NASHVILLE, TENN. AND HUNTSVILLE, ALA. — Andrew Agee of the SVN Multifamily group has brokered the $19.8 million sale of a three-property multifamily portfolio in Nashville and Huntsville. The communities include the 200-unit Millwood Manor in Nashville, the 110-unit Hartford House in Nashville and the 169-unit Summertree Apartments in Huntsville. A private buyer based in Nashville purchased the portfolio from Athens, Ala.-based J&J Properties for roughly $41,231 per unit. Agee represented both the buyer and seller in the transaction.
TAMPA, FLA. — Continental Realty Corp. has purchased The Grand Reserve at Tampa Palms, a 390-unit apartment community located at 16616 Palm Royal Drive in Tampa. The Baltimore-based real estate investment firm acquired the asset from PGIM Real Estate for $65.5 million on behalf of Continental Realty Fund IV LP, which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. Constructed in 1999 on approximately 41 acres, The Grand Reserve is a gated community comprised of 15 three-story garden buildings that feature one-, two-, three- and four-bedroom floorplans ranging from 890 to 1,800 square feet. The property is located within the master-planned community of Tampa Palms and features a clubhouse with a health and fitness facility and resident lounge; an outdoor pool, sundeck and Jacuzzi; screened outdoor kitchen area; sand volleyball pit; lighted tennis and basketball courts and a children’s playground. Individual storage units and a car care center are also integrated within the residential community. Greg Engler, Pat Jones and Chris Chadbourne of Walker & Dunlop Investment Sales represented PGIM Real Estate in the sale.
TALLAHASSEE, FLA. — CBRE Capital Markets has secured $49.1 million in permanent financing for a four-property, 630-unit multifamily portfolio in Tallahassee. The properties in the refinancing include the 104-unit Arbor Station II, the 132-unit Azalea Place, the 274-unit Arbor View and the 120-unit Eagles Landing. Glenn Housman of CBRE’s Orlando office arranged the financing on behalf of the borrower, Arbor Properties Inc. The financing included four separate non-recourse loans originated via CBRE’s Fannie Mae DUS program. The loans featured 10-year terms and fixed interest rates below 4 percent.
ATLANTA — A joint venture between Wingate Cos. and Columbia Residential has opened City Lights Apartment Homes, an 80-unit affordable seniors housing community in the Old Fourth Ward neighborhood of Atlanta. The units, all one-bedroom, are reserved for residents over the age of 62. Prudential Mortgage Capital Co. provided construction financing for City Lights, which comprises a four-story building spanning 93,333 square feet. Financial partners on City Lights included Community Affordable Housing Equity Corp., Sugar Creek Capital, Georgia Department of Community Affairs, The City of Atlanta, InvestAtlanta and the U.S. Department of Housing and Urban Development (HUD). The design team included architect JHP Architecture/Urban Design and general contractor Agile Construction. The project is part of a redevelopment plan for Village of Bedford Pine, and Wingate has announced Phase II of the redevelopment, a 96-unit affordable community called Station 464, which will not have any age restrictions. Four existing buildings will be torn down to make way for construction of the five-story Station 464. Wingate plans to start construction of that project as early as 2017.
CARY, N.C. — Petrus Partners Ltd. has sold 400 Regency Forest, a 111,639-square-foot office building situated within Regency Park in Cary, a suburb of Raleigh-Durham. Epic Regency LLC purchased the Class A asset from Petrus Partners for $23 million. Built in 2000 on 8.5 acres, the office building was 96.4 percent leased at the time of sale to tenants such as Caterpillar Inc., Pentair Inc. and Mediant Communications Inc. Scot Humphrey, Ryan Clutter, Justin Good and Chris Norvell of HFF represented Petrus Partners in the sale.
ROBINSONVILLE, MISS. — Dougherty Mortgage has closed a $14 million Fannie Mae loan for the acquisition of two apartment communities in Robinsonville. The properties, River Pointe and Cypress Lakes, total 312 units. Dougherty Mortgage’s Brentwood, Tenn.-office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Cypress River LLC.
MONTGOMERY, ALA. — Montgomery-based Jim Wilson & Associates LLC (JWA) plans to develop Eastchase Central, a shopping center in Montgomery that will be anchored by a roughly 40,000-square-foot Marshalls/HomeGoods store. The shopping center will also feature an 8,500-square-foot Five Below store, as well as other retailers that have yet to be announced. Eastchase Central will be situated on 6.7 acres at the midway point of Eastchase Parkway and directly across from a Hampton Inn & Suites. JWA plans to deliver Eastchase Central in late fall 2017.
AUSTELL, GA. — A joint venture between Seefried Industrial Properties and Cabot Properties has closed on its purchase of 27.5 acres of land at Cobb West Business Park in Austell for the development of a new 281,000-square-foot spec industrial facility. NAI Brannen Goddard represented the seller, Jadow Realty Co., in the land sale. Seefried-Cabot has selected Mike Chambers, Jack Haden and Brad Pope of NAI Brannen Goddard to market the property for lease. The joint venture plans to deliver the facility in the third quarter of 2017.
HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has selected Premier Design + Build LLC to construct a 255,846-square-foot distribution center in Hialeah Gardens, a suburb of Miami. Premier plans to break ground on the asset as early as first-quarter 2017. Situated near the Turnpike, U.S. 27, State Route 826 and I-75, the new distribution facility will feature 32-foot clear heights, 75 truck dock positions, an ESFR sprinkler system and 252 parking spaces. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield are leasing the facility on behalf of Bridge Development. Other key members of the design team include architect RLC Architects and civil engineer Thomas Engineering Group.
TAMPA, FLA. — ZOM, in partnership with affiliates of The Mattoni Group and Clarion Partners LLC, has broken ground on Azola at Magnolia Park, a 366-unit apartment community located on Progress Boulevard in Tampa. ZOM is constructing the multifamily property on behalf of a commingled fund managed by the firm. Synovus Bank’s Orlando office provided construction financing for the project. ZOM expects to deliver Azola’s first units in the fourth quarter of 2017, with pre-leasing expected to begin in late summer 2017.