ATLANTA — MAA, a multifamily REIT based in Memphis, Tenn., has opened Post Midtown Atlanta, a 332-unit multifamily community located at 33 11th St. N.W. in Atlanta’s Midtown district. MAA acquired Post Properties in 2016, but continues to brand assets under the Post name. The new property includes studio, one-, two- and three-bedroom units with rents starting at $1,670 per month. Individual units feature built-in desks and bookshelves, 10-foot ceilings, quartz countertops and gas cooking stoves. Community amenities include a swimming pool with sundeck, club terrace, outdoor living and dining areas, fitness center, pet park, cycle room and a conference library. Post Midtown Atlanta is within walking distance of Piedmont Park and MARTA’s Midtown station.
CHARLESTON, S.C. — Cushman & Wakefield has brokered the $36.1 million sale of The Palms, a 408-unit apartment community in Charleston. Jordan McCarley, Watson Bryant and Tai Cohen of Cushman & Wakefield represented the seller, Savannah, Ga.-based Kole Management, in the transaction. JEM Holdings acquired the property, which was constructed in 1966. Community amenities at The Palms include a swimming pool, fitness center, sports courts and a playground.
PAWLEYS ISLAND, S.C. — Ridge Care Senior Living has secured an $11.3 million construction loan for the development of Arbor Landing at Pawleys, a 100-unit seniors housing community in Pawleys Island. SunTrust Bank provided the financing for the project. The new community will feature 60 assisted living and 40 memory care units and is expected to create roughly 70 new jobs in the Pawleys Island region. The project marks Ridge Care Senior Living’s entry into the South Carolina market. The Kernersville, N.C.-based company services more than 850 residents in 13 independent living, assisted living and memory care communities throughout North Carolina and West Virginia. Arbor Landing at Pawleys is slated for completion in summer 2018.
ATLANTA AND AUSTELL, GA. — Graham Packaging Co., a global plastic packaging solutions firm, has expanded its presence in metro Atlanta with two industrial leases totaling 212,000 square feet. The Lancaster, Pa.-based company signed a 131,505-square-foot lease expansion for a distribution center at 555 Hartman Road in Austell, roughly 17 miles west of Atlanta, and an 81,600-square-foot lease renewal for its packaging plant at 3495 Donald Lee Hollowell Parkway in Atlanta. Kemp Conrad and Chris Copenhaver of Cushman & Wakefield represented Graham Packaging in both lease transactions. GLP Development is the landlord for 555 Hartman Road, and Hartz Mountain Industries is the landlord for 3495 Donald Lee Hollowell Parkway. Graham Packaging will invest $10 million in improvements to the buildings, including increased central utilities, high-speed production lines, larger storage facilities and increased office space.
ORLANDO, FLA. — First Industrial Realty Trust Inc. has acquired a warehouse facility located at 550 Gills Drive in Orlando for $8 million. The 102,568-square-foot building features 30-foot clear heights, 22 dock-high doors, two drive-in doors, 128 parking spaces and ESFR sprinkler systems. The facility sits on 5.4 acres and is roughly two miles from Highway 528 and the Florida Turnpike. At the time of sale, the property was fully leased to two tenants. Richard Prokup and Brad Kluever of First Industrial led the efforts internally to acquire the property. Rich Cavano of Cavano Realty LLC helped facilitate the transaction.
WASHINGTON, D.C. — Phillips Realty Capital has arranged $61.5 million in financing for the development of 1401 Penn, a Class A apartment development located at 1401 Pennsylvania Ave. S.E. in Washington, D.C. The financing package included a $44.5 million construction loan through EagleBank and $17 million in preferred equity through EB5 Capital. Phillips Realty Capital arranged both components of the financing package on behalf of the developers, CAS Riegler Cos. and May Development. Neighborhood Restaurant Group (NRG) has preleased and will operate approximately 13,500 square feet of the 19,000 square feet of first-floor retail. The space will house restaurants, beer and cocktail bars, a food market and a coffee shop. The residential portion of the project will feature a mix of studio to three-bedroom apartments, for a total of 167 units. The community will be located roughly 50 feet from the Potomac Avenue three-line Metro Station and within walking distance to Eastern Market and Barracks Row. The project is expected to break ground early this month, with delivery slated for summer 2019. The project team also includes Tishman Construction and Antunovich Associates Architects.
MIAMI — Blue Rock Partners LLC Affiliates, in partnership with institutional investors, has acquired Pinebrook Apartments, a 309-unit multifamily community in Miami. Pinebrook South Ltd. sold the property to the joint venture, known as Pinebrook Property Holdings LP, for $37.3 million. The joint venture comprises a Blue Rock Partners affiliate, a Canadian-based investment firm and a New York-based institutional investor. The company will invest roughly $3 million in exterior and interior upgrades and will rename the property The Park at Sheffield. Evan Kristol of Marcus & Millichap brokered the transaction, and Ladder Capital Finance LLC provided debt financing for the acquisition. At the time of sale, the property was 98 percent occupied.
DAVENPORT, FLA. — NXT Capital has provided $26.8 million in financing for the acquisition of Village at Town Center, a 240-unit multifamily community in Central Florida’s city of Davenport. Elliott Throne and Mona Carlton of HFF secured the acquisition and bridge financing through NXT Capital on behalf of the borrower, Beachwold Residential. Located at 2000 Village Blvd. within the Reunion Resort & Club, Village at Town Center is roughly nine miles south of Walt Disney World. Constructed in 1999, the property features a basketball court, children’s play area, tennis court, swimming pool and a fitness facility. Beachwold plans to renovate the apartment units and install an institutional management team.
SPOTSYLVANIA, VA. — Humanities Foundation, in conjunction with James Doran Co., has broken ground on Keswick Senior Apartments, a 100-unit seniors housing community in Spotsylvania. The $16 million development is located within Keswick, a residential community under development by Jarrell Properties Inc. Located at the intersection of Lake Anna Parkway and Old Robert E. Lee Drive, the community will include 700 townhomes, single-family homes and apartments. Keswick Senior Apartments will features a security system, a community space with a meeting area, business center, exercise room, laundry facility, gazebo and a garden area. The project is being built utilizing Low Income Housing Tax Credits administered by the Virginia Housing and Development Authority. Citi Community Capital provided construction financing for the project with Boston Capital as the syndicator. The project team includes architect Martin Riley Associates, civil engineer Webb & Associates and land broker Coldwell Banker Elite/Coldwell Banker Commercial.
TAMPA, FLA. — BTI Partners has sold a 12-acre parcel of land in Tampa’s Westshore Marina District for $13.2 million. The buyer, Wellington, Fla.-based Bainbridge Cos., plans to build a 351-unit apartment community on the property. Westshore Marina District is a master-planned community under development by BTI Partners. The company is selling portions of the 52-acre property to developers that will build residential communities in phases. Upon completion, Westshore Marina District will include approximately 1,750 residential units, a 200-room hotel, retail, restaurants and office space, 185 to 240 marina slips and a 1.5-mile waterfront park. Bainbridge’s community will feature a public park, game rooms, swimming pool, dog parks, parking garages, fitness center and a clubhouse.