Southeast

Franklin Street Brokers $6.9M Sale of Apartment Community in Fort Lauderdale

by Camren Skelton July 27, 2017

FORT LAUDERDALE, FLA. — Franklin Street has arranged the $6.9 million sale of First Street Apartments, a 65-unit multifamily community located on Northwest 1st Avenue in Fort Lauderdale. Hernando Perez, Greg Matus, Dan Dratch, Kameron Djamal and Tony Gannacone of Franklin Street represented both the buyer, City View Colony LLC, and the seller, First Avenue Apartments LLC. Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for First Avenue Apartments, which acquired the property in 2015 for $3.8 million. City View Colony has plans to upgrade the unit interiors, convert the existing manager’s office into a fitness center and add a media room with computers for tenants.

July 27, 2017

Florida Hospitality Southeast Top Stories

Sunstone Acquires New Hotel, Marina in Key West for $175M

by John Nelson July 27, 2017

KEY WEST, FLA. — Sunstone Hotel Investors Inc. (NYSE: SHO) has purchased the 175-room Oceans Edge Hotel & Marina in Key West for $175 million. The newly constructed, oceanfront hotel and marina complex is situated across 20 land and water acres on Stock Island and is the largest purpose-built luxury resort and marina in Key West. Sunstone purchased the asset from the developer, Singh Resorts, a hotel development and management firm headed by Pritam Singh. The hotel, which opened in January, will operate as an independent property and be managed by Singh Hospitality. Oceans Edge has 86 suites, all of which have private balconies and views of the Atlantic Ocean. The hotel’s rooms are spread across four buildings and have an average size of 470 square feet, which are among the largest hotel rooms available in the Key West market, according to Sunstone. The hotel also features six swimming pools, a full-service restaurant, waterfront bar, on-site water sports and paddle shop and a fitness facility. As part of the transaction, Sunstone also acquired a combined 52 wet and dry boat slips and amenities in the attached marina, which offers direct deep channel access to popular fishing spots off the coast. …

July 27, 2017

Georgia Hospitality Southeast

Woodbine Legacy Investments Purchases W Atlanta-Buckhead for $73M

by Camren Skelton July 26, 2017

ATLANTA — Woodbine Legacy Investments (WLI) has acquired W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The sales price was not disclosed, but the Atlanta Business Chronicle reports the Texas-based private real estate fund, created by Woodbine Development Corp. in June, acquired the asset for $73 million. Mark Elliott and Todd Ratliff of Hodges Ward Elliott brokered the transaction. W Atlanta-Buckhead is home to Whiskey Blue, a rooftop bar and Cook Hall restaurant. The hotel also features a 24-hour fitness center, yoga and barre classes, an infinity pool and 11,000 square feet of flexible indoor and outdoor meeting and event space. W-Atlanta Buckhead marks the second acquisition for WLI.

July 26, 2017

Florida Multifamily Southeast

Castle Lanterra Acquires Apartment Community in West Palm Beach for $63.5M

by Camren Skelton July 26, 2017

WEST PALM BEACH, FLA. — Castle Lanterra Properties (CLP) has purchased Loftin Place, a 259-unit multifamily community in West Palm Beach, for $63.5 million. Avery Klann of ARA Newmark brokered the transaction on behalf of the seller, Cypress Real Estate Advisors. David Layman of Greenberg Traurig and Mitch Clarfield of Berkely Point Capital represented CLP. Constructed in 2015, Loftin Place includes a mix of studio, one- and two-bedroom floor plans, and features a rooftop tennis court, jogging track, gazebo, sundeck, swimming pool, fitness center, yoga studio and grilling stations.

