Georgia

Carroll Sells 1,263-Unit Southeastern Multifamily Portfolio to Greystar

by Julia Sanders November 18, 2021

ATLANTA — Atlanta-based Carroll Co. has sold a four-property, 1,263-unit multifamily portfolio located across four Southeastern states: Georgia, Tennessee, South Carolina and North Carolina. Charleston-based Greystar purchased the property for an undisclosed amount. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented Carroll in the transaction. Nate Sittema and Kristen Reilley of CBRE Capital Markets’ Debt & Structured Finance team in Charlotte represented the borrower, a subsidiary of Greystar. One of the portfolio’s properties is Edgewater Plantation, a 360-unit property located at 100 Eighty Oak Ave. in Mount Pleasant, S.C. The property was recently rebranded to Avana Long Point. Built in 2001, the property offers one-, two- and three-bedroom floorplans with unit features such as in-unit washers and dryers, walk-in closets and patios/decks. Community amenities include a pool, laundry facility, playground, fitness center and a business center. Another one of the properties is Arium South Oaks, which was rebranded to Avana South Oaks. The 323-unit property is located at 100 Antioch Pike in Nashville, and offers one-, two- and three-bedroom floorplans with a unit size range of 742 to 1,660 square feet. The units feature walk-in closets, balconies/patios and washer/dryer hookups. Community amenities include a tennis court, playground, fitness …

November 18, 2021

Georgia Loans Office Southeast

Ready Capital Closes Loan for 131,000 SF Office Property in Suwanee, Georgia

by Julia Sanders November 18, 2021

SUWANEE, GA. — Ready Capital has closed a $14.6 million loan for the acquisition, renovation and stabilization of a four-suite, 131,000-square-foot office property in Suwanee, about 33.4 miles north of Atlanta. The name and address of the property was not disclosed. Ready Capital closed the non-recourse, interest-only loan that features a floating interest rate, 48-month term and one extension option. The financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement an exterior capital improvement plan to address deferred maintenance and improve curb appeal.

November 18, 2021

Development Georgia Mixed-Use Multifamily Office Retail Southeast

GID Breaks Ground on $2B High Street Development in Atlanta’s Central Perimeter

by Julia Sanders November 12, 2021

ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …

November 12, 2021

Development Georgia Industrial Southeast

CA Industrial, Barings Break Ground on 4 MSF Logistics Site in Metro Savannah

by Julia Sanders November 9, 2021

BLOOMINGDALE, GA. — CA Industrial, part of Chicago-based CA Ventures, and Barings LLC, a subsidiary of MassMutual, have broken ground on the first phase of the I-16 Port Logistics site in Bloomingdale. The nine-building industrial project totals nearly 4 million square feet. Located on the northeast corner of Interstate 16 about 13.5 miles from Savannah, I-16 Port Logistics is situated close to the Port of Savannah. The first phase of the development will include one cross-dock facility and two rear-load facilities totaling 1.1 million square feet. Construction of Phase I of the three-phased project is slated for completion by Nov. 2022. Hartford Investment Management Co. (HIMCO) provided an undisclosed amount of construction financing for the development. Evans General Contractors is serving as the general contractor for the project, and William Lattimore and Bill Sparks of CBRE will serve as leasing brokers for the properties.

November 9, 2021

Acquisitions Georgia Multifamily Southeast

Vista Realty Partners Sells Apartment Community in Metro Atlanta for $63.3M

by Julia Sanders November 8, 2021

MCDONOUGH, GA. — Vista Realty Partners has sold Carmel Vista Apartments, a 228-unit multifamily community in McDonough. Equus Capital Partners Ltd. purchased the property for $63.3 million. David Gutting of Newmark represented Vista Realty in the transaction. Opened in Feb. 2021, Carmel Vista Apartments offers studio, one-, two- and three-bedroom floorplans. Unit amenities include stainless steel appliances, granite countertops, sunrooms, direct access attached garages, walk-in closets and washers and dryers. Community amenities include a business center, playground, dog park, fitness center, 24-hour package concierge lockers, controlled access gates, clubhouse with game room and coffee bar and pool. Located at 91 Mt. Carmel Road, Carmel Vista has access to Interstates 75 and 285. The property was fully occupied at the time of sale. Trustmark Bank provided an undisclosed amount of construction financing for the project. A joint venture among The Radco Cos. and Blue Vista Asset Management LLC., Eduard de Guardiola’s Family Office, provided an undisclosed amount of equity.

