Southeast

HFF Arranges $95.5M Acquisition Loan for Apartment Community in Metro D.C.

by Camren Skelton May 15, 2018

ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at Old Town. Located at 401 Holland Lane, the property is adjacent to a Whole Foods Market and within walking distance to the King Street Metro Station. Community amenities include a resort-style pool, barbecue area, putting green, fitness center, clubroom with billiards, concierge services and on-site dry cleaning service.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $72.5M Sale of Multifamily Community in Atlanta’s Buckhead District

by Camren Skelton May 15, 2018

ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Main Street Residential Acquires Apartment Community in Metro Atlanta for $20M

by Camren Skelton May 15, 2018

MARIETTA, GA. — Main Street Residential has acquired View 75, a 214-unit apartment community located at 1035 Franklin Road in Marietta, roughly 20 miles north of Atlanta, for $20 million. The name of the seller was not disclosed. Main Street will invest $2 million to renovate the community’s interiors and exterior, as well as upgrade the property’s common areas. View 75 includes a mix of one-, two- and three-bedroom apartment and townhome-style floor plans. Community amenities include a pool, playground, basketball court and on-site laundry facilities

May 15, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Secures Sale of 56,954 SF Office Building in Triangle

by Camren Skelton May 15, 2018

CARY, N.C. — CBRE | Raleigh has arranged the sale of One Harrison Park, a 56,954-square-foot office building located at 401 Harrison Oaks Blvd. in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Ed Pulliam and John Brewer of CBRE | Raleigh arranged the transaction on behalf of the seller, Griffin Partners Inc. Priam Capital acquired the building for an undisclosed price. One Harrison Park was 91 percent leased at the time of sale to tenants such as Trilliant, Biosignia, Keys & Fox, Leukemia & Lymphoma Society and Bainbridge.

May 15, 2018

Acquisitions Retail Southeast Tennessee

Cooper Commercial Arranges $3.8M Sale of Retail Center in Memphis

by Camren Skelton May 15, 2018

MEMPHIS, TENN. — Cooper Commercial Investment Group has arranged the $3.8 million sale of The Shops at Cordova Station, an 18,950-square-foot retail center in Memphis. Bob Havasi and Dan Cooper of Cooper Commercial arranged the transaction on behalf of the seller, a private investment group. A New Hampshire-based investor acquired the asset. The Shops at Cordova Station was fully leased at the time of sale to tenants such as Iberia Bank, 3 Guys Pizza Pies, Avis Car Rental, Jenny’s Nails and Game X-Change.

May 15, 2018

Development Florida Mixed-Use Southeast

Edwards Cos. Breaks Ground on $300M Mixed-Use Development in South Florida

by Camren Skelton May 14, 2018

DELRAY BEACH, FLA. — Edwards Cos. has broken ground on Atlantic Crossing, a $300 million mixed-use development in downtown Delray Beach. At full build-out, the project will feature six buildings and include 73,000 square feet of retail space, 83,000 square feet of office space, 261 apartment units and 82 condominium units. The first phase is expected to come on line in the fourth quarter of 2019, and the first apartment units are expected to open in 2020. Additional residential units will be added to the development in 2022, and full-build out is scheduled to take five years to complete. The project is expected to generate $2.6 million in annual tax revenues and create 600 jobs. Matthew Williams of Newmark Knight Frank arranged a senior construction loan through Fifth Third Bank for the development. CBRE will handle the project’s office leasing assignment, and Strategic Retail Advisors will handle the retail leasing component.

May 14, 2018

Development Florida Multifamily Southeast

Mast Capital, AEW Acquire Riverfront Land in Miami for $26M, Planning 688-Unit Multifamily Project

by Camren Skelton May 14, 2018

MIAMI — Mast Capital, in a joint venture with AEW Capital Management LP, has acquired a 6.3-acre parcel of land at 1001 N.W. 7th St. in Miami for $26 million. Gerard Yetming and Mike Mattingly of Colliers International arranged the sale on behalf of the seller, RAD Miami, and procured Mast Capital as the buyer. The site, located at the south bank of the Miami River, will be the future home of Miami River Walk, a 688-unit apartment community. In addition to residential units, the project will include 1,100 linear feet of riverfront improvements, including an extension of the public Riverwalk and more than an acre of green space. Designed by Corwill Architects, the community will include a mix of one- and two-bedroom units, as well as 2,900 square feet of ground floor retail. The project site has sat vacant for more than 14 years, but was once home to The Miami News headquarters from 1957 to 1973, and later the Southeast Bank building. Miami River Walk will be developed in two phases, and the joint venture expects to start construction in the fourth quarter.

May 14, 2018

Development Georgia Multifamily Southeast

RADCO, Columbia Ventures Start Construction on 221-Unit Apartment Community in Augusta

by Camren Skelton May 14, 2018

AUGUSTA, GA. — The RADCO Cos., in partnership with Columbia Ventures, has broken ground on The Foundry, a 221-unit apartment community in Augusta. The community is located within walking distance to Augusta University and roughly four miles from Augusta National Golf Club, home of The Masters. RADCO Capital, the equity fundraising arm of RADCO, will contribute $5.3 million of private equity for the project, which is scheduled to open in summer 2019. The Foundry will feature a mix of one-, two- and three-bedroom floor plans averaging 996 square feet. Community amenities will include a resort-style pool, outdoor kitchen area, dog park, clubhouse, fitness center, study lounge, automated package management, valet trash service and electric vehicle charging stations. In addition, the community will house Augusta’s only onsite Zipcar car-sharing service. Members can reserve vehicles through Zipcar’s mobile app, and have on-demand access to drive cars by the hour or day. Pegasus Residential will manage The Foundry upon completion.

May 14, 2018

Acquisitions Florida Hospitality Southeast

Ashford Trust Sells 109-Room Hotel in Downtown Tampa for $24M

by Camren Skelton May 14, 2018

TAMPA, FLA. — Ashford Hospitality Trust Inc. has sold the 109-room Residence Inn Tampa Downtown in Tampa for $24 million. The name of the buyer was not disclosed. The hotel achieved RevPAR of $122 over the 12-month period ending on March 31, and had an average occupancy of 76 percent. The hotel features a fitness center, outdoor pool and a sports court.

May 14, 2018

Acquisitions Florida Multifamily Southeast Student Housing

FourPoint Arranges Sale of Two Student Housing Communities Near University of South Florida

by Camren Skelton May 14, 2018

TAMPA, FLA. — FourPoint Student Housing Investments has arranged the sale of Campus Club North and Campus Club South, two student housing properties located roughly one mile from University of South Florida’s campus in Tampa. Campus Club North offers 256 beds in fully furnished units, and Campus Club South offers 356 beds with shared amenities including a resort-style swimming pool, fitness center and movie theater. Chris Bancroft, Chris Epp and Meredith Wolff of FourPoint represented the seller, Realco Capital Partners, in the transaction. CF Real Estate Services acquired both properties for an undisclosed price. Walker & Dunlop assisted in securing an acquisition loan for the buyer.

May 14, 2018

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