Wednesday, July 16, 2025
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CivicGeorgiaLoansSoutheast

SunTrust, Partners Provide $24.8M Financing for New YMCA Headquarters in Downtown Atlanta

by Camren Skelton

ATLANTA — SunTrust Community Capital, in partnership with McCormack Baron Salazar and Invest Atlanta, has provided $24.8 million in financing for a new YMCA of Metro Atlanta headquarters. The 54,400-square-foot building, known as the YMCA Center for Leadership and Learning, will be located at 569 Martin Luther King Jr. Drive in downtown Atlanta, a half-mile from the new Mercedes-Benz Stadium. The financing included $22 million in New Market Tax Credits (NMTC) allocation and a $2.5 million Westside Tax Allocation District grant from Invest Atlanta. SunTrust Community Capital served as the sole NMTC investor for the development. The new Leadership and Learning Center will house the YMCA of Metro Atlanta’s administrative offices and will become the new regional YMCA training center for the Southeast, providing training to over 1,500 employees annually. The center will bring 135 YMCA employees to downtown Atlanta, including 25 new jobs and various internship opportunities. The facility is expected to open in early 2019.

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GeorgiaMixed-UseSoutheast

Artefact to Design 66,000 SF Mixed-Use Project Near Atlanta Airport

by Camren Skelton

HAPEVILLE, GA. — Architecture firm Artefact has unveiled design plans for Oak Center, a new mixed-use project in Hapeville, roughly two miles north of Hartsfield-Jackson Atlanta International Airport. The three-story development will expand and refurbish an existing two-story building on Oak Street, and will total 66,000 square feet upon completion. The project will feature ground floor retail, office space, outdoor dining, plaza areas and underground parking. A construction timeline was not disclosed.

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Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature ArchiveTop Stories

Projected Population, Job Growth Fuel Future of Atlanta’s Multifamily Market, Says InterFace Panel

by Camren Skelton

ATLANTA — A surge in population and job growth in the Atlanta metropolitan area over the next two decades will bode well for the multifamily sector, according to panelists at the eighth annual InterFace Multifamily Southeast. Among the 12 largest metropolitan areas in the county, Atlanta ranked second in the rate of job growth and third in the number of jobs added, according to the Bureau of Labor Statistics (BLS). Total nonfarm employment for the Atlanta-Sandy Springs-Roswell Metropolitan Statistical Area stood at 2.75 million in September 2017, up 2.5 percent year-over-year. In addition, the Atlanta Regional Commission forecasts the 20-county Atlanta region will add 2.5 million people and 1.5 million jobs by 2040. Multifamily demand is reaping the benefits of this growth. The job growth multiplier for the demand for new apartments used to be a factor of 5 to 1, meaning for every five jobs created, you could take one unit of inventory out of the equation, according to Mike Kemether, vice chair of the multifamily advisory group at Cushman & Wakefield. This year and next in Atlanta, that ratio sits around 7 to 1. “A lot of the renters are coming because of job relocations,” said Christie Hawver Jordan, …

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GeorgiaMultifamilySoutheast

Federal Capital Partners Acquires Apartment Community in Metro Atlanta for $45M

by Camren Skelton

MARIETTA, GA. — Federal Capital Partners (FCP) has acquired Stratford Ridge, a 446-unit apartment community in Marietta, roughly 20 miles north of downtown Atlanta, for $45 million. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. Stratford Ridge includes a mix of one- to four-bedroom floor plans and features a clubhouse, fitness center, playground, pet park, sundeck and pool and an after-school care program. In addition, the property is roughly four miles north of SunTrust Park, home of the Atlanta Braves. FCP will invest in capital improvements to the existing site and buildings, including amenity enhancements and interior unit renovations.

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Conference CoverageFeaturesGeorgiaMultifamilySoutheastTop Stories

While Apartment Size Shrinks, Amenity Spaces Grow, Says InterFace Panel

by Kristin Harlow

ATLANTA — The amenities arms race is still in full swing. During the architecture and design panel at the eighth annual InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, industry experts discussed how they design today’s multifamily projects with large-scale, luxury amenities in mind. The conference drew 402 multifamily professionals. “There’s so much competition in this space and amenities are really the differentiating factor for all these projects,” said Brad Lutz, director of business development for Dallas-based Humphreys & Partners Architects. “With this shift from homeownership to renting, you have to provide something that’s going to not only attract renters, but retain them long-term.” Joining Lutz on the panel was JoAnn McInnis, vice president of client services and business development at Virginia-based Carlyn & Co. Interiors + Design; B.J. Laterveer, director of the multifamily housing studio at Alpharetta, Georgia-based Wakefield Beasley & Associates; and Les Juneau, president of Atlanta-based Juneau Construction Co. Cannon Reynolds, managing director of architecture for Atlanta-based Niles Bolton Associates, moderated the panel. Both millennials and empty nesters are driving demand for apartment space as they continue to forego homeownership. The U.S. homeownership rate was 63.9 percent in the third quarter of …

