Southeast

CBRE Arranges $48.4M Sale of Apartment Community in Metro D.C.

by Camren Skelton July 11, 2018

STERLING, VA. — CBRE has arranged the $48.4 million sale of Chase Heritage, a 236-unit apartment community located at 1212 Chase Heritage Circle in Sterling, roughly 30 miles west of Washington, D.C. Continental Realty Corp. sold the asset to Chandler Management Corp. Jonathan Greenberg, Bill Roohan, Bob Dean, Mike Muldowney, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction. Located in the Dulles Tech Corridor, the community is located near the future Innovation Center Metro Station, scheduled to open in 2019 or 2020. Chase Heritage, constructed in 1986, features a playground, fitness center, pool, picnic area and private balconies or patios.

July 11, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $39M Sale of Three-Property Multifamily Portfolio in Mobile

by Camren Skelton July 11, 2018

MOBILE, ALA. — Cushman & Wakefield has brokered the $39 million sale of a three-property multifamily portfolio located in Mobile. Entities managed by StoneRiver Co. acquired the properties, which include Huntleigh Woods, Southern Oaks and Ashford Place. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, PEM Real Estate Group. The properties, constructed between 1975 and 1983, total 625 units. Community amenities across the portfolio include dog parks, fitness centers, picnic areas, coffee bars and swimming pools.

July 11, 2018

Acquisitions Georgia Industrial Southeast

GCP Buys Home Depot-Leased Industrial Building Near Port of Savannah for $34.8M

by Camren Skelton July 11, 2018

SAVANNAH, GA. — GCP has acquired 150 Portside Court, an 800,000-square-foot industrial facility in Savannah, for $34.8 million. Located within the Port Logistics Center at Crossroads, the facility is less than five miles from the Port of Savannah. The building is fully leased to The Home Depot and is a key component of the home improvement retailer’s East Coast import distribution operation. The warehouse features front-loading configuration, 165-foot deep full concrete truck courts and 25-foot minimum clear heights. CBRE represented the seller, Duke Realty, in the transaction, and GCP was represented internally. Wells Fargo Bank provided acquisition financing on behalf of GCP. The acquisition increases the Birmingham-based company’s portfolio to more than 8.1 million square feet.

July 11, 2018

Acquisitions District of Columbia Industrial Maryland Southeast

FRP Development Sells 40-Property Warehouse Portfolio in Baltimore-D.C. Corridor to Blackstone for $347.2M

by Camren Skelton July 10, 2018

BALTIMORE — FRP Development Corp., a Baltimore-based development and investment company, has sold 40 industrial warehouse properties and three adjacent land parcels in the Baltimore-Washington corridor for $347.2 million. Blackstone Real Estate Partners acquired the assets. Another warehouse property in the portfolio was sold to its current tenants for $11.7 million. The sale of the portfolio will allow FRP to focus on its development pipeline in the metropolitan region, according to David deVilliers Jr., the company’s president and COO. The developer is currently underway on RiverFront on the Anacostia, a four-phase, 1.1 million-square-foot mixed-use development located adjacent to Nationals Park in Washington, D.C. In partnership with St. John Properties, FRP is also developing a 330,000-square-foot office and retail project in Baltimore County. FRP is a wholly owned subsidiary of FRP Holdings Inc., a Florida-based company that also comprises Florida Rock Properties Inc.

July 10, 2018

Acquisitions Maryland Multifamily Southeast

HFF Arranges $87.8M Sale of 468-Unit Multifamily Property in Germantown, Maryland

by Camren Skelton July 10, 2018

GERMANTOWN, MD. — HFF has arranged the $87.8 million sale of Rolling Hills, a 468-unit apartment community in Germantown. Walter Coker, Brian Crivella and Stephen Conley of HFF arranged the transaction on behalf of the seller, Clark Enterprises Inc., and procured the buyer, Pantzer Properties Inc. In addition, Jamie Leachman and Nicole Brickhouse of HFF arranged a Freddie Mac loan on behalf of Pantzer for the acquisition of the property. HFF will service the securitized loan. Rolling Hills includes 39 three-story buildings with a mix of two- and three-bedroom units. Community amenities include a resort-style pool, fitness center, renovated clubroom, dog parks, soccer fields and picnic/grilling areas. The property is located adjacent to a MARC train station.

