Georgia

Origin Investments Completes Phase II of Mixed-Use Development in Atlanta’s Virginia Highland Neighborhood

by Alex Tostado March 1, 2019

ATLANTA — Origin Investments has completed Phase II of 675 N. Highland, a mixed-use development that features 164 residential units and 28,000 square feet of commercial/retail space in Atlanta. Phase II delivered 39 residential units comprising 15 studio apartments, 21 one-bedroom units and three two-bedroom floor plans. Phase II also included 8,282 square feet of office space. Amenities at 675 N. Highland include a fitness center, clubroom, package concierge service, swimming pool, bocce ball court, fire pits and grilling areas. The multifamily asset is 96 percent occupied and is situated on the corner of North Highland and Ponce de Leon avenues in the city’s Virginia Highland district, about three miles northeast of downtown Atlanta. Retail tenants include CO Sushi, Seed Factory Marketing, Rockwell Oral and Facial Surgery and Gino’s East Pizzeria.

March 1, 2019

Acquisitions Georgia Multifamily Southeast

PointOne Holdings Sells Apartment Complex in Metro Atlanta for $44.9M

by Alex Tostado February 28, 2019

LITHIA SPRINGS, GA. — PointOne Holdings LLC has sold Crestmark Apartments, a 334-unit apartment complex in Lithia Springs, for $44.9 million. The asset is situated about 14 miles west of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans with amenities including a business center, car wash area, jogging trails, two tennis courts, swimming pool and a spa with a hot tub. During its ownership, PointOne Holdings increased the property’s occupancy from 93 percent to 98 percent, according to PointOne’s Ben Colonomos. Chad DeFoor, now with Franklin Street but previously with ARA Newmark, marketed and brokered the sale of Crestmark Apartments. The buyer was not disclosed.

February 28, 2019

Acquisitions Development Georgia Multifamily Office Southeast

Alliance Residential Buys Vacant Office Park in Metro Atlanta, Plans Multifamily Community

by John Nelson February 27, 2019

NORCROSS, GA. — Alliance Residential has acquired the former WestRock office campus in the northeastern Atlanta suburb of Norcross. The vacant site has eight office buildings, of which two will be preserved and transformed into 90 residential units and coworking space in Alliance Residential’s planned Broadstone Norcross apartment community. Alliance Residential will construct two four-story buildings that will house 200 rental units. The project will also include a half-acre park. The 12-acre site is located at 504 Thrasher St., two blocks south of downtown Norcross and about 19 miles northeast of downtown Atlanta. The community is expected to be open to residents in 2020.

February 27, 2019

Development Georgia Multifamily Southeast

Gables Residential Opens 325-Unit Apartment Community in Atlanta’s Buckhead District

by Alex Tostado February 25, 2019

ATLANTA — Gables Residential has opened The Ashley Gables Buckhead, a 325-unit apartment community in Atlanta’s Buckhead district. The 15-story building is located at 530 E. Paces Ferry Road, about eight miles north of downtown Atlanta. The new asset offers studio, one-, two- and three-bedroom apartments and townhomes. Rental rates range from $1,632 per month for the one-bedroom floor plan to $7,032 per month for the three-bedroom floor plan. Amenities include a rooftop terrace, dog park, courtyard with an outdoor theater and 24-hour concierge service. This is the third location for Gables Residential’s signature series, joining locations in Denver and Miami.

February 25, 2019

Acquisitions Georgia Industrial New Jersey Northeast Pennsylvania Southeast Texas Top Stories

Colony Industrial Sells Four-State, 2.3 MSF Industrial Portfolio for $136M

by Kristin Harlow February 25, 2019

DALLAS — Colony Industrial has sold a light industrial portfolio spanning 2.3 million square feet across four states for $136 million. Nuveen Real Estate, a subsidiary of TIAA, purchased the properties. The sale includes 18 buildings in Atlanta, five in Dallas, five in Houston and six buildings spread across Pennsylvania and New Jersey. CBRE National Partners represented Dallas-based Colony Industrial in the sale. Colony Industrial is the industrial platform of Colony Capital Inc. (NYSE: CLNY), a real estate investment firm with $44 billion of assets under management. “We’ve owned and operated these assets for some time and the portfolio value had achieved Colony Industrial’s targets,” says Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “We reevaluate the portfolio as opportunities arise, and this sale to Nuveen enables us to rebalance our property mix to align with our long-term strategic plans.” Nuveen is an investment manager that maintains its international headquarters in New York. — Kristin Hiller

