Southeast

Sembler Delivers Publix-Anchored Shopping Center in Milledgeville, Georgia

by John Nelson July 25, 2024

MILLEDGEVILLE, GA. — The Sembler Co. has delivered Lakeside Commons, a Publix-anchored shopping center located at the southeast corner of US Highway 441 (Columbia Street) and Log Cabin Road in Milledgeville, a city in Central Georgia that is home to Georgia College & State University. Situated on 9 acres, the 60,500-square-foot shopping center houses a freestanding Publix store spanning 48,387 square feet, as well as 12,000 square feet of small shop space. Committed tenants include T-Mobile (2,400 square feet) and Sugar Polish Nail Spa (3,600 square feet). Lakeside Commons will also feature two outparcels that are available for sale, ground lease or build-to-suit opportunities. Sembler broke ground on Lakeside Commons in early 2023, and the Publix opened its doors in late June.

July 25, 2024

Acquisitions Kentucky Southeast Student Housing

Vesper Holdings Acquires 649-Bed Student Housing Community Near University of Kentucky

by John Nelson July 25, 2024

LEXINGTON, KY. — Vesper Holdings has acquired The Lex, a 649-bed student housing community located near the University of Kentucky campus in Lexington. Built in 2008, the four-story property offers a mix of one-, two- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, resort-style swimming pool, yoga studio, study spaces, outdoor hammock garden and a newly renovated clubhouse and gaming lounge. Vesper partnered with an undisclosed institutional investor on the off-market acquisition, financing for which was placed by Gregg Wallace at AMA Financial. The new ownership plans to begin a capital improvement plan imminently that will include the addition of updated technology and upgrades to units and shared amenity spaces. Campus Life & Style, Vesper’s in-house property management platform, will operate The Lex.

July 25, 2024

Acquisitions Multifamily Southeast Tennessee

IPA Brokers Sale of 216-Unit Solis Apartments in Clarksville, Tennessee

by John Nelson July 25, 2024

CLARKSVILLE, TENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Solis, a 216-unit apartment community located in Clarksville, roughly 40 miles from Nashville. A private buyer based in California purchased the property from Gwaltney Communities for an undisclosed price. David Stollenwerk, Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer in the transaction. Marcus & Millichap’s broker of record in Tennessee for the deal was Jody McKibben. Built in 2020, Solis features garden-style apartments averaging 1,089 square feet in size, as well as a saltwater swimming pool, 24-hour fitness center and a theater room.

July 25, 2024

Acquisitions Georgia Office Southeast

Shorenstein Acquires 324,000 SF 14th & Spring Office Tower in Midtown Atlanta

by John Nelson July 24, 2024

ATLANTA — Shorenstein Investment Advisers, a privately owned office and multifamily owner and operator based in San Francisco, has purchased 14th & Spring, a 12-story office tower in Midtown Atlanta. The 324,000-square-foot building was delivered in late 2022 and has been without a tenant since its delivery, according to the Atlanta Business Chronicle. The seller and sales price were not disclosed, but the publication reported that locally based Greenstone Properties and an affiliate of Goldman Sachs put the tower up for sale earlier this year and the price would likely fall in the $200s per square foot, giving the sales price a range of $65 million to $97 million. Shorenstein has tapped ASD|SKY to help redesign and reposition 14th & Spring’s common areas, amenities and façade. The company has also hired Murphy Meyers to design a full floor of speculative office suites in various sizes. Additionally, Shorenstein has selected Jeff Keppen, Nicole Goldsmith, Kyle Kenyon and Maddie Nagley of CBRE to lease the office tower.

July 24, 2024

Development Florida Multifamily Southeast

Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami

by John Nelson July 24, 2024

MIAMI — Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897, according to Apartments.com. Designed by Corwil Architects, Remi on the River’s amenities include a resort-style swimming pool, aqua lounge, fitness center, clubroom, private parking and a resident lounge with coworking spaces. Remi on the River is Phase II of a multifamily development by Mast Capital. Phase I of the project was MAST on Waterline Miami, a 346-unit apartment community formerly known as Waterline Miami.

