LITHONIA, GA. — Wendover Housing Partners plans to begin construction in August on Granite Crossing, a $14.7 million, 75-unit apartment community that will anchor Lithonia Plaza in downtown Lithonia, a southern suburb of Atlanta. According to Wendover, the multifamily property will be the first major construction in the city since 2009. To make way for Granite Crossing, demolition has begun on an 80,000-square-foot, city-owned building that has been vacant since 2009. Wendover Housing partnered with the state of Georgia, Lithonia Downtown Development Authority, the city of Lithonia and Bainbridge GP LLC on the project. Residents are expected to occupy Granite Crossing next summer. The property will comprise one-, two- and three-bedroom apartments with monthly rents ranging from $620 to $800. Amenities will include a clubhouse with a fitness center, computer lab and an activity room for after-school programming. Other amenities include an outdoor splash park and playground equipment.
MARIETTA, GA. — PointOne Holdings has sold Lakefront Vista Apartments, a 222-unit garden-style apartment community located at 880 S. Cobb Drive in Marietta, a northern suburb of Atlanta. PointOne purchased the asset in June 2013 for $10.9 million and sold the value-add property to an undisclosed buyer for $17.5 million. During its ownership, PointOne invested more than $700,000 to renovate the property and add amenities, resulting in occupancy increasing from 88 percent to more than 97 percent and rents increasing an average of $150 per unit. PointOne improved the property’s net operating income by 103 percent.
SAVANNAH, GA. — The Southeastern Investment Sales Team has brokered the $49 million sale of Market Walk, a 255,000-square-foot shopping center in Savannah. Built in 2015, the center was 94 percent leased at the time of sale to tenants including Kroger Marketplace, Dick’s Sporting Goods, Buffalo Wild Wing, Jason’s Deli, Chipotle Mexican Grill, Edwin Watts and West Marine. Ryan McArdle, Steve Collins and David Rivers of Southeastern represented the undisclosed seller in the transaction.
SANDY SPRINGS, GA. — Pollack Shores Real Estate Group plans to develop 425 apartment units and 10,000 square feet of retail and restaurant space neighboring the Palisades office park in Sandy Springs. Pollack Shores purchased a site adjacent to the office park at 5901 Peachtree-Dunwoody Road for an undisclosed amount. Upon completion, the one-, two- and three-bedroom units will feature plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. The redevelopment is expected to be complete by winter 2018. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the residential portion of the property. Pollack Shores is also absorbing most of the costs for infrastructure improvements in the area, including the addition of an east-west connector between Peachtree-Dunwoody Road and Perimeter Center Parkway that will allow traffic to directly access the new 2.2 million-square-foot State Farm Insurance regional headquarters expected to open in late 2016.
ATLANTA — AloStar has provided two loans for an office building and shopping center in metro Atlanta totaling $23.6 million. The bank funded both loans through its commercial real estate platform, AloStar Real Estate Finance. The financing included a $19 million loan for 1100 Circle 75, a 16-story office building in Atlanta’s Cumberland/Galleria submarket, and a $4.6 million loan for Shoppes at Trickum, a 49,900-square-foot, Walmart-anchored shopping center in Woodstock that is also leased to Dollar Tree and rue21. AloStar provided the acquisition financing for Shoppes at Trickum to Shoppes at Trickum LLC, an affiliate of SunCap Real Estate Investments.
MARIETTA, GA. — NorthMarq Capital has arranged a credit enhancement and joint venture sponsor to finance the construction of The Arbor Terrace at Burnt Hickory, a 92-unit seniors housing community in the Atlanta suburb of Marietta. Developer and operator The Arbor Co. is developing the community, and the general contractor, Choate Construction, expects to deliver the property by March 2017. Will James of NorthMarq’s Atlanta office secured the financing for the landowner, Hollander Properties. Specific terms were not disclosed.
ATLANTA — Winter Construction has been selected to build the new Solis Hotel Two Porsche Drive, a 214-room hotel that will be situated adjacent to the new Porsche Cars North American Headquarters in Atlanta. The hotel will also be situated close to Hartsfield-Jackson Atlanta International Airport’s International Terminal/Concourse F. The eight-story property will feature restaurants and bars, 6,500 square feet of event space with a 3,600-square-foot ballroom and a rooftop lounge with views of the Porsche Experience Center and airport. The owner of the hotel, Swiss real estate investment company ACRON, hosted a groundbreaking ceremony in early April. HOK Architecture designed the hotel, which will mirror the Porsche headquarters with glass, aluminum and metal exterior panels. Winter Construction expects to deliver the hotel by fall 2017.
ACWORTH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Overlook at Cedarcrest, a 38-unit assisted living community in the northwestern Atlanta suburb of Acworth. Senior Housing Properties Trust bought the community from an undisclosed seller for $8.4 million. Five Star Senior Living will operate the community. The building was constructed in 2014, and the developers listed the community for sale once stabilization was reached. Bradley Clousing and Jeff Binder of SLIB brokered the transaction.
DECATUR, GA. — Whole Foods Market has selected Decatur as one of the first cities to introduce its new 365 by Whole Foods Market concept. Set to open at North Decatur Square in spring 2018, the new grocery store will feature affordable and convenient groceries that still meet the Austin-based grocer’s high standard of quality. Fairburn, Ga.-based S.J. Collins Enterprises is developing North Decatur Square, a new 90,000-square-foot shopping plaza underway at North Decatur Road and Church Street. The first 365 by Whole Foods will open in Silver Lake, Calif., on May 25, 2016, followed by about 10 more over the next year in cities including Lake Oswego, Ore.; Bellevue, Wash.; Santa Monica, Calif.; Evergreen Park, Ill.; Sycamore Township, Ohio and Gainesville, Fla.
SAVANNAH, GA. — Winter Construction plans to build a new seven-story boutique hotel in Savannah. The 173-room, 162,000-square-foot property will span an entire city block in the historic River Street district. Winter is building the hotel on behalf of developer RBHD and owner Rockbridge. Upon completion in October 2017, the hotel will feature two levels of parking, five levels of guest rooms, a fitness area, meeting space, pool, lobby bar, a restaurant on River Street and a rooftop event space and bar. The design team includes architect Gunn Meyerhoff Shay and interior designers FODA and Parts & Labor.