Southeast

Review Board Approves Design of Megacenter Project in Miami

by John Nelson June 16, 2016

MIAMI — The Urban Design Review Board (UDRB) has approved Borges + Associates Architects’ design for Megacenter, a two-tower, mixed-use development in Miami’s Brickell district. The project will include a 12-story tower that features six levels of mini-storage, 111 basement parking spots and four levels of boutique office space, as well as an eight-story residential tower with rooftop amenities and ground-level retail space. The exterior of the project will feature a rotating gallery of artwork that will be replaced periodically. Megacenter’s developer, Chilean-based Red Megacentro, is the leading self storage developer in Chile and also develops office and warehouse space in Peru and Miami. Miami-based Borges + Associates expects Megacenter to achieve LEED Gold certification.

June 16, 2016

Georgia Multifamily Southeast

Berkadia Brokers Sales of Two Multifamily Communities in Metro Atlanta Totaling $28.8M

by John Nelson June 16, 2016

ATLANTA AND NORCROSS, GA. — Berkadia has arranged the sales of two apartment communities in metro Atlanta totaling $28.8 million. The transactions included the $14 million sale of The Retreat located at 3475 Pleasantbrook Village Lane in Atlanta and the $14.8 million sale of Huntington Ridge located at 2400 Windsor Woods Lane N.W. in Norcross. Atlanta-based Marquis Investments purchased The Retreat from Atlanta-based Rosdev Group, and Atlanta-based Sabra Associates bought Huntington Ridge from Atlanta-based Greentree Real Estate Services. Paul Vetter, Andrew Mays and Judy MacManus of Berkadia’s Atlanta office brokered both deals.

June 16, 2016

District of Columbia Office Southeast

MakeOffices Signs Long-Term Office Lease at The Wharf in D.C.

by John Nelson June 16, 2016

WASHINGTON, D.C. — MakeOffices, a shared workplace platform, has signed a long-term, 45,000-square-foot office lease at The Wharf, a $2 billion waterfront development underway in southwest Washington, D.C. MakeOffices will lease the entire second and third floors of 800 Maine, a 220,000-square-foot, Class A office building. Situated at the corner of 9th Street and Maine Avenue S.W., the 11-story property is set to deliver in the third quarter of 2017. MakeOffices joins the American Psychiatric Association and bipartisan lobbying firm Van Scoyoc Associates as tenants of 800 Maine. MakeOffices typically offer flexible month-to-month leases and space options for member companies, as well as shared amenities including Wi-Fi, 24/7 access and onsite refreshments such as coffee, tea, fruit, beer and filtered water. The Wharf’s master developer, Hoffman-Madison Waterfront, signed MakeOffices to the lease at 800 Maine. Hoffman-Madison Waterfront’s members include PN Hoffman, Madison Marquette, ER Bacon Development, City Partners, Paramount Development and Triden Development.

June 16, 2016

Affordable Housing Florida Multifamily Southeast Top Stories

The Wilson Co. Sells Affordable Housing Portfolio in Florida to Starwood for $563.5M

by John Nelson June 16, 2016

TAMPA, FLA. – The Wilson Co., a Tampa-based affordable housing developer and manager, has sold a 31-property portfolio of affordable housing communities in Florida for $563.5 million. Totaling 8,498 units, the portfolio is heavily concentrated in Orlando and Tampa. Starwood Property Trust (NYSE: STWD), an affiliate of Starwood Capital Group, purchased the assets, which were developed between 1995 and 2004 using Low Income Housing Tax Credits (LIHTC). On average, maximum allowable rents across the portfolio are approximately $350 below average rents at nearby market-rate communities. The portfolio was more than 97 percent occupied at the time of sale. “This transaction represents the beginning of a new era for LIHTC investment sales,” says Doug Childers, managing director of HFF’s investment sales team, which represented The Wilson Co. in the transaction. “Traditionally, LIHTC transactions have attracted primarily private, regional capital providers. HFF’s affordable housing experts were able to educate institutional investors regarding the portfolio’s relatively low cash-flow volatility and the regulatory and operational nuances associated with LIHTC communities. As a result, we were able to create a competitive bidding process that included large, institutional investors,” added Childers. Childers led HFF’s investment sales team in the transaction, along with HFF’s senior managing director …

June 16, 2016

Florida Multifamily Southeast

Berkadia Brokers $54M Sale of Apartment Community in Metro Tampa

by John Nelson June 15, 2016

LARGO, FLA. — Berkadia has brokered the $54 million sale of Madison at Largo, a 444-unit property located at 601 E. Rosemary Road N.E. in Largo, a city in the Tampa Bay area roughly five miles from downtown Clearwater. Since purchasing the property in 2011 for $14.3 million, the seller, West Springfield, Mass.-based Largo Landry LLC, completed major interior and exterior renovations of Madison at Largo. Jason Stanton, Cole Whitaker, Hal Warren and Tal Frydman of Berkadia brokered the transaction. Community amenities include three resort-style pools, a 24-hour fitness center and a lounge with pool tables and bistro seating. Individual residences include breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies.