July 24, 2024

Acquisitions District of Columbia Hospitality Loans Southeast

Cronheim Hotel Capital Arranges $42.3M Acquisition Loan for Cambria Hotel in Downtown DC

by John Nelson July 24, 2024

WASHINGTON, D.C. — Cronheim Hotel Capital has arranged a $42.3 million acquisition loan for Cambria Hotel Washington, D.C. Convention Center, a 182-room hotel located at 899 O St. NW in downtown D.C. Built in 2014 by Concord Hospitality, the hotel is situated with a half-mile of the Walter E. Washington Convention Center and features a rooftop gathering area. The borrower, locally based Frontier Development & Hospitality Group, plans to overhaul the hotel and rebrand it to the Hyatt House flag. Other details of the renovation and loan underwriting were not disclosed.

July 24, 2024

Acquisitions Build-to-Rent Multifamily North Carolina Single-Family Rental Southeast

Capital Square Purchases 113-Unit Build-to-Rent Residential Community in Castle Hayne, North Carolina

by John Nelson July 24, 2024

CASTLE HAYNE, N.C. — Capital Square has purchased Sidbury Station, a newly constructed build-to-rent (BTR) residential community located at 6105 Dichondra Road in Castle Hayne, part of the Wilmington metropolitan statistical area. The sales price was not disclosed. Delivered last year by homebuilding giant D.R. Horton, the community features 113 detached single-family rental (SFR) homes, as well as a resort-style swimming pool, fitness center, clubhouse, sport court and a playground. Sidbury Station’s homes average 1,829 square feet in size with floor plans ranging from three to five bedrooms. Features include granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, smart home integration, backyards and attached two-car garages. Sidbury Station represents Capital Square’s fifth BTR offering for its Section 1031/Delaware statutory trust (DST) program and the eighth BTR project for its private equity group. The community was acquired on behalf of CS1031 Sidbury Station BFR Housing DST, which seeks to raise equity from accredited investors.

July 24, 2024

Affordable Housing Development Georgia Mixed-Use Multifamily Retail Southeast

City of Refuge Breaks Ground on $15.2M Mixed-Use Center in West Atlanta

by John Nelson July 24, 2024

ATLANTA — Nonprofit organization City of Refuge has broken ground on its Transformation Center, a new 38,000-square-foot facility at 1343 Joseph E. Boone Blvd. on Atlanta’s west side. Scheduled to open in fall 2025, the project marks the most significant initiative within the City of Refuge “Breaking Barriers. Building Momentum.” campaign, according to the organization. Situated on the former American Legion lot near the City of Refuge campus, the $15.2 million center will comprise three stories featuring an Entrepreneurship Hub with a classroom, offices and lab; a market or grocery store; medical and mental health clinic; an onsite credit union providing financial services; and 25 multifamily residential units adjacent to the main building. The residences will include apartments in a mix of two- and three-bedroom layouts, with one four-bedroom unit. Thirteen of the units will be reserved for residents earning at or below 30 percent of the area median income (AMI). Invest Atlanta will provide a $2 million BeltLine Tax Allocation District (TAD) grant to fund the residential component. City of Refuge has also received a $3 million federal New Market Tax Credit (NMTC) through Atlanta Emerging Markets and Capital One. The Community Foundation for Greater Atlanta and TogetherATL are …

July 24, 2024

Development Florida Retail Southeast

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Metro Miami

by John Nelson July 23, 2024

DORAL, FLA. — Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is located within Bridge Point Doral, Bridge Industrial’s 175-acre industrial park that will span 2.6 million square feet of Class A industrial space upon completion in early 2025. Michael Finkle of Koniver Stern Group represented SJC Ventures in the land acquisition, and Mark Gilbert of Cushman & Wakefield represented Bridge Industrial. In addition to Whole Foods, other committed tenants at Doral Marketplace include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino. SJC Ventures and Nuveen expect store openings to begin in the second half of 2025.

July 23, 2024

Development Loans Multifamily North Carolina Southeast

JLL Arranges $85M Construction Financing for West End II Multifamily Development in Downtown Raleigh

by John Nelson July 23, 2024

RALEIGH, N.C. — JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood. The equity partner is an investment fund from South America and the lender is an unnamed national life insurance company. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. Located at 510 W. Cabarrus St., West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. Phase I, Platform Apartments, is currently in lease-up. Designed by Dwell Design Studio, West End II will feature luxury apartments ranging from one- to three-bedroom layouts, as well as high-end amenities and 4,000 square feet of flexible retail space. The construction timeline for the project was not disclosed.

July 23, 2024

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