GERMANTOWN, MD. — PRP LLC has acquired The Park at Kingsview Apartments, a 326-unit, Class A apartment community located in the Kingsview community of Germantown. PRP purchased the property from TA Associates Realty for $70.4 million. Built in 2001 with average unit sizes of 1,055 square feet, The Park at Kingsview features a swimming pool, clubhouse, fitness center with an aerobic studio, conference room/business center, lounge with a fireplace and a children’s play room. The community also offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. PRP plans to implement a $3.5 million renovation of the property, including a renovated clubhouse, new pool area, in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, 42-inch espresso cabinetry, nickel hardware, new lighting, new bathrooms and wide plank flooring.
ATLANTA and KENNESAW, GA. — Greystar has broken ground on two active adult communities in metro Atlanta: Overture Barrett in Kennesaw and Overture Lindbergh in Atlanta. Both apartment communities are restricted to residents over the age of 55. Overture Barrett will offer 175 luxury apartments and Overture Lindbergh will offer 190 apartments. The communities will include one- and two-bedroom apartments featuring gourmet kitchens with prep islands, granite countertops, tiled backsplashes, custom cabinetry and stainless steel appliances, wood-style plank flooring, nine-foot ceilings, spa-style showers and garden tubs, walk-in closets, full-size top-load washers and dryers, and private balconies or patios in select units. The developers plan to complete construction on Overture Barrett by February 2018 and Overture Lindbergh by summer 2017. Greystar, a South Carolina-based multifamily developer and operator, will break ground on nearly a dozen Overture-branded active adult properties during 2016 in Georgia, Texas, Virginia, North Carolina, Florida, California and Arizona.
CHICAGO — Chicago-based Blue Vista Capital Partners has sold three student housing communities located in Mississippi and North Carolina totaling 990 beds. The dispositions include Lafayette Place, a 366-bed community located near the University of Mississippi in Oxford; First Street Place, a 288-bed community located near East Carolina University in Greenville, N.C.; and Pembroke Place, a 336-bed community located near The University of North Carolina at Pembroke in Pembroke, N.C. Campus Partners LLC acquired Pembroke Place. The buyers of Lafayette Place and First Street Place were undisclosed. Dorothy Jackman, Steven Peden and Travis Prince of Colliers International represented Blue Vista Capital Partners in all three transactions. The sales prices were undisclosed.
WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided the $66.5 million refinancing of a newly built, 112,635-square-foot trophy office building located at 900 G St. in Washington, D.C.’s East End district. Sue Carras, Cary Abod, Dan McIntyre and Rob Carey of HFF arranged the loan through Prudential Mortgage Capital on behalf of the borrower, ASB Real Estate Investments. Completed in 2015, the LEED Gold-certified building features a three-level, below-grade parking garage, windows on three elevations with floor-to-ceiling glass and a rooftop conference center. Anchored by law firm Simpson Thacher & Bartlett LLP, the office tower is also home to BMW, Herman Miller, Roberti Global and the Truth Initiative. The property is situated across the street from the Gallery Place/Chinatown Metro station and less than two blocks from the Metro Center Metro station.
WESLEY CHAPEL AND PLANT CITY, FLA. — Marcus & Millichap has arranged the $28.4 million sale of two affordable housing communities in the Tampa Bay metro area. The properties include Pasco Woods Apartments, a 200-unit community in Wesley Chapel, and Park Springs, a 200-unit community in Plant City. The assets sold for cap rates of 5.9 percent and 5.34 percent, respectively. Both properties were built in 2000 under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and both properties were 100 percent occupied at the time of sale and have long histories of high occupancy. Ray Turchi, Chris Travis and Kristin Boekhoff of Marcus & Millichap’s Orlando office represented the seller, a private investor, in the transaction. The trio also secured the out-of-state institutional buyer.
ROSWELL, GA. — Griffin Fine Living has opened The Georgian Lakeside, a 95-unit assisted living and memory care community in the Atlanta suburb of Roswell. KTGY Architecture + Planning designed the project, which Griffin manages. Canyon Partners Real Estate LLC provided the investment capital. The Georgian is a resort-style community featuring 70 assisted living and 25 memory care units. Amenities include multiple dining options, a private dining room, theater, hair salon, library, physical therapy and private doctors’ examination rooms, along with numerous activity rooms and an exercise facility. Griffin Fine Living provides design, construction, development, marketing and operational management services for seniors housing and multifamily communities. Canyon Partners Real Estate is the real estate direct investing arm of Canyon Partners. The Los Angeles-based company provides debt and equity capital for commercial real estate in primary and secondary markets across the U.S. KTGY Architecture + Planning is an architecture firm with offices in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons.
GAINESVILLE, GA. — NXT Capital has provided a $17 million acquisition loan for Park Creek Apartments, a 200-unit, garden-style apartment community in Gainesville. Situated near Lake Lanier, the Class B property features gated access, a business center, laundry facility, fitness center and a swimming pool. Park Creek also offers a playground, two lighted tennis courts, car care center, grilling/picnic areas and 20 garage spaces. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the loan through NXT Capital on behalf of the borrower.
MOORESVILLE, N.C. — Slate Retail REIT, a Toronto-based owner and operator of U.S. grocery-anchored properties, has acquired Mooresville Town Square, a Lowes Foods-anchored retail center in Mooresville, a northern suburb of Charlotte. The publicly traded REIT purchased the asset for $16.7 million, or $186 per square foot. The shopping center was 88 percent leased at the time of sale to tenants such as Famous Toastery, Jimmy Johns, Firestorm Pizza and Fusion Bowl. Mooresville Town Square is the sixth property in North Carolina for Slate Retail REIT.
FAYETTEVILLE, GA. — Hay Creek Hotels, an Exeter, N.H.-based developer and manager of boutique hotels, plans to build its first hotel in the metro Atlanta area in Pinewood Forrest, a 234-acre master-planned development situated adjacent to Pinewood Atlanta Studios in Fayetteville. Scheduled to open in 2018, the 95-room hotel will feature meeting and function space, an upscale restaurant, bar, spa, pool and special suites for celebrity guests of Pinewood Atlanta Studios. HCH Pinewood Forrest LLC will develop the hotel, and Hay Creek will operate the property upon completion. Led by Chick-fil-A CEO Dan Cathy, the development team behind Pinewood Forrest has also selected the metro Atlanta real estate brokerage firm Ansley Atlanta to provide residential sales and marketing for the development’s single-family homes. The first home sites will be available for reservation in the coming months.
ATLANTA — Skanska has signed a $56 million contract to construct a build-to-suit corporate office building in Atlanta for an undisclosed company. The office building will span roughly 200,000 square feet and feature a 210,000-square-foot parking deck. Skanska expects to deliver the building in 2018.