Southeast

Crane Capital, Westmont Receive $18.7M Construction Loan for Houston Astros’ Hotel in South Florida

by Camren Skelton December 13, 2017

WEST PALM BEACH, FLA. — Crane Capital Group Inc., in partnership with Westmont Hospitality Group, has received an $18.7 million construction loan for the conversion of a vacant office tower in West Palm Beach into a 191-room hotel. Scott Wadler and Wesley Hightower of HFF arranged the three-year, fixed-rate loan through Woodforest National Bank on behalf of the joint venture, which acquired the vacant Forum Office tower earlier this year. The redeveloped 10-story hotel, located roughly five miles from the new $150 million Houston Astros Spring Training facility, will serve the public, as well as the Houston Astros players, staff and family. The hotel will feature a restaurant, pool and a gym. Westmont Hospitality Group will manage the property, which is expected to open mid-year 2018.

December 13, 2017

Georgia Multifamily Southeast

Steadfast Buys Apartment Community in Metro Atlanta for $35.3M

by Camren Skelton December 13, 2017

LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Sugar Mill Apartments, a 244-unit multifamily community in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County, for $35.3 million. Constructed in 1997, the community includes one- to three-bedroom units that average 1,094 square feet with an average rental rate of $1,073 per month. Community amenities include gated access, a clubhouse, business center, fitness center, pool, spa, tennis courts, car wash and a dog park. STAR III plans to renovate all unit interiors and exteriors, including the addition of new appliances, cabinets and light fixtures. The REIT also plans to renovate the landscaping and common area amenities. At the time of sale, Sugar Mill Apartments was 97.5 percent occupied.

December 13, 2017

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $50.4M Loan for 1,103-Unit Apartment Community in Jacksonville

by Camren Skelton December 13, 2017

JACKSONVILLE, FLA. — Walker & Dunlop has arranged a $50.4 million loan for Matthews Crossing, a 1,103-unit multifamily community in Jacksonville. Alex Inman of Walker & Dunlop arranged the loan on behalf of the sponsor, S2 Capital LLC, which acquired the asset in July for $49.5 million, according to the Jax Daily Record. Matthews Crossing features five swimming pools, a playground, fitness center and a business center. In addition, the community is roughly 11 miles northwest of the University of North Florida and a half-mile from Jacksonville University.

December 13, 2017

Georgia Office Southeast

APG Acquires Office Park in Atlanta’s Cumberland/Galleria Submarket for $22.3M

by Camren Skelton December 13, 2017

ATLANTA — Atlanta Property Group (APG) has acquired Shadowood Office Park, a 200,000-square-foot, three-building office park located at 2100 Powers Ferry Road in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports The Ardent Cos. sold the asset to APG for $22.3 million. Kevin Markwordt of Transwestern arranged the transaction on behalf of the seller. The four-story buildings feature nine-foot ceilings, floor-to-ceiling windows and a 3.5 per 1,000 square foot parking ratio. In addition, the property is less than two miles from The Battery mixed-use destination and SunTrust Park, home of the Atlanta Braves. At the time of sale, Shadowood Office Park was 78 percent leased. APG plans to renovate the property during its first year of ownership.

December 13, 2017

Multifamily Southeast Tennessee

Gaia Acquires New Apartment Community in Nashville for $76.4M

by Camren Skelton December 12, 2017

NASHVILLE, TENN. — Gaia Real Estate has acquired Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. Embrey Partners, the project developer, sold the community to the private real estate investment firm for an undisclosed price, but the Nashville Business Journal reports the sales price was $76.4 million. Constructed in 2016, the community features a central courtyard, fire pit, swimming pool, fitness center, yoga room and bike storage. In addition, Gaia Real Estate recently acquired Station R, a 285-unit apartment community in Atlanta’s Reynoldstown neighborhood. The property was delivered this year, and features a rooftop deck, central courtyard, fire pit, swimming pool with cabanas and sundeck, fitness center, yoga and spinning studio and a bocce ball court. Greystar developed and sold the property. The sale price was not disclosed. Gaia Real Estate purchased both assets with its institutional partners Amitim Senior Pension Funds and Israeli-based Psagot Investment House.

