Georgia

RangeWater, Artemis Sell Monroe Apartments in Atlanta for $91M

by John Nelson July 25, 2022

ATLANTA — RangeWater Real Estate and Artemis Real Estate Partners have sold The Monroe, a 217-unit apartment community located at 222 Colonial Homes Drive NW in Atlanta’s Brookwood neighborhood. ParkProperty Capital purchased the property, which was delivered in 2015, for $91 million. Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. Situated along the Atlanta BeltLine and overlooking the Bobby Jones Golf Course, The Monroe features studio, one-, two- and three-bedroom floor plans. Amenities include complimentary package receiving services, controlled access garage parking, an athletic club, saltwater pool, rooftop lounge with skyline views and a clubhouse equipped with a kitchen and coffee bar.

July 25, 2022

Development Georgia Hospitality Loans Southeast

ACRES Originates $74.8M Construction Loan for Westin Atlanta Gwinnett Hotel in Duluth, Georgia

by John Nelson July 22, 2022

DULUTH, GA. — ACRES Capital Corp. has originated a $74.8 million loan to fund the construction of the Westin Atlanta Gwinnett Hotel in Duluth. The borrower is Concord Hospitality, a hotel owner and developer based in Raleigh. Situated about 28 miles northeast of Atlanta, the 348-room hotel will serve as the flagship lodging option within the Gas South District campus off Sugarloaf Parkway. Westin Atlanta Gwinnett will be attached to the Gas South Convention Center and Arena (formerly known as Infinite Energy Center) and will offer 17,607 square feet of meeting space, as well as a business center, fitness center, dining options and a rooftop bar. The construction timeline and project team members were not disclosed.

July 22, 2022

Development Georgia Industrial Southeast

ICM, Waterloo to Develop 725,000 SF Distribution Center in Metro Atlanta

by John Nelson July 22, 2022

JACKSON, GA. — ICM Asset Management and Waterloo Partners plan to develop River Park Six, a 725,000-square-foot distribution center situated within the River Park E-Commerce Center in Jackson. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Ameris Bank on behalf of the co-developers. Located southeast of Atlanta in Butts County, River Park 6 is part of a larger master-planned community that spans 1,200 acres with the capacity to accommodate 20 million square feet of industrial space. ICM and Waterloo have partnered with Constructive Ingenuity as a third-party construction manager for the River Park 6 project, as well as Evans as a general contractor and Colliers for leasing. A construction timeline was not disclosed.

July 22, 2022

Development Georgia Industrial Southeast

Rooker Begins Construction on 797-Acre Industrial Park Near Port of Savannah

by John Nelson July 20, 2022

BLACK CREEK, GA. — Rooker, an Atlanta-based industrial developer and construction management firm, has broken ground on Seaport 16 Trade Center, a 797-acre industrial campus situated about 25 miles from the Port of Savannah in Black Creek. The multi-phased project has the capacity for 7.1 million square feet of logistics space across 10 facilities at full buildout. Rooker has begun construction on Building 1, an 868,160-square-foot speculative building that is expandable to 1.6 million square feet and is scheduled for completion in 2023. Solution Property Group is Rooker’s marketing partner for the project and represented the developer in its land acquisition in 2021. Thomas & Hutton is the civil engineer for Seaport 16, and POH Architects will provide architectural design. Morgan Corp. is the site work contractor. The development will be located at the intersection of Olive Branch Road and Ga. Highway 80, a little over three miles from I-16. The campus will also be situated about five miles from Hyundai’s new electric vehicle assembly and battery factory, which is expected to come on line in 2025.

July 20, 2022

Acquisitions Georgia Multifamily Southeast

Hudson Capital Properties Sells Hudson Ridge Apartments in Atlanta for $143.5M

by John Nelson July 20, 2022

ATLANTA — Hudson Capital Properties (HCP) has sold Hudson Ridge Apartments, a 434-unit multifamily community located at 3505 Windy Ridge Lane in Atlanta’s Cumberland-Galleria submarket. An affiliate of New York-based L+M Fund Management purchased the community for $143.5 million. Kevin Geiger of CBRE represented HCP, which purchased the property in 2016 and executed a community-wide renovation, in the transaction. Built in 1998, Hudson Ridge features one-, two- and three-bedroom apartments, some of which feature detached garages and offer views of the nearby Truist Park, the home ballpark of the Atlanta Braves. Amenities at Hudson Ridge include a clubhouse with a lounge, resort-style pool and sundeck, tennis court, business center and a fitness center.

