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DevelopmentSoutheastStudent HousingVirginia

Deven Group Breaks Ground on 386-Bed Student Housing Community Near University of Virginia

by John Nelson

CHARLOTTESVILLE, VA. — Development Ventures Group (Deven Group) has broken ground on a 386-bed, on-campus student housing community situated adjacent to Scott Stadium, home arena of the University of Virginia football team. Located at 2005 Jefferson Park Ave. in Charlottesville, the seven-story, $63 million community will offer 119 units with a mix of one-, two-, three- and four-bedroom layouts. Each unit will include walk-in closets, keyless entry and smart TVs, with select units offering private terraces. Amenities at the 240,000-square-foot property will include an elevated amenity deck with mountain views; a heated plunge pool; firepit, grilling stations and hammock and game lawns; clubroom with a coffee bar and event kitchen; group and private study rooms; fitness center with yoga and spin studios; EV chargers; and bike and parcel storage. Deven Group plans to deliver the unnamed community in summer 2027. Capital partners on the project include Marble Capital, BOK Financial and Clairmont Capital Group. Breeden Construction is the general contractor and is currently constructing a project within University of Virginia’s Fontaine Research Park. Deven Group, the U.S. development arm of Kajima Corp., a 180-year-old Japanese construction company, has approximately $300 million of projects set to break ground this year.

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AcquisitionsDevelopmentFloridaIndustrialSoutheast

Colliers Negotiates Sale of 168.3-Acre Industrial Development Site in South Orlando

by John Nelson

ORLANDO, FLA. — Colliers has negotiated the $46.3 million sale of a 168.3-acre site on Wetherbee Road near Orlando International Airport. Orlando Utilities Commission sold the parcel on the south side of the city to developer Seefried Industrial Properties and its equity partner Clarion Partners. Joe Rossi, Lee Morris, Jeff Morris and Bret Felberg of Colliers represented the seller in the land transaction. Seefried was self-represented in the deal and has selected Morris to lease the development, which is dubbed Orlando Infill Logistics Center. The project will span 1.5 million square feet of new development across a maximum of nine buildings. Seefried plans to begin construction in the first quarter on the first three buildings, which are being developed on a speculative basis. Build-to-suit opportunities are also being entertained at the site, according to Colliers. Orlando Infill Logistics Center will feature up to 1,500 automobile parking spaces and 600 trailer spaces at full build-out.

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AcquisitionsMixed-UseMultifamilyNorth CarolinaRetailSoutheastWalker & Dunlop

Lone Star Sells Mixed-Use Lofts at Reynolds Village in Asheville, North Carolina

by John Nelson

ASHEVILLE, N.C. — An affiliate of Lone Star Funds has sold The Lofts at Reynolds Village, a mixed-use development located at 61 N. Merrimon Ave. in Asheville. The property includes 201 apartments and 63,000 square feet of ground-level retail space. Baltimore-based Continental Realty Corp. is purchasing the property from Lone Star Real Estate Fund VI LP for an undisclosed price. Walker & Dunlop represented Lone Star, which structured the deal as a sale of REIT stock, in the transaction. Built in 2010, The Lofts at Reynolds Village features one-, two- and three-bedroom apartments, as well as a pool, onsite property manager, business center, lounge, sauna and a spa, according to Apartments.com.

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AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Brokers $5.1M Sale of Retail Property in Kernersville, North Carolina Leased to Firestone

by John Nelson

built retail property located at 1186 S. Main St. in Kernersville, about 20 miles west of Greensboro, N.C. Automotive services firm Firestone, a subsidiary of Bridgestone Retail Operations LLC, fully occupies the 5,798-square-foot property on a 15-year absolute triple-net lease. Don McMinn of Marcus & Millichap’s Atlanta office represented the seller, a North Carolina-based developer, in the transaction. The buyer was also not disclosed. Donald Gilchrist served as Marcus & Millichap’s broker of record in North Carolina for the deal. “The Firestone closing demonstrates the growing wave of private capital flowing into the net-lease market, fueled by the passage of the ‘Big Beautiful Bill,’ improving confidence and the prospect of interest rate cuts,” says McMinn. “We expect this momentum to carry into the second half of 2025, driven by lower interest rates, increased 1031 exchange activity and stronger deal flow.”

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DevelopmentFloridaMultifamilySoutheast

Centennial Bank Provides $73M Construction Loan for Elysian Apartments in Winter Garden, Florida

by John Nelson

WINTER GARDEN, FLA. — Centennial Bank has provided a $73 million construction loan for Elysian, a 323-unit luxury apartment development in the Orlando suburb of Winter Garden. Robby Barrows and David Druey of Centennial Bank originated the loan on behalf of the borrower, Unicorp National Developments Inc. The locally based developer plans to break ground on Elysian soon and wrap up construction in approximately 18 months. Site clearing is complete and pipe installation is currently underway. Designed by Krieger Klatt Architects, Elysian’s amenities will include a wine bar; fitness center with yoga, Pilates and cycling studios; steam room with a sauna; resort-style pool with cabanas; and a clubhouse with a fireplace and movie theater. Information on the property’s floorplans was not released. The Elysian loan grows the financing relationship between Centennial Bank and Unicorp to more than $500 million.

