Southeast

SunTrust Community Capital Provides $17.4M in Financing for Multifamily Project Near Asheville

by Camren Skelton August 9, 2017

ARDEN, N.C. — SunTrust Community Capital has provided $17.4 million in financing for the development of Perry Lane Apartments, a 120-unit multifamily project in Arden, roughly 10 miles south of Asheville. SunTrust Community Capital, a division of SunTrust Banks, provided $8.3 million in equity investments and a $9.1 million construction loan on behalf of the borrower, Mills Construction Co. Community Investment Corp. of the Carolinas also provided a $5.7 million permanent loan on behalf of the borrower. Perry Lane Apartments will be affordable for those earning 60 percent of the area median income and will feature on-site management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. Construction is scheduled to begin this month, with completion slated for August 2018.

August 9, 2017

Multifamily South Carolina Southeast

Monument Capital Management Acquires 222-Unit Apartment Community in North Charleston

by Camren Skelton August 9, 2017

NORTH CHARLESTON, S.C. — Monument Capital Management has purchased Plantation Flats, an apartment community located at 2181 Dunlap St. in North Charleston. The property comprises 32 two-story buildings with one- and two-bedroom, garden-style and townhouse floor plans. The community also features a clubhouse, swimming pool, fitness center, laundry center and a tennis court. Plantation Flats is situated across from Trident Technical College and is roughly four miles north of Charleston International Airport, home to The Boeing Co. Monument Real Estate Services, an affiliate of Monument Capital Management, will manage the property. The sales price and seller were not disclosed.

August 9, 2017

Florida Multifamily Southeast Top Stories

Rockpoint Group Buys 365-Unit Town City Center Apartments Near Miami for $87M

by Nellie Day August 9, 2017

PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group. Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort Lauderdale just 20 miles away. Pembroke Pines City Center is also expected to deliver a new retail concept adjacent to the property’s waterfront site. The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. In-unit features include patios and porches, washers and dryers, porcelain tiling, stainless steel appliances, and designer vanities. The pet-friendly complex also boasts a two-level fitness studio, pool deck, cabanas, private waterside dock, private screening room and tennis courts. VStarr Interiors designed Town City Center. Greg Engler, Roberto Pesant and Chris Conklin of Walker & Dunlop’s investment sales team represented both the buyer and seller. “This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market,” …

August 9, 2017

Affordable Housing Maryland Multifamily Southeast Virginia

CBRE Brokers Sale of 43-Property Affordable Housing Portfolio in Mid-Atlantic

by Camren Skelton August 8, 2017

COLUMBIA, MD. — CBRE Affordable Housing has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio spread across Maryland, Virginia and Pennsylvania. Jeff Kunitz of CBRE arranged the transaction on behalf of the seller, Baltimore-based Shelter Group. Columbia, Md.-based Enterprise Community Investment purchased the portfolio for an undisclosed price. The portfolio includes 35 properties across Maryland, one property in Virginia and seven properties in Pennsylvania. All of the properties contain LIHTC, HAP or Senior Housing restrictions, and two were under new construction at the time of sale. In addition to the portfolio, Enterprise Community Investment acquired the property management company that operated the Shelter Group’s affordable housing portfolio.

August 8, 2017

Multifamily Southeast Student Housing West Virginia

Nelson Brothers Purchases Student Housing Property Near West Virginia University for $39M

by Camren Skelton August 8, 2017

MORGANTOWN, W.VA. — Nelson Brothers Professional Real Estate LLC, a California-based company, has acquired Mountain Valley Apartments, a student housing complex located roughly three miles from West Virginia University in Morgantown, for $39 million. Constructed in 1998, the 344-unit property includes a mix of one-, two- and three-bedroom floor plans and features a 24-hour fitness center, swimming pool, full-size gym, volleyball court, dog park, cyber café, game room and an outdoor picnic and grilling area. With this acquisition, Nelson Brothers owns 35 student housing properties in 13 states.

