Southeast

Harbor Group Affiliate Acquires 9,677-Unit Multifamily Portfolio for $1.8B

by Taylor Williams December 4, 2017

NORFOLK, VA. — An affiliate of Harbor Group International (HGI) has acquired a portfolio of 25 multifamily properties totaling 9,677 units across five major metropolitan areas for $1.8 billion. The sellers were affiliates of Lone Star Funds. The transaction, which closed on Nov. 30, is HGI’s largest to date and increases the value of its investment portfolio from approximately $5.2 billion to $7.1 billion. The properties, which boast a collective occupancy rate of 95 percent, are located in the metro areas of Baltimore, Boston, Chicago, Philadelphia and Washington, D.C. HGI plans to invest roughly $80 million in capital improvements to the unit interiors and communal amenities of the properties. Berkadia and New York-based Meridian Capital Group secured approximately $1.4 billion in acquisition financing for the deal. Berkadia secured roughly $927 million in fixed- and floating-rate debt through Freddie Mac, while Meridian Capital secured approximately $512 million in fixed-rate debt through New York Community Bank. Among the portion of the financing arranged by Berkadia, 11 of the properties totaling $789 million were financed at a fixed interest rate. The remaining five assets totaling $138 million were financed with a floating-rate vehicle. Laura Cathlina and Sharon Plattner of Berkadia led the loan …

December 4, 2017

Loans Maryland Multifamily Southeast

KeyBank Secures $56.3M in Refinancing for Multifamily Community in Greenbelt, Maryland

by Camren Skelton December 1, 2017

GREENBELT, MD. — KeyBank Real Estate Capital has secured a $56.3 million Freddie Mac loan to refinance Verde at Greenbelt Station, a 302-unit multifamily community in Greenbelt, a city halfway between Baltimore and Washington, D.C. Dirk Falardeau and Todd Goulet of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between The Dolben Co. and Atapco Properties. Delivered last year, Verde at Greenbelt Station is LEED Gold-certified and offers a mix of one- and two-bedroom units, ranging in size from 750 to 1,500 square feet. Community amenities include a swimming pool, clubhouse, fitness center, bocce ball court and a dog park.

December 1, 2017

Industrial North Carolina Southeast

Scannell Properties Sells New 258,060 SF Industrial Campus in Research Triangle Park

by Camren Skelton December 1, 2017

DURHAM, N.C. — Scannell Properties has sold PowerSecure Industrial Campus, a two-building distribution and R&D facility totaling 258,060 square feet in Durham’s Research Triangle Park submarket. Situated on 22.6 acres at 4062 and 4068 Stirrup Creek Drive, the campus is located within the 160-acre Triangle Business Center master-planned business park. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of Scannell Properties. Principal Real Estate Investors acquired the asset for an undisclosed price. Constructed this year, PowerSecure Industrial Campus includes a 172,500-square-foot assembly and distribution building and an 85,560-square-foot warehousing and R&D facility. The property is fully leased on a triple-net-lease basis to PowerSecure Inc., a product developer and solutions provider for utility companies and their commercial, institutional and industrial clients. PowerSecure Industrial Campus features 28- to 30-foot clear-heights, 13-foot truck courts with 60-foot concrete aprons and HVAC throughout.

December 1, 2017

North Carolina Retail South Carolina Southeast

CBRE Brokers Sales of Three Grocery-Anchored Centers in Carolinas

by Camren Skelton December 1, 2017

CHARLOTTE, N.C. — CBRE has arranged the sales of three grocery-anchored centers in the Carolinas: Mountain Village in Jefferson, N.C.; Pine Needle Square in Smithfield, N.C.; and Westowne Shopping Center in Greenville, S.C. Mike Burkard and Steve Shields of CBRE arranged the transactions on behalf of the seller, Greensboro, N.C.-based Johnston Properties. The buyers and other terms of the transaction were not disclosed. Constructed in 1982, the 114,385-square-foot Mountain Village was fully leased at the time of sale to Food Lion, Rite Aid, Roses and Family Dollar. The 112,279-square-foot Pine Needle Square was constructed in 1975 and was 98 percent leased at the time of sale to tenants including Carlie C’s IGA, AutoZone, Citi Trends, Gallery Furniture and Pizza Hut. Westowne Shopping Center totals 121,839 square feet and was 94 percent leased at the time of sale to tenants including Bi-Lo, Roses Express, AutoZone and Cash America. The center was constructed in 1971.

