ST. PETERSBURG, FLA. — The Praedium Group and partner Greystar Real Estate have sold Lincoln Shores Apartments, a 631-unit multifamily community in St. Petersburg, for $53 million. The Praedium Group purchased the asset in January 2010 for $24.2 million. The property features three resort-style swimming pools, lighted tennis courts, four racquetball courts, a basketball court, sand volleyball area and a fitness center. The community fronts a 14-acre lake, which has direct access to Tampa Bay.
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HUNTERSVILLE, N.C. — Apartment developer Northwood Ravin LLC has broken ground on the Apartments at Holly Crest, a $50 million, 400-unit apartment community in Huntersville, roughly 14.5 miles north of Charlotte. The project will be located along Sam Furr Road across from Northcross Shopping Center. The community will feature 35,000 square feet of community greenspace and 15,000 square feet of amenity space, including a 4,900-square-foot clubhouse, 4,600-square-foot spa, fitness center, business center and private dog parks for small and large breeds. Monthly rents are estimated to start at $900 per month for a 700-square-foot, one-bedroom apartment and up to $1,700 per month for a 1,600-square-foot, three-bedroom unit.
ATHENS, GA. — Atlanta-based Thrive Senior Living has commenced construction on The Village at Athens, a 70-unit assisted living and memory care facility located near the intersection of Highway 316 and the Oconee Connector in Athens. Thrive is co-developing the property in a joint venture with Paragon Real Estate and Summit Healthcare REIT. The general contractor for the project is Athens-based Compass Contracting. The facility will feature a spa, beauty salon, fitness center, doctors office, movie theater and courtyards with outdoor fireplaces.
DAVIDSON, N.C. — Childress Klein Properties has commenced construction on Two Harbour Place, a 51,000-square-foot, three-story office/retail project in Davidson, roughly 22 miles north of Charlotte. The property is part of the 50-acre Harbour Place mixed-use development that Childress Klein constructed starting in 2007. Paint company Valspar will relocate its Charlotte office to anchor the property, located at the northwest corner of Griffith and Jetton streets. Valspar’s office space will also include a training center. Childress Klein expects to deliver the property in February 2015. The developer worked with the Lake Norman Regional Economic Development Corp. and the Town of Davidson on the project.
ALPHARETTA, GA. — Fiserv Inc., a financial services technology firm, has selected tvsdesign to design a new lobby and the interiors of two six-story office buildings in Alpharetta. The 375,000-square-foot project will house more than 2,000 Fiserv employees who will be consolidated from several Fiserv offices in metro Atlanta. Completion on the project is slated for 2015. Fiserv chose to locate in Alpharetta because of the city’s reputation as a technology hub, with more than 600 technology companies located within city limits.
When The New York Times has something positive to say about Birmingham, you know something really good is in the works — and that’s exactly what happened last August. The paper ran an article entitled “A Return to Downtown Birmingham” that highlighted Railroad Park, Regions Field, the new Westin Hotel and the renovation of Lyric Theatre. It quoted David Fleming, CEO of REV Birmingham, calling attention to the public enthusiasm that’s driving the revitalization. “There’s a feeling that [the downtown] is back, and that wasn’t true 10 years ago,” he said. This past March, Livability.com added to the buzz by ranking Birmingham 10th in the nation in its ranking of downtowns in small- and mid-sized cities. Developers Betting Big As a result, there’s a question that’s now on the minds of many apartment investors: Is the sky the limit for downtown Birmingham? It’s too early to tell, but an increasing number of developers are placing their bets on the Magic City. At the end of April, the Bristol Development Group announced plans to build 250 high-end apartments downtown, joining such local companies as Harbert Realty, Watts Realty, KRE Development Holdings, RGS Properties and Scott Bryant & Co. that have about …
WASHINGTON, D.C. — ARA has brokered the $176.5 million sale of Louis at 14th, a 268-unit, mid-rise apartment community located in Washington, D.C.’s U-Street Corridor. The nine-story property features a rooftop terrace with grilling stations, fire pits, lounge-style seating, residents lounge, fitness center with a yoga room, business center and concierge. Trader Joe’s occupies the ground-floor retail space at the property. Drew White and Ryan Ogden of ARA represented the seller, The JBG Cos., in the transaction. The buyer was TIAA-CREF.
CHATTANOOGA, TENN. — Housing Trust Group has opened the doors to Phase I of Forest Cove Apartments, a 120-unit resort-style multifamily community located at 7700 Aspen Lodge Way in Chattanooga. The development cost for Forest Cove is estimated at roughly $14 million. The property features one-bedroom units starting at $850 per month and two-bedroom units starting at $999 per month. Phase I units range in size from 750 square feet for one-bedroom units to 1,136 square feet for two-bedroom units. The community’s amenity package includes a saltwater swimming pool, heated Jacuzzi, clubhouse with free Wi-Fi, 24-hour fitness center, yoga studio, landscaped greenspace, playground, dog park and car care center. Riverstone Residential Group is providing property management services for the asset. The design team includes general contractor NorSouth and architect Michael Brady Inc. Walker & Dunlop provided construction financing for the project.
KENOVA AND CHARLES TOWN, W.VA. AND ABBEVILLE, LA. — Marcus & Millichap has arranged the $14.6 million sale of three CVS/pharmacy stores in West Virginia and Louisiana. The stores are located in Kenova and Charles Town, W.Va., and Abbeville, La. CVS has at least 23 years left remaining on its initial lease at all three stores. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the sale of all three assets.
NORFOLK, VA. — New York-based Eastern Union Funding has provided $11.4 million in acquisition financing for Town Point Center, a 131,259-square-foot, 12-story office building in Norfolk. The asset was 90 percent leased at the time of the sale to regional and local tenants. Marc Tropp and David Merkin of Eastern Union Funding arranged the five-year loan with a fixed 4.56 percent interest rate through an unnamed Wall Street lender on behalf of the borrower, Cohen Investment Group.