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DevelopmentMultifamilyNorth CarolinaSoutheast

McShane Construction Delivers 397-Unit Apartment Community in Charlotte

by John Nelson

CHARLOTTE, N.C. — McShane Construction Co., working on behalf of developer Flournoy Development Group, has completed Ellison Mallard Creek, a 397-unit apartment community located at 930 W. Mallard Creek Church Road in Charlotte. Situated on 24.6 acres, the wood-frame property features five apartment buildings and 10 townhome-style buildings that house one-, two- and three-bedroom units. Additionally, 10 units come with a downstairs workspace that allows residents to have an office or small storefront. Monthly rental rates range from $1,411 to $2,800, according to Apartments.com. Designed by Dynamik Design, amenities at Ellison Mallard Creek include a resident lounge with gaming and entertainment areas, a fitness and wellness center, coworking lounge, hobby and art studio, market, heated resort-style pool, courtyards with fire pits, green space, dog park, pet spa and electric vehicle charging stations. McShane Construction is currently building three other apartment communities on behalf of Flournoy.

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HospitalityLoansSouth CarolinaSoutheast

Cronheim Hotel Capital Arranges $23.6M Refinancing for Holiday Inn Resort in Surfside Beach, South Carolina

by John Nelson

SURFSIDE BEACH, S.C. — Cronheim Hotel Capital has arranged a $23.6 million loan for the refinancing of Holiday Inn Resort, a 206-room, beachfront hotel in Surfside Beach, a city in the Myrtle Beach metropolitan area. The borrowers, Innisfree Hotels and RREAF Holdings, purchased the 11-story property as an independent hotel in late 2023 and invested capital to convert the asset to a Holiday Inn Resort. The direct lender was an undisclosed regional bank. According to the property website, the hotel features an onsite restaurant, fitness center, pool and a kids splash pad.

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District of ColumbiaLeasing ActivityOfficeSoutheast

Marx Realty Signs 16,000 SF of Leases at The Herald Office Building in D.C.

by John Nelson

WASHINGTON, D.C. — Marx Realty has signed 16,000 square feet of new and expanded leases at The Herald, a 114,000-square-foot office building located at 1307 New York Ave. in Washington, D.C. The deals include two new leases: a 5,000-square-foot, eight-year lease with Auburn University’s non-partisan think tank McCrary Institute and a 3,200-square-foot, six-year deal with public policy strategy firm August Strategy Group. Additionally, an undisclosed government affairs agency has nearly doubled its footprint at The Herald, expanding by 7,800 square feet. The office building’s amenities include a rental 2023 Tesla Y car, 40-seat boardroom, café, lounge and a fitness center with boxing facilities, private workout rooms, Pelotons, Hydro rowers and a mirror fitness system.

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The investment sales panel at Interface Affordable Housing Southeast
AcquisitionsAffordable HousingConference CoverageFeaturesGeorgiaMultifamilySoutheast

InterFace Panel: Affordable Housing Investment Sales Faces Uncertain Future

by Channing Hamilton

ATLANTA — Affordable housing is facing a tumultuous second half of the year. Tariffs on building materials such as lumber, steel and aluminum are slowing development activity as they elevate construction costs. Investment sales are also likely to be impacted by unstable economic conditions in the affordable housing sector, where many transactions are conducted within a limited budget due to the nature of income restrictions for renters. Amid high costs and trade uncertainty, many investors are making the decision to stay on the sidelines or invest in markets with more stable conditions. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “The most experienced, best qualified buyers are being careful about what they purchase,” said Kyle Shoemaker, a managing director at Affordable Housing Investment Brokerage. The Downers Grove, Illinois-based company arranges acquisitions and dispositions of Section 8, Section 42, low-income housing tax credit (LIHTC) and tax credit housing.  “The affordable housing sector was heated in 2021,” Shoemaker continued. “At that point in time, we were getting more calls than ever from multifamily investors who were interested in entering the affordable …

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LoansMultifamilySoutheastVirginia

Berkadia Secures $129M Refinancing for Amberleigh Apartments in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. — Berkadia has secured $129 million for the refinancing of Amberleigh Apartments, a 752-unit multifamily community located in the Washington, D.C., suburb of Fairfax. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Natalie Hershey of Berkadia arranged the financing on behalf of the locally based borrower, Redbrick LMD, which comprised a $113.8 million Freddie Mac loan and a $15.6 million preferred equity investment from an undisclosed source.  Situated near the Dunn Loring-Merrifield Metro Station and adjacent to Inova Fairfax Hospital, Amberleigh Apartments features one-, two- and three-bedroom floorplans ranging in size from 861 square feet to 1,523 square feet, according to Apartments.com. Amenities at the property include a fitness center, sundeck, courtyard, swimming pool, clubhouse, conference room, playground and outdoor grilling stations and picnic areas.

