Friday, July 18, 2025
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CivicGeorgiaLoansSoutheast

SunTrust, Partners Provide $24.8M Financing for New YMCA Headquarters in Downtown Atlanta

by Camren Skelton

ATLANTA — SunTrust Community Capital, in partnership with McCormack Baron Salazar and Invest Atlanta, has provided $24.8 million in financing for a new YMCA of Metro Atlanta headquarters. The 54,400-square-foot building, known as the YMCA Center for Leadership and Learning, will be located at 569 Martin Luther King Jr. Drive in downtown Atlanta, a half-mile from the new Mercedes-Benz Stadium. The financing included $22 million in New Market Tax Credits (NMTC) allocation and a $2.5 million Westside Tax Allocation District grant from Invest Atlanta. SunTrust Community Capital served as the sole NMTC investor for the development. The new Leadership and Learning Center will house the YMCA of Metro Atlanta’s administrative offices and will become the new regional YMCA training center for the Southeast, providing training to over 1,500 employees annually. The center will bring 135 YMCA employees to downtown Atlanta, including 25 new jobs and various internship opportunities. The facility is expected to open in early 2019.

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FloridaIndustrialSoutheast

First Industrial Acquires Warehouse in Broward County for $22.7M

by Camren Skelton

POMPANO BEACH, FLA. — First Industrial Realty Trust Inc. has acquired a 172,120-square-foot warehouse/distribution building in Broward County’s Pompano Beach for $22.7 million. Located at 2504 N.W. 19th St., the property features 16 dock-high doors, two drive-in doors, 323 auto stalls and an additional 4.1-acre parking lot that is available for future development. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of First Industrial. The name of the seller was not disclosed. Sean Rooney of Hanna Commercial, Jay Ziv of Avison Young and Matthew McAllister, Rick Etner, Chris Metzger and Christopher Thomson of Cushman & Wakefield secured a 19,000-square-foot lease with Stoncor Group Inc., a provider of corrosion and abrasion solutions for the infrastructure and construction markets. With the new lease, the facility is fully occupied.

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MarylandMultifamilySoutheastTop Stories

ARA Newmark Brokers $131M Sale of Apartment Community in Metro D.C.

by Camren Skelton

DISTRICT HEIGHTS, MD. — ARA Newmark has arranged the $131 million sale of The Avanti, a 930-unit multifamily community in District Heights, roughly 11 miles southeast of Washington, D.C. Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA Newmark arranged the transaction on behalf of the seller, Suitland Park LLC, an entity comprising Dragone Realty Investments and PCCP LLC. GMF Capital acquired the asset, and Dragone Realty elected to retain its ownership stake in the property. “With the recent comprehensive renovation that Dragone and PCCP completed, The Avanti is positioned at the top of the submarket and will outperform the competition for the foreseeable future,” said Cissel. “The transaction worked out well for everyone and will capitalize on the strong demand for quality product in the area, resulting in high investment yields.” Constructed in 1965 and renovated in 2012 and 2016, The Avanti includes one- to three-bedroom units and features wall-to-wall carpeting, ceramic and vinyl flooring, breakfast bars and walk-in closets. Community amenities include a swimming pool, business center, dog park and fitness center. Kelley Drye & Warren LLP provided legal counsel to Dragone Realty in the transaction. Morrison & Foerster LLP represented PCCP, and Neuberger, Quinn, Gielen, Rubin & …

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FloridaMultifamilySoutheast

HFF Brokers $35.4M Sale of Transit-Oriented Apartment Asset Near Orlando

by Camren Skelton

LAKE MARY, FLA. — HFF has arranged the $35.4 million sale of Station House, a 200-unit apartment community in Lake Mary, roughly 20 miles north of Orlando. The property is located at 188 E. Crystsal Lake Ave., across the street from a SunRail transit station. Matt Mitchell, Zach Nolan and Tyler Swidler of HFF arranged the transaction on behalf of the seller and developer, Epoch Residential. Robbins Properties Associates acquired the asset. Constructed in 2015, Station House offers one- to three-bedroom units averaging 892 square feet. Community amenities include a swimming pool, grilling stations, fire pit, dog park and dog wash station, fitness center, business center, library and a game room.

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MultifamilySoutheastVirginia

CIM Group Acquires 1,180-Unit Multifamily Community in Metro D.C.

by Camren Skelton

ALEXANDRIA, VA. — CIM Group has acquired EOS Twenty-One, a 1,180-unit apartment community located at 140 S. Van Dorn St. in Alexandria, roughly eight miles south of Washington, D.C. Other terms of the transaction were not disclosed. Constructed in phases between 1968 and 1972, EOS Twenty-One comprises 14 four-and five-story buildings. Renovations in recent years have updated buildings, units, common areas and amenities. The community features recreation areas, a fitness center, game room, business center, theater room, on-site convenience store, two swimming pools, tennis courts, barbecue areas, playground and a dog park.