July 26, 2017

Florida Multifamily Southeast

Cushman & Wakefield Brokers $47M Sale of Multifamily Asset in Orlando

by Camren Skelton July 26, 2017

ORLANDO, FLA. — Cushman & Wakefield has arranged the $47 million sale of Advenir at Broadwater, a 408-unit apartment community located at 6677 Tanglewood Bay Drive in Orlando. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented Advenir in the sale to Emma Capital, which assumed a Freddie Mac loan with six years remaining on the term. Constructed in 1988, the property features two swimming pools, a clubhouse, fitness center, racquetball court, business center, picnic areas, grilling station and a dog park.

July 26, 2017

Georgia Office Southeast

Simpson Organization, Harbert Management Sell Office Building in Midtown Atlanta for $35.3M

by Camren Skelton July 26, 2017

ATLANTA — A joint venture between The Simpson Organization and Harbert Management Corp. has sold 730 Midtown, an 11-story, Class A office building in Atlanta’s Midtown district, for $35.3 million. David Meline and Samir Idris of Cushman & Wakefield represented the seller, and Mike Ryan and Brian Linnihan of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Crestlight Capital. Located at 730 Peachtree Street N.E., the 217,090-square-foot office building features an outdoor courtyard, 55-seat conference center and on-site property management office. The property was 92 percent leased at the time of sale.

July 26, 2017

North Carolina Retail Southeast

Marcus & Millichap Secures $17.1M Sale of Shopping Center in Durham

by Camren Skelton July 26, 2017

DURHAM, N.C. — Marcus & Millichap has brokered the $17.1 million sale of Homestead Market, a 164,200-square-foot shopping center in Durham. Andrew Margulies of Marcus & Millichap represented the seller, a Raleigh-Durham-based family partnership, in the transaction, and procured the buyer, a Florida-based real estate investment and development company. Constructed in 1988 and renovated in 2014, Homestead Market is home to Roses, Fitness World, Shiki Sushi and Bean Trade’s Coffee. The property was 98 percent leased at the time of sale.

July 26, 2017

Georgia Industrial Southeast

BMW to Break Ground on Training Facility Near Atlanta Airport

by Camren Skelton July 25, 2017

COLLEGE PARK, GA. — BMW will develop a new technical training center on the Georgia International Convention Center (GICC) campus in College Park, roughly two miles from Hartsfield-Jackson International Airport. The facility will span 4.1 acres and will bring approximately 10,000 BMW professionals annually for corporate training. The BMW training facility joins other new developments in College Park including ThePad on Harvard, a multifamily community; the expansion of the Federal Aviation Administration Region IV Headquarters; the creation of a multipurpose arena at the GICC that will become the future home of the Atlanta Hawks Development League team; and plans for expansion of the Chick-fil-A corporate headquarters.

July 25, 2017

Multifamily Southeast Virginia

ARA Newmark Closes $100.5M Sale of Multifamily Portfolio in Metro D.C.

by Camren Skelton July 25, 2017

FREDERICKSBURG, VA. — ARA Newmark has arranged the $100.5 million sale of two Class B apartment communities in Fredericksburg: the 200-unit Madison Falls Run and the 476-unit Madison England Run. Centrally located between Richmond, Va., and Washington, D.C., the properties were acquired by Newport News, Va.-based Chandler Management. Drew White, Mike Marshall and Jim Pope of ARA Newmark represented the seller, Philadelphia-based Equus Capital Partners, in the transaction. Constructed in 1989, Madison Falls Run includes a mix of one- and two-bedroom floor plans. Madison England Run, built in three phases in 1991, 1999 and 2001, features a mix of one-, two- and three-bedroom units. Together, the portfolio features amenities including a swimming pool, fitness center, tennis courts and sundecks. Both properties were 95 percent occupied at the time of sale.

July 25, 2017

Florida Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges $30M Sale of Seniors Housing Community Near Miami

by Camren Skelton July 25, 2017

CUTLER BAY, FLA. — Marcus & Millichap has brokered the $30 million sale of Cabana Club, a 332-unit, Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, roughly 20 miles south of Miami. The independent living community features a pool, fitness center and a clubhouse. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a New York-based investment group, and procured the undisclosed buyer.

July 25, 2017

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