ATLANTA — Developer Greystar Real Estate Partners has begun pre-leasing the 259-unit Elan Westside, a 19-story multifamily property located at the corner of Howell Mill Road and 14th Street in Atlanta's Midtown submarket. Elan Westside will offer 19 floor plans, including studio, one- and two-bedroom apartments ranging from 611 to 1,600 square feet. Rents will start at approximately $1,100 a month. Amenities will include a fitness center with virtual trainers, saltwater pool, entertainment lounge and clubhouse with a bar and cyber cafe. The property is slated for a March 2014 completion.
Southeast
WASHINGTON, D.C. — A joint venture between Somerset Development Co. and National Housing Trust-Enterprise Preservation Corp. has acquired Channel Square Apartments, a 223-unit community in Washington, D.C. The apartment community is located at 325 P St. S.W., across the street from Fort McNair and less than one mile from Nationals Stadium. Jonathan Rose Cos. and the Rose Green Cities Fund (Jonathan Rose Cos.’ investment fund with Citi Community Capital) have invested in the joint venture to redevelop the mixed-income community. Citi Community Capital provided the $24.6 million first mortgage loan, and an application for additional financing has been submitted to the D.C. Department of Housing and Community Development. The four-acre property was purchased in collaboration with the 325 P Street S.W. Tenants' Association through the Tenant Opportunity to Purchase Act (TOPA), which provides District of Columbia tenants the ability to purchase their building if it is offered for sale by the owner. With assistance from Housing Counseling Services and pro-bono counsel provided by Arnold & Porter LLP and Skadden, Arps, Slate, Meagher & Flom LLP, the tenants' association selected Somerset and NHT/Enterprise as the developer/owner through a bid process in February 2013. The development team will create a redevelopment plan …
FRANKLIN, TENN. — Spectrum | Emery has topped off the first office tower in Franklin Park, a mixed-use corporate complex in the Cool Springs area of Franklin. The building, known as One Franklin Park, is a 10-story, 272,720-square-foot, Class A office tower that is expected to open in September 2014. Franklin Park is a 72-acre development that will feature five Class A office towers, a 350-unit multifamily community and more than 12 acres of greenspace. The $10 million greenspace will feature an outdoor amphitheater, waterways, ponds, walking paths and open fields. One Franklin Park will feature a covered parking garage with covered walkways leading to the entrance of the building. The project team for One Franklin Park includes general contractor Bell and Associates, based in Brentwood, Tenn., and architect Duda Paine, based in Durham, N.C.
MIAMI — Berkowitz Development Group Inc. has secured refinancing of a $45 million loan on Kendallgate Shopping Center, a 194,624-square-foot shopping center in Miami. The asset is located at 11910 S.W. 88th St. and includes tenants such as DSW, Bed Bath & Beyond, Petco, Ulta Beauty, Chili’s, Macaroni Grill and Sports Authority. Berkowitz Development place the 10-year loan with a fixed interest rate through PNC Bank.
WASHINGTON, D.C. — Beech Street Capital has provided $21.3 million in Freddie Mac CME loans to refinance a portfolio of two apartment complexes in northeast Washington, D.C. The apartment complexes, Fort Lincoln Senior Village I & II, total 363 units. Adam Bieber of Beech Street originated the 10-year loans on behalf of the borrowers, Fort Lincoln Senior Village No. 1 Associates and Fort Lincoln Senior Village No. 2 Associates. The loans have 10 years of interest only payments and were originated with a fixed interest rate.
ORLANDO, FLA. — Colliers International has arranged the $10.2 million sale of Parkwood Plaza, a 148,232-square-foot, grocery-anchored shopping center in Orlando. The retail center is locate at 3191 W. Colonial Drive. The sale includes an additional 12.9 acres of undeveloped land zoned for commercial use. Winn Dixie anchors Parkwood Plaza, and Bank of America, McDonald’s, Valvoline and a KFC/Taco Bell are all outparcel retailers. Cynthia Shelton and Kane Morris-Webster represented the seller in the transaction. The buyer was Highyon Assets Corp.
WESTLAKE, OHIO — TravelCenters of America LLC has acquired 31 convenience stores with retail gas stations for $67.9 million. TravelCenters plans to operate the stores under the brand name of Minit Mart. Three of the stores are located in Tennessee and 28 are located in Kentucky. Four of the properties are leaseholds and the other 27 include the ownership of the land and the buildings.
MIAMI — Hersha Hospitality Trust, an owner of upscale hotels in gateway markets, has entered into a definitive purchase agreement for two Marriott Autograph Collection hotels in Miami’s South Beach submarket. Hersha will purchase the hotels, which total 145 rooms, for approximately $51 million. The two hotels include the 75-room Blue Moon Hotel and the 70-room Winter Haven Hotel. After closing, Hersha will manage the two hotels, which recently underwent renovations totaling $9 million.
WILMINGTON, N.C. — Progress Student Living has begun developing Progress910, a luxury student housing community near the University of North Carolina Wilmington (UNCW). The project is situated on 16 acres at 316 Marlboro St., approximately one mile west of the main entrance to the UNCW campus. The 168-unit Progress910 will contain 528 beds. The project will also include a resort-style pool with cabanas, 24-hour fitness center, outdoor patio with barbecue grills, sand volleyball court and cyber cafe, along with an activity room that will feature billiards and ping-pong tables. Rental rates range from $565 per month for a one-bedroom/one-bath suite in a four-bedroom/four-bath unit to $745 per month for a one-bedroom/one-bath suite in a two-bedroom/two-bath suite. The development is slated for a summer 2014 completion, with leasing already underway for the fall 2014 semester. American Campus Communities will serve as the property manager. Progress910 is the third project built by the partners of Progress Student Living, a San Francisco-based real estate development company, and Myrtle Beach, S.C.-based Progress Builders, a general contractor and developer that specializes in multifamily properties.
RICHMOND, VA. — Manekin LLC, a commercial real estate investment and development company based in Columbia, Md., has acquired a three-building, 617,232-square-foot distribution portfolio in Richmond’s airport submarket for $19.7 million from an institutional owner. The buildings, which are part of the Interport Business Center, are 60 percent leased. The buildings feature 18- to 27-foot clear ceiling heights, 83 rear-loading docks and nine drive-in docks. Dan Freedman and Chris Beck of Draper and Kramer’s Chicago office arranged financing through the American National Life Insurance Co. of Texas.