Southeast

Continental Realty, Palmetto Partners Break Ground on Baton Rouge Apartment Community

by John Nelson August 18, 2015

BATON ROUGE, LA. — Co-developers Continental Realty Corp. and Atlanta-based Palmetto Partners Inc. have broken ground on River House, a 224-unit luxury apartment community located at 1480 Nicholson Drive in Baton Rouge. The community is a component of the River District corridor’s redevelopment between Baton Rouge’s central business district and Louisiana State University. River House will include a 4,600-square-foot clubhouse, 15,000 square feet of retail and 34,000 square feet of office space. The project team includes general contractor Clark Construction, architect Humphreys & Partners, civil engineer Monroe & Corie, landscape architect Reich Associates and interior designer The Design Studio. FNBC Bank and Continental Americas Regional Center provided construction financing for the project. Continental Realty and Palmetto Partners have tapped Ty Gose of Latter & Blum to lease River House. The project’s legal team includes Phelps Dunbar and Tanner Law Firm.

August 18, 2015

Multifamily Southeast Tennessee

Adobe Properties Acquires Apartment Community in Tennessee

by John Nelson August 18, 2015

OAK RIDGE, TENN. — Adobe Properties has purchased Centennial Village Apartments, a 252-unit, Class A apartment community in Oak Ridge, roughly 25 miles northwest of Knoxville. The property sits on the shores of Melton Hill Lake and features a saltwater swimming pool, fitness center and cyber café. The apartment community is also adjacent to the Oak Ridge National Laboratory, which employs more than 4,400 scientists and engineers. Abode Properties is a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company.

August 18, 2015

Florida Multifamily Southeast

ARA Newmark Brokers Sale of Apartment Community in South Florida

by John Nelson August 18, 2015

BOYNTON BEACH, FLA. — ARA Newmark has arranged the sale of Advenir at Colony Club, a 214-unit, garden-style apartment community located in Boynton Beach. Constructed in 2004 and 2005, the property’s amenity package includes full-size washers and dryers, complimentary Wi-Fi, alarm systems, balconies and patios, gourmet kitchens, one- and two-car garages, automated gate access, a sauna, swimming pool and spa, fitness center, clubhouse, basketball court, playground, picnic area and tennis courts. Advenir at Colony Club was 94 percent occupied at the time of sale. Hampton Beebe, Avery Klann, Troy Ballard, Marc deBaptiste and Richard Donnellan of ARA Newmark represented the seller, Florida-based Advenir, in the transaction. Greystar purchased the property for an undisclosed price.

August 18, 2015

Georgia Retail Southeast

GLL Real Estate Partners Purchases TOWN Brookhaven

by John Nelson August 17, 2015

BROOKHAVEN, GA. — GLL Real Estate Partners has acquired TOWN Brookhaven, a 460,609-square-foot shopping center located at 4330 N.W. Peachtree Road E. in Brookhaven, an affluent suburb of Atlanta. The mixed-use property was 94 percent leased at the time of sale, with anchors including Cinebistro, Costco, LA Fitness, Marshalls and Publix. In addition to retailers and restaurants, TOWN Brookhaven features 22,000 square feet of office space. GLL Real Estate Partners purchased the property from a partnership between The Sembler Co. and Bell Partners. Eastdil Secured’s Atlanta office brokered the transaction. The sales price was undisclosed but media outlets are reporting TOWN Brookhaven sold for $162 million. TOWN Brookhaven is the retail and office component of a $400 million mixed-use development featuring 949 existing luxury apartment units and 374 units under construction.

August 17, 2015

Alabama Multifamily Southeast

Multi Housing Advisors Brokers $44M Sale of Apartment Community in Alabama

by John Nelson August 17, 2015

VALLEY, ALA. — Multi Housing Advisors (MHA) has brokered the $44 million sale of Apartments at the Venue, a 618-unit apartment property located at 100 Sydney St. in Valley, a town along the Alabama/Georgia border. The property is located roughly 10 minutes from the KIA Motors manufacturing plant in West Point, Ga. The community’s amenity package features three resort-style swimming pools with outdoor fireplaces and grilling areas, two clubhouses, laundry facilities and a fitness center. Atlanta-based Irinda Capital Management purchased the property from Haley Real Estate Group. Jimmy Adams and Robert Stickel of MHA represented the seller in the transaction.

