HOSCHTON, GA. — Crossman & Co. has brokered the $8.8 million sale of West Jackson Crossing, a Publix-anchored shopping center in Hoschton. The 68,649-square-foot center’s tenant roster includes Verizon Wireless, Pizza Hut and Great Clips. John Zielinski and Mark Thompson of Crossman & Co. represented the undisclosed seller in the transaction.
ELLENWOOD, GA. — PointOne Holdings has sold The Oaks at Ellenwood, a 240-unit apartment community in Ellenwood, 14 miles outside of Atlanta, for $9.8 million. The real estate investment company originally purchased the property in August 2012 out of receivership for $4.5 million. The company then invested approximately $1.2 million to upgrade and rebrand the project. From August 2012 to the time of sale, occupancy moved from 65 percent to 93 percent, according to PointOne Holdings.
SANDY SPRINGS, GA. — Spirit Bascom Ventures, in conjunction with funds managed by Oaktree Capital Management LP, has purchased The Laurels at Overlook Park. The 232-unit apartment community is located along the Chattahoochee River at 415 Morgan Falls Road in Sandy Springs, a northern suburb of Atlanta. The property’s amenity package includes a large clubhouse, resort-style pool with gardens, fitness center and a trailhead leading to a hiking path through nearby Overlook Park and the Chattahoochee River. Andrew Feinberg, David Harte and Marc Schulder of Ackman-Ziff arranged acquisition financing on behalf of the buyers through Synovus Bank. JLL represented the undisclosed seller in the transaction. The new ownership is planning to renovate the property’s interiors and amenity offerings.
TUCKER AND CHAMBLEE, GA. — CPA: 18-Global, W. P. Carey’s non-traded REIT, has acquired a 97 percent interest in two metro Atlanta apartment communities for approximately $46 million. The two properties include the 217-unit Dupont Place Apartments in Tucker and the 227-unit Gentry’s Walk in Chamblee. Co-investment partners Silverpeak Real Estate Partners and Carroll Organization own the remaining interest in the two multifamily assets.
SUWANEE, GA. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has closed a $4.5 million supplemental loan for Noble Village of Sugarloaf. The loan will be used in conjunction with the assumption of the existing $19 million first mortgage and acquisition of the seniors housing property. Located in the Atlanta suburb of Suwanee, the 109-unit community features a pool, fitness center, library, media center, billiards room, theater, coffee house, walking paths, beauty salon and a barber shop. Richard Thomas of Grandbridge originated the fixed-rate Fannie Mae DUS loan at the same time as the assumption of the existing Fannie Mae loan, which Grandbridge had originated for the seller several years earlier.
ALPHARETTA, GA. — Lincoln Property Co. Southeast has arranged the $50 million sale of a 184,553-square-foot data center in Alpharetta, a northern suburb of Atlanta. The data center is part of the 21-acre Windward Concourse Office Park. Carter Validus Mission Critical REIT purchased the property, which is fully occupied by GE under a long-term lease, from Datawind LLC. Tony Bartlett, Denton Shamburger and Chip Sipple of Lincoln Property Co. Southeast represented Datawind in the transaction.
SANDY SPRINGS, GA. — Oak Coast Properties and IMG have purchased Legacy Key Apartments, a 350-unit, Class B multifamily community in Sandy Springs, a northern suburb of Atlanta. Oak Coast and IMG purchased the asset from DRA Advisors LLC. Oak Coast is planning a $2 million capital improvement program for the property that includes a rebranding. Units average 959 square feet and are configured in both garden-style and townhome formats. Legacy Key’s amenity package includes controlled access gates, a clubhouse, business center, fitness center, two swimming pools, two lighted tennis courts, gazebo, picnic and grilling areas, car care center and a laundry facility.
SUWANEE, GA. — Berkadia Commercial Mortgage has arranged $73.7 million in acquisition financing for the Residences on McGinnis Ferry, a 696-unit multifamily community in metro Atlanta. The property is located at 4021 McGinnis Ferry Road in Suwanee. Matt Greer of Berkadia arranged the 10-year, floating-rate loan through Berkadia’s Fannie Mae program on behalf of the borrower, STAR McGinnis Ferry LLC, a subsidiary of Steadfast Apartment REIT Inc. The loan structure features five years of interest-only payments and a 30-year amortization schedule. Steadfast Apartment REIT purchased the multifamily development for $98.5 million. The apartment community was more than 96 percent occupied at the time of sale.
ROSWELL, GA. — Duke Land Group has unveiled preliminary plans for Riverwalk Village, a 104-acre mixed-use development in Roswell. The project will be located between Georgia 400 and Old Alabama Road. Approximately 43 percent of the land will be preserved as open space, including parks, public spaces, pedestrian-oriented zones and a system of walking and biking trails that will connect Riverwalk Village and surrounding neighborhoods to the Chattahoochee River. The project’s developers plan to construct open channel streams to an existing lake on the site, which will be surrounded with boardwalks, restaurants and retailers. The Atlanta Regional Commission (ARC) will review the proposed site plan, which calls for 1,500 residential units, including single-family attached, multifamily and active adult housing; 490,000 square feet of general commercial real estate including retail, restaurant, entertainment and grocery; 1.7 million square feet of office space; a 200-room hotel; and 200,000 square feet of civic and institutional space including the Swift School, a school for children with language-based learning differences. Pending zoning and permits, construction is expected to begin in the fourth quarter of 2015.
ATLANTA — Colliers International has arranged an $11.6 million refinancing for a portfolio of three apartment communities totaling 143 units in Atlanta’s Castleberry Hill neighborhood. The properties — Stonewall Lofts, Legacy Lofts and Intown Lofts — currently have a 91 percent occupancy rate. H.J. Russell & Co. developed the four buildings between 1998 and 2003. Rod Mullice and Kevin Troy of Colliers International arranged the loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of H.J. Russell & Co.