November 8, 2021

Georgia Loans Multifamily Southeast

CBRE Investment Management Fund Provides $37.2M Loan for Multifamily Community in Roswell, Georgia

by Julia Sanders November 8, 2021

ROSWELL, GA. — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has provided a $37.2 million loan to TerraCap Management for the acquisition of Enclave at Roswell, a 236-unit multifamily community in Roswell. Matt Williams and Kyle Schlitt of Newmark arranged the floating-rate loan. The loan has an initial term of four years, can extend up to one additional year and features future funding for TerraCap’s planned renovations. Enclave at Roswell offers a mix of one- and two-bedroom apartments with units that range in size from 706 to 1,237 square feet. Units feature in-unit washers and dryers, walk-in closets and private balconies in select homes. Community amenities include a swimming pool, fitness center, business center, tennis court, children’s playground area and a dog park. Located at 11251 Alpharetta Highway, Enclave at Roswell is located along Ga. Highways 9 and 400, as well as about 24.8 miles from downtown Atlanta. The community is also situated less than two miles from North Point Mall, North Point Marketcenter and Mansell Crossing.

November 8, 2021

Acquisitions Affordable Housing Florida Georgia Multifamily North Carolina South Carolina Southeast

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

by John Nelson November 5, 2021

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.

November 5, 2021

Acquisitions Georgia Retail Southeast

Halpern Enterprises Acquires 80,773 SF Retail Property in Metro Atlanta

by Julia Sanders November 3, 2021

MCDONOUGH, GA. — Halpern Enterprises Inc. has acquired McDonough West, an 80,773-square-foot shopping center in McDonough. Harbour Retail Partners was the seller. The sales price was not disclosed. Built in 2000, McDonough West was 92 percent leased at the time of sale and anchored by a 30,000-square-foot Goodwill Store and Donation Center. The neighborhood retail center includes tenants such as Planet Fitness, Dollar Tree, Subway and Cato, along with a Delta Community Credit Union located on an outparcel at the front of the property. Located at 250 Jonesboro Road, McDonough West is situated at the intersection of Jonesboro Road and McDonough Parkway, adjacent to Kroger-anchored McDonough Crossing Shopping Center.

November 3, 2021

Acquisitions Georgia Multifamily Southeast

Grubb Properties Sells Apartment Community in Savannah for $29M

by Julia Sanders November 3, 2021

SAVANNAH, GA. — Charlotte-based Grubb Properties has sold Sterling Bluff, a 216-unit garden-style apartment community in Savannah, to Miami-based PIA Residential for $29 million. Nelson Abels and Mike Kemether of Cushman & Wakefield represented the seller in the transaction. Brian Kochan and John Westby-Gibson of Newmark originated a $20 million Fannie Mae acquisition loan for PIA Residential. The loan has a 10 year term. Located at 201 West Montgomery Cross Road on 11.3 acres, Sterling Bluff is a two-story complex that was 99 percent occupied at the time of sale. Built in 1977, the property offers one-, two- and three-bedroom floorplans with a range of 1,045 square feet up to 1,336 square feet. Community amenities include a swimming pool, BBQ grilling stations, fitness center, pet park and play area, playground and a poolside lounging area. The property is located about 6.5 miles from downtown Savannah, 2.8 miles from a Publix and right next to Hunter Golf Club. In addition, Savannah features employers such as Gulfstream Aerospace, International Paper Mitsubishi-Hitachi Power Systems, the Port of Savannah and the Army Corps of Engineers. PIA Residential plans to invest approximately $1.4 million into upgrading the apartment community, including putting in new appliances, countertops, …

November 3, 2021

Development Georgia Industrial Office Southeast

Joint Venture to Redevelop 35,500 SF Warehouse in Metro Atlanta into Office Space

by Julia Sanders November 2, 2021

CHAMBLEE, GA. — A joint venture between Seven Oaks Co. LLC and Packard Capital LLC have plans to redevelop 2135 American Industrial Way, a 35,500-square-foot warehouse in downtown Chamblee. Slated for completion by June 2022, the two-acre site and single-story building will be redeveloped into creative office space. The 2135 American Industrial Way building, which served as a warehouse for an event rental company and an antique showroom that provided movie props, will include a 1,200-square-foot covered front patio, an outdoor beer garden-style seating area and a dedicated food truck parking place. The interior will feature a furnished lobby with roll-up garage doors connected to the front patio, façade windows, the ability to add exterior access points and the option to modify windows to allow for open and close functionality. Winter Construction Co. will serve as the general contractor, and Aileen Almassy and Andy Sumlin of Cushman & Wakefield will oversee leasing efforts. S/L/A/M Collaborative is the designer for the building. Kimley-Horn is completing the civil and engineering design work, and Atlantic Capital Bank is providing construction debt financing.

November 2, 2021

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