MIAMI — Marcus & Millichap has brokered the sale of ZP Apartments, an 89-unit multifamily community at 5610 N. Miami Ave. in Miami. An undisclosed buyer purchased the asset for approximately $4.4 million. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a local private investor, in the transaction.
Southeast
AUGUSTA, GA. — Cassidy Turley has arranged the sale of Daniel Village, a 172,438-square-foot, grocery-anchored shopping center in Augusta, on behalf of the seller, Equity One. B&C Southeast LLC purchased the property for an undisclosed price. Bi-Lo anchors the center, and its other tenants include Rite Aid, Wells Fargo, Rent-A-Center and The UPS Store. Drew Fleming and Mark Joines of Cassidy Turley represented Equity One in the transaction.
MIAMI — CBRE’s debt and structured finance group has arranged a $6 million loan to recapitalize Capital Lofts, a 16-story loft-style condominium project at 117 N.E. 1st Ave. in Miami. CBRE arranged the two-year, floating rate loan through Doral Bank on behalf of the borrower, Coast Capital Partners. The borrower will use the loan to buy out an investment partner and complete the sell-off of the remaining 46 units in the project. The landmark condominium property is listed on the National Register of Historic Places. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the loan.
CASSELBERRY, FLA. — Cortland Partners has entered the metro Orlando market with the $40 million purchase of Harbor at Lake Howell, a 408-unit garden-style apartment market in Casselberry. Cortland purchased the asset from Casselberry Harbor Investors Inc. Atlanta-based Cortland owns roughly 19,000 units, located primarily in the Southeast and Texas.
RALEIGH, N.C. — Passco Cos. LLC has acquired Carrington at Brier Creek, a 270-unit luxury apartment community in Raleigh, for $37.3 million. The seller, The Connor Group, purchased the property in 2007 for $34.9 million. Passco Cos. plans to improve the community with the additions of a cyber-lounge and pet spa, as well as an upgraded fitness center and model unit. The transaction is the third multifamily acquisition in the Raleigh-Durham area during the past nine months.
WETUMPKA, ALA. — Hendricks-Berkadia has brokered the $14.4 million sale of Chapel Lakes, a 152-unit apartment in Wetumpka, just north of Montgomery. David Etchison and David Oakley of Hendricks-Berkadia represented the seller, Birmingham-based EBSCO Chapel Lakes LLC, in the transaction. The buyer, Chapel Lakes LLC, assumed an existing Fannie Mae loan and plans to develop an apartment development on adjacent land that it purchased in a separate transaction.
SPARTANBURG, S.C. — Capstone Apartment Partners has arranged the $3.1 million sale of Hillcrest Townhomes, a 138-unit multifamily community in Spartanburg. Atlanta-based Greenleaf Capital purchased the property, which was built in 1973, from Windmill Investments. The property was 88 percent occupied at the time of the sale. Alex McDermott and Austin Green of Capstone Apartment Partners represented the seller in the transaction.
HOLIDAY, FLA. — Franklin Street Real Estate Services has arranged the $2.6 million sale of a CVS/pharmacy, located at 2513 U.S. Highway 19 in Holiday. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller, Holiday Sun Properties, a limited liability partnership based in southeast Florida. The buyer is a South American fund.
Nashville’s commercial real estate market accelerated in 2013 as both lease and sales activity reached pre-recessionary levels. A number of new development projects were announced to account for the tightening vacancy as Nashville’s economy progressed with lower unemployment than the U.S. average. It was a big year all around in 2013 as Nashville was nationally praised for its fast-growing suburbs, new businesses and careers and the much hyped up-and-coming culinary scene. Furthermore, Nashville made a solid case for its newest accolade as one of the ‘Top Markets to Watch’, by the Urban Land Institute. The city’s economy proved to be resilient and competitive with low unemployment and new businesses entering the market. November 2013 recorded 5.8 percent unemployment in Davidson County, 1.2 percent less than the national average. Low Vacancy Nashville retail is currently experiencing its lowest vacancy in years. At the end of 2013, the overall vacancy rate dropped to 7.8 percent, down from last year’s year-end vacancy rate of 8.3 percent. At the peak of the recession in 2010, Nashville recorded a retail vacancy rate of 10 percent. The recent improvement trend over the past two years is a result of the city’s low unemployment numbers and business-friendly …
NEW YORK — American Realty Capital Hospitality Trust Inc. has acquired interests in six hotels in the Southeast and Northeast for a total investment of $106.5 million. The real estate investment trust (REIT) purchased fee simple interests in the Courtyard Inner Harbor Hotel in Baltimore; the Courtyard Providence Downtown Hotel in Providence, R.I.; and the Homewood Suites in Stratford, Conn. ARC Hospitality also purchased a leasehold interest in the Georgia Tech Hotel & Conference Center in Atlanta’s Midtown neighborhood. Additionally, ARC Hospitality purchased joint venture interests in the Hilton Garden Inn in Blacksburg, Va., and the Westin Virginia Beach Town Center in Virginia Beach, Va. Combined, the six hotels total 1,181 rooms and about 38,960 square feet of meeting space. American Realty Capital Hospitality Properties LLC and Crestline Hotels & Resorts LLC, which is ARC Hospitality’s property manager, manage the six hotels.