Southeast

New York Investors Purchase Multifamily Portfolio in Metro D.C. for $90M

by Camren Skelton August 3, 2017

ADELPHI, MD. — Besyata Investment Group and The Scharf Group, two New York-based single-family offices, have acquired The Communities at Arbor Vista, a 675-unit multifamily portfolio in Adelphi, roughly nine miles north of Washington, D.C., for $90 million. Jeff Seidenfeld of Eastern Union Funding arranged acquisition financing on behalf of the buyers. Constructed in 1960, the Class B, garden-style apartment development comprises three communities: Arbor Vista, Sienna Creek and Sienna Gardens. The portfolio features a swimming pool, playgrounds, fitness and business centers, laundry facilities and a soccer field. BH Management will manage the property and handle ongoing leasing.

August 3, 2017

Alabama Mixed-Use Southeast

Heritage Land & Development to Build 225,000 SF Mixed-Use Project in Downtown Mobile

by Camren Skelton August 3, 2017

MOBILE, ALA. — Heritage Land & Development has unveiled plans for Merchant Plaza, a 225,000-square-foot mixed-use project in downtown Mobile. Formerly known as Merchants National Bank, the historic landmark spans an entire city block and will include 80,000 square feet of Class A office space; 26,000 square feet of commercial, retail and restaurant space; and roughly 82 loft apartments. NAI Mobile and Harbert Realty Services will handle the development’s leasing assignment and property management, respectively.

August 3, 2017

Alabama Multifamily Southeast

Cortland Partners, Harbert Realty to Break Ground on 318-Unit Multifamily Development in Birmingham

by Camren Skelton August 3, 2017

BIRMINGHAM, ALA. — Cortland Partners and Harbert Realty Services will break ground on Thursday, Aug. 17 for Vesta, a 318-unit apartment community situated at 2173 Highland Ave. S. in Birmingham. The project will include a 17-story concrete high-rise, five-story wood-frame mid-rise, 522-space parking garage and 6,500 square feet of ground-floor retail space. Residential units will feature one- and two-bedroom floor plans with an average size of 839 square feet. Amenities will include a rooftop pool and lounge, fitness center, yoga studio and a sun terrace. Vesta was designed by Smallwood Reynolds Stewart and Stewart, and is being built by B.L. Harbert International, an affiliate of the Harbert Corp., and Cortland Improvements, a division of Cortland Partners. Bill Leffler of CBRE arranged construction financing through Citizens Bank and ACRE Investment Real Estate Services. Vesta marks Harbert Realty Services’ first multifamily project.

August 3, 2017

Georgia Multifamily Southeast

JLL Income Property Trust Acquires Multifamily Community in Metro Atlanta for $47M

by Camren Skelton August 3, 2017

JOHNS CREEK, GA. — JLL Income Property Trust has purchased The Reserve at Johns Creek Walk, a 210-unit apartment complex in Johns Creek, roughly 27 miles north of Atlanta, for $47 million. The seller was not disclosed. The property includes a mix of one-, two- and three-bedroom units, and features a fitness center, conference room, swimming pool, outdoor kitchen, pet spa, playground and a car care center.

August 3, 2017

Florida Multifamily Southeast

CBRE Arranges $28.3M Sale of Multifamily Asset in Jacksonville

by Camren Skelton August 3, 2017

JACKSONVILLE, FLA. — CBRE has arranged the $28.3 million sale of Bay Club Apartments, a 220-unit multifamily property located at 9009 Western Lake Drive in Jacksonville. Shelton Granade, Luke Wickham, Justin Basquill, Cliff Taylor and Joe Ayers of CBRE represented the seller, an affiliate of The Milestone Group LLC, in the sale to Resource Apartment OP III LP. Constructed in 1990, Bay Club features a swimming pool, clubhouse, pet park and private patio or balcony with each unit. The property was 96 percent occupied at the time of sale.