February 25, 2019

Acquisitions Georgia Multifamily Southeast

CBRE Brokers Sale of 450-Unit Apartment Community in Metro Atlanta

by Alex Tostado February 22, 2019

KENNESAW, GA. — CBRE has brokered the sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, about 20 miles northwest of Atlanta. The community is situated about a mile from Kennesaw Marketplace, a 50-acre, Whole Foods-anchored mixed-use development completed in 2017. Amenities at Mountain Park Estates include a clubhouse, fitness center, swimming pool, outdoor lounge, fire pit and three lighted tennis courts. Greensboro, N.C.-based Bell Partners acquired the asset. which is located about 25 miles north of downtown Atlanta. The seller and sales price were not disclosed.

February 22, 2019

Georgia Loans Multifamily Southeast

Arbor Realty Trust Provides $38.6M Acquisition Loan for Multifamily Project in Metro Atlanta

by Alex Tostado February 22, 2019

NORCROSS, GA. — Arbor Realty Trust Inc. has provided a $38.6 million Fannie Mae loan for the acquisition of Fields at Peachtree Corners, a 490-unit apartment complex in the northern Atlanta suburb of Norcross. The loan carries a 12-year fixed interest rate with six years of interest-only payments and a 30-year amortization schedule. The asset was built in 1973 and offers a fitness center, Olympic-sized swimming pool, tennis and volleyball courts, soccer field, resident clubhouse, a playground and picnic area with barbecue. The borrower was not disclosed.

February 22, 2019

Georgia Multifamily Southeast

CF Real Estate, Origin Investments Sell 283-Unit Apartment Community in Metro Atlanta

by Alex Tostado February 21, 2019

CHAMBLEE, GA. — CF Real Estate Services and Origin Investments have sold Olmsted Chamblee, a 283-unit apartment community in Chamblee. The asset was completed in October 2017 and offers one-, two- and three-bedroom floor plans. The property sits on 5.9 acres about 13 miles north of downtown Atlanta. Olmsted Chamblee was 95 percent occupied at the time of sale and features 9,000 square feet of retail space and rentable office pods within the amenity spaces. Kris Mikkelsen and Elliot Howell of Walker & Dunlop represented the sellers in the transaction. CBRE Global Investors acquired the property. The sales price was not disclosed.

February 21, 2019

Acquisitions Georgia Multifamily Southeast

AREP Completes Renovation of Office Property in Baltimore’s Business District

by Alex Tostado February 21, 2019

BALTIMORE — American Real Estate Partners (AREP) has completed renovations of 700 E. Pratt St. in Baltimore’s central business district. AREP purchased the 12-story office building in 2017 and has been working on renovations for nine months. Hord Coplan Macht, Venable, Johns Hopkins, CenturyLink, Havas Media Group and Verizon Global Services either signed or renewed leases in anticipation of the renovations. Improvements include a new interior, which features polished concrete, reclaimed wood, exposed brick, period lighting and preserved historic elements; boutique-inspired lobby with experiential areas; fitness facility; activated conference area; and direct access to new perimeter retail punctuated with patio seating that opens out onto both Market Place and Pratt Street.

February 21, 2019

Georgia Leasing Activity Office Southeast

Emory Healthcare Signs 28,000 SF Office Lease in Midtown Atlanta

by Alex Tostado February 20, 2019

ATLANTA — Emory Healthcare has signed a 28,000-square-foot lease at Baltimore Block across from Emory University Hospital Midtown in Midtown Atlanta. Emory Healthcare will move its finance and materials management operation to the newly leased space. Baltimore Block is a recently renovated historic office development that was originally built in 1885. Gamma Real Estate and Meltzer Properties acquired the asset in 2015 and completed a $4.5 million renovation. The 104,000-square-foot building is now 91 percent leased. Claire Ross and Mike Werner of JLL represented the landlord, in the lease transaction. Bruce Propst of Cushman & Wakefield represented the tenant.

February 20, 2019

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