Georgia

FCP Acquires Six Multifamily Properties in Metro Atlanta for $287M

by Taylor Williams November 1, 2021

CHEVY CHASE, MD. — Maryland-based investment firm FCP has acquired six multifamily properties totaling 1,975 units in the metro Atlanta area. The private investor purchased the assets across three separate transactions for a combined total of $287 million. The sellers in each of the transactions were not disclosed. In the first deal, FCP acquired ReNew Parc Shores, a 520-unit community in the northeastern suburb of Duluth, for $94.7 million. The company partnered with local operator Zevulon Capital on the purchase. The new ownership plans to implement a value-add program and rebrand the property as Summit Station at Duluth. In the second transaction, FCP bought a portfolio of three communities that are located south of Atlanta and total 1,075 units for $107.3 million. The portfolio consists of Laurel Point, a 593-unit complex in Morrow; Bradford Ridge, a 262-unit community in Forest Park; and Ashwood Ridge, a 220-unit community in Jonesboro. In the final deal, the company purchased a two-property portfolio totaling 380 units in Peachtree City, also located on the southern outskirts of the state capital. ReNew Peachtree City and ReNew Braelinn total 198 and 182 units and will be rebranded as The Greens at Peachtree City and The Greens at …

November 1, 2021

Acquisitions Georgia Retail Southeast

Colliers Brokers $8.3M Sale of Shopping Center in Hiram, Georgia

by Julia Sanders October 29, 2021

HIRAM, GA. — Colliers International’s Atlanta-based Southeast Retail Investment Sales Team has brokered the sale of Paulding Pavilion, a 78,346-square-foot shopping center in Hiram. A private investor acquired the property from The Ardent Cos. for $8.3 million. Scott Israel and Joe Montgomery of Colliers represented the seller in the sale. Built in 1996 and renovated in 2004, Paulding Pavilion was fully leased at the time of sale to tenants including Bargain Hunt, Big Air Trampoline Park and America’s Best Contacts & Eyeglasses. Paulding Pavilion is located on more than 8.5 acres with nearby retailers including Hiram Bottle Shop, Hobby Lobby, Planet Fitness, Burger King, Jersey Mike’s Subs, Chick-fil-A and Johnny’s New York Style Pizza. Located at 4471 Jimmy Lee Smith Parkway, the property is situated about 26 miles northwest of downtown Atlanta.

October 29, 2021

Development Georgia Mixed-Use Southeast

Armada Hoffler to Break Ground on $110M Southern Post Mixed-Use Project in Roswell, Georgia

by Julia Sanders October 28, 2021

ROSWELL, GA. — Armada Hoffler Properties Inc. plans to break ground in the fourth quarter on Southern Post, a 260,000-square-foot mixed-use development project in downtown Roswell. Construction is slated for initial completion in summer 2023. The development cost for the project is expected to be approximately $110 million. Located at 1023 Alpharetta St., Southern Post will include 128 apartments, nine townhomes, 95,000 square feet of creative loft office space, 40,000 square feet of retail space and 600 parking spaces with a parking deck. Belux Coffee, a coffee shop, is committed to 1,200 square feet, and Mexican eatery Arotea Cantina will lease out about 4,700 square feet. Other tenants will include Ponko Chicken, DaVinci Donuts and Silla Del Toro. Armada Hoffler Construction Co. will serve as the general contractor for this project. Retail and office space is currently available for lease. Transwestern is in charge of office and medical office leasing, while Dart Retail Advisors is in charge of retail leasing. The apartments will begin preleasing in the first quarter of 2023.

October 28, 2021

Georgia Kentucky Loans Multifamily Southeast

Cushman & Wakefield Secures $75M Refinancing for Three Multifamily Communities in Atlanta, Louisville

by Julia Sanders October 27, 2021

ATLANTA AND LOUISVILLE, KY. — Cushman & Wakefield has secured a $75 million loan on behalf of Middleburg Communities for the refinancing of a three-property, 1,154-unit apartment portfolio in Atlanta and Louisville. Blake Cohen, Mike Ryan and JP Cordeiro of Cushman & Wakefield secured the two-year loan through Synovus Bank. The portfolio includes Vesta Adams Park, a 298-unit apartment community located at 1991 Delowe Dr. SW in Atlanta. The apartment property offers one-, two- and three-bedroom units with an average unit size of 1,035 square feet. Units include updated kitchens, hard-surface flooring in common areas and air conditioning. Community amenities include a laundry facility, onsite management, onsite maintenance and a sports court. The property was 96 percent occupied at the time of sale. The portfolio also includes Vesta Bouldercrest, a 438-unit apartment community in Atlanta that offers one- and two-bedroom floorplans with an average unit size of 808 square feet. Units include updated kitchens and hard-surface flooring in common areas. Community amenities include a laundry facility onsite, onsite management, sports court and onsite maintenance. Located at 26 Bouldercrest Lane SE in Atlanta, the property is situated 9.9 miles from Hartsfield-Jackson Atlanta International Airport. The community was 95 percent occupied at …

October 27, 2021

Georgia Loans Multifamily Southeast

Berkadia Secures $26.1M Acquisition Loan for Multifamily Property in Atlanta

by Julia Sanders October 21, 2021

ATLANTA — Berkadia has secured financing for Winters Creek, a garden-style multifamily property in Atlanta. Andy Hill and Tyler Nowlin of Berkadia secured the $26.1 million in acquisition financing for the property on behalf of Western Wealth Capital. The five-year, non-recourse, adjustable-rate bridge loan, financed through Bridge Investment Group, features interest-only payments and future funding for planned capital improvements. Winters Creek features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, fitness center, playground, courtyard and a tennis court. Located at 1600 Winters Creek Drive, Winters Creek is located close to Interstate 285. Winters Creek is near Assembly Yards, a redevelopment project on the site of the former General Motors plant in Doraville.

