Southeast

Federal Capital Partners, Westmoreland Sell Shopping Center in Virginia for $61.2M

by John Nelson June 17, 2015

WILLIAMSBURG, VA. — Federal Capital Partners (FCP) and joint venture partner Westmoreland Partners have sold Settlers Market, a 239,464-square-foot retail power center in Willamsburg, for $61.2 million. The property is located at the intersection of State Route 199 and Monticello Avenue. AEW Capital Management acquired the property on behalf of the AEW Core Property Trust, an open-end core real estate fund. Tenants of the 97 percent leased center include Trader Joe’s, Walmart Neighborhood Market, Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Party City, Petco, Pier 1 Imports, Zoës Kitchen, Which Wich and Noodles & Co. FCP and Westmoreland Partners originally purchased the asset in 2011 as a financially distressed property. The Shopping Center Group is the leasing agent and manager of Settlers Market. HFF represented AEW Capital Management in the acquisition.

June 17, 2015

Florida Multifamily Seniors Housing Southeast

Big Rock Partners Selects Balfour Beatty to Construct $60M Senior Living Community in Celebration

by John Nelson June 17, 2015

CELEBRATION, FLA. — Big Rock Partners has selected Balfour Beatty Construction as the construction manager for a resort-style, $60 million senior living rental community under development in Celebration. The new community will be Celebration’s first to offer independent living, assisted living and memory care services under one roof, with a total of 225 rental residences. Construction is projected to begin in late 2015 for an expected opening in mid-2017. The property will feature tree-lined fountains, gardens, an indoor pool, movie screening room, fitness center and a top-floor solarium for viewing nearby Disney World’s fireworks displays. Balfour Beatty is working closely from the conceptual phase with the project’s architect, Gensler. Life Care Services will operate and market the community upon completion. Sabra Health Care REIT provided Big Rock Partners with a $4.5 million acquisition loan for the land and anticipates providing additional financing for construction, according to Big Rock. Walker & Dunlop is Big Rock’s financial advisor for the project.

June 17, 2015

Estates at Ridenour Ashford Ridenour Kennesaw

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Metro Atlanta for $35.3M

by John Nelson June 17, 2015

KENNESAW, GA. — The RADCO Cos. has acquired Estates at Ridenour, a 255-unit Class A apartment community in Kennesaw, a northern suburb of Atlanta, for $35.3 million. RADCO financed the acquisition with private capital and debt from Freddie Mac. The Atlanta-based multifamily investment firm purchased the asset from a limited liability company based in South Carolina. The apartment units average 1,077 square feet and are situated in one-, two- and three-bedroom floor plans, as well as two-story townhomes. Community amenities include a resort-style pool with grilling areas, fitness facility, clubroom and a business center with Wi-Fi. Multi Housing Advisors brokered the transaction. RADCO will invest $2.6 million to upgrade Estates at Ridenour. The company’s renovation plan includes exterior improvements, expanding the property’s amenity package and unit upgrades. Additionally, Estates at Ridenour will be rebranded as Ashford Ridenour. The property is located on a 13.1-acre lot off the intersection of Barrett and Cobb parkways, nearly two miles from I-75 and three miles from Kennesaw State University. The property is also two-and-a-half miles from Town Center at Cobb, a nearly 1.3 million-square-foot regional mall, and across the street from Kennesaw Marketplace, a new Whole Foods-anchored mixed-use development under construction.

June 17, 2015

Georgia Mixed-Use Southeast

Westbridge, Martin Family to Bring Office/Retail Space to West Midtown Atlanta in Adaptive Reuse

by John Nelson June 16, 2015

ATLANTA — Westbridge Partners and the Martin family — also known as the Midtown West Associates/Brickworks — have formed a partnership to retrofit the last buildings of the historic Miller Union Stockyards in Atlanta’s West Midtown neighborhood. The Martin family has owned the three-acre property located at the corner of 10th Street and Brady Avenue for more than 50 years. The tract includes two former meat-packing buildings constructed in the early 1900s. Westbridge and the Martin family will transform the historic property into 130,000 square feet of office and retail space known collectively as Stockyards Atlanta. The Martin family has redeveloped several historic properties in West Midtown, including The Brickworks at 1000 Marietta St. Cushman & Wakefield will lease the office space on behalf of the owners, which are hoping to attract tech firms, entrepreneurs and startup companies coming out of nearby Georgia Tech. Construction is expected to begin in the fourth quarter, with a targeted opening date of summer 2016. Atlanta-based ai3 is the architect for Stockyards Atlanta.

