Georgia

Berkadia Completes $375M Sale of Multifamily Portfolio in Georgia

by Julia Sanders March 29, 2022

ATLANTA AND DENVER — Berkadia has completed the $375 million sale of a 12-property portfolio in Georgia totaling 2,459 apartments. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia completed the sale on behalf of the seller, JAMCO Properties. Berkadia’s Denver and Atlanta offices worked together closely throughout the process to arrange long-term Freddie Mac financing on behalf of the undisclosed buyer. The financing includes a mix of fixed and floating-rate, non-recourse loans. The properties in this portfolio include the following: Aspen Pointe, a 300-unit property in Roswell; Emerald Pointe, a 196-unit property in Riverdale; Lakeside Townhomes, a 177-unit property in College Park; Linden Ridge, a 210-unit property in Stone Mountain; Maplewood Pointe, a 218-unit property in Jonesboro; Morrowood Townhouses, a 264-unit property in Morrow; Oak Run, a 144-unit property in Jonesboro; Stonetree, a 232-unit property in East Point; Stratford Arms, a 100-unit property in Riverdale; The Village at Wesley Chapel, a 218-unit property in Decatur; Willow Lake, a 280-unit property in Stone Mountain; and The Woods at Southlake, a 120-unit property in Jonesboro.

March 29, 2022

Acquisitions Georgia Multifamily Southeast Student Housing

Landmark Properties Forms Joint Venture with ADIA, Targets $1B in Student Housing Investment

by Julia Sanders March 28, 2022

ATHENS, GA.— Landmark Properties has formed a joint venture with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) initially targeting $1 billion in investment. The venture will be focused on acquiring and operating value-add student housing properties in select markets across the U.S. “Landmark and ADIA have been aligned from the start of our relationship, seeing tremendous opportunity in top-tier student housing markets,” says Wes Rogers, president and CEO of Athens, Georgia-based Landmark. “We are confident we can find acquisition targets across the nation that will complement our existing development strategy. We are appreciative of the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.” Hodes Weill Securities LLC acted as financial advisor on behalf of Landmark Properties in connection with the formation and capitalization of the joint venture. Further details were undisclosed.

March 28, 2022

Acquisitions Georgia Multifamily Seniors Housing Southeast

Atlas Senior Living Acquires Three Seniors Housing Communities in Metro Atlanta

by Julia Sanders March 28, 2022

PEACHTREE CITY, KENNESAW AND MARIETTA, GA. — Alabama-based Atlas Senior Living has acquired three assisted living and memory care communities, all located in the greater Atlanta area. The properties include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta Atlas will replace the current operator, Heritage Senior Living, effective April 1. The acquisitions bring Atlas’ total number of properties to 35, with 10 in Georgia.

March 28, 2022

Georgia Loans Multifamily Southeast

Mesa West Capital Provides $92.5M in Bridge Financing for Apartment Community in Atlanta

by Julia Sanders March 25, 2022

ATLANTA — Mesa West Capital has provided $92.5 million in bridge financing for the acquisition and repositioning of Magnolia Vinings, a 400-unit multifamily property in Atlanta’s Vinings district. Michael Riccio of CBRE Capital Markets Debt & Equity Finance arranged the financing on behalf of an undisclosed institutional real estate private equity fund. The four-year loan included interest-only payments and a floating interest rate. A portion of the loan proceeds will be used by the sponsor to continue the renovation program started by the seller, focusing largely on the interiors of 177 apartment homes that have not been significantly updated since the property was built in 1996. Magnolia Vinings is a garden-style apartment building that was 98 percent occupied at the time of the financing. The property offers one-, two- and three-bedroom units across five different floorplans, ranging in size from 572 to 1,408 square feet. Each unit offers nine-foot ceilings, walk-in closets and stainless steel appliances. Renovated units feature quartz countertops, vaulted ceilings, vinyl plank flooring, framed mirrors and a wood-burning fireplace. Community amenities include a resort-style swimming pool, clubhouse, fitness center, cyber lounge and a bocce ball court. Located at 2151 Cumberland Way on 21.6 acres, the property is …

March 25, 2022

Georgia Loans Multifamily Southeast

Cushman & Wakefield Secures $90M Refinancing for Multifamily Property in Atlanta

by Julia Sanders March 25, 2022

ATLANTA — Cushman & Wakefield has secured $90 million in refinancing on behalf of Arya Peachtree, a 282-unit multifamily property in Atlanta. Mike Ryan, Brian Linnihan, Blake Cohen, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the refinancing loan on behalf of the borrower, Perennial Properties Inc. Arya Peachtree offers studio, one-, two- and three-bedroom floorplans. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers and floor-to-ceiling windows. Community amenities include a pool, grills, fitness center, sport lawn, fire pit, putting green, dog spa, flexible workspace stations, bike room and controlled access parking. Additionally, the newly constructed 12-story building has 16,346 square feet of office and retail space on the first two floors. Located at 1777 Peachtree St. NE, the property is situated between Buckhead to the north and Midtown to the south with access to the Interstate 75-85 Connector.