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DevelopmentFloridaMixed-UseMultifamilyRetailSoutheast

Starlife Group Launches Vertical Construction for 14-Story Mixed-Use Development in Hollywood, Florida

by John Nelson

HOLLYWOOD, FLA. — Starlife Group has launched vertical construction on 21 Hollywood, a 14-story mixed-use development located in Hollywood. Designed by Miami-based architect Kobi Karp, the project will feature 200 apartments and 10,000 square feet of ground floor retail space. Starlife Builders, a subsidiary of Starlife Group, serves as 21 Hollywood’s general contractor. The project broke ground in December 2024 and completion is slated for late 2026/early 2027.  Amenities at the property will include a business center with 16-foot ceilings, coworking spaces, private conference room and a fitness center with a dedicated yoga and Pilates room. Additional offerings consist of a children’s play area, dog park and dog spa, dual cinemas and an 85-foot infinity pool that serves as the centerpiece of the outdoor space.  

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AcquisitionsDevelopmentFloridaOfficeSoutheast

Bradford Allen Acquires 18-Story Office Tower in Downtown West Palm Beach, Plans $10M Renovation

by John Nelson

WEST PALM BEACH, FLA. — Bradford Allen Investment Advisors has acquired One Clearlake, an 18-story office tower located at 250 S. Australian Ave. in downtown West Palm Beach. The Chicago-based buyer plans to invest $10 million to fully renovate the 221,661-square-foot property to include a new roof, updated elevator system and fitness center, reimagined tenant lounge and a newly constructed conference center. Additionally, Bradford Allen plans to build four move-in-ready spec suites on one floor that will be ready for delivery by the fourth quarter. Situated near South Florida’s Tri-Rail and Brightline rail services, One Clearlake was originally built in 1986 and is LEED Gold- and Energy Star-certified. Christian Lee, Amy Julian, Andrew Chilgren, Tom Rappa, Matthew Lee and Sean Kelly of CBRE’s National Office Partners of Florida represented the seller in the transaction. Bradford Allen will provide asset and property management services at the property, while Jon Blunk and Laurel Oswald of TCRE will handle leasing negotiations. The transaction marks Bradford Allen’s second office acquisition in South Florida following its purchase of 350 and 450 E. Las Olas Blvd. in Fort Lauderdale in February.

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AcquisitionsNorth CarolinaRetailSoutheast

Cushman & Wakefield Arranges $19.9M Sale of Carmel Village Shopping Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of Carmel Village, a 53,615-square-foot retail center located in Charlotte. Situated at 7510 Pineville-Matthews Road, the center was 91 percent leased at the time of sale to tenants including Bonefish Grill, Mathnasium, Eye Care Partners, Chick-O-Rice, NY Old School Bagels and QC Tea Bar. Margaret Jones, Lane Breedlove and Miguel Alcivar of Cushman & Wakefield represented the seller, Raptor Realty Investments, in the transaction. The buyer was not disclosed.  

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AcquisitionsKentuckySeniors HousingSoutheast

Blueprint Brokers Sale of 49-Unit Assisted Living Community in Richmond, Kentucky

by John Nelson

RICHMOND, KY. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 49-unit assisted living community located in Richmond, roughly 35 miles southeast of Lexington, Ky. A Midwest-based private equity group acquired the property, which was built in 2009, for an undisclosed price. Kyle Hallion, Connor Doherty and Ryan Kelly of Blueprint represented the seller, a New York-based owner-operator, in the transaction. Both parties requested anonymity.

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Market ReportsOfficeSoutheastSoutheast Market ReportsTennessee

Nashville’s Office Market Remains Attractive in Face of Workplace Changes

by John Nelson

Nashville’s office market is navigating a transformative period as the city evolves into a national powerhouse for commerce, culture and corporate investment. Fueled by continued population growth, economic diversification and a wave of new developments, Nashville remains an attractive and resilient market despite headwinds in the broader commercial real estate landscape. Economic trends Nashville’s economic landscape continues to shift in ways that support long-term office market vitality. Population growth: One of the fastest-growing cities in the United States, Nashville continues to benefit from a steady influx of new residents. The expanding talent pool is a major driver of office demand as companies look to establish or expand their footprint in a market rich in skilled labor and cultural vibrancy. Diversifying economy: While music and healthcare have long been economic cornerstones, the city is now seeing strong momentum in sectors like technology, finance, professional services and logistics. These industries bring high-paying jobs and are increasingly seeking high-quality office space that reflects their evolving workplace needs. Return-to-office strategies: Like many U.S. markets, Nashville has witnessed the rise of hybrid work models. However, rather than diminishing the importance of the office, this shift is redefining its role. Employers are focused on right-sizing their …

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