North Carolina

Franklin Street Brokers $5.8M Sale of Retail Center in Charlotte

by Camren Skelton April 9, 2018

CHARLOTTE, N.C. — Franklin Street has brokered the $5.8 million sale of City View Shopping Center, a 77,550-square-foot retail property located at 1526 Alleghany St., roughly two miles from Uptown Charlotte. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, City View of N.C. LLC, and the buyer, Dinalli LLC. The buyer plans to hold the asset as a long-term investment. American Freight Furniture and Mattress and Measurement Inc. anchor the center, which was formerly home to a Winn-Dixie.

April 9, 2018

Development Industrial North Carolina Self-Storage Southeast

Public Storage Opens 900-Unit Self-Storage Facility in Metro Charlotte

by Camren Skelton April 6, 2018

HUNTERSVILLE, N.C. — Public Storage has opened a 900-unit self-storage facility at 10219 Bryton Corporate Center Drive in Huntersville, roughly 15 miles north of Charlotte. The facility is located adjacent to a Walmart Supercenter and Interstate 485. The three-story building offers indoor, climate-controlled units ranging in size from 25 square feet to 300 square feet. Packing, moving and storage supplies are also offered at the location. Glendale, Calif.-based Public Storage is the world’s largest owner and operator of self-storage facilities with 2,386 locations around the country.

April 6, 2018

Loans Multifamily North Carolina Southeast

Berkadia Closes $18.8M Fannie Mae Acquisition Loan for Multifamily Community in Asheville

by Camren Skelton April 5, 2018

ASHEVILLE, N.C. — Berkadia has provided an $18.8 million acquisition loan for The Views, a 160-unit apartment community located at 1690 Hendersonville Road in Asheville. Mitch Sinberg, Matthew Robbins, Robert Falese and Jeremy Lynch of Berkadia originated the 12-year, fixed-rate loan with six years of interest-only payments through Fannie Mae’s Green Rewards program on behalf of the borrower, Colorado-based Goldelm. Constructed in 1993, The Views offers a mix of one- to three-bedroom units with granite countertops, stainless steel appliances and wheelchair accessibility. Community amenities include a swimming pool, fitness center, basketball court, clubhouse, lounge, coffee bar and storage space. Florida-based Michaelson Group will manage the property.

April 5, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $30.3M Sale of Multifamily Community in Coastal North Carolina

by Camren Skelton April 4, 2018

WILMINGTON, N.C. — Cushman & Wakefield has brokered the $30.3 million sale of Myrtle Landing, a 144-unit apartment community in the coastal North Carolina town of Wilmington. Jordan McCarley, Watson Bryant and Paul Marley of Cushman & Wakefield arranged the transaction on behalf of the seller, Tribute Cos. Spyglass Capital Partners acquired the property. The townhome-style community includes two- and three-bedroom floor plans and features a dog park, outdoor grilling kitchen, fitness center, pool and onsite maintenance. In addition, the property is located roughly five miles from Carolina Beach.

April 4, 2018

Acquisitions Multifamily North Carolina Southeast

HFF Brokers $42.1M Sale of Multifamily Asset in Durham

by Camren Skelton April 3, 2018

DURHAM, N.C. — HFF has brokered the $42.1 million sale of Altera North Pointe, a 320-unit apartment community located at 2335 Broad St. in Durham. Allan Lynch, Justin Good and Jeff Glenn of HFF arranged the transaction on behalf of the seller, Atlanta-based Wood Partners, and procured the buyer, a partnership between McCann Realty Partners and LEM Capital. Wood Partners originally acquired the asset in 2015 for $36.4 million, according to the Triangle Business Journal. The property is located adjacent to North Pointe Shopping Center and will soon offer direct pedestrian access to the Ellerbe Creek Greenway, which is nearing completion. Completed in 2001, the property was recently renovated and features two swimming pools, tennis courts, a volleyball court, playground, grilling areas, dog park, fitness center, clubhouse, game room with billiards and a car care center. The community offers a mix of one- to three-bedroom floor plans averaging 977 square feet.

