Grove was not disclosed. 

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AcquisitionsGeorgiaRetailSoutheast

Franklin Street Brokers Sale of 116,766 SF Shopping Center in Metro Atlanta

by Hayden Spiess

DOUGLASVILLE, GA. — Franklin Street Retail Investment Sales has brokered the sale of Market Square, a 116,766-square-foot shopping center located in Douglasville, roughly 20 miles west of Atlanta. Tenants at the property, which was built in 1984 and renovated in 2019, include Aaron’s, YouFit, Pet Supermarket and Davita Dialysis. An entity doing business as SCC Market Square LLC sold the property to BC Waycross Spring Hill LLC for an undisclosed price. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction.

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Company NewsGeorgiaOfficeSoutheast

WeWork to Close Five Locations in Atlanta

by Hayden Spiess

ATLANTA — Flexible workspace provider WeWork, which filed for Chapter 11 bankruptcy late last year, has completed its real estate restructuring in Atlanta, according to a press release from the company. The process, as in other cities, involved lease renegotiations with landlords. The Atlanta Journal-Constitution reports that WeWork now plans to close five of its 11 Atlanta locations. In April, the company announced a new $450 million investment to support operations throughout its Chapter 11 proceedings. WeWork’s current portfolio includes more than 24 million square feet of space across 330 locations globally. 

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Affordable HousingDevelopmentGeorgiaLoansSeniors HousingSoutheast

Berkadia Secures HUD-Insured Financing for $72M Affordable Seniors Housing Development in Atlanta

by John Nelson

ATLANTA — Berkadia has arranged financing for Englewood Senior, a 160-unit affordable seniors housing development in Atlanta. Located at 413 Englewood Ave. SE, the proposed $72 million development would offer independent living units for seniors earning 60 percent or less of the area median income (AMI). Planned amenities at the property include a fitness center, movie theater, community room and an outdoor courtyard.  Carolyn Whatley and Angela Folkers of Berkadia FHA/HUD secured the construction and permanent financing through HUD’s 221(d)(4) program. The undisclosed developer has also received low-income housing tax credit (LIHTC) equity and municipal funding.

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DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential Delivers 340-Unit Prose Columbus Apartments in Georgia

by John Nelson

COLUMBUS, GA. — Alliance Residential Co. has opened Prose Columbus, a 340-unit apartment community located at 6700 River Road in Columbus. Situated less than 80 miles southwest of Atlanta via I-85, the multifamily development features one- and two-bedroom floor plans averaging 960 square feet in size. Monthly rental rates begin at $1,470, according to the property website. Designed by architect Dynamik Design, amenities include a resort-style, saltwater pool with tanning shelves and in-pool loungers, two grilling stations and a resident clubroom with an entertainment kitchen. Additional features include a 24-hour fitness center with Precor equipment, mailroom with Luxor parcel lockers, business center with coworking space and a fenced dog park. Prose Columbus represents the fourth Prose-branded community to open in Georgia. Alliance Residential recently completed Prose LaGrange as well and is under construction on its sixth and seventh Prose developments in the state: Prose Gainesville and Prose McDonough.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Arranges Sale of 220,380 SF Industrial Property in Stone Mountain, Georgia

by John Nelson

STONE MOUNTAIN, GA. — JLL has arranged the sale of a three-building, 220,380-square-foot industrial property located at 4600-4680 Lewis Road in Stone Mountain, about 21 miles east of Atlanta. Dennis Mitchell, Britton Burdette, Matt Wirth and Jim Freeman of JLL represented the seller, Brennan Investment Group, and procured the buyer, Faropoint. The sales price was not disclosed. The property is located on 9.8 acres about a half-mile south of U.S. Highway 78 and 3.5 miles from I-285. New WinCup Holdings Inc., a manufacturer of foodservice products with more than 60 years in business, is the sole tenant.

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DevelopmentGeorgiaIndustrialSoutheast

GF Casting Solutions Selects Augusta for $184M Manufacturing Plant

by John Nelson

AUGUSTA, GA. — GF Casting Solutions AG, a manufacturer of lightweight metal components for the transportation and energy industries, has selected Augusta as the site for a new plant. The company, a division of Swiss company Georg Fischer AG, will invest more than $184 million into the new facility. GF Casting’s LEED-certified facility will be situated within Augusta Corporate Park, a Georgia Ready for Accelerated Development site, and will produce cast-aluminum parts for the automotive industry. Operations are expected to begin in 2027 and create 350 new jobs for Richmond County. Civic and utility partners on the project include Georgia Power, the Georgia Department of Economic Development Global Commerce, Augusta Economic Development Authority, State of Georgia Europe Office and Georgia Quick Start.

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DevelopmentGeorgiaMultifamilySoutheast

SHR Resi Delivers 212-Unit Howell Apartments in Atlanta’s Upper Westside District

by John Nelson

ATLANTA — SHR Resi, a wholly owned subsidiary of local development firm Songy Highroads, has delivered The Howell, a 212-unit luxury apartment community in Atlanta’s Upper Westside neighborhood. Situated off the I-75 exit along Howell Mill Road, The Howell features a mix of one-, two- and three-bedroom apartments with 9- to 12-foot ceilings and open floor plans. Monthly rental rates start at $1,890, according to Apartments.com. Amenities include an open-air lounge on the seventh floor, 3,500 square feet of ground-level retail space, coworking space, a resort-style pool and pool deck, clubhouse, pet run and pet spa, fitness center and a gated and covered parking garage. Gables Residential is managing The Howell on behalf of SHR Resi.

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