Southeast

TruAmerica, Tokyu Land Purchase Two Apartment Buildings in Atlanta for $127.4M

by Alex Tostado January 24, 2019

ATLANTA — TruAmerica Multifamily has partnered with Tokyu Land U.S. Corp. (TLUS) to purchase two apartment buildings in Atlanta for a total of $127.4 million. This is TruAmerica’s first joint venture with TLUS, a subsidiary of Tokyu Land Corp., one of the largest Japanese real estate firms that focuses on investments and developments in U.S. gateway markets. The joint venture acquired Vinings Corner, a 360-unit community in the Vinings/Cumberland submarket. Located at 2101 Paces Ferry Road in Smyrna, Vinings Corner will be rebranded as Junction at Vinings. Expected upgrades include new appliances, countertops, cabinets, flooring and upgraded plumbing and light fixtures. The other transaction was for The Prato at Midtown, a 342-unit complex located at 400 Central Park Place N.E. in the Old Fourth Ward. TruAmerica will upgrade The Prato similarly to Vinings Corner. Both acquisitions were financed with 10-year Freddie Mac loans. Brian Eisendrath of CBRE arranged the loan for the Vinings Corner acquisition, and Trevor Fase and Russell Dey of Walker & Dunlop arranged the acquisition loan for The Prato.

January 24, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $41.5M Sale of Apartment Community in Metro Savannah

by Alex Tostado January 24, 2019

RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.

January 24, 2019

Development Hospitality Louisiana Southeast

Istrouma Hospitality Opens Courtyard by Marriott Baton Rouge Downtown

by Alex Tostado January 24, 2019

BATON ROUGE, LA. — Istrouma Hospitality LLC has opened the new Courtyard by Marriott Baton Rouge Downtown, a 135-room hotel located at 260 3rd St., about three miles north of Louisiana State University (LSU). The new hotel features Courtyard’s latest room design, an innovative lobby and 48 balcony rooms. Some features of rooms include a mobile working desk, as well as a shower nook in the bathroom. Greenville, S.C.-based Windsor Aughtry developed the hotel on behalf of the owner, and Brentwood, Tenn.-based Hospitality America LLC is managing the property.

January 24, 2019

Loans Office South Carolina Southeast

NorthMarq Arranges $14M Refinancing for Office Property in Columbia

by Alex Tostado January 24, 2019

COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.

January 24, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $48.5M Sale of Office Building in Metro Orlando

by Alex Tostado January 23, 2019

MAITLAND, FLA. — Cushman & Wakefield has arranged the $48.5 million sale of Maitland Promenade One, a 230,371-square-foot office building in Maitland. KBS purchased the asset, which is situated within Maitland Center, an office park with eight Class A office buildings. KBS already owns Maitland Promenade Two. Maitland Promenade One is located about 10 miles north of downtown Orlando and was 98.1 percent leased at the time of sale to tenants including Allstate, Spectrum Communications, Adventist Health and Taylor Morrison. Michael Lerner, Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, Boston-based TA Realty, a private real estate investment firm, in the transaction.

January 23, 2019

Development Georgia Multifamily Southeast

McShane Construction to Build 280-Unit Apartment Community Near Savannah

by Alex Tostado January 23, 2019

POOLER, GA. — McShane Construction Co. has been chosen by Equity Resources LLC and Parc at Pooler LLC to build Parc at Pooler, a 280-unit apartment community in Pooler, about 10 miles west of Savannah. Construction has already begun at the 21-acre site, with completion slated for February 2020. The complex will include seven three-story buildings, all of which will feature elevator access. Parc at Pooler will offer studio, one-, two- and three-bedroom floor plans, as well as amenities including a clubhouse, cardio theater, athletic club, media and gaming room, and coffee and hot tea bar, car care center, dog park and a swimming pool. Dynamik Design is the architect.

January 23, 2019

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $37.1M in Refinancing for Affordable Housing Community in Orlando

by Alex Tostado January 23, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $37.1 million in refinancing for Castilian Apartments in Orlando. The 304-unit community comprises 17 two-story, garden-style apartment buildings. The property was originally built in 1975 and was renovated in 2017. Jeff Rodman and Kelly Frank of KeyBank secured a $33.4 million Freddie Mac loan, as well as a $3.7 million Letter of Credit to the undisclosed borrower. The workforce housing property sits on 14.8 acres and features units with rents at 80 percent of area median income or less.

January 23, 2019

Acquisitions Multifamily Southeast Tennessee

Woodyard Realty Brokers $6.8M Sale of Multifamily Complex in Memphis

by Alex Tostado January 23, 2019

MEMPHIS, TENN. — Woodyard Realty Corp. has arranged the $6.8 million sale of Lakeville Townhomes, a 228-unit apartment community in Memphis. The asset was originally built in 1975, and in 2007, the undisclosed seller repositioned it as part of a condo-grade overhaul. The undisclosed New York-based buyer is planning further renovations. The property is situated about two miles from Memphis International Airport, and was 96 percent occupied at the time of the transaction. Lea Heilig of Woodyard Realty represented the buyer and seller in the transaction.

January 23, 2019

Florida Industrial Leasing Activity Southeast

Chemical Company Signs 121,978 SF Industrial Lease for Headquarters in South Florida

by Alex Tostado January 23, 2019

POMPANO BEACH, FLA. — Blue Dog Chemical Co. has signed a 121,978-square-foot lease in Pompano Beach at Bridge Point Powerline Road, a three-building, 467,832-square-foot industrial park that is expected to be delivered in the third quarter of this year. Blue Dog manufactures performance and cleaning products for the consumer automotive market, transportation sector and marine and general aviation markets. Blue Dog is moving its headquarters from Stone Mountain, Ga., which is about 20 miles east of downtown Atlanta, where it occupied about 40,000 square feet of industrial space. Blue Dog is expected to have more than 60 employees at its new location, 40 of which will be new jobs. Tony Hoover of CBRE represented the landlord, Bridge Development Partners, in the lease transaction.

January 23, 2019

Acquisitions Florida Multifamily Southeast

Carter Multifamily Acquires Apartment Complex in Tallahassee for $41.8M

by Alex Tostado January 22, 2019

TALLAHASSEE, FLA. — Carter Multifamily has acquired Polos on Park, a 440-unit apartment community in Tallahassee, for $41.8 million. Built in 1999, the complex is situated at 2626 E. Park Ave., about four miles east of downtown Tallahassee. The property comprises 21 two- and three-story residential buildings, nine garage structures and an amenity building. Carter Multifamily is planning a series of renovations and will rebrand the community as 2626 Park. Planned renovations include updating residential interiors, the pool, clubhouse and recreational areas. The company also plans to add a dog park, fitness center and outdoor gathering areas. The seller was not disclosed.

January 22, 2019

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