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GeorgiaIndustrialSoutheast

McCraney Property to Deliver 345,600 SF Industrial Building in Savannah

by Camren Skelton

SAVANNAH, GA. — McCraney Property Co. has acquired 22 acres in Savannah to develop a 345,600-square-foot, Class A industrial property. Dubbed 95 Logistics @ Pooler Parkway, the property is located near the intersection of Interstates 95 and 16, providing access to the Port of Savannah and Savannah Airport. The proposed development is a front-loaded building with 32-foot clear heights, approximately 48 dock high doors and 100 tractor-trailer parking spaces. The building’s design will also allow the option of subdividing the space for tenants ranging in size from 100,000 to 345,600 square feet. Steve Croy of Croy Group LLC represented McCraney Property Co. in the land purchase.

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GeorgiaHospitalityLoansMississippiSoutheast

Aries Conlon Capital Arranges $13.6M Refinancing of Two Hotels in Georgia, Mississippi

by Camren Skelton

KINGSLAND, GA. AND BILOXI, MISS. — Aries Conlon Capital has arranged two loans totaling $13.6 million for the refinancing of two hotels in Georgia and Mississippi. Rushi Shah of Aries Conlon Capital arranged a $6.8 million loan for a Hampton Inn in Kingsland and a $6.8 million loan for a Quality Inn & Suites in Biloxi. Both loans were funded by CMBS investors and feature 10-year terms, fixed interest rates and 25-year amortization schedules. The 78-room Hampton Inn is located roughly 25 miles north of Florida’s Jacksonville International Airport. The 148-room Quality Inn & Suites is located adjacent to the Mississippi Coast Coliseum and Convention Center and roughly 10 miles from the Gulfport-Biloxi International Airport.

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GeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Demand for Live-Work-Play Fueling Global Interest in Atlanta Multifamily Market

by John Nelson

With Atlanta’s economy more robust than ever, demand for multifamily housing remains high, driving rent growth and investor interest throughout the market. Since the last cycle — when a reliance on construction hit hard — the city has transformed its economy by building up its IT, healthcare and automotive sectors, among others. The results of strong job growth and the diversification of employment are evident market-wide. In particular, Buckhead and Midtown have seen a substantial increase in multifamily supply over the last three to five years, as spillover activity in East Atlanta and West Midtown will continue. And the rise of two multibillion-dollar sports stadiums (Mercedes-Benz Stadium and SunTrust Park) in the same year — a first for the city — continues to draw national and international attention to intown and metro submarkets. Urban Goes Suburban A seemingly insatiable demand for urban live-work-play settings has inspired developers to replicate the highly-amenitized and high-rent success in the suburbs. Alpharetta’s Avalon was a game changer, spurring destinations in John’s Creek, Gwinnett County’s Peachtree Corners and the mixed-use boon around SunTrust Park in Cobb County. So far, development activity has been steady in the northern submarkets, with little activity on Atlanta’s south side. …

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GeorgiaRetailSoutheast

PAC Acquires 74,370 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton

ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased Roswell Wieuca Shopping Center, a 74,370-square-foot retail center located at the corner of Roswell and Wieuca roads in Atlanta’s Buckhead district. PAC acquired the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. Marcus & Millichap marketed the property on behalf of the seller, Brand Properties. A 22,921-square-foot Fresh Market grocery store anchors the center, which was fully leased at the time of sale to tenants including Willy’s, Ace Hardware, Chicken Salad Chick, Amazing Lash Studio, Abbadabba’s, Cheeseburger Bobby’s, Goldberg’s Bagel Co. & Deli and Sugarcoat Nail & Beauty Bar.

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Conference CoverageFeaturesGeorgiaMultifamilySoutheastTop Stories

InterFace Panel: Multifamily Remains Smart Investment, But Good Deals are Harder to Find

by Camren Skelton

ATLANTA — Strong fundamentals have propelled the U.S. multifamily market forward in 2017 and leave it poised for a healthy 2018, but good deals are harder to come by in today’s market for investors, according to panelists at the eighth annual InterFace Multifamily Southeast. The average cap rate for the multifamily sector in the third quarter registered at 4.3 percent, 12 basis points lower than the same period in 2016, and 15 basis points lower than 2015, according to JLL. “Of the 22,000 units that we are going to close this year — mostly A-minus to B assets — the average cap rate is 4.8 percent, across roughly 45 different transactions,” said James Kane, senior vice president of asset management at Starwood Capital Group’s Atlanta office. “This is in top markets like Atlanta, Charlotte, Dallas, Houston, D.C., Denver, etc. — the suburban cornucopia of markets across the U.S.” “With cap rate compression and the rise in interest rates since the Trump election, it’s made it increasingly hard for us to find yield in spaces we are comfortable with,” added Colin Gillis, vice president of acquisitions for the Southeast at Irvine, Calif.-based Passco Cos. LLC. Although spreads are tightening as a whole, …

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