Southeast

Independence Realty Trust to Acquire Nine-Property Multifamily Portfolio for $228.1M

by Nellie Day September 6, 2017

PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) has agreed to acquire a nine-property multifamily portfolio for $228.1 million. The portfolio contains 2,353 units across the U.S. The seller was not disclosed. This acquisition will allow IRT to further develop its presence in core markets like Atlanta, Indianapolis and Columbus, Ohio. It will also allow the REIT to enter two new markets, though further information regarding the assets’ locations was not disclosed. IRT maintains a large multifamily portfolio in the South and Midwest, particularly in Arkansas, Georgia, Florida, Kentucky, Missouri, North Carolina, Oklahoma, Tennessee and Texas. Rents range from $455 per month at Raindance Apartments in Oklahoma City to more than $1,265 per month at Sabal Key in Naples, Fla. The communities within the new portfolio were built or renovated between 2000 and 2011 and feature an average occupancy of 95 percent. Average effective rent per unit was $884 for the three months that ended July 31, 2017. “This acquisition represents another key milestone for IRT, bolstering our current portfolio with a collection of high-quality communities located in amenity-rich, non-gateway markets that are core to our investment thesis,” says Scott Schaeffer, chairman and CEO of IRT. “This is a tremendous …

September 6, 2017

Maryland Multifamily Southeast

Crow Holdings Capital Buys 244-Unit Multifamily Community in Metro D.C.

by Camren Skelton September 5, 2017

ODENTON, MD. — Crows Holdings Capital – Real Estate has purchased NOVUS Odenton, a 244-unit multifamily property in Odenton, roughly 30 miles northeast of Washington, D.C. The sales price was not disclosed. Walter Coker and Brian Crivella of HFF marketed the property on behalf of the seller, a joint venture between Cafritz Interests and Clark Enterprises Inc. Located at 315 Nevada Ave., NOVUS Odenton is within walking distance of the Odenton MARC train station, which provides service to both the D.C. and Baltimore central business districts. The community includes one-, two- and three-bedroom units and features nine-foot ceilings, granite countertops, faux wood plank flooring, walk-in closets and in-unit washers and dryers. Community amenities include a swimming pool, patios with outdoor cooking areas, fitness center, yoga room, theater and media room, game room and a pet-grooming salon.

September 5, 2017

Georgia Office Southeast

Sealy Acquires 277,201 SF Office Portfolio in Metro Atlanta

by Camren Skelton September 5, 2017

JOHNS CREEK, GA. — Sealy & Co. has acquired the Johns Creek Value & Income Portfolio, a 277,201-square-foot, single-story office portfolio in Johns Creek, roughly 30 miles north of Atlanta. The acquisition was made on behalf of Sealy Strategic Equity Partners. The sales price was not disclosed. At the time of sale, the portfolio was 89 percent leased and home to three company headquarters: ARRIS International, Femasys and Alpha Advanced Materials.

September 5, 2017

Georgia Retail Southeast

Katz Properties Purchases Kroger-Anchored Shopping Center in Metro Atlanta for $11.6M

by Camren Skelton September 5, 2017

LITHIA SPRINGS, GA. — Katz Properties has acquired the Village at Westfork, a Kroger-anchored shopping center in Lithia Springs, for $11.6 million. The 75,947-square-foot property is roughly 18 miles west of Atlanta. Ladder Capital provided financing for the acquisition. The seller was not disclosed. New York-based Katz Properties is a real estate investment, development and management company that focuses on the acquisition, operation and repositioning of shopping centers on the East Coast.

September 5, 2017

Florida Multifamily Southeast

Dougherty Mortgage Closes $8.8M Acquisition Loan for Apartment Community in Tallahassee

by Camren Skelton September 5, 2017

TALLAHASSEE, FLA. — Dougherty Mortgage LLC has arranged an $8.8 million Fannie Man loan for the acquisition of Rolling Hills Apartments, a 152-unit multifamily community in Tallahassee. The 12-year loan utilized Fannie Mae’s Green Rewards program and was structured with five years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Rolling Hills Investors LLC. The apartment community features a swimming pool, picnic area with grills and a fitness center.

