ATLANTA — Winter Construction has broken ground on a 266,000-square-foot hotel by Marriott, located on 14th Street near the intersection of Peachtree Street in Atlanta’s Midtown neighborhood. The hotel will be dual branded as AC Hotel, which will comprise 133 rooms, and Moxy Hotel, which will offer 155 rooms. The hotels will share several levels of parking and a rooftop pool and bar. Cooper Carry Inc. designed the $70 million project; Noble Investment Group is the developer.
LOUISVILLE, KY., AND LITHONIA, GA. — The Scharf Group and Besyata Investment Group have acquired a two-property multifamily portfolio in the Southeast for $74 million. The portfolio boasts a total of 1,033 units. Properties included in the portfolio include the 689-unit Park at Hurstbourne in Louisville and the 344-unit Woodcrest Village in Lithonia. Park at Hurstbourne is a garden-style apartment complex situated on 44 acres at 5555 Big Ben Drive. It was built in 1972. Community amenities include an indoor pool, basketball court, two clubhouses and a daycare. Park at Hurstbourne is situated near notable employers such as GE, Ford and UPS, which have been expanding operations within the area. Woodcrest Village is a garden-style apartment complex situated on 34 acres at 2325 Woodcrest Walk in the Atlanta suburb of Lithonia. The community is about 20 miles east of downtown Atlanta. It was built in 1990. Besyata and Scharf Group plan to modernize the amenities and undertake gradual unit renovations at both properties. The buyers invest in value-add, Class B multifamily communities in suburban markets near growing cities. BH Management, Besyata’s longstanding partner, will oversee the day-to-day property management and leasing for both assets. The groups also partnered with national real …
KENNESAW, GA. — Cushman & Wakefield has negotiated an 115,314-square-foot lease extension and expansion on behalf of furniture and electronics retailer Aaron’s Inc. As part of the deal, the retailer now occupies 400 and 500 Chastain Center in Kennesaw, located 27 miles northwest of Atlanta. Kirk Diamond, April Parrish, Erin Smith, Jennifer Leal and Steven Taylor of Cushman & Wakefield represented Aaron’s Inc. in the transaction. The representative of the landlord, TerraCap Management Inc., was not disclosed.
ATLANTA — Reven Housing REIT Inc., a California-based investment firm, has acquired 38 properties in the Atlanta metro area. Most of the properties are three-bedroom, two-bathroom multifamily assets, averaging about 1,439 square feet per unit. Reven Housing (NASDAQ: RVEN) is a publicly traded REIT. The company paid approximately $2.7 million in cash, exclusive of closing costs, for the portfolio
ATLANTA — CBRE has arranged the $36 million sale of 10 Perimeter Park, a 230-unit multifamily development in Chamblee, a northeastern suburb of Atlanta. Shea Campbell and Kevin Geiger of CBRE represented the seller, California-based Ardena Capital Management. The buyer, Aududon Communities, an Atlanta-based firm specializing in multifamily acquisitions, obtained the property by assuming the existing loan and sourcing a supplemental one.
North American Properties to Debut 1.2 MSF Phase II of Avalon in Alpharetta, Known as Boulevard East
ALPHARETTA, GA. — North American Properties (NAP) will officially debut Phase II of the 86-acre Avalon mixed-use development in Alpharetta, which is dubbed Boulevard East, on Thursday, April 13. NAP sold the first phase of Avalon last summer to PGIM Real Estate, which will also acquire Boulevard East from NAP later this year. The 1.2 million-square-foot expansion will double the size of Avalon and feature upscale apartment residences, 20 new shops and restaurants, a new office building and the $112 million Hotel at Avalon and Alpharetta Conference Center, which will open in January. The 225,000-square-foot office building, known as 8000 Avalon, is a co-development between Hines and Atlanta-based Cousins Properties. Microsoft signed a 43,000-square-foot lease last year to anchor the property. Combined with Avalon’s existing loft office space, the overall office portion is expected to house 1,000 employees. Boulevard East’s multifamily component is known as Veranda at Avalon. The 276-unit apartment community is currently commanding an average $2.40 per square foot rental rate with monthly prices ranging from $1,525 to $4,884. Boulevard East’s 88,000-square-foot, street-level retail component is leased to Brooks Brothers, Urban Outfitters, Scout & Molly’s, Levi’s, Williams-Sonoma, Hammer Made, Boogaloos, Lucky Brand, Pottery Barn, South Moon Under and …
ATLANTA — Arden Group has purchased the Sheraton Atlanta Hotel, a 763-room hotel located at 165 Courtland St. N.E. in downtown Atlanta. The Philadelphia-based investment firm purchased the hotel through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $64.2 million, according to the Atlanta Business Chronicle. JLL represented the sellers, affiliates of Amerimar Enterprises and Contrarian Capital, in the transaction. The previous ownership group wrapped up a $15 million renovation of the hotel last year. Arden Group is planning an additional $7 million of renovations for the hotel’s guest rooms, lobby, meeting rooms and the Collage restaurant. Arden Group and HEI Hotels & Resorts will co-manage the hotel.
ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has partnered with Place Properties and H. J. Russell & Co. to develop the King Memorial Station Transit Oriented Development (TOD), which has an estimated total development cost of $51.3 million. The joint venture replaces Walton Communities, which was initially awarded the project in 2014. The TOD will be co-located at the King Memorial MARTA station, which is located near downtown at 377 Decatur St. S.E. The project will feature a 400-unit apartment community and 10,000 square feet of retail space. The joint venture plans for 20 percent of the property’s units to be reserved as affordable housing. Place Properties has financed, acquired and developed more than 37,000 multifamily beds nationwide, valued at over $1.7 billion. H. J. Russell & Co. has more than 60 years of development experience that includes The Pad on Harvard near the College Park MARTA station, Mercedes-Benz Stadium and the Smithsonian National Museum of African American History and Culture in Washington, D.C.
DUNWOODY, GA. — KDC has demolished the 10-story Hammond Exchange Building to make way for Phase II of Park Center, State Farm’s 2.2 million-square-foot office campus within Atlanta’s Central Perimeter submarket in Dunwoody. Park Center will also feature 100,000 square-feet of retail, restaurants and entertainment space. Phase II of Park Center comprises two office towers totaling 1.2 million square feet and will feature a pedestrian bridge over Perimeter Center Parkway that will connect the two office towers to the Phase I tower and the Dunwoody MARTA station. Park Center will also link up to a multiuse trail, new pedestrian plaza, a connector road between Perimeter Center Parkway and Peachtree-Dunwoody Road and street-level retail space. The design team includes architect Cooper Carry & Associates for the shell building and interiors and general contractor Holder Construction. KDC expects to deliver the 22- and 19-story office towers in 2020.
SNELLVILLE, GA. — Senior Lifestyle Corp. and Griffin Fine Living LLC have unveiled plans for The Sheridan at Eastside, a 197-unit independent living, assisted living and memory care community in the Atlanta suburb of Snellville. The community will feature 81 independent living apartments, 24 independent living cottages, 60 assisted living units and 32 memory care units. The 190,000-square-foot community will sit on 15 acres. The co-developers plan to start construction this fall, with a projected opening date in late 2018. Senior Lifestyle Corp. operates more than 180 communities across the country. Griffin Fine Living provides design, construction, development, marketing and operational management services for the seniors housing and multifamily sectors.