Southeast

American Realty Advisors Acquires High-Rise Apartment Community in Midtown Atlanta

by Camren Skelton September 13, 2018

ATLANTA — American Realty Advisors (ARA) has acquired Azure on the Park, a 329-unit, high-rise apartment community located at 1020 Piedmont Ave. N.E. in Atlanta’s Midtown district. The community overlooks the 189-acre Piedmont Park and is surrounded by more than 150 restaurants, art exhibitions and retail. Community amenities include a fitness center with a yoga and spin studio, rooftop pool, rooftop movie theater, sky club with billiards, bocce ball court, dog spa, dog park and a Starbucks Coffee bar. In addition, an overlook on the 22nd floor features an outdoor kitchen and grilling stations. Kris Mikkelsen of Walker & Dunlop arranged the transaction on behalf of the seller. Other terms of the deal were not disclosed.

September 13, 2018

Development Industrial North Carolina Southeast

Griffin to Build 147,000 SF Spec Facility within Industrial Park Near Charlotte

by Camren Skelton September 13, 2018

CONCORD, N.C. — Griffin Industrial Realty Inc. has unveiled plans to expand its Carolina Tradeport industrial park in Concord, a city roughly 25 miles northeast of Charlotte. Griffin acquired 22 acres of land at the site in July for the development of a 147,000-square-foot speculative building — the second within the development. The building will be located directly across from the first building, a 277,252-square-foot warehouse. Site work is scheduled to begin on the second building this month, with completion slated for May 2019. The building will feature 210-foot depth, a 60-foot speed bay, 32-foot clear heights, an ESFR sprinkler system, 42 loading docks, two drive-in doors, trailer parking and 172 auto parking spaces. The third building, which will total 136,000 square feet, is available for prelease. William Maxwell and Terry Brennan of Trinity Partners are handling Carolina Tradeport’s leasing assignment and managing the park.

September 13, 2018

Florida Industrial Loans Multifamily North Carolina Retail Southeast

Ready Capital Arranges $29M in Loans for Four Properties in Florida, North Carolina

by Camren Skelton September 13, 2018

NEW YORK — New York-based Ready Capital Structured Finance has arranged four loans totaling $29 million for properties located in Florida and North Carolina. The first loan, totaling $8.8 million, was for the acquisition, renovation and stabilization of an 86-unit multifamily property in Largo, Fla. The 36-month, floating-rate loan features interest-only payments and one 24-month extension option. The undisclosed borrower will initially acquire 61 units at the community, and will acquire the rest of the units over the next three years. The second loan was for the acquisition, renovation and lease-up of a 38,000-square-foot retail center in Belleair Bluffs, Fla., roughly 26 miles west of Tampa. The $7.1 million loan, 60-month loan features both a fixed interest rate and a floating rate. The name of the borrower was not disclosed. The third loan was a $6.5 million, floating-rate loan with a 24-month term that was used to fund the acquisition, renovation and lease-up of a 60,000-square-foot industrial/flex property in Hollywood, Fla. The name of the borrower was not released. The final loan was used to fund the acquisition, renovation and lease-up of a 41,000-square-foot shopping center in Charlotte. The $6.7 million, non-recourse loan featured a 48-month term with interest-only payments …

September 13, 2018

Acquisitions Florida Office Southeast

NKF Capital Markets Brokers $12M Sale of AT&T-Leased Office Building in Broward County

by Camren Skelton September 13, 2018

PLANTATION, FLA. — NKF Capital Markets has brokered the $12 million sale of a 130,549-square-foot office building located at 8601 W. Sunrise Blvd. in Plantation, a city in Broward County. Michael Lapointe and Michael Lohmann of NKF, along with Brian Bartlett and John Richardson of Newmark Phoenix Realty Group, arranged the transaction on behalf of the seller, FT-Florida Property LLC. Fifteen Group Capital LLC acquired the asset, which is home to an AT&T training center. AT&T has been the only occupant at the property since it was developed in 1985, according to NKF.

September 13, 2018

Acquisitions Florida Multifamily Southeast

TruAmerica Acquires Class B Multifamily Property in Orlando for $79M

by Camren Skelton September 12, 2018

WINTER PARK, FLA. — TruAmerica Multifamily has acquired Solis at Winter Park, a 596-unit, Class B multifamily community located in Winter Park, roughly eight miles north of Orlando, for $79 million. Constructed in 1986, the property includes one- and two-bedroom apartment homes averaging 862 square feet. Individual units feature stainless steel appliances, walk-in closets, full-size washers and dryers and lake views in select units. Community amenities include two pools, a fitness center, lighted tennis court, sand volleyball court and a fenced dog park. TruAmerica plans to renovate all apartment units with faux-wood floors, stone countertops, cabinet fronts, modern lighting and green plumbing fixtures. Common area improvements will include upgrades to both pool areas, the clubhouse and the fitness center, as well as landscaping and exterior paint. TruAmerica received a Freddie Mac loan and an additional loan arranged by Walker & Dunlop for the acquisition. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller.