April 3, 2018

Development Multifamily North Carolina Southeast

PointOne, Hathaway Start Construction on 316-Unit Multifamily Community in Triangle

by Camren Skelton April 3, 2018

HOLLY SPRINGS, N.C. — PointOne Holdings, in partnership with Hathaway Development, has started construction on the Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, roughly 20 miles southwest of Raleigh. The gated community will feature a clubhouse, business center, fitness center, resort-style pool with outdoor grilling areas, a dog park, detached garages, package concierge services and bike storage. Units will feature granite countertops, designer cabinetry and hardwood style flooring. A construction timeline for the project was not disclosed.

April 3, 2018

Acquisitions Multifamily North Carolina Property Type Southeast

FCP Acquires 574-Unit Multifamily Community in Charlotte for $60.8M

by Camren Skelton March 29, 2018

CHARLOTTE, N.C. — Federal Capital Partners (FCP) has acquired The Reserve at Providence, a 574-unit apartment community in Charlotte. The Charlotte Observer reports the Maryland-based firm acquired the property for $60.8 million. Marc Robinson of Cushman & Wakefield represented the undisclosed seller in the transaction, while Michael Ryan of Cushman & Wakefield provided debt advisory services to FCP. The Reserve at Providence includes a mix of one- to four-bedroom floor plans and features a clubhouse, playground, dog park, picnic area with grills, multi-sport court and three swimming pools. FCP plans to build a new clubhouse and convert the current facility into a fitness and amenity center. The company will invest in additional improvements to the buildings and amenity areas.

March 29, 2018

Acquisitions Alabama Georgia Kentucky Multifamily North Carolina South Carolina Southeast

Providence Sells Interest in 14-Property Multifamily Portfolio Located Throughout Southeast

by Camren Skelton March 26, 2018

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.

March 26, 2018

Acquisitions Multifamily North Carolina Southeast

Audubon Purchases 500-Unit Apartment Community in Durham

by Camren Skelton March 26, 2018

DURHAM, N.C. — Audubon Communities has acquired Oak Creek Village, a 500-unit apartment community located at the intersection of Durham-Chapel Hill Boulevard and Garrett Road in Durham. The name of the seller and the sales price were not disclosed. Audubon will invest $4.6 million in capital improvements for the property — originally constructed in 1972 — and rename the community The Garrett. Planned improvements include replacement of the existing leasing office with a new facility that will include a new fitness center and residential lounge, roof replacement, landscape improvements and updates to the pool, playground and other outdoor amenities. Legacy Capital Partners is Audubon’s equity partner on the transaction. Audubon financed the deal with an acquisition and construction loan from PGIM Real Estate Finance. The deal marks Atlanta-based Audubon’s first investment in the North Carolina market and the company’s third deal with Legacy Capital Partners.

March 26, 2018

Acquisitions North Carolina Office Southeast

Accesso, Torchlight Acquire 10 Office Buildings in Triangle for $108.1M

by Camren Skelton March 23, 2018

DURHAM, N.C. — Florida-based Accesso Partners LLC, along with capital partner Torchlight Investors, has acquired 10 office buildings totaling 690,520 square feet within Meridian Corporate Center, a 270-acre office park in Durham. The campus is located adjacent to Research Triangle Park. The sales prices were not disclosed, but the Triangle Business Journal reports Accesso acquired a nine-building portfolio within Meridian Corporate Center from New York-based Investcorp for $95.7 million. The portfolio was 91 percent leased at the time of sale. In addition, Accesso acquired another 74,072-square-foot building on the campus from Origin Investments for $12.4 million. Ryan Clutter, Scot Humphrey and Chris Norvell of HFF arranged the transactions on behalf of the sellers. Susan Hill of HFF arranged acquisition financing through J.P. Morgan Chase Bank on behalf of the buyers. The new ownership plans to enhance the office campus with a conference center, tenant lounge, collaborative areas, fitness center and exterior landscaping. The majority of tenants at the park are in the software, technology and life science fields, including NVDIA, Parexel, EBSCO Information System’s NoveList division, Spoonflower and Avaya. In addition to office space, Meridian Corporate Center is also home to a 332-unit apartment community (The Heights at Meridian) and a …

March 23, 2018

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