ANDERSON, S.C. — Multi Housing Advisors (MHA) has arranged the $18.5 million sale of Walden Oaks, a 240-unit apartment community in Anderson. Jordan McCarley and Marc Robinson of MHA represented the seller, Hathaway Development Partners, and were the only brokers in the transaction. Chartwell Holdings purchased the community, which was built in 2007.
Southeast
ATLANTA — The RADCO Cos., an Atlanta-based investor of distressed multifamily assets, has acquired Defoors Ferry West, a 297-unit apartment community in Atlanta, for $16 million. The distressed apartment community is located at 2788 Defoors Ferry Road in Atlanta’s West Midtown neighborhood. The property contains 48 two-bedroom/two-bath units, and the remaining apartments are all two- and three-bedroom townhomes. The community was 99 percent occupied at the time of sale, excluding 10 down units that are being restored as part of the contract. RADCO financed the acquisition through both bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions. The firm’s current multifamily portfolio consists of 5,700 units in Georgia, Illinois, Indiana and Oklahoma.
SPARTANBURG, S.C. — Terra Capital Partners LLC has closed a five-year, $3 million mezzanine loan as part of a $17 million recapitalization of the Marriott Hotel & Conference Center in Spartanburg. Natixis Real Estate Capital provided the new $14 million first mortgage. The hotel is a nine-story, 247-room property located at 299 Church St. in downtown Spartanburg. Peter Berk of PMZ Realty Capital arranged the loan on behalf of the borrower, a partnership between Southern Hospitality Group and Jimmy Gibbs of Gibbs International. Winegardner & Hammons manages the hotel.
WASHINGTON, D.C. — Aria Development Group has wrapped up the $6 million renovation of The Alden, a multifamily community located in Washington, D.C.’s Columbia Heights neighborhood. The Alden has begun its lease-up period with monthly rents for market-rate units starting at $1,950. The Alden is located at 2620 13th St. N.W. and is listed on the National Register of Historic Places. United Bank provided construction financing for the project, which involved construction manager Blaco Construction, interior designer Aline Trindade, landscape architect Fritz & Gignoux, furniture provider Foundry, the DC Historic Preservation Office, the US National Parks Service and Traceries, an architectural history and historic preservation consulting firm. Aria Development Group paid $5 million to acquire the property in 2012.
ABERDEEN, MD. — Home2 Suites by Hilton has opened its third hotel in the Baltimore area, Home2 Suites by Hilton Baltimore/Aberdeen. The hotel is the brand’s 29th property and its second LEED Silver certified hotel. The five-story, 107-suite property features an indoor saline pool and gas grills for guest use. The hotel is also pet-friendly. Aberdeen Hotels Partners LLC owns the hotel and Cherry Cove Hospitality manages the asset.
ALPHARETTA, GA. — Bull Realty has arranged the $3.8 million sale of Ellard Mercantile Exchange, a 33,461-square-foot shopping center located at 8470 Holcomb Bridge Road in Alpharetta, a northern suburb of Atlanta. The shopping center was 93 percent leased at the time of sale to Quest Women’s Health and Fitness Center, Josephine’s Antiques, Victoria’s Closet, Durden-Jones Furniture and Elle Couture. Darrell Chapman of Bull Realty represented the seller, New York City-based Northlight Investment Partners, in the transaction. Alpharetta-based QS America Real Estate purchased the property. Fergal Brady of Wells Fargo arranged acquisition financing.
FORT LAUDERDALE, FLA. — Berger Commercial Realty has arranged the $1.2 million sale of a 17,800-square-foot industrial property, located at 840 N.W. 57th Place in Fort Lauderdale. The property features 18-foot clear ceiling heights, three docks, a drive-in ramp door and a fenced side yard. A marine engineering company will be the tenant at the property. St. George Guardabassi represented the seller, Baer Investment Management, in the transaction. The buyer was Mareleng Inc.
ORLANDO, FLA. — Jones Lang LaSalle has arranged a 15,559-square-foot lease at The Exchange, a 87,952-square-foot office building located at 101 S. Garland Ave. in downtown Orlando’s Church Street District. Technology firm PlanSource signed the lease to bring its headquarters to the property. Aaron Gray of Jones Lang LaSalle represented The Exchange’s ownership, Boston-based Tremont Realty Capital, in the lease transaction. Jason Schrago of CNL represented the tenant.
ROSWELL, GA. — Greystone has closed a $60.5 million bridge loan for a 664-unit multifamily community in Roswell, a northern suburb of Atlanta. Greystone is a New York-based provider of multifamily and healthcare loans. “We are grateful to have had the opportunity to perform for the borrower and the correspondent on this transaction,” says Martin Lanigan, head of Greystone’s portfolio lending group. “As we knew from the beginning, time was of the essence and we were able to get the execution done in a very efficient manner.”
HARRISONBURG, EMPORIA AND SOUTH HILL, VA. — American Hotel Income Properties REIT LP, a Toronto-based hospitality REIT, has acquired a portfolio of four hotels in Virginia for $37.1 million. The REIT plans to invest about $6 million in capital improvements for the hotels, including furniture upgrades, fixture replacements and equipment improvements. The hotels total 403 rooms and are located in Harrisonburg, Emporia and South Hill. The properties include Hampton Inn University and Hampton Inn South in Harrisonburg, Hampton Inn in Emporia and Fairfield Inn & Suites in South Hill. The average daily rate (ADR) for the hotels in 2013 was $92.21 and the revenue per available room (RevPAR) was $67.86.