September 5, 2017

Healthcare Southeast Virginia

American College of Osteopathic Surgeons Leases 7,867 SF at Office Building in Metro D.C.

by Camren Skelton September 5, 2017

ALEXANDRIA, VA. — The American College of Osteopathic Surgeons (ACOS) has leased 7,867 square feet at 1680 Duke Street, a five-story boutique office building in Alexandria, roughly eight miles south of Washington, D.C. Donahoe Real Estate Services represented the landlord, KP Duke Street LLC, in the lease transaction, and CRESA DC represented ACOS. The 48,000-square-foot building has undergone renovations including a new entrance and lobby and modernized elevators. ACOS will occupy the fifth floor of the building. With the lease, 1680 Duke Street is 90 percent leased to tenants including the National School Boards Association and CVS/pharmacy.

September 5, 2017

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Smart Seniors Housing Design Can Offset Development Expenses, Says InterFace Panel

by John Nelson September 5, 2017

With construction costs rising and the supply of talented staff diminishing, doing business has never been more expensive for seniors housing developers. As such, both developers and operators are seeking new ways to save money. Increasingly, these groups are considering the role design plays in their projects, with a particular emphasis on identifying design concepts and elements that save on the bottom line without compromising the property’s sense of livability. A panel of seniors housing developers and operators gathered at the Westin Buckhead Atlanta on Wednesday, Aug. 23 as part of InterFace Seniors Housing Southeast to discuss development trends in today’s market. More than 400 industry professionals attended the conference. Moderator Will Childs, executive vice president of seniors housing for Oracle Healthcare Advisors and based in the firm’s Atlanta office, led the analysis of how construction and labor issues alike are driving developers to think outside the lines. At the most fundamental level, many new designs for seniors housing properties share the goal of repurposing common and outdoor spaces, according to panelist Alan Moise, chief investment officer for Atlanta-based Thrive Development Partners. “Overall pricing for development projects in the Southeast and mid-Atlantic is probably up about 6 percent this year,” …

September 5, 2017

Market Reports North Carolina Office Southeast Southeast Market Reports

Charlotte’s Ballantyne Office Submarket Shows No Signs of Slowing Down

by John Nelson September 4, 2017

The housing market remains hot in Charlotte with sustained growth in both sales activity and sales price. Affordable prices, a strong market and robust salaries are driving first-time buyers to take the plunge and purchase their first home and there’s no better place to live in Charlotte than in the 28277 zip code, otherwise known as Ballantyne. The Ballantyne area is nationally known for not only a place to work with more than 5 million square feet of Class A office space, but also a desirable place to live with housing opportunities ranging from $145,000 to over $4 million. The 28277 zip code has top-rated schools, an abundance of restaurant and shopping options, private and public golf courses, and the area’s only Four-Star recognized hotel, spa and restaurant. The office sector remains hot with continued employment growth attributing to falling vacancy rates, new construction and rising rents. Charlotte has an overall vacancy rate of 10.4 percent and the overall weighted average asking rent for Class A space in Charlotte is $25.98 per square foot. There is currently over 2.3 million square feet of office product under construction in Charlotte and close to 7 million square feet planned or proposed. The …

September 4, 2017

Florida Industrial Self-Storage Southeast

US Storage Centers Delivers 122,605 SF Self-Storage Facility in North Miami Beach

by Camren Skelton September 1, 2017

NORTH MIAMI BEACH, FLA. — US Storage Centers has delivered a five-story, 931-unit self-storage facility located at 15555 W. Dixie Highway in North Miami Beach. The company acquired the property in 2015 for $1.4 million and subsequently began construction on the 122,605-square-foot building. The new facility features drive-up access, climate control, passenger elevators, video monitoring, electronic gate access, boxes and moving supplies, moving carts and alarm units. US Storage Centers owns and operates six facilities in the Miami area and is currently developing two additional facilities, which are slated for completion in the fourth quarter.

September 1, 2017

Georgia Loans Multifamily Southeast Student Housing

KeyBank Secures $20.6M Loan for Student Housing Community Near University of West Georgia

by Camren Skelton September 1, 2017

CARROLLOTON, GA. — KeyBank Real Estate Capital has arranged a $20.6 million loan for Haven West, a 568-bed student housing property situated roughly one mile from the University of West Georgia. Trevor Ritter of KeyBank secured the seven-year Freddie Mac loan with two years of interest-only payments and a 30-year amortization schedule. Constructed in 2014, Haven West comprises eight, four-story buildings and totals 160 units. Community amenities include a fitness center, volleyball court, tanning salon, grilling areas and walking and biking trails.

September 1, 2017

Newer Posts

Older Posts