August 3, 2017

Mixed-Use North Carolina Southeast

Swain & Associates to Break Ground on $250M Mixed-Use Community in Wilmington

by Camren Skelton August 2, 2017

WILMINGTON, N.C. — Swain & Associates has unveiled plans for CenterPoint, a $250 million mixed-use development that will be located at 1531 and 1541 Eastwood Road in Wilmington. The 1 million-square-foot project will span 23 acres and feature a seven-story hotel; 300 one-, two- and three-bedroom apartments; 50 to 60 retail shops and restaurants; a 75,000-square-foot medical services building; 31,600 square feet of office space; structured parking for 1,450 cars and surface parking for 275 cars. In addition to Swain & Associates, the project team includes project planner and architect ci design inc., project engineer McKim & Creed Engineers PA and consulting engineer Bruce Bowman of BMH Architects.

August 2, 2017

Georgia Industrial Southeast

Sonnen to Open U.S. InnovationHub in Metro Atlanta on Thursday

by Camren Skelton August 2, 2017

TUCKER, GA. — German-based energy solutions and equipment provider sonnen will expand its U.S. presence with the opening of its InnovationHub in Tucker, roughly 20 miles northeast of Atlanta, on Thursday. The 26,000-square-foot facility will combine U.S. manufacturing operations and product research and development for sonnen, and will be used to produce sonnenBatterie products. The energy-management solutions provide information on energy-usage and consumption for residential customers. The new facility will bring manufacturing, electrical and mechanical engineering jobs to the Atlanta area, and establish a presence on the East Coast. The company’s other U.S. location is in Los Angeles.

August 2, 2017

Loans Multifamily Southeast Tennessee

Cushman & Wakefield Secures $40M Construction Loan for Apartment Community in Nashville’s Cool Springs

by Camren Skelton August 2, 2017

FRANKLIN, TENN. — Cushman & Wakefield has secured a $40 million construction loan for the development of a 328-unit apartment community in Franklin, the seat of Nashville’s Cool Springs district. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield structured senior debt on behalf of the borrower, Middleburg Real Estate Partners. The Cushman & Wakefield team also sourced joint venture equity with an institutional capital partner for the development. The property will include two split-level buildings comprising 21 studio apartments, 168 one-bedroom units and 139 two-bedroom units. Community amenities will includes a clubhouse, saltwater pool, cabana areas, outdoor kitchens and a four-acre park for residents. Middleburg has begun construction on the unnamed property and expects to wrap up construction in 2018.

August 2, 2017

North Carolina Retail Southeast

Aston Properties Opens 70,000 SF Self-Storage Facility at Former Kmart in Metro Charlotte

by Camren Skelton August 2, 2017

MONROE, N.C. — Charlotte-based Aston Properties has delivered a 70,000-square-foot self-storage facility at the site of a former Kmart store in Monroe, roughly 25 miles southeast of Charlotte. Located at 2120 W. Roosevelt Blvd., the property is managed by Extra Space Storage, one of the country’s largest self-storage operators. Aston Properties purchased the former retail building last year and invested $1.7 million to upgrade the interior and exterior. The climate-controlled facility offers units ranging in size from 25 square feet to over 300 square feet, and features drive-up access, 24-hour video surveillance and electronic gate access. The Monroe property is Aston Properties’ first conversion of a former retail space to self-storage.

August 2, 2017

Georgia Mixed-Use Southeast

Third & Urban Names Development on Atlanta BeltLine, Signs Tenants

by Camren Skelton August 2, 2017

ATLANTA — Third & Urban has named its development on the Atlanta BeltLine’s Eastside Trail as Common Ground. Located at 550 Somerset Terrace N.E. in Atlanta’s Old Fourth Ward neighborhood, the project is a redevelopment of the former Western Electric Co. facility. The Atlanta-based real estate development and investment firm has signed two new restaurant concepts from hospitality management and creation business, The Diligence Co. — Bazati Hall, which will lease 9,500 square feet, and Estrella, a rooftop bar that will comprise 3,000 square feet. New Realm Brewing Co., an American craft brewery concept from former Stone Brewing Co. brewmaster Mitch Steele, will open a 20,000-square-foot brewhouse and a 3,000-square-foot restaurant. In addition to dining and brewery space, Common Ground is also offering approximately 34,000 square feet of office lofts and retail space for lease. The project is slated to open this fall.

August 2, 2017

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