CHARLOTTE, N.C. — Starlight U.S. Multifamily (No.5) Core Fund has sold Belle Haven, a 176-unit, Class A apartment complex located at 9005 Post Canyon Lane in the University of North Carolina-Charlotte submarket, for $28.3 million. Belle Haven Acquisition LLC, an indirect, wholly owned subsidiary of the fund, sold the property to an undisclosed buyer. Proceeds from the sale will be used to pay the outstanding mortgage balance of approximately $17.8 million, with the remainder expected to be utilized on a tax-deferred basis to acquire a multifamily property with a greater number of units. Property amenities at Belle Haven include a fitness center, yoga room, pool, clubhouse and a neighborhood pet park.
STONE MOUNTAIN, GA. — Pennsylvania-based 5 Cap Realty LLC and its affiliate RREIC Advisors have acquired Grove Mountain Park, a garden-style apartment community located in Stone Mountain, roughly 20 miles east of Atlanta. The partnership acquired the property for $21.6 million with plans to invest an additional $3.2 million in renovations. 5 Cap Realty utilized a Fannie Mae loan to purchase the community. Grove Mountain Park comprises 13 garden-style buildings and includes a mix of studio, one-, two- and three-bedroom units. Forty Two LLC, a 5 Cap affiliate, will manage the property.
DULUTH, GA. — Terra Cap Management LLC has acquired 3100 Breckinridge, a seven-building, 253,000-square-foot office park located on Breckinridge Boulevard in Duluth, a suburb of Atlanta in Gwinnett County. Avison Young’s Matt Tritschler represented the undisclosed seller in the $19 million transaction, and C.J. Kelly of CBRE led the debt origination. Lincoln Property Co. Southeast will handle leasing and management assignments for the property.
GREENSBORO, N.C. — NorthMarq Capital has arranged $18.5 million in refinancing for New Garden Crossing, a 168,950-square-foot retail center located in Greensboro. Mark Jeffries of NorthMarq Capital’s Denver office structured the refinance with a 10-year term and 30-year amortization schedule. Lowe’s Foods, Marshalls and HomeGoods are among the tenants at the property.
TEMPLE HILLS, MD. — The Donaldson Group and its equity partner, DRA Advisors LLC, have acquired Brinkley Manor Apartments, a 126-unit, garden-style apartment community located in Temple Hills, roughly 15 miles southeast of Washington, D.C. The partnership purchased the property for $15.1 million with plans to invest additional capital in renovations. CBRE’s Robert LaChapelle and Matthew Forgione arranged financing through Fannie Mae’s Green Loan Program. CBRE’s Michael Muldowney and Brian Margerum represented the undisclosed seller in the transaction. Constructed in 1972, Brinkley Manor includes one-, two- and three-bedroom units ranging from 813 to 1,448 square feet. Renovation plans include replacement of the utility system and upgraded buildings, common areas and property grounds.
Urban submarkets have largely carried the Birmingham multifamily market’s recovery. However, going forward investors will look to capitalize on greater yields in suburban submarkets. Despite rising rents, absorption continues to climb and concessions are falling off. Greater absorption metrics will be a recurring theme this year as rising construction costs and tightening access to capital constrain new development. Supportive Economy Birmingham’s economy added 8,000 net jobs year-over-year as of December 2016, growing at an accelerated rate of 1.6 percent. Further, unemployment remains low at 5.4 percent. Industries such as transportation, education, healthcare, government, and finance are at the forefront of job growth in the market, accounting for 75 percent of the net jobs added. Moody’s projects that the metro will add more than 24,000 net jobs through 2020, expanding by approximately 4.7 percent. Recent expansion announcements in the market reaffirm this trend, including the Project Sunrise deal that will create 746 manufacturing jobs via a $120 million investment in the former Meadowcraft facility. Another needle-moving deal is Mercedes-Benz U.S. International’s $1.3 billion plant expansion in Vance, which has resulted in automotive suppliers growing their footprint in the market. For instance, Eissmann Group Automotive recently added 200 jobs in nearby Pell …
SUMMERVILLE, S.C. — Woodfield Investments has opened The Passage, an apartment community located at 100 Underwood Drive in Summerville, roughly 20 miles northwest of Charleston. The 240-unit community includes studio, one-, two- and three-bedroom options, as well as amenities including a dog park, horseshoe pit, bocce ball, open-air cabanas and a saltwater pool featuring an in-pool sun shelf. The Passage’s fitness center includes yoga and spin studios, as well as instructor-led classes. CF Real Estate Services manages the community.
TAMPA, FLA. — The RADCO Cos. has acquired Cordova Apartment Homes in Tampa for $41.7 million. The Atlanta-based multifamily investment firm plans to spend $7.7 million in renovations to modernize the 536-unit, Class B property under a new name, Sunstone Palms. RADCO financed the acquisition using a $36.7 million loan from Prudential Financial and approximately $15.4 million in private capital. Located less than a mile from the University of South Florida, Sunstone Palms offers one-, two-, and three-bedroom units and features a fitness center, two pools, picnic and grilling areas, on-site laundry facilities, clubhouse, business center and a dog park. Renovations to the property will include updated cabinetry and appliances, new flooring, modern lighting, clubhouse remodel and the addition of a new fire pit and grilling area. RADCO Residential will manage Sunstone Palms, which is RADCO’s sixth acquisition in Tampa.
RALEIGH, N.C. — Electra America has acquired The Flats on 401, a 300-unit apartment community located at 5721 Goodstone Drive in Raleigh. HFF’s Jeff Glenn, Justin Good and Allan Lynch brokered the transaction on behalf of the seller, a local partnership. The sales price was not disclosed, but the Triangle Business Journal reports that the asset sold for $41.6 million. Constructed in 2015, the property will be rebranded as Level at 401 with approximately $1.5 million dedicated to renovations of individual units and common areas. Level at 401 includes studio, one- and two-bedroom units and features a swimming pool, clubhouse, fitness center, professional area, outdoor fireplace and cabana area, spin room and courtyard gardens.
CARTERSVILLE, GA. — Pattillo Industrial Real Estate has completed a 592,600-square-foot build-to-suit industrial warehouse for Zep Inc. in the Atlanta suburb of Cartersville. The company, a manufacturer of maintenance and cleaning solutions, will use the facility for distribution of its product line. The property is located within Cartersville Business Park, an industrial park owned and developed by Pattillo. Ben Stafford was the in-house representation for Pattillo, and Mike Paradoski of Pinnacle CREAS represented Zep in the lease transaction.