Southeast

Balfour Beatty Communities Acquires Multifamily Portfolio in Metro Atlanta

by Camren Skelton June 22, 2017

UNION CITY AND FAIRBURN, GA. — Balfour Beatty Communities has acquired three apartment communities in metro Atlanta for an undisclosed price. The Evergreen Portfolio, comprising Evergreen Commons, Evergreen Park and Evergreen Terrace, totals 882 units and encompasses 91 acres. Located in Union City, Evergreen Commons includes 328 one-, two- and three-bedroom units and features a pool, fitness center, playground, tennis and other sport courts. The 310-unit Evergreen Park located in Fairburn features one-, two- and three-bedroom units. Property amenities include indoor and outdoor pools, a tennis court, putting green and a playground. Also in Fairburn, Evergreen Terrace consists of 244 one-, two-, three- and four-bedroom units and features indoor and outdoor pools, a tennis court, bowling alley and a playground. With this acquisition, Balfour Beatty Communities expands its presence in Georgia to 10 properties and approximately 6,500 units.

June 22, 2017

Industrial Mississippi Southeast

NAI UCR Properties Brokers $3M Sale of Industrial Building in Richland, Mississippi

by Camren Skelton June 22, 2017

RICHLAND, MISS. — NAI UCR Properties has facilitated the $3 million sale of a 70,000-square-foot industrial facility located at 330 Leggett Drive in Richland. NAI UCR’s Micah McCullough represented the undisclosed buyer in the transaction. At the time of sale, the property was leased to FedEx Ground.

June 22, 2017

Florida Multifamily Southeast Student Housing Top Stories

Joint Venture Breaks Ground on $54M Student Housing Community Near University of Florida

by John Nelson June 22, 2017

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC), 908 Group and Kayne Anderson Real Estate Advisors has broken ground on The Nine @ Gainesville, a $54 million student housing community situated less than a quarter-mile from the University of Florida’s campus in Gainesville. Located at 1115 13th St., The Nine will feature 627 beds within one-, two-, three-, four- and five-bedroom units. All fully furnished residences will feature private bathrooms, in-unit washer and dryer units, stainless steel appliances and private balconies. Community amenities will include a resort-style swimming pool, fitness center, interactive study rooms, community café and a structured parking deck with 420 spaces. “We are thrilled to be underway on The Nine @ Gainesville and to launch this project with 908 Group,” says Litt Glover, CEO and president of Atlanta-based BCDC. “This location is unmatched in its proximity to the university, and with our team’s experience in student housing, we will be delivering a highly amenitized, desirable project that will appeal to UF students.” Kayne Anderson Real Estate Advisors, BCDC and 908 Group are providing equity and PNC Bank is providing construction financing. TSB Capital Advisors acted as consultant to 908 Group and BCDC on the …

June 22, 2017

Multifamily North Carolina Southeast

Novare, BCDC to Open Second SkyHouse Tower in Uptown Charlotte Tomorrow

by John Nelson June 21, 2017

CHARLOTTE, N.C. — Novare Group and Batson-Cook Development Co. (BCDC) will open its second SkyHouse property in Uptown Charlotte, SkyHouse Uptown South Tower, tomorrow. The 24-story apartment tower sits adjacent to the first tower, and combined, the two nearly identical buildings total 672 studio, one-, two- and three-bedroom units. Amenities include the signature SkyHouse on the top floor, complete with a clubhouse, fitness facilities, swimming pool and an outdoor kitchen all with 360-degree views of the city. The properties adjoin SkyPark, a 0.9-acre open park on top of the parking deck featuring a regulation-size tennis court, athletic field, two regulation bocce ball courts, grilling area, fire pits, putting green and a walking trail. The project marks the 17th SkyHouse tower delivered by the Novare Group and BCDC partnership. Other project team members include general contractor Batson-Cook Construction; architect Smallwood, Reynolds, Stewart, Stewart; and lenders BBVA Compass and SMBC.

June 21, 2017

Multifamily South Carolina Southeast

Middle Street Partners Breaks Ground on $48M Apartment Community in Charleston

by John Nelson June 21, 2017

CHARLESTON, S.C. — Middle Street Partners, a Charleston-based development and investment firm, has broken ground on The Atlantic at Grand Oaks, a 316-unit apartment community located along Ashley Gardens Boulevard in Charleston. Total project costs are estimated at $48 million. The property will feature 16 two- and three-story walk-up residential buildings and a 7,000–square-foot clubhouse overlooking a resort-style pool. Other amenities will include a fitness studio, business cafe and community kitchen. The Jacksonville, Fla. -based general contractor Live Oak Contracting expects to complete the property in October 2018.