July 20, 2022

Acquisitions Georgia Office Southeast Top Stories

KKR Acquires Atlantic Yards Office Property Leased to Microsoft in Atlanta

by Kristin Harlow July 20, 2022

ATLANTA — KKR has acquired Atlantic Yards, a two-building office property located in Midtown Atlanta that is fully leased to Microsoft Corp. A joint venture between Hines and Invesco Real Estate sold the asset for an undisclosed price. Atlantic Yards spans 523,511 square feet across two Class A office buildings. The property, built in 2021, is located within Atlantic Station, a 12.5 million-square-foot mixed-use development. The Atlantic Station site was once the home of the Atlantic Steel Mill and rail yards. Designed for LEED Gold certification, Atlantic Yards features a number of outdoor areas, fitness facilities, bike storage and 861 parking spaces. Microsoft committed to Atlantic Yards in spring 2020 and its lease goes through 2035. The company expects to house roughly 1,500 to 2,000 employees at the facility. The Atlantic Yards office focuses on artificial intelligence and cloud-based services, and includes space for engaging directly with customers. “Atlanta is one of the fastest-growing technology hubs in the Sunbelt, thanks to its great academic institutions, diverse talent and long history of serving as home to leading Fortune 500 companies,” says Roger Morales, partner and head of real estate acquisitions in the Americas for KKR. “As one of the highest-quality properties …

July 20, 2022

Georgia Loans Multifamily Southeast

CBRE Arranges $60M Refinancing for Two Multifamily Communities in Metro Atlanta

by John Nelson July 19, 2022

COLLEGE PARK AND LITHONIA, GA. — CBRE has arranged $60 million across two cash-out loans for the refinancing of two metro Atlanta apartment communities: the 404-unit Embarcadero Club in College Park and the 256-unit Walden Brook in Lithonia. Paul Ahmed and Mackenzie Lampman of CBRE arranged the 10-year, fixed-rate loans on behalf of the borrower, Ventron Realty, which has owned the two communities since 2006. The direct lender was not disclosed. Built in 1974, Embarcadero Club has units averaging 855 square feet in size and amenities including a pool, fitness center, business center, clubhouse with a conference room, dog park and a playground. Built in 2003, Walden Brook’s units average 1,114 square feet in size and amenities include picnic areas and grills, a pool, fitness center, business center, playground and walking trails.

July 19, 2022

Acquisitions Georgia Industrial Office Southeast

Avison Young Brokers $45M Sale of Office, Flex Campus in Metro Atlanta

by John Nelson July 19, 2022

DULUTH, GA. — Avison Young has brokered the $45 million sale of Chattahoochee Corners at River Green, an office/flex campus in the Atlanta suburb of Duluth. Built in 1997, the property spans 388,213 square feet across nine single-story buildings. Pennsylvania-based Somerset Properties purchased Chattahoochee Corners from Miami-based B Group Co. Capital Management. Casey Keitchen of Avison Young’s Atlanta office brokered the transaction. Situated off Peachtree Industrial Boulevard, the property features floor-to-glass windows across all nine buildings, as well as a fitness center. Somerset plans to invest in capital improvements at Chattahoochee Corners, including boosting the curb appeal and enhancing onsite amenities.

July 19, 2022

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $16.8M Sale of Terraces at Summerville Apartments in Augusta

by John Nelson July 15, 2022

AUGUSTA, GA. — Berkadia has arranged the $16.8 million sale of Terraces at Summerville, a 120-unit apartment community located at 817 Hickman Road in Augusta. Mark Boyce and Blake Coffey of Berkadia’s Charleston office represented the seller, Nebraska-based Burlington Capital Group, in the transaction. The buyer was Tennessee-based JBT Holdings. Built in 1972, Terraces at Summerville was 95 percent occupied at the time of sale. According to Apartments.com, the property features a pool, fitness center, laundry facilities, tennis court, clubhouse and picnic area.

July 15, 2022

Acquisitions Georgia Multifamily Southeast

Westside Capital Buys Lofts at Twenty25 Apartments in Atlanta for $136M

by John Nelson July 14, 2022

ATLANTA — Miami-based Westside Capital Group has purchased The Lofts at Twenty25, a 16-story high-rise apartment tower located at 2025 Peachtree Road in Atlanta. The unnamed developer sold the 623-unit property, which was originally built in 1951 and completely redeveloped in 2021, for $136 million. Situated between Atlanta’s Buckhead and Midtown districts, Lofts at Twenty25 features one-bedroom apartments ranging from 430 square feet to 600 square feet. Unit interiors feature eight- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless steel appliances, walk-in closets and barn-style doors. Amenities include a 5,000-square-foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog wash, swimming pool, billiards and game room, office and conference rooms, bike storage, putting green, laundry facility and dry cleaning service, EV charging stations and 405 parking spaces.

July 14, 2022

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