September 12, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $51.7M in Construction Financing Apartment Project Near Jacksonville

by Camren Skelton September 12, 2018

ST. JOHN, FLA. — Walker & Dunlop has arranged $51.7 million in construction financing for Beachwalk Apartments, a planned multifamily community in St. John, located roughly 25 miles south of Jacksonville. The 348-unit community is located within the Beachwalk master-planned development. BB&T provided $34.8 million in senior financing for Beachwalk Apartments, and Equity Resources LLC provided $16.9 million in joint venture equity financing. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Walker & Dunlop arranged the transaction on behalf of the developer, Falcone Associates LLC. Once complete, Beachwalk Apartments will feature a clubroom, fitness center, pool, athletic courts and a playground. At full build-out, the Beachwalk master-planned community will feature a 14-acre Crystal Lagoon with 1,000 feet of beachfront, a private beach club and a 175,000-square-foot retail village along the shore; 750 for-sale residential units; 825,000 square feet of retail and commercial space; 360,000 square feet of office space; 1.5 million square feet of industrial space; and a high school. Art Falcone’s Encore Capital Management is the master developer of Beachwalk.

September 12, 2018

Acquisitions Florida Multifamily Southeast

Vista Realty Sells Apartment Community in Metro Atlanta to Hudson Capital for $49M

by Camren Skelton September 12, 2018

SANDY SPRINGS, FLA. — Vista Realty Partners has sold Northridge Vista Apartments, a 220-unit multifamily community located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Hudson Capital Partners acquired the asset for $49 million. Northridge Vista includes a mix of one- and two-bedroom units ranging in size from 710 square feet to 1,438 square feet. Monthly rental rates start at $1,293 for a one-bedroom unit, and go up to $1,900 for a two-bedroom unit, according to Apartments.com. Community amenities include a business center, coffee bar, Zen garden, grill/picnic area, pet play area, fitness center and a resort-style pool. Northridge Vista is located less than five miles from the new Mercedes-Benz U.S headquarters, which opened in March.

September 12, 2018

Development Georgia Industrial Southeast

Trammell Crow, Clarion Buy 109.7 Acres for Third Phase of Industrial Park in Northeast Georgia

by Camren Skelton September 12, 2018

JEFFERSON, GA. — Trammell Crow Co. (TCC) and joint venture partner Clarion Partners LLC have acquired 109.7 acres for the third phase of Jefferson Mill Business Park, an industrial park in the northeast Georgia city of Jefferson. The acquisition represents an assemblage of seven properties held by seven different owners. Price Weaver and Ben Logue of Colliers International represented TCC and Clarion Partners in the transaction. Matt McCord of Norton Commercial, Grant Whitworth of Whitworth Land Corp. and Kim Bowman of Keller Williams represented the various sellers. Phase III of Jefferson Mill Business Park will be a build-to-suit, cross-dock distribution facility that will span between 1.1 and 1.5 million square feet. The first two phases of the industrial park include more than 500 trailer spaces and 1,000 auto parking spaces. All together, Jefferson Mill Business Park spans 232 acres and includes 2.7 million square feet of industrial space. A construction timeline for Phase III was not disclosed.

September 12, 2018

Acquisitions Hospitality Maryland Southeast

HREC Brokers Sale of 152-Room, Hilton-Branded Hotel in Metro Baltimore

by Camren Skelton September 12, 2018

COLUMBIA, MD. — HREC Investment Advisors has arranged the sale of the 152-room DoubleTree by Hilton Hotel Columbia in downtown Columbia, roughly 19 miles southwest of Baltimore. A joint venture between LTD Hospitality Group and Sefira Capital acquired the asset for an undisclosed price. Ketan Patel and Kevin Kanley of HREC arranged the transaction on behalf of the seller, RLJ Lodging Trust. The hotel features meeting space, a fitness center, heated indoor pool and an onsite restaurant and bar.

September 12, 2018

Acquisitions Florida Multifamily Southeast Student Housing

Coastal Ridge, M Group Acquire Student Housing Community Near Florida Gulf Coast University for $78.8M

by Camren Skelton September 11, 2018

FORT MYERS, FLA. — Coastal Ridge Real Estate and M Group have purchased The Reef, a 924-bed student housing community located adjacent to Florida Gulf Coast University in Fort Myers. Progressive Capital Group sold the asset to the partnership for $78.8 million. Kevin Larimer, Greg Gonzalez and Cole Whitaker of Berkadia arranged the transaction on behalf of Progressive. Constructed in two phases in 2016 and 2017, The Reef is a garden-style community featuring two resort-style pools with cabanas, outdoor billiards, fire pit, ping pong, bocce ball, sand volleyball court, fitness center, cyber café, resident club lounge and private study rooms. The community’s fully furnished units feature bed-to-bath parity. The transaction marks the second student housing acquisition near Florida Gulf Coast University for Coastal Ridge in the past two months. In July, the Ohio-based company acquired the adjacent Coastal Village Apartments for $44 million.

September 11, 2018

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