October 21, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Dominium Purchases Two Apartment Communities in Metro Atlanta, Plans $130M Affordable Housing Project

by Julia Sanders October 20, 2021

MCDONOUGH, GA. — Dominium has purchased The Promenade and Willow Place, two apartment communities located at 150 S. Zack Hinton Parkway in McDonough, to develop a $130 million affordable housing project. The development will provide 288 affordable homes for families and 182 homes for seniors. The seller(s) was not disclosed. Greystone arranged a Freddie Mac Tax Exempt Loan (TEL) for both deals, U.S. Bank provided financing for The Promenade and America First Multifamily Investors (ATAX) originated tax-exempt and taxable construction loans for Willow Place. U.S. Bank provided equity investments in the 4 percent low-income housing tax credits (LIHTC) for both deals. Dominium also received support from Georgia Housing and Finance Authority (GHFA) in obtaining 4 percent LIHTC equity and McDonough Housing Authority for the allocation of tax-exempt bonds. Dominium’s development partners for the project include the City of McDonough, Georgia Department of Community Affairs, Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley-Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title.

October 20, 2021

Georgia Loans Multifamily Southeast

Berkadia Secures $49.7M Refinancing for Apartment Community in Metro Atlanta

by Julia Sanders October 18, 2021

NORCROSS, GA. — Berkadia has secured approximately $49.7 million in debt and equity for the refinancing of The Carter @ 4250, a 300-unit apartment community in Norcross. The financing includes a $33.1 million Freddie Mac loan that Mitch Sinberg and Brad Williamson of Berkadia arranged on behalf of the borrower, Miami-based One Real Estate Investment (OREI). The 10-year, floating-rate loan includes five years of interest-only payments. Addtionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital secured $16.6 million in equity from MLG Capital to complete the capital stack for OREI. Built in 1985, The Carter @ 4250 offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Units feature hardwood-style flooring, stainless steel appliances, a gas range, carpeting, electronic thermostats, washer and dryer hookups and patio and balconies. Community amenities include a saltwater swimming pool, fitness center with free weights, playground, dog park, laundry center and a barbecue and picnic area. The property was 97.7 percent occupied at the time of financing. Located at 4250 Jimmy Carter Blvd., The Carter @ 4250 is situated near Interstate 85 and Jimmy Carter Boulevard. The property is also 21.8 miles from downtown Atlanta …

October 18, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $12.6M Sale of Village Shoppes at Creekside in Metro Atlanta

by Julia Sanders October 15, 2021

LAWRENCEVILLE, GA. — Zach Taylor of the Taylor-McMinn Retail Group, a team within Marcus & Millichap’s Institutional Property Advisors (IPA) division, has brokered the $12.6 million sale of Village Shoppes at Creekside, a 98,859-square-foot shopping center in Lawrenceville. The shopping center is located at 860 Duluth Highway in Gwinnett County, about 31.6 miles from downtown Atlanta. The tenant roster at Village Shoppes at Creekside includes Badcock Furniture and Harbor Freight Tools. Taylor represented the seller, Lamar Cos., in the transaction. Azad Commercial Realty Services, a Houston-based private investor, purchased the property. “The demand for well-located retail centers is as high as it has ever been,” says Taylor. “The last three retail centers we have sold had money day one with pricing that exceeded the seller’s expectations. The increased demand, limited supply, low interest rates and the yield spread over other asset classes has created the best environment for selling retail in the past 20 years.”

October 15, 2021

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Negotiates Sale of 14,388 SF Shopping Center in Suwanee, Georgia

by Julia Sanders October 15, 2021

SUWANEE, GA. — Stan Johnson Co. has arranged the sale of Suwanee Celebration Village, a 14,388-square-foot shopping center in Suwanee. Jeff Enck, Brian Lane and Emery Shane of Stan Johnson Co. represented the seller, a locally based group of private investors. A McDonough, Ga.-based individual investor acquired the property for more than $5.1 million. Built in 2019, Suwanee Celebration Village is fully leased to seven tenants including Verizon Wireless and ATI Physical Therapy. More than half of the property’s tenants operate on 10-year leases. Located at 2780 West Village Drive, the center is situated about 34.4 miles north of downtown Atlanta in Gwinnett County.

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Blaze Capital Partners Acquires Newly Built Apartment Community Near Savannah

by Julia Sanders October 15, 2021

GARDEN CITY, GA. — Blaze Capital Partners has acquired Tapestry Park, a 232-unit multifamily community in Garden City, about 8.3 miles from Savannah. Completed in September, Tapestry Park offers one-, two- and three-bedroom floorplans going up to 1,132 square feet. The property includes five, three-story buildings and two, four-story buildings. Community amenities include a pool, fitness center, clubhouse, courtyard and a playground. Located at 100 Town Center Drive, Tapestry Park has access to Highway 16 and is situated within the Garden City Town Center development, which includes a three-block perimeter with City Hall. Additionally, the property is situated about 7.2 miles from an Amazon distribution center, 9.6 miles from the Port of Savannah and 7.5 miles from Savannah College of Art and Design (SCAD).

October 15, 2021

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