DAYTONA BEACH, FLA. — Capstone Apartment Partners has brokered the $9.1 million sale of Forestlake Apartments, a 146-unit apartment community located at 132 Forest Lake Blvd. in Daytona Beach. Timberland Partners purchased the 1980s vintage property for $61,986 per unit from Harbor Group. Enon Winkler, Deucie Bies, Jad Richa and Brian Hunsicker of Capstone Apartment Partners represented the seller in the transaction.
TUSCALOOSA, ALA. — University House Communities (UHC), formerly Inland American Communities, has purchased South 10 Apartments, a student housing community located near the University of Alabama. UHC plans to rebrand the 200-unit property as University House. The five-story community features 592 beds with one-, two-, three- and four-bedroom floor plans that are fully furnished. The property also features more than 10,000 square feet of ground-floor retail space. Each bedroom has its own bathroom, and the units include 42-inch flat-screen TVs, quartz countertops, stainless steel appliances, nine-foot ceilings and full-size washers/dryers. The community’s amenities include a large gym, resort-style pool, outdoor lounge, 24-hour clubhouse, pet spa with a dog walk, study areas and tanning beds. The property is located blocks from Bryant-Denny Stadium and has direct access to the Crimson Ride transit system. South City Partners developed the property and sold to UHC for an undisclosed amount.
MONTGOMERY, ALA. — Elevation Financial Group LLC has purchased two apartment communities in Montgomery totaling 378 units for a combined $6.8 million. The properties include the 202-unit Olympia Heights Townhome Apartments and the 176-unit Cyprus Court Apartments. Elevation Financial plans to rebrand Olympia Heights as Serenity Townhomes at Montgomery and Cyprus Court as Serenity Apartments at the Park. The company also plans to renovate the common areas, amenities and units of both communities. Elevation Financial purchased the two value-add assets through its subsidiary, Elevation Real Property Fund V LLC. Affiliate company Elevation Property Management LLC will manage both apartment communities.
ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.
JACKSONVILLE, FLA. — Blue Rock Partners LLC and Konover South LLC have partnered to purchase a three-property, 1,040-unit multifamily portfolio in Jacksonville for $64.8 million. The properties include Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd. and Madison at Spring Woods located at 445 Monument Road. The communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. The partnership will invest another $8.5 million in interior and exterior upgrades, including updated fitness centers, internet cafés and upgraded landscaping. Dhaval Patel of CBRE brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo provided acquisition financing on behalf of the partnership.
ATLANTA — Trammell Crow Co. and Allstate have acquired an additional 56.8 acres of land along I-75 in Henry County, part of the South Atlanta industrial submarket. CBRE Global Investors advised Trammell Crow and Allstate in the transaction. The land is adjacent to the venture’s 44-acre land site, which will house the King Mill Distribution Park, an 846,496-square-foot, Class A distribution center. The new 56.8-acre site will house Phase II of King Mill Distribution Park, which will comprise a 759,495-square-foot, Class A warehouse property. Phase II will feature 36-foot clear heights, trailer storage and employee vehicle parking, two separate entrances and a design that can accommodate multiple tenants served by separate entrances. Bill Hare of Burke Holdings represented the seller in the transaction. Mark Hawks and Trey Barry of CBRE will be the leasing team for Phase II of King Mill Distribution Park.
LAUDERHILL, FLA. — Marcus & Millichap has brokered the $12 million sale of Royal Palms at Inverrary, a 208-unit midrise apartment community located at 2900 N.W. 56th Ave. in Lauderhill. Built in 1978 on seven acres, Royal Palms at Inverrary features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse and playground. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the buyer, also a private investor.
SAVANNAH, GA. — SEDA (Southeastern Development Associates), formerly Blanchard & Calhoun, has brokered the $11.5 million sale of Fort Howard Square, a 113,00-square-foot retail center located in Savannah. The property was 96 percent leased at the time of sale to tenants such as Goody’s, Fred’s, rue 21 and Hibbett Sports. Walmart shadow anchors the center. Ryan McArdle, David Rivers and Steve Collins of SEDA’s investment sales team represented the buyer, a publicly traded REIT, and the seller in the transaction.
TAMPA, FLA. — Berkadia has originated five loans totaling $75.8 million for five multifamily communities in Florida. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged all five loans on behalf of the borrower, Insula Cos., an owner and manager of apartment communities in Florida. The loans included a $23 million refinance loan for The Valencian Apartments in Kissimmee; $19.2 million acquisition loan for Charter Pointe Apartments in Altamonte Springs; $12.6 million refinance loan for Park East Apartments in Tampa; $10.5 million recapitalization loan for St. Moritz Apartments in Tampa; and a $10.5 million recapitalization loan for Miramar in Kissimmee.
DURHAM, N.C. — Federal Capital Partners (FCP) has signed Duke University to a lease renewal and expansion totaling 188,000 square feet in Durham. Duke has extended its lease at Erwin Square Plaza, a Class A, 238,792-square-foot office tower located on Main Street in downtown Durham. Duke University and its affiliates currently lease a majority of the building. FCP’s property is also home to restaurants such as Parizade Café, Local 22 and Guasaca. Brad Corsmeier and John Brewer of CBRE|Raleigh represented FCP in the lease transaction. Austin Koon, Jeff Miller and Maggie Clougherty of Davis Moore Advisors represented Duke University.