August 17, 2015

Florida Office Southeast

Roseview-PMRG Fund I Acquires Tampa Office Building for $40M

by John Nelson August 17, 2015

TAMPA, FLA. — A discretionary fund formed by PM Realty Group and The Roseview Group called Roseview-PMRG Fund I LLC acquired Westshore Center in Tampa. The sales price was undisclosed, but according to industry sources, the nine-story office building sold for $40 million. The 216,410-square-foot office property is located at 1715 N. Westshore Blvd. in Tampa’s Westshore submarket. The fund purchased the asset from an unnamed institutional investor for an undisclosed price. Built in 1984, the property is located roughly 2.4 miles south of Tampa International Airport. The Class A office building is the first acquisition in Florida for Roseview-PMRG Fund I LLC, which owns properties in Atlanta, Houston, Pennsylvania and Massachusetts.

August 17, 2015

Florida Retail Southeast

Sterling Organization Sells Shopping Center in Tampa Bay MSA for $18.9M

by John Nelson August 17, 2015

LARGO, FLA. — Sterling Organization has sold Barclay Square, a 99,054-square-foot grocery-anchored shopping center in Largo, a city in the Tampa Bay MSA. Northbrook, Ill.-based Pine Tree Commercial Realty purchased the shopping center from Sterling Organization for $18.9 million. Originally developed in 1988 and renovated in 2008, the shopping center is located on the northeast corner of Walsingham and Indian Rocks roads one mile east of the Gulf of Mexico. A 42,018-square-foot Walmart Neighborhood Market anchors the shopping center. Adam Feinstein of Cushman & Wakefield brokered the transaction. Sterling Organization purchased Barclay Square via its Sterling Value Add Partners LP institutional fund for $10.8 million in 2012.

August 17, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $14.4M Sale of Orlando Apartment Community

by John Nelson August 17, 2015

ORLANDO, FLA. — Marcus & Millichap has arranged the $14.4 million sale of Royal Isles, a 264-unit apartment community located at 803 Don Quixote Ave. in Orlando. The property has 80 one-bedroom/one-bath units, 132 two-bedroom/two-bath apartments and 52 three-bedroom/two bath units. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office and Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a private investor from Beverly Hills, Calif., and the buyer, a Miami-based limited-liability company.

August 17, 2015

Florida Market Reports Multifamily Southeast Southeast Market Reports

Strong Demand Proves the Best is Yet to Come for Miami’s Multifamily Market

by John Nelson August 17, 2015

Miami’s multifamily market now ranks among the country’s strongest overall performers (if not the strongest). The city attracts, and benefits from, numerous tourists, investors, financial institutions, real estate funds, retailers and tourists from countries around the globe. The demand for condominiums and apartment buildings in Miami seems insatiable with the investors competing for increasingly scant deals. In practical terms, that means hotel and office developers often lose out across asset classes to the “ever-on-fire” multifamily sector. There is every indication in the first quarter of 2015 that Miami’s multifamily market’s upward trend will continue. Debt and equity continue to stream into the Miami-Dade County apartment and condominium sector from both local sources and out-of-area buyers attracted to solid asset performance and robust housing demand generators. Continued employment and population growth have bolstered housing demand as the overall Miami economy strengthened in 2014. The Miami metropolitan area added more than 30,000 jobs last year, and based on figures from the Bureau of Labor Statistics, Miami-Dade County’s unemployment rate continued its downward trend to 5.4 percent in February 2015. According to the Florida Bureau of Economic and Business Research, South Florida’s population is expected to increase by approximately 29 percent between 2013 …

August 17, 2015

Florida Office Southeast

PCCP, Banyan Street Purchase Office Complex in Tampa for $70M

by John Nelson August 14, 2015

TAMPA, FLA. — PCCP has formed a joint venture with Banyan Street Capital to purchase Rivergate Tower, a 515,965-square-foot office complex located at 400 N. Ashley Drive in downtown Tampa. PCCP and Banyan Street Capital purchased the property for $70 million, according to Tampa Business Journal. CBRE brokered the sale and arranged acquisition financing for the joint venture. The property comprises a 31-story office tower and an adjacent five-story pavilion office building that houses the Florida Museum of Photographic Arts. Other tenants include Malio’s Prime Steakhouse, an upscale café, full-service bank branch, dry cleaner, two-story parking garage and a fitness center. The office complex was built in 1988 for $150 million.

August 14, 2015

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