Southeast

The-Lively-Carolina-Forest-Myrtle-Beach-SC

Passco Acquires Newly Built Multifamily Property in Myrtle Beach for $48.2M

by Amy Works October 25, 2018

MYRTLE BEACH, S.C. — Passco Cos. has purchased The Lively at Carolina Forest, an apartment property located at 107 Village Center Blvd. in Myrtle Beach. Orange Capital Advisors/CF Evans sold the property for $48.2 million. Constructed in 2017, the property features 305 units in a mix of studio, one-, two- and three-bedroom floorplans with nine- and 10-foot ceilings, quartz or granite countertops, vinyl plank wood or polished concrete flooring, stainless steel appliances, washers/dryers and walk-in closets. Onsite amenities include a standalone community “beach house” backing up to a several-acre water feature, community gardens, a fire pit, gathering area, gas grilling stations, fitness center with kids’ room, car care station, dog park, dog washing station, package attendant service, a saltwater pool and elevators. Marc Robinson, Jordan McCarley and Tai Cohen of Cushman & Wakefield represented both the buyer and seller in the deal. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Cos.

October 25, 2018

Acquisitions Kentucky Multifamily Southeast

Goldin Management Sells 192-Unit Apartment Complex in Louisville

by Amy Works October 25, 2018

LOUISVILLE, KY. — Goldin Management has sold Colonial Oaks, a multifamily development located at 5011 Southside Drive in Louisville. Patrick Kelley and Connie Kelley acquired the property for an undisclosed price. Built in 1970, Colonial Oaks features 192 units in a mix of one- and two-bedroom layouts. Brandon Wilson and Brian Devlin of Nashville-based The Kirkland Co. brokered the deal.

October 25, 2018

California Development Florida Massachusetts Multifamily Student Housing Washington Western

Capstone Development Opens Three Student Housing Communities in California, Seattle Totaling 980 Beds

by Amy Works October 25, 2018

BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …

October 25, 2018

Development Office South Carolina Southeast

Holder Properties Completes 172,000 SF Corporate Campus in Charleston

by Amy Works October 24, 2018

CHARLESTON, S.C. — Holder Properties has completed the development of a corporate campus in Charleston’s Daniel Island submarket for Blackbaud, a provider of software and services for the global philanthropic community. The 172,000-square-foot property features open workspaces, private offices, employee lounges, conference rooms, classrooms, team rooms, a game room, full-service kitchen, cafeteria and a Starbucks café. Exterior amenities include two terraces, a timber-framed pavilion, putting green, bocce ball court, employee garden, activity field and a full-length basketball court. ASD | SKY designed the property, which was built by Balfour Beatty. JLL provided tenant support services for the campus. The building’s interior is designed to LEED Gold standards with energy-saving technologies, like solar panels, HVAC automation, LED lighting and low-flow plumbing fixtures.

October 24, 2018

Acquisitions Kentucky Multifamily Southeast

Silvestri Real Estate Brokers $35.5M Sale of Multifamily Property in Lexington, Kentucky

by Amy Works October 24, 2018

LEXINGTON, KY. — Silvestri Real Estate has arranged the sale of Springs at Winchester Road Apartments, a multifamily property located at 1809 Meeting St. in Lexington. Continental Properties, a multifamily developer, sold the property for $35.5 million, or $140,873 per unit. Built in 2014, Winchester Road features 252 townhome-style units, gated access and a pet spa. Ken Silvestri, Brandon Cutwright and Robert Jones of Silvestri brokered the transaction.

