Southeast

Covenant Capital Sells Apartment Community in Metro Atlanta for $32M

by Camren Skelton August 4, 2017

SANDY SPRINGS, GA. — Covenant Capital Group LLC has sold Veridian Sandy Springs, a 272-unit multifamily community located at 1800 Windridge Drive in Sandy Springs, roughly 17 miles north of Atlanta. Veridian Sandy Springs Apartment LP acquired the property for $32 million. Nashville-based Covenant originally purchased the apartment community in August 2013 for $15.3 million, and invested $4.8 million in updates and renovations, including new exterior siding and windows, new appliances and granite countertops in units, renovation of the clubhouse and new equipment in the fitness center. Veridian Sandy Springs also features a lighted tennis court, swimming pool, grilling areas and a dog park.

August 4, 2017

Louisiana Retail Southeast

Chase Properties Acquires 242,000 SF Shopping Center in Houma, Louisiana

by Camren Skelton August 4, 2017

HOUMA, LA. — Chase Properties Ltd. has purchased Magnolia Square, a 242,000-square-foot shopping center in Houma, located roughly 60 miles southwest of New Orleans. Retail Properties of America Inc. (RPAI) sold the asset for an undisclosed price. HFF brokered the transaction. The property is anchored by Ross Dress for Less, Michaels and PetSmart, and is shadow-anchored by Target. Magnolia Square is Beachwood, Ohio-based Chase Properties’ first acquisition in Louisiana.

August 4, 2017

Florida Healthcare Loans Southeast

Berkadia Secures $31M Loan for Medical, Research Facility Near West Palm Beach

by Camren Skelton August 4, 2017

JUPITER, FLA. — Berkadia has arranged a $31 million bridge loan for Jupiter Medical & Technology Park, a 186,000-square-foot medical office building and research facility located at 1701 Military Trail in Jupiter, roughly 20 miles north of West Palm Beach. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan on behalf of the borrower, Biscayne Atlantic, through Silverpeak Argentic. Constructed in 1990, Jupiter Medical & Technology Park houses tenants including Florida Turbine Technologies and Jupiter Medical Center.

August 4, 2017

Maryland Multifamily Southeast

New York Investors Purchase Multifamily Portfolio in Metro D.C. for $90M

by Camren Skelton August 3, 2017

ADELPHI, MD. — Besyata Investment Group and The Scharf Group, two New York-based single-family offices, have acquired The Communities at Arbor Vista, a 675-unit multifamily portfolio in Adelphi, roughly nine miles north of Washington, D.C., for $90 million. Jeff Seidenfeld of Eastern Union Funding arranged acquisition financing on behalf of the buyers. Constructed in 1960, the Class B, garden-style apartment development comprises three communities: Arbor Vista, Sienna Creek and Sienna Gardens. The portfolio features a swimming pool, playgrounds, fitness and business centers, laundry facilities and a soccer field. BH Management will manage the property and handle ongoing leasing.

August 3, 2017

Alabama Mixed-Use Southeast

Heritage Land & Development to Build 225,000 SF Mixed-Use Project in Downtown Mobile

by Camren Skelton August 3, 2017

MOBILE, ALA. — Heritage Land & Development has unveiled plans for Merchant Plaza, a 225,000-square-foot mixed-use project in downtown Mobile. Formerly known as Merchants National Bank, the historic landmark spans an entire city block and will include 80,000 square feet of Class A office space; 26,000 square feet of commercial, retail and restaurant space; and roughly 82 loft apartments. NAI Mobile and Harbert Realty Services will handle the development’s leasing assignment and property management, respectively.

August 3, 2017

Alabama Multifamily Southeast

Cortland Partners, Harbert Realty to Break Ground on 318-Unit Multifamily Development in Birmingham

by Camren Skelton August 3, 2017

BIRMINGHAM, ALA. — Cortland Partners and Harbert Realty Services will break ground on Thursday, Aug. 17 for Vesta, a 318-unit apartment community situated at 2173 Highland Ave. S. in Birmingham. The project will include a 17-story concrete high-rise, five-story wood-frame mid-rise, 522-space parking garage and 6,500 square feet of ground-floor retail space. Residential units will feature one- and two-bedroom floor plans with an average size of 839 square feet. Amenities will include a rooftop pool and lounge, fitness center, yoga studio and a sun terrace. Vesta was designed by Smallwood Reynolds Stewart and Stewart, and is being built by B.L. Harbert International, an affiliate of the Harbert Corp., and Cortland Improvements, a division of Cortland Partners. Bill Leffler of CBRE arranged construction financing through Citizens Bank and ACRE Investment Real Estate Services. Vesta marks Harbert Realty Services’ first multifamily project.

August 3, 2017

Georgia Multifamily Southeast

JLL Income Property Trust Acquires Multifamily Community in Metro Atlanta for $47M

by Camren Skelton August 3, 2017

JOHNS CREEK, GA. — JLL Income Property Trust has purchased The Reserve at Johns Creek Walk, a 210-unit apartment complex in Johns Creek, roughly 27 miles north of Atlanta, for $47 million. The seller was not disclosed. The property includes a mix of one-, two- and three-bedroom units, and features a fitness center, conference room, swimming pool, outdoor kitchen, pet spa, playground and a car care center.

August 3, 2017

Florida Multifamily Southeast

CBRE Arranges $28.3M Sale of Multifamily Asset in Jacksonville

by Camren Skelton August 3, 2017

JACKSONVILLE, FLA. — CBRE has arranged the $28.3 million sale of Bay Club Apartments, a 220-unit multifamily property located at 9009 Western Lake Drive in Jacksonville. Shelton Granade, Luke Wickham, Justin Basquill, Cliff Taylor and Joe Ayers of CBRE represented the seller, an affiliate of The Milestone Group LLC, in the sale to Resource Apartment OP III LP. Constructed in 1990, Bay Club features a swimming pool, clubhouse, pet park and private patio or balcony with each unit. The property was 96 percent occupied at the time of sale.

August 3, 2017

Mixed-Use North Carolina Southeast

Swain & Associates to Break Ground on $250M Mixed-Use Community in Wilmington

by Camren Skelton August 2, 2017

WILMINGTON, N.C. — Swain & Associates has unveiled plans for CenterPoint, a $250 million mixed-use development that will be located at 1531 and 1541 Eastwood Road in Wilmington. The 1 million-square-foot project will span 23 acres and feature a seven-story hotel; 300 one-, two- and three-bedroom apartments; 50 to 60 retail shops and restaurants; a 75,000-square-foot medical services building; 31,600 square feet of office space; structured parking for 1,450 cars and surface parking for 275 cars. In addition to Swain & Associates, the project team includes project planner and architect ci design inc., project engineer McKim & Creed Engineers PA and consulting engineer Bruce Bowman of BMH Architects.

August 2, 2017

Georgia Industrial Southeast

Sonnen to Open U.S. InnovationHub in Metro Atlanta on Thursday

by Camren Skelton August 2, 2017

TUCKER, GA. — German-based energy solutions and equipment provider sonnen will expand its U.S. presence with the opening of its InnovationHub in Tucker, roughly 20 miles northeast of Atlanta, on Thursday. The 26,000-square-foot facility will combine U.S. manufacturing operations and product research and development for sonnen, and will be used to produce sonnenBatterie products. The energy-management solutions provide information on energy-usage and consumption for residential customers. The new facility will bring manufacturing, electrical and mechanical engineering jobs to the Atlanta area, and establish a presence on the East Coast. The company’s other U.S. location is in Los Angeles.

August 2, 2017

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