Georgia

Loudermilk Cos. Tops Off Construction of 120,000 SF Medical Office Building in Buckhead

by Camren Skelton December 14, 2017

ATLANTA — The Loudermilk Cos. has topped off construction of 371 East Paces Ferry, a nine-story, 120,000-square-foot medical office building in Atlanta’s Buckhead district. George Olmstead of Cushman & Wakefield is handling the property’s leasing assignment, and recently secured a 3,576-square-foot lease with Interventional Orthopedics of Atlanta LLC. The company will join other committed tenants including Concord Pharmacy, Piedmont Medical Care Corp., Peachtree Dermatology and Kalos Surgical Associates. The building will include 485 parking spaces in a seven-level deck and is expected to open in April 2018.

December 14, 2017

Georgia Multifamily Southeast

Steadfast Buys Apartment Community in Metro Atlanta for $35.3M

by Camren Skelton December 13, 2017

LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Sugar Mill Apartments, a 244-unit multifamily community in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County, for $35.3 million. Constructed in 1997, the community includes one- to three-bedroom units that average 1,094 square feet with an average rental rate of $1,073 per month. Community amenities include gated access, a clubhouse, business center, fitness center, pool, spa, tennis courts, car wash and a dog park. STAR III plans to renovate all unit interiors and exteriors, including the addition of new appliances, cabinets and light fixtures. The REIT also plans to renovate the landscaping and common area amenities. At the time of sale, Sugar Mill Apartments was 97.5 percent occupied.

December 13, 2017

Georgia Office Southeast

APG Acquires Office Park in Atlanta’s Cumberland/Galleria Submarket for $22.3M

by Camren Skelton December 13, 2017

ATLANTA — Atlanta Property Group (APG) has acquired Shadowood Office Park, a 200,000-square-foot, three-building office park located at 2100 Powers Ferry Road in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports The Ardent Cos. sold the asset to APG for $22.3 million. Kevin Markwordt of Transwestern arranged the transaction on behalf of the seller. The four-story buildings feature nine-foot ceilings, floor-to-ceiling windows and a 3.5 per 1,000 square foot parking ratio. In addition, the property is less than two miles from The Battery mixed-use destination and SunTrust Park, home of the Atlanta Braves. At the time of sale, Shadowood Office Park was 78 percent leased. APG plans to renovate the property during its first year of ownership.

December 13, 2017

Georgia Loans Multifamily Southeast Student Housing

SunTrust Provides $58.3M Construction Loan for 26-Story Student Housing Tower in Downtown Atlanta

by Camren Skelton December 12, 2017

ATLANTA — SunTrust Banks Inc. has provided a $58.3 million construction loan for the development of 120 Piedmont, a 685-bed student housing community located a half-mile from Georgia State University in downtown Atlanta. SunTrust originated the loan on behalf of the developer, South City Partners. The $90 million project will total 467,125 square feet, including 8,200 square feet of retail space. Community amenities will include a rooftop deck with an outdoor living room, grilling area and study space. In addition, the 26-story tower will feature a swimming pool, clubhouse, fitness center, on-site library and an internet café. The new community is expected to open in August 2019.

December 12, 2017

Alabama Georgia Mississippi Multifamily Southeast

Blue Magma, NCP Enterprise Acquire Multifamily Portfolio Across Southeast for $34M

by Camren Skelton December 12, 2017

ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The property will be rebranded as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., was acquired for $11.6 million and will be renamed The Park at Brighton. Lastly, the 184-unit Madison Square, located in Dothan, Ala., was purchased for $7.8 million. The new owners will rename the property the Park at Ashburn. Cushman & Wakefield’s Atlanta office arranged the transaction, and Ladder Capital provided debt financing for the acquisition. The names of the sellers were not disclosed.