August 8, 2017

Florida Retail Southeast

Sleiman Enterprises Acquires Shopping Center in Metro Tampa for $18M

by Camren Skelton August 8, 2017

TRINITY, FLA. — Sleiman Enterprises has purchased Shoppes at Trinity Lakes, a shopping center located at 12500 State Road 54 and Community Drive in Trinity, roughly 30 miles north of Tampa, for $18 million. Cushman & Wakefield represented the Jacksonville-based buyer in the transaction. The Sembler Co. sold the asset. Constructed in 2016, Shoppes at Trinity Lakes comprises 67,334 square feet of retail space and is anchored by Publix. At the time of sale, the property was 96 percent leased to other tenants including GNC, Hair Cuttery, Heartland Dental, Mathnasium, Moe’s Southwest Grill, Nail Dior and Orangetheory Fitness.

August 8, 2017

Florida Multifamily Southeast

Marcus & Millichap Arranges $13.5M Sale of Multifamily Property Near Fort Lauderdale

by Camren Skelton August 8, 2017

OAKLAND PARK, FLA. — Marcus & Millichap has brokered the $13.5 million sale of The Oasis, a 141-unit apartment community located at 3860 N. Andrews Ave. in Oakland Park, roughly four miles north of Fort Lauderdale. Daniel Cunningham, Derek Gibbs and Evan Richardson of Marcus & Millichap arranged the transaction on behalf of the seller, an undisclosed limited liability company, and procured the buyer, an individual/personal trust. The Oasis comprises seven buildings situated on five individual parcels totaling 3.7 acres. The property features two swimming pools.

August 8, 2017

Alabama Multifamily Southeast

Inland Residential Trust Acquires 332-Unit Apartment Community in Montgomery

by Camren Skelton August 8, 2017

MONTGOMERY, ALA. — Inland Residential Properties Trust Inc. has purchased The Verandas at Mitylene, a 332-unit multifamily community located at 8850 Crosswind Drive in Montgomery. Mark Cosenza of Inland Real Estate Acquisitions and Brett Smith of The Inland Real Estate Group LLC represented Inland Residential Trust in the transaction. Constructed in 2007, The Verandas at Mitylene comprises 14 three-story buildings and includes a mix of one-, two- and three-bedroom units. The property also features a clubhouse, 24-hour fitness center, playground, car care center, business center and a swimming pool. The asset was 91 percent occupied as of June 30.

August 8, 2017

Florida Multifamily Southeast Top Stories

The Praedium Group Acquires 300-Unit Multifamily Community in Jacksonville for $57M

by Katie Sloan August 8, 2017

JACKSONVILLE, FLA. — The Praedium Group has acquired The Views at Harbortown, a 300-unit multifamily community located in Jacksonville, for $57 million. The property was built in 2015, offering a mix of one-, two- and three-bedroom units with kitchen islands, walk-in closets, granite countertops and in-unit washers and dryers. Community amenities include a clubhouse with lounge areas and a billiard room; sundeck with wi-fi; two resort-style swimming pools with cabanas; a cyber lounge and business center; fitness center; WellBeats virtual training system; bike rack; and picnic areas with grills. The community also offers three boat slips for residents, and access to the privately owned Harbortown Marina and the Intracoastal Waterway. The seller in the transaction was undisclosed. The Praedium Group notes that Jacksonville achieved 3.7 percent year-over-year growth in nonfarm jobs — per the Bureau of Labor Statistic’s report from March of this year — doubling the national average. “Reis expects Jacksonville’s population to grow by 9.6 percent over the next five years, compared to the national average of 5.1 percent,” says Lindsay Schuckman, associate of The Praedium Group. “This growth is driven by Jacksonville’s influx of jobs, affordability and attractive quality of life.” The Praedium Group is a privately …

August 8, 2017

Industrial North Carolina Southeast

Strategic Capital Partners to Develop $60M Industrial Project in Research Triangle Park

by Camren Skelton August 7, 2017

DURHAM, N.C. — Strategic Capital Partners has unveiled plans for Patriot Park, a $60 million industrial development located near Miami Road and Patriot Drive within Research Triangle Park in Durham. The project will comprise roughly 1 million square feet to be developed over the next several years. Construction on Phase I, which will include 322,800 square feet, is slated to begin this summer. In addition to Strategic Capital Partners, the investment group includes Westminster Capital, Berkshire Realty and First Tennessee Bank, which is providing construction financing. Patriot Park is the third major development in the Raleigh-Durham metro for Indianapolis-based Strategic Capital.

August 7, 2017

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