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LoansMarylandOfficeRetailSoutheast

MacKenzie Capital Arranges $32.4M Acquisition Loan for Office, Retail Portfolio in Baltimore County

by Camren Skelton

TOWSON AND HUNT VALLEY, MD. — MacKenzie Capital has arranged $32.4 million in acquisition financing for an office and retail portfolio in Baltimore County’s Towson and Hunt Valley submarkets. John Black, Will Goetschius and Brendan Harman of MacKenzie Capital arranged the 25-year, fixed-rate loan on behalf of the borrower, RFP Partners LLC. Don Schline of MacKenzie Capital sourced the off-market acquisition on behalf of RFP. The portfolio comprises nine office and retail buildings and totals 289,000 square feet.

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FloridaLoansRetailSoutheast

PAC Receives $19M Acquisition Loan for Publix-Anchored Shopping Center in Naples

by Camren Skelton

NAPLES, FLA. — Preferred Apartment Communities (PAC) has received a $19 million acquisition loan for Crossroads Market, a 126,895-square-foot shopping center in Naples. HFF’s Ed Coco, Nat Scarmazzi and Matt Casey secured the 12-year, non-recourse loan through Nationwide Life Insurance Co. on behalf of PAC. A 55,999-square-foot Publix anchors Crossroads Market, which was 98.1 percent leased at the time of sale to tenants including Walgreens, Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care, Chase Bank and Subway. PAC acquired the asset through its wholly-owned subsidiary, New Market Properties LLC. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, a private real estate fund advised by Crow Holdings Capital — Real Estate. The sales price was not disclosed.

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GeorgiaMixed-UseSoutheast

Artefact to Design 66,000 SF Mixed-Use Project Near Atlanta Airport

by Camren Skelton

HAPEVILLE, GA. — Architecture firm Artefact has unveiled design plans for Oak Center, a new mixed-use project in Hapeville, roughly two miles north of Hartsfield-Jackson Atlanta International Airport. The three-story development will expand and refurbish an existing two-story building on Oak Street, and will total 66,000 square feet upon completion. The project will feature ground floor retail, office space, outdoor dining, plaza areas and underground parking. A construction timeline was not disclosed.

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Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature ArchiveTop Stories

Projected Population, Job Growth Fuel Future of Atlanta’s Multifamily Market, Says InterFace Panel

by Camren Skelton

ATLANTA — A surge in population and job growth in the Atlanta metropolitan area over the next two decades will bode well for the multifamily sector, according to panelists at the eighth annual InterFace Multifamily Southeast. Among the 12 largest metropolitan areas in the county, Atlanta ranked second in the rate of job growth and third in the number of jobs added, according to the Bureau of Labor Statistics (BLS). Total nonfarm employment for the Atlanta-Sandy Springs-Roswell Metropolitan Statistical Area stood at 2.75 million in September 2017, up 2.5 percent year-over-year. In addition, the Atlanta Regional Commission forecasts the 20-county Atlanta region will add 2.5 million people and 1.5 million jobs by 2040. Multifamily demand is reaping the benefits of this growth. The job growth multiplier for the demand for new apartments used to be a factor of 5 to 1, meaning for every five jobs created, you could take one unit of inventory out of the equation, according to Mike Kemether, vice chair of the multifamily advisory group at Cushman & Wakefield. This year and next in Atlanta, that ratio sits around 7 to 1. “A lot of the renters are coming because of job relocations,” said Christie Hawver Jordan, …

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District of ColumbiaIndustrialOfficeSoutheast

SIOR Names Jim Hirt CEO

by Camren Skelton

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) has hired Jim Hirt as CEO. Hirt comes to SIOR as a Certified Association Executive (CAE) with 22 years of experience managing staff and volunteer leaders representing global organizations in multiple industries. “As the organization continues to grow as an international thought leader and industry expert, we look forward to leveraging Jim’s ability to foster creativity and build successful relationships to promote the success of SIOR and its members,” said Del Markward, SIOR global president, in an official release. Prior to joining SIOR, Hirt served as CEO of the American Society of Appraisers, and has held positions with the American Association of Poison Control Centers, Public Risk Management Association, National Association of Mortgage Brokers and AmeriCorps. In addition, Hirt serves on the California State University — Fuller DC Scholars Advisory Board and is a member of the American Society of Association Executives. “As we continue to look toward the future of this organization, my goal is to further solidify SIOR’s status not only as an industry leader, but also as an active global community by fostering engagement and innovation through every level of our organization,” said Hirt in a release. …

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