June 21, 2017

Loans Office Southeast Virginia

Phillips Realty Capital Secures $36.5M in Financing for Office Building in Richmond

by John Nelson June 21, 2017

RICHMOND, VA. — Phillips Realty Capital has secured $36.5 million in permanent financing for the Altria Building at Reynolds Crossing located at 6603 W. Broad St. in Richmond. Phillps Realty Capital’s Charles DuBose arranged the financing on behalf of the borrower, Reynolds Development. The 222,057-square-foot, Class B office building was built in 1968 and renovated in 2007. The Altria Building is fully leased to a single credit tenant, Philip Morris USA, which is headquartered at the property.

June 21, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $32M Acquisition Loan for Apartment Community in Orlando

by John Nelson June 21, 2017

ORLANDO, FLA. — Berkadia has arranged a $32 million loan for the acquisition of Courtney at Lake Shadow, a Class A, 244-unit apartment community located at 545 S. Keller Road in Orlando. Berkadia’s Charles Foschini and Christopher Apone arranged the seven-year, floating-rate loan with three years of interest-only payments through Freddie Mac on behalf of the borrower, Harbor Group International. Built in 2016, the lakefront community features one-, two-, and three-bedroom units, a fitness center, game room, pet washing station, internet cafe and on-site management offices.

June 21, 2017

Georgia Loans Multifamily Southeast

KeyBank Provides $20.8M Freddie Mac Loan for Multifamily Property in Atlanta

by John Nelson June 21, 2017

ATLANTA — KeyBank Real Estate Capital has provided a $20.8 million Freddie Mac acquisition loan for Village on the Green, a 216-unit multifamily property located at 2975 Continental Colony Parkway in Atlanta. KeyBank’s Timothy Weldon and Irena Edwards structured the fixed-rate financing with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Property amenities include a fitness center, resort-style pool, playground and a tennis court.

June 21, 2017

Mixed-Use Southeast Tennessee

AEG to Develop Mixed-Use Entertainment District in Downtown Nashville

by John Nelson June 20, 2017

NASHVILLE, TENN. — AEG plans to develop a mixed-use entertainment district at Southwest Value Partner’s (SWVP) Nashville Yards in downtown Nashville. The Los Angeles-based sports and entertainment venue owner/operator purchased a four-acre parcel of land that will be anchored by a 4,000-capacity music venue, a flagship Regal Cinemas theater complex, a 600- to 700- capacity live entertainment club, an approximately 240-room boutique hotel and other entertainment, food and beverage options. SWVP’s Nashville Yards is a multi-phase office, retail, hospitality, entertainment and residential project that will span the western edge of downtown and stretch from Broadway north past Church Street. The 15-acre site was previously home to the LifeWay Christian Resources campus. The first site in Nashville Yards, a 591-room Hyatt Regency hotel, is expected to open in 2020. The AEG-developed district will be located at 10th Avenue between Commerce and Church streets, with the option to acquire an additional 1.5-acre parcel for further development. The project further expands AEG’s portfolio of entertainment districts, which includes L.A. LIVE in Los Angeles, The O2 in London and Mercedes-Benz Platz in Berlin.

June 20, 2017

Georgia Office Southeast

Carter Validus Acquires 995,728 SF American Cancer Society Building in Atlanta for $166M

by John Nelson June 20, 2017

ATLANTA — Carter Validus has acquired the 995,728-square-foot American Cancer Society Building in downtown Atlanta for $166 million. Cushman & Wakefield’s Stewart Calhoun, David Meline, Samir Idris and Andy Johns represented the seller, Atlanta-based Cousins Properties, in the transaction. Mike Ryan and Brian Linnihan of Cushman & Wakefield arranged acquisition financing. The American Cancer Society Inc., Digital Realty, InComm and the Georgia Lottery Corp. are among the tenants at the property, located at 250 Williams St. Amenities include a 450-seat business theater, an executive boardroom and Wi-Fi in common areas. Cushman & Wakefield’s Aileen Almassy, John Zintak and Porter Henritze will handle leasing of the office space on behalf of Carter Validus.

June 20, 2017

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