July 10, 2018

Acquisitions Florida Multifamily Southeast

Passco Acquires 380-Unit Apartment Community in Jacksonville for $70M

by Camren Skelton July 10, 2018

JACKSONVILLE, FLA. — Passco Cos. has acquired The Point at Tamaya, a 380-unit apartment community located at 3050 Tamaya Blvd. in Jacksonville, for $70 million. Brian Moulder and Dhaval Patal of Walker & Dunlop arranged the transaction on behalf of both Passco and the seller, a partnership between Waypoint Residential and Rohdie Management. Waypoint Residential completed construction on the property in 2017. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. The Point at Tamaya features a Peloton studio, fitness center, resort-style pool, yoga pavilion, outdoor sports bar, coffee bar, outdoor fire pit, business center and a pet park. The property is located near St. Johns Town Center, one of Florida’s largest retail centers, as well as the

July 10, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $49M Sale of Multifamily Community in Central Florida

by Camren Skelton July 10, 2018

KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $49 million sale of Arrow Ridge Apartment Homes, a 320-unit multifamily community in the Central Florida community of Kissimmee. Jay Ballard and Ken Delvillar of Cushman & Wakefield arranged the transaction on behalf of the seller, Waypoint Residential. Mitch Sinberg and Matthew Robbins of Berkadia arranged a $37.9 million Freddie Mac acquisition loan on behalf of the buyer, Insula Cos. The 10-year loan features five years of interest-only payments. Arrow Ridge includes 16 three-story buildings and features a mix of one- to four-bedroom units. Community amenities include a business center, swimming pool, gazebo, covered picnic areas, sand volleyball court, children’s play area and a fitness center. Waypoint Residential recently upgraded all unit interiors, which allowed the company to increase rental rates.

July 10, 2018

Acquisitions North Carolina Retail Southeast

CBRE Negotiates Sale of Publix-Anchored Center in Metro Charlotte

by Camren Skelton July 10, 2018

MOORESVILLE, N.C. — CBRE has arranged the sale of Brawley Commons, a 122,054-square-foot retail center in Mooresville, roughly 30 miles north of Charlotte. Mike Burkard and Steve Shields of CBRE arranged the transaction on behalf of the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co. Atlanta-based New Market Properties, an affiliate of Preferred Apartment Communities, acquired the property. The purchase price was not disclosed, but the company financed the acquisition using an $18.5 million, first mortgage loan from Nationwide Financial Services Inc. Brawley Commons was constructed in 1998 and redeveloped in 2016 with the addition of a new 49,098-square-foot Publix. Additional tenants at the center include Pet Supermarket, MOD Pizza, Orangetheory Fitness, SuperCuts and Jersey Mikes.

July 10, 2018

Loans Multifamily North Carolina Southeast

Trez Forman Capital Provides $42M Construction Loan for Apartment Community in Metro Charlotte

by Camren Skelton July 9, 2018

HUNTERSVILLE, N.C. — Trez Forman Capital Group has provided a $42 million construction loan for a new 297-unit apartment community located at 17355 Old Statesville Road in Huntersville, roughly 15 miles north of Charlotte. Brett Forman of Trez Forman originated the loan on behalf of the project developer, Caldwell Station NC LLC. The 20-building community will include a mix of garden-style apartment units and for-rent townhomes. Community amenities will include a saltwater pool, clubhouse, fitness center, lounge area and a dog park. A construction timeline for the project was not disclosed.

July 9, 2018

Development Florida Multifamily Southeast

Trammell Crow, AvalonBay to Develop 350-Unit Multifamily Community Near Miami

by Camren Skelton July 9, 2018

DORAL, FLA. — Trammell Crow Residential, in partnership with AvalonBay Communities Inc., has unveiled plans to develop a 350-unit apartment community located at the corner of N.W. 36th Street and N.W. 79th Avenue in Doral, roughly 16 miles northwest of Miami. The residences will be part of a horizontally integrated mixed-use development that will feature 80,000 square feet of retail, which is under development by the Terra Group. The site currently houses the 139,000-square-foot Atrium Office space. Demolition of the property is scheduled for later this month. The community will include a mix of one- to three-bedroom apartment units and will feature a pool, park and bike path. Trammell Crow and AvalonBay expect to wrap up construction in 2020.

July 9, 2018

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