Southeast

Capital One Provides $51M Acquisition Loan for Multifamily Community in Metro D.C.

by Camren Skelton October 13, 2017

BETHESDA, MD. — Capital One has provided a $51 million Fannie Mae loan for the acquisition of Rock Spring, a 386-unit multifamily community in Bethesda. Kristen Croxton and Greg Reed of Capital One originated the seven-year, fixed-rate loan with three years of interest-only payments and five years of yield maintenance on behalf of the borrower, Fairfield Residential. The property is subject to the Maryland Moderately Priced Dwelling Unit Program, which requires 70 units to be affordable to residents earning no more than 80 percent of the area median income. Rock Spring features a playground, pool, barbeque areas, two clubhouses, computer room and a fitness center.

October 13, 2017

Florida Multifamily Southeast

Federal Capital Partners Acquires Apartment Asset in Tampa for $24.1M

by Camren Skelton October 13, 2017

TAMPA, FLA. — Federal Capital Partners (FCP) has acquired The Commons Apartments, a 200-unit multifamily community in Tampa, for $24.1 million. Matt Mitchell and Zach Nolan of HFF represented the undisclosed seller in the transaction. HFF’s Elliott Throne and Preston Reid secured acquisition financing on behalf of FCP. Located off Dale Mabry Highway, The Commons offers two-, three- and four-bedroom units. Community amenities include a barbeque and picnic area, playground, dog park, clubhouse and a swimming pool. FCP will use the financing to implement a capital improvement program, including converting the leasing office into a gym and adding washers and dryers to individual units.

October 13, 2017

Industrial South Carolina Southeast

SunCap Sells 230,000 SF Industrial Building in Upstate South Carolina for $18.5M

by Camren Skelton October 13, 2017

MOORE, S.C. — SunCap Property Group has sold Magna Distribution Center, a 229,950-square-foot warehouse and distribution facility in Moore, roughly 30 miles east of Greenville. A private investor purchased the asset from SunCap for $18.5 million. Chris Norvell and Patrick Nally of HFF represented SunCap in the transaction. Constructed this year, Magna Distribution Center is a build-to-suit for Magna Seating of America Inc., an automotive seating manufacturer. The building has an expansion capacity of 50,000 square feet and features 214,500 square feet of production space, 15,500 square feet of office space, LED lighting, 50- by 50-foot column spacing, 32-foot clear heights, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 parking spaces. Situated within the 882-acre Tyger River Industrial Park North, Magna Distribution Center is in the Route 290 Industrial submarket, roughly 10 miles from the BMW manufacturing plant in Greer.

October 13, 2017

Kentucky Multifamily Southeast Student Housing

Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

by Camren Skelton October 13, 2017

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.

October 13, 2017

District of Columbia Office Southeast

Allianz, Columbia Acquire Office Building in D.C. for $421M

by Camren Skelton October 12, 2017

WASHINGTON, D.C. — A joint venture between Allianz Real Estate of America Inc. and Columbia Property Trust has acquired 1800 M Street, a 580,930-square-foot office building in Washington, D.C. CoStar reports PGIM Real Estate, an affiliate of Prudential Financial, sold the asset. Andrew Weir, Jim Meisel, Stephen Conley and Matt Nicholson of HFF represented PGIM Real Estate in the transaction and procured the buyer. Columbia acquired a 55 percent interest, and will manage the property and handle leasing activities. Allianz acquired the remaining 45 percent interest. The 10-story building is located at the corner of 18th and M Streets in D.C.’s Golden Triangle area, and is within walking distance of three Metro stations. The property recently underwent renovations, including modernization of the façade, construction of a new dual-entry lobby, creation of a 9,000-square-foot fitness center and roof deck, as well as upgrades to the elevators, restrooms and multi-tenant corridors. At the time of sale, the building was 94 percent leased to 34 tenants including Berkeley Research Group and Zuckerman Spaeder. The acquisition marks the fourth asset owned by the joint venture of Columbia and Allianz, which was formed in July.

October 12, 2017

Multifamily North Carolina Southeast

Canyon Provides $10.3M in Preferred Equity for Development of Multifamily Property in Raleigh

by Camren Skelton October 12, 2017

RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $10.3 million preferred equity investment for the development of ParkStone at Knightdale, a 350-unit multifamily community in Raleigh’s Knightdale submarket. An affiliate of The Widewaters Group Inc. is developing the property. ParkStone at Knightdale will be situated adjacent to the Widewaters Commons shopping center, which is anchored by Lowe’s Foods and Planet Fitness, and within walking distance to numerous other shops and restaurants. The community will comprise one- to three-bedroom units with granite countertops and stainless steel appliances. Community amenities will include a fitness center, resort-style pool, outdoor lounge with grilling areas, playground, pet wash station and self-storage units. The project site is part of a 57-acre land parcel owned by Widewaters, which is entitled for a mixed-use master-planned development. Upon completion, the development will comprise the new residential component and 270,000 square feet of retail, entertainment and dining options.