December 1, 2017

Georgia Retail Southeast

PAC Acquires 74,370 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton December 1, 2017

ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased Roswell Wieuca Shopping Center, a 74,370-square-foot retail center located at the corner of Roswell and Wieuca roads in Atlanta’s Buckhead district. PAC acquired the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. Marcus & Millichap marketed the property on behalf of the seller, Brand Properties. A 22,921-square-foot Fresh Market grocery store anchors the center, which was fully leased at the time of sale to tenants including Willy’s, Ace Hardware, Chicken Salad Chick, Amazing Lash Studio, Abbadabba’s, Cheeseburger Bobby’s, Goldberg’s Bagel Co. & Deli and Sugarcoat Nail & Beauty Bar.

December 1, 2017

Florida Loans Retail Southeast

FM Capital Arranges $24.4M Refinancing of 340,000 SF Retail Center North of Tampa

by Camren Skelton December 1, 2017

PORT RICHEY, FLA. — FM Capital has arranged the $24.4 million refinancing of Embassy Crossing Shopping Center, a 340,000-square-foot retail center in Port Richey, roughly 40 miles north of Tampa. Yael Ishakis of FM Capital arranged the loan through a national bridge lender. The borrower was not disclosed. At the time of sale, Embassy Crossing Shopping Center was 88 percent leased to tenants including Bed Bath & Beyond, Michael’s, Petco, Olive Garden, Lane Bryant, Scottrade and the U.S. Post Office.

December 1, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

InterFace Panel: Multifamily Remains Smart Investment, But Good Deals are Harder to Find

by Camren Skelton December 1, 2017

ATLANTA — Strong fundamentals have propelled the U.S. multifamily market forward in 2017 and leave it poised for a healthy 2018, but good deals are harder to come by in today’s market for investors, according to panelists at the eighth annual InterFace Multifamily Southeast. The average cap rate for the multifamily sector in the third quarter registered at 4.3 percent, 12 basis points lower than the same period in 2016, and 15 basis points lower than 2015, according to JLL. “Of the 22,000 units that we are going to close this year — mostly A-minus to B assets — the average cap rate is 4.8 percent, across roughly 45 different transactions,” said James Kane, senior vice president of asset management at Starwood Capital Group’s Atlanta office. “This is in top markets like Atlanta, Charlotte, Dallas, Houston, D.C., Denver, etc. — the suburban cornucopia of markets across the U.S.” “With cap rate compression and the rise in interest rates since the Trump election, it’s made it increasingly hard for us to find yield in spaces we are comfortable with,” added Colin Gillis, vice president of acquisitions for the Southeast at Irvine, Calif.-based Passco Cos. LLC. Although spreads are tightening as a whole, …

December 1, 2017

Georgia Healthcare Southeast

Atlanta Hawks, Emory Healthcare Open Training, Sports Medicine Center in Metro Atlanta

by Camren Skelton November 30, 2017

BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club and Emory Healthcare have opened a 90,000-square-foot training facility and sports medicine center in Brookhaven, roughly 11 miles north of downtown Atlanta, on Tuesday. The privately funded Emory Sports Medicine Complex integrates four facilities: Emory Healthcare Courts, the official practice and training facility for the Atlanta Hawks; Emory Sports Medicine Center and Emory Physical Therapy, which house Emory’s entire sports medicine division; and Peak Performance Project, an applied sports science services provider for elite-level athletes from around the world. The Hawks’ new facility is the first in the NBA to be co-located with an entire sports medicine center, allowing for access to high-tech equipment such as a 3 Tesla MRI scanner, 3D motion capture analysis and blood/sweat testing and analysis on-site.

November 30, 2017

Florida Multifamily Southeast

Fifteen Group, Meritage Acquire Multifamily Asset in Orlando for $68.7M

by Camren Skelton November 30, 2017

ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has acquired Patterson Court Apartments in Orlando for $68.7 million. The 384-unit property is situated at the intersection of International Drive and Little Lake Bryan Road in the I-Drive corridor of Orlando, less than three miles from Walt Disney World. Patterson Court includes one- to three-bedroom units and features a fitness center, resort-style pool with sundeck, study rooms, on-site laundry facilities and a car wash center.

November 30, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $36M Fannie Mae Loan for Apartment Asset East of Tampa

by Camren Skelton November 30, 2017

LAKELAND, FLA. — NorthMarq Capital has arranged a $36 million Fannie Mae loan for Ariva Apartment Homes, a 312-unit multifamily community located at 4100 Clubhouse Road in Lakeland, roughly 35 miles east of Tampa. Robert Hernandez of NorthMarq Capital arranged the 10-year, permanent loan with a 30-year amortization schedule. The borrower was not disclosed. Ariva Apartment Homes features a swimming pool, internet café, fitness center with yoga and spin room and a mini movie theater. At the time of sale, the property was 90 percent occupied.

November 30, 2017

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