GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included a property in Huntsville, Ala., Savannah, Ga., and Lexington, Ky. The sales price and specific property names were not disclosed.
LOUISVILLE, KY. — Omni Hotels & Resorts has opened the 612-room Omni Louisville Hotel in downtown Louisville. The project created roughly 400 permanent jobs and represents a $300 million investment by Omni Hotels & Resorts and the metro Louisville government. The hotel features dining concepts including the Library Bar, The Water Co. and Texas-based Bob’s Steak & Chop House. The hotel is also home to Falls City Market, an urban market and food hall that offers food, beverages and grocery staples; Pin + Proof, a speakeasy with four professional bowling lanes; and Lewis + Louis, a bourbon retail and tasting room. Hotel amenities include a rooftop pool, fitness center, spa, local art gallery and 70,000 square feet of meeting and event space. Atop the hotel, 225 one- and two-bedroom apartment units are available for preleasing and are expected to open in May.
LEXINGTON, KY. — Mid-America Real Estate Corp. has brokered the $59.8 million sale of two Kroger-anchored shopping centers in Lexington: Tates Creek Centre and Millpond Center. Branch Properties acquired both assets in a single transaction. Joe Girardi of Mid-America arranged the sale on behalf of the seller, Weingarten Realty. The 196,028-square-foot Tates Creek Centre is home to tenants such as Proof Fitness, Rite Aid, MOD Pizza, PNC Bank and H&R Block. Millpond Center totals 124,498 square feet and is home to tenants such as Workout Anytime, Subway and Pizza Hut.
SAN DIEGO — CBRE has arranged $56.9 million in acquisition financing for three apartment communities located in South Carolina, North Carolina and Kentucky. Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loans through Freddie Mac on behalf of the buyer, San Diego-based Strata Equity Group. The properties included in the transaction are the 183-unit Veridian Spartanburg in Spartanburg, S.C.; the 180-unit Icon on the Greenway in Gastonia, N.C.; and The Racquet Club, a 474-unit community in Lexington, Ky. All three properties were renovated in the last two years and feature granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets and vaulted ceilings. Community amenities include resort-style swimming pools, fitness centers, pet parks and playgrounds. The Racquet Club features a massage therapist on-site, restaurant, cyber café and a private lake and gazebo.
NEWPORT, KY. — Albanese Cormier Holdings has acquired a two-property shopping center portfolio in Newport for an undisclosed price. The adjacent properties — Newport Plaza and Newport Shopping Center — are located at 82 Carothers Road and 1727 Monmouth St., respectively. Newport Plaza is home to tenants including Dollar Tree, Fresh Thyme, Planet Fitness and Verizon Wireless. The 264,196-square-foot Newport Shopping Center houses tenants such as Aaron’s, ACE Hardware, Defender Direct, Dollar General, Family Dollar and Taco Bell. Scott Katz of Midland Retail arranged the transaction on behalf of the undisclosed seller.
LOUISVILLE, KY. — KeyBank Real Estate Capital has closed a $40.5 million Freddie Mac loan for the acquisition of LC Idlewild Phase II, a 286-unit apartment community in Louisville. Tim Migchelbrink of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. LC Idlewild was constructed in 2017 and includes 15, three-story apartment buildings. Community amenities include a fitness center, resort-style pool, sand volleyball courts, attached garages and an on-site restaurant.
LEXINGTON, KY. — Doster Construction Co. has broken ground on Springs at Hamburg, a 312-unit apartment community in Lexington. The project is the general contractor’s fifth multifamily project with Continental Properties, the developer, owner and operator. Kahler Slater Experience Design is the architect of record for the project. The new 360,364-square-foot development includes 14 buildings and private, townhome-style entrances in each unit. Community amenities include a resort-style pool, fitness center, clubhouse and four parking garage buildings. Doster expects to complete construction in the summer of 2019.
FLORENCE, KY. — Huff, Niehaus & Associates Inc. has arranged the $3.9 million sale of the Microtel Inn & Suites Florence/Cincinnati Airport in Florence, a city in northern Kentucky. The 83-room, Wyndham-branded hotel is located roughly 15 miles from downtown Cincinnati. The hotel features complimentary breakfast, a fitness center, meeting room and a free airport shuttle. Brandt Niehaus of Huff, Niehaus & Associates arranged the transaction. Other terms of the deal were not disclosed.
LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $73.3 million Freddie Mac loan for the acquisition of Mallard Crossing, a 600-unit multifamily property located at 400 Mallard Creek Road in Louisville. Louisville Business First reports Lifestyle Communities acquired the asset from M.F. Mallard Crossing KY LLC, an affiliate of Blackstone Group, in November. Tim Migchelbrink of KeyBank arranged the adjustable-rate loan with four years of interest-only payments on behalf of the borrower. Mallard Crossing was constructed in two phases starting in 1991, and includes 51 two- and three-story garden-style apartment buildings. Community amenities include indoor and outdoor basketball courts, a theater room, two swimming pools, grilling deck, sauna, two dog parks and tennis courts.
LOUISVILLE, KY. — CBRE has arranged a 105,138-square-foot lease for Appriss, a provider of data and analytics solutions, at 9901 Linn Station Road in Louisville. David Hardy of CBRE represented Appriss in the transaction, and Marc Barlow of CBRE represented the landlord, Gearing Capital Partners. Appriss is set to occupy the new space in July 2018, moving from its current headquarters at 10401 Linn Station Road, where it leases approximately 90,000 square feet. The firm will also be moving its data center and IT operations from the Eastpoint development to the new location. Appriss will occupy five floors at the new space. In addition, building ownership will invest in renovations to the property, including an updated lobby and entrance, renovated restrooms on each of the Appris floors and a new fitness center, conference center and outdoor lounge. Swope Design Group is handling the renovation design.