October 12, 2017

Florida Multifamily Seniors Housing Southeast

Ocean Land Investments to Build 401-Unit Seniors Housing Community in South Florida

by Camren Skelton October 12, 2017

FORT LAUDERDALE, FLA. — The Fort Lauderdale City Commission has approved Ocean Land Investments’ proposed Riverwalk Residences of Las Olas project in Fort Lauderdale. The seniors housing community will offer 401 units of independent living, assisted living and memory care. Borges Architects + Associates designed the 42-story tower that will be Fort Lauderdale’s tallest building once completed. Amenities will include restaurants, a rooftop bar, full-service spa, fitness center, virtual sport rooms, theater, outdoor pool, hotel rooms, on-site doctor’s offices and valet parking. The project will also feature a ground-level gourmet market that will be open to the public. The property is located near downtown Fort Lauderdale’s Riverwalk, museums, the Broward Center for the Performing Arts, shopping and dining. Ocean Land Investments specializes in the development of prime waterfront properties.

October 12, 2017

Multifamily Southeast Tennessee

North American Properties Delivers 361-Unit Apartment Community Near Nashville

by Camren Skelton October 12, 2017

FRANKLIN, TENN. — North American Properties has delivered Emblem, a 361-unit multifamily community in Franklin, roughly 20 miles south of Nashville. The new community includes a mix of one- and two-bedroom units ranging in size from 617 to 1,209 square feet. Individual units features open floor plans, stainless steel appliances, 11-foot ceilings and accented backsplashes. Emblem also features a fitness center, resort-style pool with outdoor grilling stations, internet café, conference room and a coffee bar. Meeks + Partners was the architect for the project.

October 12, 2017

North Carolina Retail Southeast

ECHO Realty Acquires Two Harris Teeter-Anchored Retail Centers Near Charlotte

by Camren Skelton October 12, 2017

CONCORD AND MATTHEWS, N.C. — ECHO Realty has acquired two Harris Teeter-anchored shopping centers in metro Charlotte: Cannon Crossroads in Concord and Matthews Township Shopping Center in Matthews. The sales prices and sellers were not disclosed. The acquisitions bring ECHO’s portfolio in the Charlotte area to six grocery-anchored centers totaling 500,000 square feet. The 67,000-square-foot Cannon Crossroads is located at the intersection of Harris and Poplar Tent roads, roughly 25 miles northeast of Charlotte. At the time of sale, the property was 96 percent leased to Harris Teeter, Great Clips, State Farm Insurance and Johnny Brusco’s. The 128,650-square-foot Matthews Township Shopping Center is located at the intersection of Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles southeast of Charlotte. At the time of sale, the property was fully leased to anchor tenants Harris Teeter and Stein Mart, as well as Rack Room Shoes, Hallmark and Chipotle Mexican Grill.

October 12, 2017

Mixed-Use North Carolina Southeast Top Stories

Eco Group Unveils $800M Mixed-Use Development in Metro Raleigh-Durham, North Carolina

by Camren Skelton October 12, 2017

PITTSBORO, N.C. — Eco Group, a joint venture between John Fugo of Montgomery Carolina LLC and Kirk Bradley of Lee-Moore Capital Co., has unveiled plans for Mosaic, an $800 million mixed-use project in Pittsboro, 30 miles southwest of Raleigh-Durham. Upon full completion, Mosaic will feature over 200,000 square feet of local and regional retailers, restaurants and services including a micro-brewery, specialty grocer and farm-to-table restaurant cluster; a 120-room hotel; 210 apartment units and 125 apartments targeting the 55-plus age group integrated into Veranillo, an active adult art colony; 88,000 square feet of technical and creative office space; 30,000 square feet of recreational and civic amenities including performing arts stages and an amphitheater; and 15,000 square feet of educational space. The 350-acre development will serve as the commercial gateway to Chatham Park, a 7,100-acre community under development in Chatham County. Eco Group is working in partnership with Chatham Park’s developer, Preston Development Co., on the combined vision for the two projects. Upon completion, Chatham Park will feature 22,000 residences along with 22 million square feet of office, research, residential, educational and community space. “With Chatham Park delivering its first homes in spring 2019, Mosaic will offer the ideal amenity hub for …

October 12, 2017

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