CHARLOTTE, N.C. AND ORLANDO, FLA. — NewPoint Real Estate Capital LLC has provided two separate Freddie Mac loans totaling $93.5 million for two apartment communities in Charlotte and Orlando. The borrower, an affiliate of American Landmark LLC, is using the loans to refinance both properties. The transactions include a $51 million loan for the 338-unit 8 Metro Station in Charlotte and a $42.5 million loan for the 279-unit Central Station on Orange in Orlando. Marc Cesare of NewPoint originated the 10-year, fixed-rate loans. The loans both featured five years of interest-only payments and provided cash-out options for American Landmark, an investment firm that manages over $5 billion in multifamily properties spanning approximately 32,000 units.
RALEIGH, N.C. — Alliance Residential Co. has opened Broadstone Oak City, a 335-unit apartment community located at 2911 Mid-Century Drive in Raleigh’s East Midtown district. Located near Capital Boulevard and I-440, the site formerly housed a Holiday Inn hotel that opened in the 1970s and was converted in 2005. Broadstone Oak City features studio, one-, two- and three-bedroom apartments ranging in size from 640 to 1,356 square feet. Amenities include a podcast studio, cold brew on tap, private workspaces, pet park, outdoor grills, resort-style saltwater pool with in-pool loungers, indoor fitness center, outdoor fitness space featuring Beaverfit equipment, 445 parking spaces and four electric vehicle charging stations. The design-build team includes LS3P, Cline Design Associates and McAdams. Rental rates range from $1,439 for a studio to $2,240 for a three-bedroom apartment, according to the property website.
RALEIGH, N.C. — The Preiss Co. has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina State University (NC State) campus in Raleigh. Located steps away from campus at 3009 ME Valentine Drive, the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage. The seller and sales price were not disclosed, but Ben Roelke and Ian Walker of Newmark secured $77.3 million in financing for the acquisition through an unnamed life company lender. The five-year loan features full-term, interest-only payments. Preiss Co. is planning a $10 million capital improvement plan for Valentine Commons, the construction timeline of which was not disclosed.
CHARLOTTE, N.C. — Gigabit-speed internet provider Google Fiber has signed a 10-year lease at Camp at North End, a 76-acre adaptive reuse development in north Charlotte. The company will occupy 5,884 square feet at the historic Gama Goat Building, located at 1801 N. Graham St. John Christenbury of CBRE represented Google Fiber, which will relocate from its current Charlotte headquarters space at the Phillip Carey building in Uptown’s First Ward Park neighborhood. Jessica Brown and David Dorsch of Cushman & Wakefield represented the landlords, ATCO Properties & Management and Shorenstein Properties LLC. Other office tenants at Camp at North End include Kingsmen Software, Centene Corp., Ally Financial, AON and CloudGenera. Google Fiber is working with Alliance Architecture and Swinerton on the build-to-suit space at the Gama Goat Building, which the firm will occupy beginning in early 2023.
RALEIGH, N.C. — Alchemy Properties South, in partnership with New Valley Realty, has purchased two properties located in Raleigh for a combined $16 million. The site of the properties, which include a vacant lot at 303 S. Dawson St. and an adjacent retail building at 217 W. Martin St., will be redeveloped as a luxury residential building to feature up to 40 stories and 450 rental and condominium units. Morris Adjmi Architects and JDavis Architects will design the new building. Maxim Capital Group provided financing for the transaction. No construction timeline was disclosed.
WINSTON-SALEM, N.C. — Champion Real Estate Co. has purchased Villages at Wake Forest, a 75-unit portfolio comprising single-family homes and duplexes located across the street from Wake Forest University. Scott Clifton and Stewart Hayes of JLL represented Champion and the undisclosed seller in the $43 million transaction. Located at 961 Palm Drive in Winston-Salem, the 62-parcel portfolio, which will be rebranded as Victory at Wake Forest, is Champion’s first student housing community in North Carolina. The buyer plans to fully furnish all units and lease by the bed.
CHARLOTTE, N.C. — Northwood Investors LLC has added two new tenants to Metropolitan, a mixed-use development and lifestyle shopping center located in Midtown Charlotte. The new concepts include Yuliya’s Ice Cream, a locally based, woman-owned ice cream company founded by Belarusian immigrant Yuliya Shvinhelskaya. The eatery will open at Metropolitan, its first brick-and-mortar shop, in early 2023. The other concept is Removery, the largest specialized provider of tattoo removal services. The company operates nearly 100 locations. Other newcomers to Metropolitan include European Wax Center, Open Rice and Clean Your Dirty Face. In addition to new tenants, Northwood Investors is unveiling the refresh of Metropolitan’s exterior that includes new signage, enhanced lighting along the bike path, colorful banners along Charlottetowne Avenue and South Kings Drive, metal and fabric garage screens and vertical wood and warmer colors throughout. Other upcoming renovations include updated landscaping and interior furnishings.
RALEIGH, N.C. — Avison Young has arranged a $139 million loan for the construction of 1000 Social, a 12-story trophy office building in Raleigh. The 350,000-square-foot project represents the first phase of vertical construction at The Exchange Raleigh, a $1 billion, 40-acre mixed-use development that will feature nearly 1 million square feet of trophy office space, a park, apartments, stores and restaurants upon full buildout. Wes Boatwright, Michael Yavinsky, Jon Goldstein and Connor Burke of Avison Young’s Structured Finance Group arranged the financing on behalf of the developer, Dewitt Carolinas. The direct lender was not disclosed. The groundbreaking for 1000 Social took place last month, with construction expected to be completed in about 18 months. The new landmark tower will offer 20,000 square feet of ground-floor retail space, outdoor patios, individual bathroom pods on every floor, event center and a parking structure with over 1,500 spaces.
KANNAPOLIS, N.C. — Insite Properties and partner BentallGreenOak have acquired a 60,000-square-foot medical office building located at 201 Dale Earnhardt Blvd. in downtown Kannapolis, a suburb of Charlotte. The multi-tenant property was 65 percent leased at the time of sale to tenants including Atrium Health and Duke University. Charlotte-based Insite Properties will be providing property management and leasing services for the property. The seller and sales price were not disclosed. Built in 2013, the three-story medical office building is located within the North Carolina Research Campus, a 350-acre medical research center that houses departments from eight universities including Duke and University of North Carolina at Chapel Hill, the David H. Murdock Research Institute, private companies and entrepreneurs that all focus on research-and-development for food and nutritional science.
RALEIGH, N.C. — Chevy Chase, Md.-based FCP has purchased Grand Arbor Reserve, a 297-unit apartment community located at 2419 Wycliff Road in Raleigh. Howard Jenkins of CBRE represented the undisclosed seller in the $48 million transaction. Situated near I-440 and the UNC Rex Hospital, Grand Arbor Reserve comprises mostly two- and three-bedroom apartments. Amenities include a swimming pool, fitness center, playground, dog park and a volleyball court. The property was originally built in 1969, according to Apartments.com.