TUSCALOOSA, ALA. AND THOMASVILLE, GA. — Bellwether Enterprise Real Estate Capital LLC has recently closed two loans totaling $8.4 million for Section 8 apartment communities in Tuscaloosa and Thomasville. The affordable housing properties include the 124-unit Creekwood Village Apartments in Tuscaloosa and the 88-unit Wood Valley Apartments in Thomasville. Creekwood Village, which uses two units for the Boys and Girls Club and a daycare center, was built in 1972 and renovated in 2002 with Low Income Housing Tax Credits (LIHTC). Wood Valley was built in 1974 and renovated in 2003 with LIHTC. Bellwether Enterprise arranged both loans, which featured seven-year terms, through Freddie Mac on behalf of the borrower, LEDIC Realty Co. LLC.
ATLANTA — With affordability becoming a major issue for the multifamily industry nationwide, the Atlanta apartment market compares favorably with several other major metros. It’s one reason the metro area continues to be a magnet for apartment investors, concluded the 2016 Atlanta Apartment Market Outlook. “Atlanta is a market that investors want to move in and out of, which they like. Atlanta will remain an incredibly active investment market going forward,” said Malcolm McComb, vice chairman of CBRE, during his presentation to the 554 attendees. The breakfast outlook meeting was held on Friday, Feb. 12 at the Cobb Galleria Centre. In Atlanta, renters are only paying 22 percent of their median household income ($56,000) on rent ($1,043 monthly, or $12,516 annually). In San Francisco, renters are paying $3,242 monthly on average, or 49 percent of their median household income ($80,000), according to data from Axiometrics. In New York, renters are paying 54 percent of their median household income and in Boston renters are paying 36 percent. Atlanta is one of the most active transaction markets in the country. The metro area ranked fourth behind only Manhattan, Dallas and Los Angeles in terms of 2015 sales volume, according to Real Capital …
BRASELTON, GA. — Ackerman & Co. plans to develop a 1 million-square-foot bulk distribution center in Braselton, roughly 50 miles northeast of Atlanta. Ackerman recently purchased the 107-acre site off of Broadway Avenue and BDC Parkway from Synovus Bank for $4.5 million. The site is situated less than two miles from I-85 and the Georgia Highway 211 interchange. The building, known as Braselton Logistics Center, will feature 40-foot clear heights, ductilcrete floors and parking for trailers and automobiles. Ackerman plans to deliver the property in the first quarter of 2017. Julian Brown of Transwestern and Brett Buckner of Ackerman & Co. will lease the asset. The design team includes architect Randall Paulson, civil engineer Elberly Associates and general contractor Conlan Co.
ATLANTA — Amli Residential, a Chicago-based apartment developer, has selected JE Dunn Construction to build AMLI Arts Center, a 26-story, 350-unit apartment tower in Midtown Atlanta. The property will feature studio, one- and two-bedroom apartment units, as well as a precast parking deck providing 543 spaces and an upper level pool amenity deck. Cooper Carry is serving as JE Dunn’s architect of record for AMLI Arts Center. JE Dunn is also building AMLI 3464 in Atlanta’s Buckhead district. The general contractor expects to finish construction on AMLI 3464 in late 2016 and AMLI Arts Center in November 2017.
STOCKBRIDGE, GA. — RCP Cos., a Huntsville, Ala.-based real estate investor and developer, plans to develop a $300 million mixed-use project, known as Jodeco|Atlanta South, in Henry County. Preliminary plans for the mixed-use development in the southern Atlanta suburb of Stockbridge include retail and restaurants, an entertainment hub, amphitheater, outdoor fitness and recreation areas and apartment residences within an urban setting. “Our intention is to craft a new, vibrant community that brings the energy of a high-density, urban design — as well as the options that a larger city might provide — to South Atlanta,” says Max Grelier, chief development officer of RCP Cos. Jodeco will sit adjacent to I-75 at exit 222, one of the first exits south of the I-675 interchange. Situated in the southwest quadrant of the I-75 and Jodeco Road intersection and bordered by Chambers and Mt. Olive roads, the development will include more than 500,000 square feet of local, regional and national retailers, including an organic grocer. A 12,000-square-foot food hall, known as Mt. Olive Market, will be a dining venue within Jodeco where local and regional chefs will serve guests at counters and communal tables. Plans also call for two upscale hotels and an …
LAWRENCEVILLE, GA. — Hillwood, a Perot company, has purchased Gwinnett 316, a 15-building distribution park totaling 2.2 million square feet, for an undisclosed price. The park is situated one mile off GA Highway 316 in Lawrenceville within Atlanta’s I-85 Northeast submarket. The acquisition consists of rear- and front-loading distribution buildings ranging from 70,000 to 200,000 square feet. The buildings have an average construction date of 1992 with an average 24-foot clear height, ESFR sprinkler systems, T-5 lighting, ample parking and some office space. Hillwood has begun major capital improvements that include enhanced landscaping, parking lot and roof refurbishments and upgrades to vacant space. Hillwood recently opened an office in Atlanta, with Todd Parker leading the division as senior vice president.
ATLANTA — Hotel Development Partners has commenced construction on a new 128-room Residence Inn on a 4.8-acre site located at the intersection of Ashford Dunwoody and Meadow Lane roads in Atlanta’s Central Perimeter submarket. The site surrounds the existing Spruill Center for the Arts and will feature the hotel, Fogo de Chao Brazilian Steakhouse and other dining and shopping amenities in early 2017. Alan Shaw of The Shopping Center Group is leasing the site on behalf of Hotel Development Partners, which purchased the site in 2015. The developer is also underway on a Hampton Inn-anchored mixed-use project on Ashford Dunwoody Road.
NEWNAN, GA. — The RADCO Cos. has purchased the 114-unit Park Manor Apartments in Newnan from LivCor for $9.9 million. The Atlanta-based apartment investor has renamed the apartment complex Woodlands at White Oak, which is located adjacent to another RADCO property, the 561-unit Creekside at White Oak. RADCO financed the acquisition using private capital and debt financing from Mutual of Omaha. HFF’s Atlanta office brokered the transaction. RADCO plans to invest more than $1.3 million on capital improvements for the property’s clubhouse, fitness center, pools, landscaping and building exteriors. Interior renovations will include upgraded flooring, lighting, countertops and appliances.
SAVANNAH, GA. AND SUFFOLK, VA. — CenterPoint Properties has acquired a 1.1 million-square-foot, three-building industrial portfolio in Savannah and Suffolk. The rail-served portfolio spans 94.4 acres and is situated in close proximity to ports. The two properties in Savannah feature 32-foot clear heights and were fully leased at the time of sale. The properties are located within four miles of the Port of Savannah and feature dual rail service. The Suffolk property is situated near the Port of Virginia and features 32-foot clear heights and trailer storage. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, McDonald Development, in the transaction. This acquisition brings CenterPoint’s East Coast portfolio to 9.4 Million square feet across 65 buildings.
ATLANTA — Marcus & Millichap has arranged the $6.5 million sale of Tilly Mill Plaza, a 113,000-square-foot shopping center located at the intersection of Peachtree Industrial Boulevard and Tilly Mill Road in Atlanta. The property is situated one mile north of I-285 and across from a Home Depot. Kaufman Realty Group purchased the asset from a Tennessee-based developer. Kaufman plans to remerchandise the center. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Group in Atlanta represented the seller in the transaction.