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AcquisitionsMarylandOfficeSoutheast

St. John Properties Purchases 295,000 SF Office Portfolio in Baltimore County

by John Nelson

HUNT VALLEY, MD. — Locally based St. John Properties Inc. has purchased a three-building office portfolio within North Park, a business park in Baltimore County. The properties span 295,000 square feet combined and are located at 4, 6 and 10 N. Park Drive in Hunt Valley. The portfolio is leased to tenants including Travelers Insurance, RCM&D, AP Benefits Advisors and AECOM. Onsite amenities include a conference center with catering kitchen, fully equipped fitness center, walking trails and a full-service deli. Gerry Trainor, Jim Cardellicchio and Rowan Miller of Transwestern represented the undisclosed seller in the transaction, and Sean Doordan and Alex Lyons represented St. John Properties internally. The sales price was also not disclosed. The new ownership plans to invest in capital improvements within the newly acquired portfolio, including new HVAC equipment, landscaping, signage and updated common areas. The North Park acquisition brings St. John Properties’ Baltimore County holdings to more than 4.6 million square feet.

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AcquisitionsLouisianaSoutheastStudent Housing

Joint Venture Acquires 381-Bed Student Housing Community Near Louisiana State University

by John Nelson

BATON ROUGE, LA. — A joint venture between affiliates of Monument Square Investment Group and a New York-based single-family office has acquired University Grove, a 381-bed student housing community located 2.7 miles south of the Louisiana State University (LSU) campus in Baton Rouge. Developed in 2024, the property offers 127 cottage-style units in three-bedroom configurations with bed-to-bath parity. Capital improvements are planned for the property, including upgrades to landscaping and amenity spaces. The community was 98.5 percent leased at the time of sale. The seller and terms of the transaction were not released.

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FloridaLoansOfficeSoutheast

Northmarq Arranges $43M Refinancing of Office Campus in Palm Beach Gardens, Florida

by John Nelson

PALM BEACH GARDENS, FLA. — Northmarq has arranged the $43 million refinancing for Oakbrook Center, a three-building, 243,350-square-foot office campus located at 11760, 11770 and 11780 U.S. Highway 1 in Palm Beach Gardens. Deutsche Bank provided the five-year CMBS loan to the borrower, a joint venture between MHCommercial Real Estate Fund and Waterfall Asset Management. Built in 1985, Oakbrook Center is situated on 11.4 acres in South Florida’s Palm Beach County and includes covered parking; professional onsite property management; a fitness center with Peloton bikes, cardio weight equipment and showers; stacked, private terraces; floor-to-ceiling windows; and a courtyard.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers $2.4M Sale of Shopping Center in Talladega, Alabama

by John Nelson

TALLADEGA, ALA. — Marcus & Millichap has brokered the $2.4 million sale of Talladega Shopping Center, a 47,437-square-foot shopping center located at 803 Battle St. E in Talladega, an eastern suburb of Birmingham. Citi Trends and Standard Furniture, both of which have occupied the site for more than a decade, are the property’s anchor tenants. Additional tenants include Regional Finance and AT&T, which occupies a newly developed outparcel. The center was originally built in 1981 on 3.6 acres and was 88 percent leased at the time of sale. Eric Abbott and Zachary Taylor of Marcus & Millichap represented the seller in the transaction. Eddie Greenhalgh serves as Marcus & Millichap’s broker of record in Alabama.

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David Walther Asset Living Pavlov Media bulk internet quote
Content PartnerFeaturesLeasing ActivityMidwestMultifamilyNortheastPavlov MediaSoutheastTexasWestern

Multifamily Operators Elevate Operations, Resident Experience with Bulk Broadband

by Sarah Daniels

Enterprising multifamily players are shifting the industry’s views on community connectivity, elevating broadband from a stand-alone amenity into a performance booster for larger real estate strategies. Rather than leave their residents’ connection quality to chance, these developers, owners and managers are contracting with specialized internet service providers (ISPs) to blanket entire properties with high-speed Wi-Fi access for the best possible online experience. “On the operations side, rolling out community Wi-Fi lets us give residents the full connectivity they expect from other parts of their life, because all areas of the property function together for a seamless experience,” says David Walther, chief revenue officer at third-party property manager Asset Living. Asset Living manages more than 300,000 units at client communities including conventional multifamily, student housing, affordable and other property types across the country. At nearly all student housing and a growing share of the multifamily communities Asset Living manages, matrices of Wi-Fi access points keep residents and property teams alike online as they traverse the property, from inside residential units to pools, fitness centers, garages and other common areas. Earlier this year, Asset Living made internet service provider Pavlov Media a preferred national partner for bulk managed Wi-Fi at its communities. …

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