SANDY SPRINGS, GA. — Bluerock Residential Growth REIT Inc. (BRG) has purchased the Nevadan Apartments, a 480-unit apartment community located in Sandy Springs, for $68.3 million. BRG purchased the asset in a joint venture transaction with the Carroll Organization. BRG invested $23 million in the transaction and sourced a $48 million senior loan for the acquisition and renovation. The Carroll Organization is a 10 percent stakeholder in the joint venture. Built in 1990 near I-285 and GA 400, Nevadan Apartments features a clubhouse, resort-style swimming pool, poolside grill/lounge, 24-hour fitness center, tennis courts and underground parking. Units average nearly 1,100 square feet. Bo Moore, Dan Phelan and John Weber of ARA Newmark represented the seller, AION Partners, in the transaction.
MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.
WINTER PARK, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $29 million sale of Calibre Bend Apartments, a 212-unit multifamily community located at 3924 Calibre Bend Lane in Winter Park, a suburb of Orlando. Built in 1987, Calibre Bend features a clubhouse and leasing center, business center, resort-style swimming pool, a lighted tennis court and a car wash station. Units include built-in bookcases, full-size washers and dryers and private balconies or patios. Steve Witten, Frank Carriera, Victor Nolletti and Michael Regan of IPA represented the seller and procured the buyer, which plans to upgrade the property’s interiors.
WASHINGTON, D.C. — Trammell Crow Co. (TCC) has signed a long-term lease deal with the Federal Election Commission for nearly 100,000 square feet of office space at Sentinel Square II, a 280,000-square-foot office building located at 1050 First St. N.E. in Washington, D.C. The Federal Election Commission will occupy the top four floors of the building in November 2017. TCC owns Sentinel Square II with joint venture partners Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital-Real Estate. The LEED Silver-certified building is part of a 1.3 million-square-foot office development in Washington’s NoMa district. John Mowery and Eric Roberts of GSA and Jae Lee and Will Ruppe of JLL represented the Federal Election Commission in the lease deal.
MANASSAS, VA. — Iron Mountain Inc. has begun construction on its 83-acre data center campus in Manassas. The Boston-based information management services firm has selected Kessinger/Hunter & Co. as a development partner for the first 150,000-square-foot data center, which is expected to open in summer 2017. Kessinger/Hunter’s team of Chuck Hunter, John DeHardt and Kevin Curtin will oversee the building development and land infrastructure improvements. The development team includes JE Dunn Construction Group and Burns & McDonnell Engineering Co. UMB Bank provided construction financing to Iron Mountain for the project, and Bank of Blue Valley provided financing for the land infrastructure. The campus will include at least four individual colocation facilities and feature 60 megawatts of capacity for its tenants.
Historically overlooked along the East Coast, Millennial migration has symbolized the dawn of a new day in Charm City. The recent influx of a budding dynamic workforce to Baltimore’s urban core neighborhoods has driven the fourth largest increase in college-educated young professionals amongst metro areas nationwide. These young professionals followed substantial job migration resulting in a paradigm shift from Washington, D.C., and other major Mid-Atlantic employment centers. Baltimore’s labor market has demonstrated year-over-year gains since 2010. As of March 2016, Baltimore metro-area non-farm employment totaled 1.4 million, up 2.6 percent over the past year, as compared to 2 percent growth nationally over the same period, according to data from the U.S. Bureau of Labor Statistics. The professional and business services sector contributed the largest gains since March 2015, adding 13,500 jobs to Baltimore’s work force, representing a growth rate of 6 percent over the prior year. The recent surge in employment has driven sustained demand for rental housing, pushing vacancy rates to historic lows and placing upward pressure on rents. Despite its rapid ascension, Baltimore continues to benefit from its proximity to other East Coast cities, which have experienced economic expansion as well, with Baltimore remaining the most affordable of …
WINSTON-SALEM, N.C. — Grubb Properties plans to build a multifamily community within Wake Forest Innovation Quarter, a master-planned research, education and mixed-use development located near Wake Forest University in Winston-Salem. The property will feature 340 apartment units, roughly 5,000 square feet of ground-level retail space and a parking deck with more than 850 parking spaces. The apartments and retail will wrap around the parking deck, which will be shared by residents, employees and visitors. The property will be situated between North Patterson Avenue and Chestnut Street adjacent to Wake Forest Biotech Place. The city of Winston-Salem and Forsyth County are providing property tax reimbursements for the development of the parking deck. Part of Grubb’s Link Apartments brand, the community will feature a street-level cycle center, dog park with dog wash, entertainment space overlooking nearby Bailey Park, courtyard with a saltwater pool, fire pits, grilling stations and a fitness center. The residences will range between studio units and two-bedroom apartments. Grubb Properties expects to break ground in early 2017.
ARLINGTON, VA. — Carr Properties has begun construction on a 175,000-square-foot, eight-story trophy office building located at 2311 Wilson Blvd. in Arlington’s Clarendon-Court House neighborhood. The LEED Gold-certified building will be anchored by OPower’s corporate headquarters. The project will feature a two-story glass lobby, conference facility, childcare center with an outdoor play area, health club, 5,900-square-foot rooftop terrace with a bocce court, urban park, bicycle center and on-site retail space. The office building will also be situated one block from the Metro’s Orange and Silver transit lines. The design team includes architect MTFA Architecture and general contractor Clark Construction. Carr Properties plans to deliver the asset by the end of 2017.
NorthMarq Capital Arranges $49.8M in Financing for Student Housing Assets in North Carolina, Memphis
GREENVILLE, N.C. AND MEMPHIS, TENN. — NorthMarq Capital has arranged $49.8 million in non-recourse financing for two student housing communities in North Carolina and Tennessee. The financing includes a $21.7 million construction loan and $5.5 million mezzanine loan for Gather Uptown, a 405-bed student housing community underway near East Carolina University in Greenville. Steve Whitehead of NorthMarq Capital’s Dallas office and Rob Hervey of the firm’s Los Angeles office arranged both loans through an unnamed life insurance company. Both interest-only loans have three-year terms. Whitehead and Hervey also arranged the $22.6 million refinancing of Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus. The community was fully occupied at the time of financing. The five-year loan features one year of interest-only payments followed by a 30-year amortization schedule. Whitehead and Hervey arranged the loan through an unnamed life insurance company, and the unnamed borrower will use the financing to take out an existing construction loan.
COLUMBIA AND NORTH CHARLESTON, S.C. — Berkadia has brokered the sale of two multifamily communities located in Columbia and North Charleston for a combined $46.4 million. The transactions include the $30 million sale of Greenbrier Apartments in Columbia and the $16.4 million sale of Ashley Village Townhomes in North Charleston. Southwood Realty purchased the 526-unit Greenbrier Apartments from an undisclosed seller. PEM Real Estate Group purchased the 260-unit Ashley Village Townhomes from URS Capital Partners. Mark Boyce and Blake Coffey of Berkadia brokered the transactions.