Southeast

Greystone Closes $64.3M Freddie Mac Loan for Multifamily Property in Metro Atlanta

by John Nelson May 5, 2015

ROSWELL, GA. — Greystone has closed a $64.3 million Freddie Mac loan for Park 83, a 664-unit multifamily property in Roswell, a suburb of Atlanta. Greystone provided a $60.5 million bridge loan for the acquisition of the property in 2014. Park 83 features two swimming pools, a fitness center, nature trails, tennis courts, volleyball court, dog park and a playground. As of the end of 2014, the asset was 96 percent occupied. Keith Hires and Tim Wright of Greystone closed the seven-year Freddie Mac loan, which features three years of interest-only payments and a 30-year amortization schedule. Hires and Wright closed the loan on behalf of the borrower, Cortland Partners.

May 5, 2015

Florida Multifamily North Carolina Southeast

Avanath Capital Acquires Multifamily Portfolio in Orlando, Metro Raleigh for $45.9M

by John Nelson May 5, 2015

ORLANDO, FLA. AND CARY, N.C. — Avanath Capital Management LLC, a private real estate investment manager, has purchased a two-property multifamily portfolio in Orlando and Cary for $45.9 million in an off-market transaction. The two properties total 553 affordable housing/workforce units and were more than 95 percent occupied at the time of sale. The properties include the 304-unit Oakwood at 4708 Olive Branch Road in Orlando and the 248-unit Geneva Park at 200 Wrenn Drive in Cary. Avanath Capital will invest roughly $7,000 per unit to upgrade the properties’ exterior paint, wood finishings, kitchen appliances, HVAC and landscaping. In addition to the upgrades, Avanath Capital will rebrand Oakwood as Bella Cortina and Geneva Park as Arbors at Cary. Avanath Capital purchased the portfolio using its Avanath Affordable Housing II LLC fund.

May 5, 2015

Florida Hospitality Southeast

Marcus & Millichap Brokers $11.2M Sale of WOW Resort in Orlando

by John Nelson May 5, 2015

ORLANDO, FLA. — Marcus & Millichap has brokered the $11.2 million sale of the WOW Resort, a 334-room hospitality property in Orlando’s International Drive corridor. The hotel features a seasonally heated outdoor pool, picnic area and a gym/fitness center. Located at 6101 Sand Lake Road, the hotel is located one mile from the Wet ‘n Wild Orlando water park, three miles from the Universal Studios Florida theme park and 10 miles from the Walt Disney World Resort. Ahmed Kabani and J. Dominic Vito of Marcus & Millichap represented the seller, an investment fund based in Boston. Kabani and Vito also procured the buyer, a private investor from the Arabian Peninsula that purchased the hotel in cash.

May 5, 2015

Florida Retail Southeast

EDENS Acquires Whole Foods Market at Met 3 in Downtown Miami

by John Nelson May 5, 2015

MIAMI — EDENS has purchased the Whole Foods Market at Met 3, part of the Metropolitan Miami development in downtown Miami, for an undisclosed price. The property currently has 400 residential units under construction on top of the grocery store. EDENS, a shopping center developer, owner and operator based in Columbia, S.C., owns and operates 11 other retail centers in Miami, including Fifth & Alton in South Beach. “Whole Foods has seen record-breaking traffic and sales since it opened, catering to the cosmopolitan Miami spirit,” says Jami Passer, managing director at EDENS. “We are excited to be investing in downtown Miami and be a part of the emerging urban vitality.”

May 5, 2015

Multifamily North Carolina Southeast

MHA Brokers Sales of Two Apartment Communities in Charlotte for $39.9M

by John Nelson May 4, 2015

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the sales of two apartment communities in separate transactions totaling $39.9 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The deals included Meridia selling the 202-unit Tryon Park at Rivergate to White Point Partners and Wellington United selling the 254-unit Wellington Farms to JEM Holdings.

