GREENVILLE, S.C. — Berkadia has negotiated the sale of West Village Lofts at Brandon Mill in Greenville for $42.2 million. West Village Lofts was redeveloped in 2017 and offers one- , two- and three-bedroom floor plans. Amenities include a dog park, pool, fitness center, wine cellar and a clubroom. The buyer and seller were undisclosed.
BATON ROUGE, LA. — Greystone & Co. Inc. has provided two bridge loans totaling $29.5 million for the acquisition of four apartment properties totaling 783 units in Baton Rouge. The first nonrecourse bridge loan totals $16.9 million, while the second totals $12.6 million. Leor Dimant of Greystone originated the short-term bridge loans on behalf of the undisclosed borrower, with plans for a permanent exit to long-term, low-rate HUD-insured financing.
BOCA RATON, FLA. — ICM Realty has sold the Atrium at Broken Sound, a 97,584-square-foot, Class A office building in Boca Raton, to Alchemy-ABR Investment Partners and Breakers Capital Partners LLC for $21.5 million. The Atrium was built in 1986 on eight acres within The Park at Broken Sound, a 700-acre mixed-use development that offers residential options, shopping, cafes and a golf course. Schwartz Sladkus Reich Greenberg Atlas LLP represented the buyers in the transaction.
ORLANDO, FLA. — Jefferson Apartment Group has sold Azul Baldwin Park, a 178-unit multifamily community in Orlando, to Palm Heights LLC for $43.3 million. Built in 2004, Azul Baldwin Park features a clubhouse, business center, pool, fitness center and an outdoor kitchen/grilling area. The community is located next to Baldwin Park and Lake Baldwin. Peter Sherman and Rosendo Caviero of Avison Young represented Palm Heights, and Walker & Dunlop represented Jefferson Apartment Group in the sale.
CORDOVA, TENN. — Harbor Retirement Associates (HRA) and Confluent Senior Living are set to begin construction on HarborChase of Cordova, a 158,083-square-foot, 144-unit senior living community in Cordova, about 20 miles east of Memphis. The project is expected to be completed in early 2020. The community will include 60 independent living, 50 assisted living and 34 memory care apartments in studio, one- and two-bedroom options. The community will feature 24-hour staff, a full-service bistro, multiple dining areas, clubroom, arts and crafts space, barber and beauty salon, library, pool, fitness and wellness center, putting green, fully enclosed memory support courtyard and community-wide Wi-Fi. Vero Beach, Fla.-based HRA will manage HarborChase of Cordova, while Denver-based Confluent Senior Living serves as the project’s owner. This is the second living center for the partnership in metro Memphis, with HarborChase Germantown expected to open in the summer.
CHARLESTON, S.C. — LRC Properties LLC has acquired Ashley Overlook, a 104,610-square-foot office building located at 4390 Belle Oaks Drive in Charleston that serves as Select Health of South Carolina’s headquarters. Stan Johnson Co. brokered the deal between New York-based LRC and the seller, a group of individual investors based in San Jose, Calif. The property was 81 percent leased at the time of the October sale. The sales price was undisclosed.
LOUISVILLE, KY. — The Kirkland Co. (TKC) has brokered the sale of Amherst Place, an 84-unit apartment complex in Louisville, for $8.4 million. TKC’s Brian Devlin and Brandon Wilson brokered the deal between the undisclosed seller and buyer. Amherst Place was built in 1984 and features two-bedroom townhomes.
ALPHARETTA, GA. — Magnolia Moon, Mountain High Outfitters, Perched, The Red Hound and Spirited Boutique have all either opened or plan to open new stores in Alpharetta City Center (ACC) by Black Friday. ACC is a 26-acre, mixed-use property located in Alpharetta, about 26 miles north of downtown Atlanta. The development opened in January 2015 in a public-private partnership between South City Partners, Morris & Fellows and the City of Alpharetta to expand the existing downtown area by six blocks. ACC features Alpharetta’s new City Hall, a Fulton County library, Brook Street Park, Town Green, a 445-car parking deck and single-family homes under development by Hedgewood Homes. Magnolia Moon is a women’s boutique that offers apparel and accessories. Mountain High Outfitters, which plans to open on Black Friday, offers products for outdoor activities, including backpacking, camping, fly fishing and biking. Perched is a women’s boutique that also carries some girl’s clothing and baby shower, wedding and birthday gifts. The Red Hound offers a variety of gifts for babies, kids, graduates and brides. Spirited Boutique has several locations around metro Atlanta and features boho-chic fashion and handmade jewelry. With the five newest retailers, ACC will have 17 retailers and restaurants.
For the remainder of 2018, positive demand drivers will alter new apartment supply’s impact on operations in Louisville. The metro has had a large volume of new apartments to open this business cycle. Since 2013, an annual average of 1,500 units has been completed, totaling approximately 7,400 apartment units. As this new supply entered the market, initially strong leasing helped push vacancy down 100 basis points to 4.6 percent at the end of 2016. However, absorption of apartments softened last year as new units continued to open, lifting vacancy back up 90 basis points to 5.6 percent. This year, approximately 2,800 apartment units will be completed, further testing demand for luxury rentals in Louisville. A team of factors should fuel positive absorption, preventing an alarming uptick and keeping the vacancy rate in the mid-5 percent range. Payroll expansions by tech firms, manufacturing companies and hospitals will support consistent year-over-year hiring and income growth this year. Sub-4 percent unemployment suggests employers will recruit from outside the market to fill open positions or hire recent graduates from the University of Louisville and other local colleges. These job gains should increase the rate of household formations and bolster the market’s millennial base, an …
ATLANTA — LMC, a division of Miami-based Lennar Co., has topped out its Midtown Atlanta luxury apartment building, Vireo. The high-rise will feature 310 apartment homes, offering studio, one-and two-bedroom floor plans. Amenities will include a swimming pool, cabanas, clubroom and an outdoor lounge area. Vireo is located less than one mile from Piedmont Park. Hoar Construction completed the concrete structural frame exterior windows, façade, roofing and site work. LMC expects Vireo to be move-in ready in the spring.