June 16, 2015

Georgia Mixed-Use Southeast

ARA Newmark Completes $72.5M Pre-Sale of Mixed-Use Project in Atlanta

by John Nelson June 16, 2015

ATLANTA — ARA Newmark has brokered the $72.5 million sale of Inman Quarter, a new mixed-use development in Atlanta’s Inman Park neighborhood. Still under construction, the development will include 200 apartment units, a 575-space parking garage and 38,957 square feet of retail space. The asset was 80 percent pre-leased at the time of sale. TriBridge Residential and Coro Realty Advisors purchased the property from a development partnership between Atlanta-based JPX Works, South City Partners and ELV Associates. John Weber and Dan Phelan of ARA Newmark represented the development partnership in the transaction, which was structured as a pre-sale contract with targeted leasing and rent parameters agreed upon by both the buyer and seller.

June 16, 2015

Florida Loans Multifamily Southeast Student Housing

Phillips Realty Closes $85M Construction Loan for Student Housing Project in Daytona Beach

by John Nelson June 16, 2015

DAYTONA BEACH, FLA. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach. The Silver Spring, Md.-based developer is building student residence facilities that will be leased back to BCU. Brian Boland of Phillips Realty Capital structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term. Quantum’s 1,206-bed residence hall project will include four student housing buildings at two different locations on the BCU campus. The completed residence halls’ design includes high-efficiency energy systems and student amenities. Each student housing building will comprise exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas will include multipurpose rooms, as well as fitness, lounge and laundry facilities. Construction is underway, with Phase I expected to be completed in January 2016. Completion of Phase II is expected in June 2016.

June 16, 2015

Multifamily Southeast Tennessee

Colliers Brokers $21.5M Sale of Apartment Community in Metro Nashville

by John Nelson June 16, 2015

CLARKSVILLE, TENN. — Colliers International has brokered the $21.5 million sale of Renaissance at Peacher’s Mill, an upscale 216-unit apartment community in Clarksville, roughly 40 miles northwest of Nashville. PEM Real Estate Group purchased the asset from JA Murphy Group. Will Mathews, Ron Cameron and Bart Johnston of Colliers International’s Nashville office represented JA Murphy Group in the transaction. According to Colliers, the transaction is the highest price per unit trade in the history of Clarksville.

June 16, 2015

Mississippi Mixed-Use Southeast

Duckworth Realty Brokers Sale of 12-Story Mixed-Use Tower in Jackson

by John Nelson June 16, 2015

JACKSON, MISS. — Duckworth Realty Inc. has brokered the sale of the Plaza Building, a 12-story, 80,000-square-foot mixed-use tower in downtown Jackson. The property comprises ground-floor retail and restaurants, eight floors of office space and three floors of luxury apartments. The Plaza Building LLC purchased the tower for an undisclosed amount. John Michael Holtmann of Duckworth Realty Inc. represented the seller, GECMC 07-C1 Downtown Plaza LLC, a subsidiary of GECMC 2007-C1 Commercial Mortgage Trust that is specially serviced by Torchlight Loan Services. According to Duckworth, the Plaza Building was 71 percent occupied at the time of sale.

June 16, 2015

Georgia Multifamily Southeast Student Housing

Sanctuary Residential Breaks Ground on $33M Student Housing Project Near Georgia State University

by John Nelson June 15, 2015

ATLANTA — Sanctuary Residential has begun construction on 200 Edgewood, a $33 million student housing development located across the street from Georgia State University (GSU) in downtown Atlanta’s MLK Landmark district. According to Sanctuary Residential, the mixed-use urban infill property will be the closest student housing to GSU, including the school’s dormitories. 200 Edgewood will be situated on 1.2 acres near the Grady/Children’s Hospital Medical Complex and the new Sweet Auburn Curb Market streetcar station. The 144-unit, 254-bed community is designed to appeal to GSU students, as well as medical interns, nurses and doctors. The property’s amenity package will include a clubhouse, fitness center, meeting/study areas, central courtyard, 110 parking spaces and 12,000 square feet of commercial space. Sanctuary Residential plans to deliver 200 Edgewood by July 2016. The design team includes architect Gary Coursey & Associates, engineer Eberly & Associates and general contractor Shell McElroy. Asset Campus Housing will manage the property upon completion.

June 15, 2015

Florida Loans Multifamily Southeast

New York Life Provides $41M Acquisition Loan for Apartment Community in Broward County

by John Nelson June 15, 2015

PEMBROKE PINES, FLA. — New York Life Real Estate Investors has originated a $41 million acquisition loan for Phase II of Modera Pembroke Pines, a 278-unit Class A apartment community in Pembroke Pines, a town in Broward County. The loan is co-terminus with the Phase I financing that New York Life Insurance Co. provided in fall 2014. HFF’s Miami office arranged the financing on behalf of the borrower, New York-based AVR Realty Co.

June 15, 2015

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