May 4, 2015

Georgia Restaurant Retail Southeast

FCA Partners Announces Development Plans for Buckhead Exchange in Atlanta

by John Nelson May 4, 2015

ATLANTA — Charlotte-based FCA Partners has announced the redevelopment plans for Buckhead Exchange, a 48,500-square-foot retail center located at Peachtree Road and Grandview Avenue in Atlanta’s Buckhead neighborhood. The plans call for the shopping center to be transformed into a pedestrian-friendly retail and dining development. A portion of the center will be demolished to make way for a paseo that will connect the east-facing storefronts with those facing Peachtree Road and Grandview Avenue. Demolition is scheduled to begin this month and be completed in phases by early 2016. New tenants slated to open at Buckhead Exchange include Storico Fresco Alimentari Ristorante e Mercato and YEAH! BURGER. Formerly a division of Faison Enterprises, FCA Partners has invested more than $600 million in equity on behalf of institutional capital since the mid-1990s. FCA Partners acquired Buckhead Exchange in 2013 from Principal Financial for $15.2 million.

May 4, 2015

Maryland Multifamily Seniors Housing Southeast

$11M North Street Senior Residences Opens in Maryland

by John Nelson May 4, 2015

ELKTON, MD. — The Community Builders Inc. (TCB) and Home Partnership Inc. have completed construction on the $11 million North Street Senior Residences at 214 North St. in Elkton. Several local officials, including Elkton Mayor Robert J. Alt and Cecil County Executive Tari Moore, attended the opening of the new affordable seniors housing community. The new development, built from a former historic county jail which was most recently a community center, brings 53 new units to Elkton area seniors. The one-bedroom apartments average over 600 square feet of living space with monthly rents ranging from $434 to $675. The two-bedroom apartments offer nearly 900 square feet with monthly rents ranging from $755 to $795 depending on resident income. North Street Senior Residences, which is managed by Habitat America, is the first TCB development in Maryland.

May 4, 2015

Overmyer Way Industrial Park Forest Park

Georgia Industrial Southeast

Sealy & Co., AEW Sell 242,000 SF Industrial Park in Metro Atlanta

by John Nelson May 4, 2015

FOREST PARK, GA. — A joint venture between Sealy & Co. and AEW Capital Management have sold Overmyer Way Industrial Park in Forest Park, a major industrial submarket located south of Atlanta. The buyer and sales price were undisclosed. The 242,000-square-foot development featured 28-foot clear heights, truck courts, outdoor storage options and spaces ranging from 20,000 to 80,000 square feet. The joint venture purchased the industrial park in 2014.

May 4, 2015

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Newest Multifamily Product Will Act as a Litmus Test for the Market

by John Nelson May 4, 2015

Spring has come to Birmingham, and with it the sound of multifamily developers breaking ground. Their success in finding tenants for these properties — numbering more than 1,000 units — will be a litmus test for the future of the Birmingham market. Right now, the market activity leads one to be cautiously optimistic. Work on the $66 million renovation of the historic Pizitz Building in downtown commenced in March, which will add 143 apartments to the market in fall 2016, and the newly dubbed 20 Midtown project is finally underway. This mixed-use project, featuring a Publix and a Starbucks, will have at least 122 apartments when completed. Construction has also started on the $22 million renovation of the Thomas Jefferson Tower, another mixed-use project that will yield 96 apartments. These projects join the 236-unit Venue at the Ballpark, which broke ground last year and promises views over the outfield fence into Regions Field. The cranes are also busy east of the expressway in Lakeview. Work there has started on the 67-unit Iron City Lofts and is slated to begin later this spring on the 260-unit Metropolitan Apartments. Testing the Millennial Market Taken together, these developments highlight a number of facts …

May 4, 2015

Louisiana Retail Southeast

Stirling Properties, CBL & Associates Announce New Tenants for Fremaux Town Center

by John Nelson May 1, 2015

SLIDELL, LA. — Stirling Properties and CBL & Associates Properties Inc. have announced 12 new tenants coming to Phase II of Fremaux Town Center, a shopping center in Slidell. The 285,000-square-foot Phase II is slated for an October 2015 completion. The new tenants are: Off Broadway Shoe Warehouse, Forever 21 Red, Pier 1 Imports, Victoria’s Secret, Buckle, Charlotte Russe, LOFT, Bath & Body Works, Torrid, Journeys, Claire’s and Which Wich. Phase I of Fremaux Town Center opened in March 2014 with anchor tenants Dick’s Sporting Goods, Michael’s, T.J. Maxx, Kohl’s and LA Fitness. Upon completion, the shopping center will span 635,000 square feet.

May 1, 2015

Newer Posts

Older Posts