June 15, 2016

Georgia Multifamily Southeast

Pollack Shores to Develop Multifamily Community in Midtown Atlanta

by John Nelson June 15, 2016

ATLANTA — Pollack Shores Real Estate Group plans to develop a new luxury apartment community located at 1270 Spring St. in Midtown Atlanta. The new 259-unit property, known as 1270 Spring Street, will feature 14,000 square feet of retail space and 3,000 square feet of live/work space. The one-, two- and three-bedroom apartments will feature large balconies, plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. Pollack Shores plans to have the community’s first units available by March 2018 with full completion set for early summer 2018. Upon completion, Matrix Residential, the multifamily residential management division of Pollack Shores, will manage 1270 Spring Street. Pollack Shores’ other recent developments in Atlanta include the residential portion of The Battery Atlanta around SunTrust Park, Steelworks near Atlantic Station and Millworks, The Jane and The Monroe in Buckhead.

June 15, 2016

Loans Louisiana Seniors Housing Southeast

Evans Senior Investments Arranges $22.2M Sale of Seniors Housing Community in Louisiana

by John Nelson June 15, 2016

COVINGTON, LA. — Evans Senior Investments has arranged the $22.2 million sale of The Trace at Claiborne Hill, a 94-unit independent living, assisted living and memory care community in Covington, approximately 40 miles north of New Orleans. A private equity company acquired the Class A community from a regional operator. The purchase price equates to $236,170 per unit. Built in 2009, The Trace at Claiborne Hill features 70 independent living and assisted living units, plus 24 memory care units added in 2014. At the time of the sale, the facility was 99 percent occupied. The 84,961-square-foot property sits on 2.7 acres in St. Tammany Parish, where the 65-and-older population is projected to increase 47 percent between 2010 and 2019. Evans Senior Investments represented the unnamed seller in the transaction. The capitalization rate was 7 percent on the trailing six months NOI of $1.56 million.

June 15, 2016

Georgia Multifamily Southeast

Admiral Capital, Wood Partners Sell 3833 Peachtree in Atlanta

by John Nelson June 15, 2016

ATLANTA — Admiral Capital Group and Wood Partners have sold 3833 Peachtree, a 222-unit multifamily property in Atlanta. The pair of companies purchased 209 of the 240 units in the broken condominium conversion project in 2012 in a joint venture agreement. During their ownership, Admiral and Wood added a new outdoor pool and cabana area, including outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were upgraded. JLL’s Atlanta office represented both the undisclosed buyer and sellers in the transaction. The sale represents the eighth transaction for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund LP.

June 15, 2016

Alabama Loans Multifamily Southeast

Trillium Capital Resources Arranges $18.4M Loan for Apartment Community in Alabama

by John Nelson June 15, 2016

PELHAM, ALA. — Trillium Capital Resources has arranged an $18.4 million loan for Grand Reserve of Pelham, a 184-unit apartment complex in Pelham, roughly 20 miles south of Birmingham. Trillium arranged the 12-year, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, an apartment operator based in Phenix City, Ala. The borrower used the loan to refinance an existing construction loan.

June 15, 2016

District of Columbia Hospitality Southeast Top Stories

The Watergate Hotel Reopens Following $125M Renovation

by Haisten Willis June 15, 2016

WASHINGTON, D.C. — Following a nine-year renovation process, The Watergate Hotel in Washington, D.C. has reopened its doors after $125 million in upgrades. New York-based developer Euro Capital Properties owns the famous hotel property, which had been closed for renovations since 2007. The hotel consists of 336 guestrooms, half of which include balconies, and 32 suites. Located on the banks of the Potomac River at 2650 Virginia Ave. N.W., The Watergate Hotel was originally designed by Italian architect Luigi Moretti in 1961 to look like a sail on the river. It opened in March 1967, and its name is synonymous with the political scandal that started with a break-in at the Democratic National Convention headquarters, which was located in an office complex connected to the hotel. The scandal would eventually lead to the 1974 resignation of President Richard Nixon. For the renovations, Ron Arad and Italian design firm Moroso added curves and mid-century modern design, while restoring some of the hotel’s original structures such as its staircase and indoor pool. Architectural and interior design firm BBGM was the architect for the project. “The Watergate is undoubtedly one of the most glamorous and illustrious hotels in the world,” says Rakel Cohen, …

June 15, 2016

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