Southeast

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

Florida Multifamily Southeast

Pollack Shores Buys 512-Unit Multifamily Asset in Broward County for $119.8M

by Camren Skelton October 11, 2017

MIRAMAR, FLA. — Pollack Shores Real Estate Group has acquired Solano at Miramar, a 512-unit apartment community in the South Florida city of Miramar. South Florida Business Journal reports the Atlanta-based firm acquired the asset from TPF Equity REIT for $119.8 million. Constructed in 2008, Solano at Miramar comprises 364 apartment units and 148 townhomes that range in size from 823 to 1,677 square feet, with rents ranging from $1,961 to $3,185 per month. Community amenities include a resort-style pool with a sundeck, business center and a lakeside jogging trail. Pollack Shores will implement capital improvements including new granite countertops, vinyl plank wood flooring, white shaker cabinets and new plumbing and light fixtures. Amenity enhancements will include a full renovation to the clubhouse, conversion of an indoor basketball court into a fitness center and the addition of an outdoor lounge to the pool area. ARA Newmark brokered the transaction. Matrix Residential, a subsidiary of Pollack Shores, will manage the property.

October 11, 2017

District of Columbia Loans Office Southeast

KeyBank Secures $115M in Permanent Financing for Office Building in D.C.

by Camren Skelton October 11, 2017

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $115 million in permanent financing for 1111 19th St. N.W., a recently renovated office building in Washington, D.C. Michael Keach and Hugh Hall of KeyBank arranged the seven-year loan through New York Life Real Estate Investors on behalf of the borrower, UNIZO Holdings. The Japanese investment firm originally acquired the asset from Clarion Partners in September for $203 million. The 12-story building features a renovated lobby with 20-foot ceilings, an extended building entrance, expanded retail storefronts and a renovated .

October 11, 2017

District of Columbia Office Southeast

DivcoWest Acquires Office Building in D.C. for $100.5M

by Camren Skelton October 11, 2017

WASHINGTON, D.C. — DivcoWest has acquired 1133 15th St. N.W., a 213,000-square-foot office building located on the border of the Central Business District and East End submarkets of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports DivcoWest acquired the asset from an affiliate of Clark Enterprises for $100.5 million. The 12-story building is across the street from Midtown Center, the future headquarters of Fannie Mae, and was 90 percent leased at the time of sale. The LEED Gold-certified building features underground parking, a conference facility, fitness center and an on-site deli. DivcoWest will implement a capital improvement program to further upgrade the building’s lobby and common areas.

October 11, 2017

Georgia Multifamily Southeast

Wood Partners to Develop 198-Unit Apartment Community in Midtown Atlanta

by Camren Skelton October 11, 2017

ATLANTA — Wood Partners has unveiled plans to develop Piedmont House, a 198-unit apartment community in Atlanta’s Midtown district. The property will be located at 205 12th St., overlooking Piedmont Park. Designed by architect Rule Joy Trammell + Rubio, Piedmont House will include one- to three-bedroom units with private balconies, stainless steel appliances, quartz countertops, hardwood floors and a wine cooler and wet bar. Community amenities will include a saltwater pool, sky lounge, fitness center, entertainment space and a wine locker with a tasting room. In addition, Piedmont House will include 1,200 square feet of retail space. The new community is slated to deliver in winter 2018.

October 11, 2017

Georgia Multifamily Southeast

Greystone Arranges $18.1M Sale of Multifamily Asset Near Savannah

by Camren Skelton October 11, 2017

POOLER, GA. — Greystone Brown Real Estate Advisors has arranged the $18.1 million sale of Oglethorpe Square, a 160-unit multifamily community in Pooler, located 10 miles west of Savannah. Bo Brown and Steve Mack of Greystone represented the buyer, New York-based URS Capital Partners, and the undisclosed seller. URS will rebrand the property as Pooler Station. Constructed in 2006, the property features a swimming pool, fitness center, clubhouse, barbeque area and walking paths.

October 11, 2017

Florida Loans Multifamily Southeast

Berkadia Secures $98.9M in Acquisition Financing for Two Apartment Assets in Florida

by Camren Skelton October 10, 2017

COCONUT CREEK AND SARASOTA, FLA. — Berkadia has arranged $98.9 million in financing for the purchase of two multifamily assets in Florida. Advenir, a South Florida-based real estate investment company, purchased both communities from Wood Partners, an Atlanta-based multifamily developer and investor. Charles Foschini and Christopher Apone of Berkadia arranged a $52.3 million loan for Crown Pointe, a 360-unit multifamily community in Coconut Creek, as well as a $46.6 million loan for Gateway Lakes, a 358-unit apartment community in Sarasota. Both Freddie Mac loans feature seven-year terms, three years of interest-only payments and a loan-to-value ratio of 80 percent. Constructed in 1986, Crown Pointe features a clubhouse, fitness center, two pools with a spa and a 626-seat performing arts center. Gateway Lakes, constructed in 1996, features a newly redesigned clubhouse, fitness center and a pool area with a sundeck.

October 10, 2017

Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $85.4M Sale of Multifamily Asset in Nashville’s Cool Springs District

by Camren Skelton October 10, 2017

FRANKLIN, TENN. — Cushman & Wakefield has arranged the sale of ALARA Cool Springs, a 386-unit apartment community in Franklin, a city 20 miles south of Nashville in the metro’s Cool Springs submarket. Robert Stickel, Chris Spain, Alex Brown and Brad Boston of Cushman & Wakefield represented the seller, American Realty Advisors, in the transaction. Los Angeles-based IMT Capital purchased the property for $85.4 million, according to the Nashville Business Journal. Constructed in 1997, ALARA Cool Springs features a resort-style pool, outdoor lounge and fireplace, fitness facility and nature trails. In addition, the property is located within walking distance to numerous retail and dining options.

October 10, 2017

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