December 12, 2017

Georgia Healthcare Office Southeast

Halpern Enterprises Opens 30,000 SF Medical Office Building in Metro Atlanta

by Camren Skelton December 12, 2017

SMYRNA, GA. — Halpern Enterprises has opened Belmont Physicians Center, a 30,000-square-foot medical office building located within Belmont, a 48-acre mixed-use community in the Atlanta metro of Smyrna. Emory Healthcare anchors the center, which is located roughly 18 miles northwest of downtown Atlanta. Other tenants at Belmont Medical Center include Gentle Care Dentistry, Cobb Pediatric Associates and Smyrna Pediatric Dentistry. The two-story building was designed by Lyman Davidson Dooley Architects and constructed by Benning Construction. In addition to the new healthcare building, the Belmont mixed-use community features restaurants, retail, Smyrna Elementary School, a residential subdivision and a 274-unit apartment community. A second phase is planned that will include single-family homes, as well as an additional 12,000 square feet of retail space.

December 12, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Talent, Technology Are Top Priorities for Multifamily Operators Today, Says InterFace Panel

by John Nelson December 12, 2017

ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable tactic. “We’ve had to go out and look at hospitality, restaurants and other industries that complement multifamily to find talent,” said Chris Burns, senior vice president of Lincoln Property Co. During the operators panel at the InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, Burns and his fellow panelists discussed the opportunities and challenges facing the industry today. The eighth annual conference drew 402 professionals. The panel agreed that finding talent was difficult, but that retaining and training that talent is just as big a challenge. “Retaining talent is just like leasing — it’s important to get a lease but it’s more important to get a renewal,” said Greg Mark, senior vice president of operations at Pinnacle, a national multifamily property management …

December 12, 2017

Georgia Retail Southeast

Phillips Edison Acquires Kroger-Anchored Retail Center in Metro Atlanta for $13.9M

by Camren Skelton December 11, 2017

DACULA, GA. — Phillips Edison & Co. has acquired Mountain Crossing, a 96,606-square-foot shopping center in Dacula, 38 miles northeast of Atlanta in Gwinnett County, for $13.9 million. The name of the seller was not disclosed. Kroger anchors the center, which is also home to a UPS Store, Great Clips, Allstate Insurance and Chevron. Cincinnati-based Phillips Edison manages a portfolio of more than 345 shopping centers — 236 of which it owns directly — located in 32 states.

December 11, 2017

Georgia Industrial Loans Southeast

CBRE Secures $28.7M Acquisition Loan for Industrial Asset in Metro Atlanta

by Camren Skelton December 8, 2017

AUSTELL, GA. — CBRE has arranged a $28.7 million acquisition loan for Core5 Logistics Center at Interstate West, a 781,440-square-foot industrial facility located at 440 Interstate West in Austell, roughly 18 miles northwest of downtown Atlanta. Joel Torbora, Jonathan Rice and Jeff Ackemann of CBRE arranged the three-year loan through BMO Harris on behalf of the buyer, WPT Capital Advisors. The company acquired the facility from Core5 Industrial Partners, which developed the property in September. Core5 Logistics Center features 36-foot clear heights. Todd Barton of CBRE is handling the property’s leasing assignment.

December 8, 2017

Georgia Multifamily Southeast

Berkadia Arranges $61M Sale of Multifamily Asset in Metro Atlanta

by Camren Skelton December 7, 2017

MARIETTA, GA. — Berkadia has arranged the $61 million sale of Ashford Retreat, a 654-unit apartment community in Marietta, roughly 20 miles north of downtown Atlanta. The property, renamed The Park on Windy Hill, is located at 2121 Windy Hill Road, roughly two miles west of SunTrust Park, home of the Atlanta Braves. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the transaction on behalf of the buyer, Wilkinson Corp., and the seller, The RADCO Cos. In addition, Berkadia’s Richard Levine arranged equity and debt for the deal on behalf of the buyer. The community includes one- and two-bedroom floor plans and features a fitness center, pool, business center and a clubhouse.

December 7, 2017

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