October 24, 2018

Development Louisiana Multifamily Seniors Housing Southeast

Abby Development Breaks Ground on 255-Unit Seniors Housing Property in Lafayette, Louisiana

by Amy Works October 24, 2018

LAFAYETTE, LA. — Dallas-based Abby Development has broken ground for The Vincent, a seniors housing development in Lafayette. Situated on 20 acres on Verot School Road, The Vincent will feature 255 units comprising independent living apartments and cottages, as well as assisted living and memory care units. Onsite community amenities will include a stocked fishing lake, multiple landscaped courtyards with water features, walking trails, movie theaters, indoor and outdoor swimming pools, pharmacy and general store, libraries and a fitness center. Additionally, residents will have access to housekeeping, transportation, laundry service and meals prepared in-house by executive chefs. The one- and two-bedroom independent living apartments and two- and three-bedroom independent living cottages will feature private patios/balconies, high-end finishes, full-size washer/dryer connections and fully equipped kitchens. Each cottage will also include a private two-car garage. The studio, one- and two-bedroom assisted living units will feature full-size refrigerators and microwaves, walk-in closets and high-end finishes. The memory care wing will offer private and semi-private floorplans in a secure environment.

October 24, 2018

Acquisitions North Carolina Retail Southeast

Brodyco Purchases 82,000 SF Retail Center in Durham, Plans Redevelopment

by Amy Works October 24, 2018

DURHAM, N.C. — An affiliate of Greenville, N.C.-based Brodyco has purchased Lakewood Shopping Center in Durham for an undisclosed price. A 29,000-square-foot Food Lion and Dollar General anchor the 82,000-square-foot shopping center, which was built in the 1960s. The buyer is considering remerchandising the center’s tenant mix going forward. The 58-year-old shopping center has a rich history. The property was once an amusement park with roller coaster, dance pavilion and bowling, and more recently, home to Winn Dixie, W.T. Grant and Woolworth’s Department Stores.

October 24, 2018

Florida Loans Multifamily Southeast

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

by Amy Works October 24, 2018

MIAMI GARDENS, FLA. — Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager based in Denver, for the value-add opportunity. Additionally, Eyzenberg & Co. helped to structure $25.4 million in Freddie Mac financing that capitalized the acquisition. The buyers plan to add a swimming pool and renovate the individuals units at the property, which was built in 1972. Additional onsite community amenities include a fitness center, laundry facilities, a grill and picnic area and business center.

October 24, 2018

Acquisitions Florida Industrial Office Southeast

Savlan Capital Buys Flex Property in Jacksonville for $18.3M

by Amy Works October 23, 2018

JACKSONVILLE, FLA. — Savlan Capital has purchased Exchange South, a multi-tenant flex business property on Philips Highway in Jacksonville’s Southside. An undisclosed seller sold the property for $18.3 million, or $94 per square foot. Built from 1990 through 1996, the 194,400-square-foot building features 16 dock-high doors and 35 drive-in doors. At the time of acquisition, the property was 75 percent leased to 25 tenants, including Omnicare, Univar, ALS Group, Orion Energy Systems, Schindler Elevators, Konica Minolta, Lab Corp. and LendingTree. Savlan Capital plans to invest $2 million in upgrades to the property to improve the interiors of vacant units, exterior repainting and upgraded landscaping and curb appeal. Keith Goldfaden and Christian Harden of NAI Hallmark were retained to lead the leasing initiative for the property.

October 23, 2018

Development Industrial Loans South Carolina Southeast

Courtland Group Receives $19.5M Loan, JV Equity for 436,800 SF Warehouse Development in Upstate South Carolina

by Amy Works October 23, 2018

SPARTANBURG, S.C. — Courtland Group has received $19.5 million in construction financing, as well as joint venture equity from JDI Realty, for the development of Fort Prince Distribution Center, a bulk industrial warehouse building in Spartanburg. Travis Anderson, Chris Norvell, Cory Fowler, Trent Niederberger and Patrick Nally of HFF arranged the joint venture equity and placed the five-year construction loan with CrossHarbor Capital Partners on behalf of Courtland Group. The 436,800-square-foot Fort Prince Distribution Center will feature 36-foot clear heights, 66 dock doors and two automatic drive-in doors in a cross-dock configuration. Situated on 56 acres in the city’s West Side industrial submarket, the property’s location offers access to interstate 85 and 26, enabling tenants to reach more than 95 million consumers within a day’s drive and direct interstate access to import/export goods through the Port of Charleston.

October 23, 2018

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