March 25, 2022

Features Georgia Southeast Southeast Feature Archive

Architects Draw the Short Straw with Heavier Workloads, Fluctuating Availability of Construction Materials

by John Nelson March 22, 2022

If you know any architects, you may want to check in with them because chances are they’re exhausted from having more work now than ever before, with no end in sight. That’s because despite all the headwinds facing real estate design — namely supply chain disruptions and staffing woes — developers are in growth mode, and architects are needed as they are uniquely equipped to game plan for what users want and need. The volume of work has not only accelerated for architects but they’re also tasked with mapping out new requirements while maximizing flexibility, which is time-consuming and labor-intensive. The workload is getting so substantial that demand is exceeding the supply of architects in some instances. “The backlog is so significant that we are having to contemplate turning away work, which drives us crazy,” says Steve Goggans, principal and architect at SGA | NW, a GF design company. “We are trying to be most responsive to repeat clients, but we may find ourselves unable to produce and perform if we continue to take on work, so we are having to be a little more judicious than we ever have before.” Goggans says that SGA | NW’s logjam is also …

March 22, 2022

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Arranges $6M Sale of Shopping Center in Metro Atlanta

by Julia Sanders March 21, 2022

MARIETTA, GA. — Stan Johnson Co. has arranged the sale of Windy Hill Crossing, a 32,000-square-foot center in Marietta. Billy Benedict and Jeff Enck of Stan Johnson Co. represented the 1031 exchange buyer, a locally based group of investors. The seller, represented by Kyle Stonis of SRS Real Estate Partners, was an investor group based in nearby Smyrna. The sales price was $6 million. Windy Hill Crossing includes tenants such as FedEx Office and Jackson Hewitt Tax Service. Built in 1986, the property was over 96 percent occupied at the time of sale. Situated on 3.4 acres at 2311 Windy Hill Road, the property is situated at the signalized intersection of Windy Hill Road and U.S. Highway 41 (Cobb Parkway). The property is also two miles from Truist Park, the home ballpark of the Atlanta Braves, and 3.8 miles from The Home Depot’s corporate headquarters.

March 21, 2022

Development Georgia Office Southeast

PCCP, Portman Holdings to Develop 143,500 SF Office Property in Atlanta’s Old Fourth Ward

by Julia Sanders March 18, 2022

ATLANTA — PCCP LLC and Portman Holdings have formed a joint venture with plans to develop O4W Office, a 143,500-square-foot boutique office building in Atlanta’s Old Fourth Ward district along the Atlanta BeltLine’s Eastside Trail. Construction is slated to be complete by the summer of 2023. O4W Office will include three stories of offices, 6,900 square feet ground-floor retail space and two levels of parking. Building amenities will feature a coffee bar, bicycle and scooter storage, restrooms with showers, outdoor terraces and 11,000 square feet of outdoor space. Located at 667 Auburn Ave., the office development is situated three miles south of Midtown and two miles east of downtown Atlanta. Nearby retail to the project includes Krog Street Market and Ponce City Market, which both are walkable along the BeltLine and include food halls and shops.

March 18, 2022

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Brokers $3.1M Sale of Retail Strip Center in North Georgia

by Julia Sanders March 18, 2022

CORNELIA, GA. — Stan Johnson Co. has brokered the sale of a multi-tenant retail strip center in Cornelia. Billy Benedict of Stan Johnson Co. represented the seller, a Florida-based investment group known as JETS Associates Ltd. Atlanta-based Newburger-Andes acquired the property for $3.1 million. Built in 2019 on a 1.3-acre parcel, the 6,668-square-foot center is leased to Starbucks Coffee, Cricket Wireless and Jersey Mike’s Subs. At the time of sale, the property was 74 percent occupied with one available space totaling 1,750 square feet. The property is an outparcel to a Lowe’s Home Improvement store. Located at 216 Carpenters Cove Lane, the center has direct frontage to U.S. Highway 441 South. The property is located approximately 70 miles northeast of downtown Atlanta.

March 18, 2022

Georgia Loans Multifamily Southeast

Berkadia Secures Acquisition Loan for 280-Unit Apartment Community in LaGrange, Georgia

by Julia Sanders March 18, 2022

LAGRANGE, GA. — Berkadia has secured an acquisition loan for Exchange at 1105, a new 280-unit garden-style multifamily property in LaGrange. Scott Wadler and Matt Nihan of Berkadia’s Miami office arranged the financing through AllianceBernstein on behalf of the borrower, Coral Gables, Fla.-based Beacon Real Estate Group. The loan amount was not disclosed. The first phase of Exchange at 1105 was completed in 2021 and includes 198 units. Phase I was 97 percent occupied at the time of sale. The second phase is under construction and slated for delivery by the fourth quarter. The property offers one-, two- and three-bedroom floorplans. Unit features include smart lock entry, stainless steel appliances, granite kitchen countertops, soaking bathtubs and walk-in closets. Community amenities include a clubhouse, fitness facility, resident lounge with pool table, Wi-Fi enabled clubhouse with business center, dog park with pet spa and designer pool with sun deck. Located at 1105 and 1195 S. Davis Road, the property is located near Interstates 85 and 185.

March 18, 2022

Newer Posts

Older Posts