ORLANDO, FLA. — CBRE has arranged the $31.5 million sale of Falcon Pines, a 300-unit apartment community located in Orlando. The gated apartment community is located at 10200 Falcon Pines Blvd. in the East Orlando submarket. The community was 92 percent occupied at the time of sale. The property features a resort-style swimming pool, fitness center, business center, dog park, playground and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, an unnamed institutional group, in the transaction. The buyer, Atlanta-based Carroll Organization, will renovate the property to boost the property’s rental rates, according to CBRE.
Southeast
CORNELIUS, N.C. — Antiquity, a master-planned community located 20 miles north of Charlotte in downtown Cornelius, will develop a new 53,000-square-foot Harris Teeter grocery store with a drive-thru pharmacy. Cam Finley of Venture Properties, developer of Antiquity, expects to break ground on Harris Teeter in April 2014 and deliver it in the first quarter of 2015. Will Whitely and Paula Sanders of New South Properties are the exclusive leasing agent for Antiquity.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of the Brightwood Portfolio, three walk-up apartment communities in Washington, D.C. The 130-unit portfolio includes the Concord, Valencia and the Vizcaya. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Bernstein Management Corp., in the transaction. The buyer, The Hampstead Cos., purchased the properties in partnership with NixDevCo and the portfolio's tenant association. Citi Bank, Affordable Investment Advisors and Local Initiatives Support Corp. provided bridge financing on behalf of the buyer.
KENNESAW, GA. — HFF has closed the sale of West 22, a 245-unit, 850-bed student housing community serving Kennesaw State University students in Kennesaw, a northern suburb of Atlanta. HFF also arranged acquisition financing for the buyer, Austin, Texas-based Campus Advantage. West 22 is located at 3615 Cherokee St., approximately 1.7 miles from the campus and less than one mile from Interstate 75 northwest of downtown Atlanta. Completed in 2013, the property includes a mixture of cottages, manor houses and flats averaging 1,356 square feet each. West 22's amenities include a two-story fitness center, clubhouse, resort-style pool, amphitheater, sports and recreation field, half-mile fitness trail, sand volleyball court, basketball court, study rooms, Internet café and shuttle service to and from campus. The property is 98 percent leased for the 2013/2014 academic year. Troy Manson and Brian Kelly of HFF represented the seller, a joint venture between South City Partners and The Carlyle Group, in the transaction. Adam Herrin, Eric Tupler and Gregg Shapiro of HFF secured the 10-year, fixed-rate acquisition loan through M&T Bank.
MONTGOMERY, ALA. — Eastern Union Funding has arranged a $10.8 million acquisition loan for Eagle Landing, a 392-unit apartment community in Montgomery. Michael Muller and Ira Zlotowitz of Eastern Union originated the three-year loan. The property was partially renovated during the past two years. Eagle Landing is located at 5800 Eagle Circle.
DADE CITY, FLA. — Cushman & Wakefield has arranged $9.2 million in acquisition loan for Sweetwater Apartment Homes, a 172-unit community located in Dade City. The apartment community was 96 percent leased at the time of sale. Sweetwater Apartment Homes features a swimming pool, tanning lounge, fitness center, grill stations, business center and a playground. Mike Ryan, Will Killgore and Jeff Walker of Cushman & Wakefield's Atlanta office arranged the loan through Goldman Sachs on behalf of the buyer, New York-based Beachwold Residential. Byron Moger and Luis Elorza of Cushman & Wakefield also represented the seller, Wells Fargo, in the transaction.
CHARLOTTE, N.C. — Charter Properties Inc. has sold three multifamily communities totaling more than 800 units to Centennial Holding Co. for $96 million. Atlanta-based Centennial acquired Long Creek Club ($35.8 million) and Longview ($32.2 million) in Charlotte's Northlake submarket, along with The Paddock at Springfield ($28 million) in Fort Mill. The company has renamed the Northlake properties as Century Northlake and rebranded The Paddock at Springfield as Century Springfield Meadows. Charter sold the complexes because the company is developing three new properties in Charlotte, Fort Mill and Mooresville. Phil Brosseau, vice president of investment properties of CBRE Group Inc.'s Carolinas multi-housing group, represented Charter in the transaction.
MIAMI BEACH, FLA. — Courtyard Cadillac Miami Beach Oceanfront, a boutique hotel in Miami Beach, is set to debut its new 93-guestroom, oceanfront tower. The 356-room hotel has recently undergone a $25 million restoration, which includes the addition of the LEED certified tower, a new oceanfront salt water pool, fitness center, updated lobby, 5,803 square feet of indoor/outdoor meeting space, renovated restaurant/bar and new poolside cabanas. Courtyard Cadillac Miami Beach Oceanfront is a Courtyard by Marriott hotel and Hersha Hospitality Trust, a hotel REIT, is the hotel’s owner and operator.
ATLANTA — The Shoptaw Group, along with its capital advisor Patterson Real Estate Advisory Group, has arranged two loans totaling $37.2 million for the refinancing of two multifamily properties in metro Atlanta. The apartment communities in the transaction are Cypress Point, a 306-unit, Class A multifamily property in Alpharetta, and Uptown Buckhead, a 216-unit, Class A community in Atlanta’s Buckhead submarket. Shoptaw arranged the loans through MetLife Real Estate Investors.
PEACHTREE CITY, GA. — Somerby of Peachtree City, a $16 million seniors rental community, has opened in Peachtree City. Phase I of the facility includes 72 assisted living units and 24 memory care units. The upscale community includes a Wellness Your Way Clinic, which is staffed by Agape Senior Primary Care physicians. The community features amenities such as a fitness center, restaurant, bistro and café, library with a computer center and a theater. Somerby Senior Living, a division of Birmingham, Ala.-based Dominion Partners, is the project developer. Chicago-based Harrison Street Capital is Somerby’s equity partner in the project. The project team includes architect Trammell + Rubio LLC, general contractor Hardin, construction manager Maxus Construction and civil engineer/landscape architect Eberly & Associates.