December 12, 2017

Georgia Loans Multifamily Southeast Student Housing

SunTrust Provides $58.3M Construction Loan for 26-Story Student Housing Tower in Downtown Atlanta

by Camren Skelton December 12, 2017

ATLANTA — SunTrust Banks Inc. has provided a $58.3 million construction loan for the development of 120 Piedmont, a 685-bed student housing community located a half-mile from Georgia State University in downtown Atlanta. SunTrust originated the loan on behalf of the developer, South City Partners. The $90 million project will total 467,125 square feet, including 8,200 square feet of retail space. Community amenities will include a rooftop deck with an outdoor living room, grilling area and study space. In addition, the 26-story tower will feature a swimming pool, clubhouse, fitness center, on-site library and an internet café. The new community is expected to open in August 2019.

December 12, 2017

Alabama Georgia Mississippi Multifamily Southeast

Blue Magma, NCP Enterprise Acquire Multifamily Portfolio Across Southeast for $34M

by Camren Skelton December 12, 2017

ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The property will be rebranded as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., was acquired for $11.6 million and will be renamed The Park at Brighton. Lastly, the 184-unit Madison Square, located in Dothan, Ala., was purchased for $7.8 million. The new owners will rename the property the Park at Ashburn. Cushman & Wakefield’s Atlanta office arranged the transaction, and Ladder Capital provided debt financing for the acquisition. The names of the sellers were not disclosed.

December 12, 2017

Georgia Healthcare Office Southeast

Halpern Enterprises Opens 30,000 SF Medical Office Building in Metro Atlanta

by Camren Skelton December 12, 2017

SMYRNA, GA. — Halpern Enterprises has opened Belmont Physicians Center, a 30,000-square-foot medical office building located within Belmont, a 48-acre mixed-use community in the Atlanta metro of Smyrna. Emory Healthcare anchors the center, which is located roughly 18 miles northwest of downtown Atlanta. Other tenants at Belmont Medical Center include Gentle Care Dentistry, Cobb Pediatric Associates and Smyrna Pediatric Dentistry. The two-story building was designed by Lyman Davidson Dooley Architects and constructed by Benning Construction. In addition to the new healthcare building, the Belmont mixed-use community features restaurants, retail, Smyrna Elementary School, a residential subdivision and a 274-unit apartment community. A second phase is planned that will include single-family homes, as well as an additional 12,000 square feet of retail space.

December 12, 2017

Hospitality North Carolina Southeast

Frampton Construction Completes Event Space at Omni Hotel in Asheville

by Camren Skelton December 12, 2017

ASHEVILLE, N.C. — Frampton Construction Co. LLC has completed construction on the 10,000-square-foot Seely Pavilion and event lawn at The Omni Grove Park Inn in Asheville. The hotel is located roughly four miles from the Biltmore Estate and less than three miles from downtown Asheville. The Seely Pavilion features a Douglas fir timber structure with indigenous dry-stack stone columns, polished concrete flooring, stone fireplace, full-height glass curtain walls and views of the Blue Ridge Mountains. The new space will be used for business and social events. Constructed in 1913, The Omni Grove Park Inn includes 513 rooms and features an 18-hole golf course, subterranean spa, indoor and outdoor tennis courts, fitness center and multiple casual and formal restaurants.

December 12, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Talent, Technology Are Top Priorities for Multifamily Operators Today, Says InterFace Panel

by John Nelson December 12, 2017

ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable tactic. “We’ve had to go out and look at hospitality, restaurants and other industries that complement multifamily to find talent,” said Chris Burns, senior vice president of Lincoln Property Co. During the operators panel at the InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, Burns and his fellow panelists discussed the opportunities and challenges facing the industry today. The eighth annual conference drew 402 professionals. The panel agreed that finding talent was difficult, but that retaining and training that talent is just as big a challenge. “Retaining talent is just like leasing — it’s important to get a lease but it’s more important to get a renewal,” said Greg Mark, senior vice president of operations at Pinnacle, a national multifamily property management …

December 12, 2017

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