Southeast

LAWRENCEVILLE, GA. — The RADCO Cos. has sold Ashford Way, a 98-unit apartment property in the Atlanta suburb of Lawrenceville, for $5 million. KENCO Apartment Communities purchased the asset for approximately $51,02 per unit. The community features one- and two-bedroom floor plans averaging 752 square feet. ARA brokered the transaction. RADCO originally purchased the asset in December 2012 out of receivership for $29,000 per unit. After implementing a $1 million capital improvement plan, RADCO raised the occupancy rate from 71 percent to 97 percent.

FORT LAUDERDALE, FLA. — Stiles Residential Group and The Rockefeller Group have begun construction on a new 254-unit high-rise apartment building. The property, located at 215 S.E. 8th Ave., will be the first luxury high-rise apartment building in Fort Lauderdale. In addition to views of downtown Fort Lauderdale and the Atlantic Ocean, the new property will feature a fitness facility, a bar and entertainment kitchen, elevated pool deck with cabanas, grill area, hot tub, pet spa, dog park and a limited number of private garages. Units at the property will range from one- to three-bedroom floor plans spanning from 750 to 2,450 square feet. Construction is slated to wrap up in December 2015.

GAINESVILLE, FLA. — CA Student Living has broken ground on NEXT LEVEL GAINESVILLE with joint venture partner Fields Holdings near the University of Florida. The property will contain approximately 170 apartments and about 600 bedrooms. NEXT LEVEL will be a heavily amentized, urban-infill project with a podium-level swimming pool, hot tub, fitness and tanning facilities and both private and group study lounges. The fully furnished apartments will feature modern, open floor plans, stainless steel appliances, quartz countertops, European cabinetry, flat-screen televisions and closet organizers. Holchauser Blatter Architects of Santa Barbara, California designed the property. The general contractor, Beal Derkenne Construction (BDC), has built numerous projects for CA Student Living, including NEXT LEVEL TUCSON, opening in August near the University of Arizona.

TALLAHASSEE, FLA. — Parkland Development Corp. has opened Forum at Tallahassee, a 785-bed luxury student housing community designed by Forum Architects near Florida State University. Forum at Tallahassee’s amenities include an 11,000-square-foot outdoor pool deck and recreation area that features a beach entry pool, gas grills, a large spa and cabana lounges. The community’s clubhouse incorporates indoor basketball and volleyball courts with bleacher seating, a two-story fitness center with TechnoGym equipment, yoga room and three tanning beds. In addition, students have access to a full-service concierge desk, high-tech business center with Macs and PCs, multiple study rooms, complimentary high-speed internet, a Wii gaming room with dual life-size screens, coffee lounge, media center and a pet park with pet washing stations. The fully gated community offers elevator access to one-, two-, and four-bedroom floor plans. Unit interiors include granite countertops, 42-inch upper cabinets, nine-foot ceilings, crown molding, stainless steel appliances and wood-grain plank-style flooring. In addition, apartment homes include 50-inch flat screen TV’s, in-unit laundry rooms with full-size washer and dryers, and covered patios and walk-in closets in select units. Greystar manages the community and offers roommate matching.

ATLANTA — Simon Property Group plans to add luxury residences to Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district. Simon will team with Columbus Realty Partners Ltd. to develop the 319-unit mid-rise property, which will be named Domain at Phipps Plaza. The community’s amenity package will include a yoga court, outdoor pool, health club, dog park and a rooftop terrace with a resident lounge. Construction will begin on the property in September and wrap up in fall 2015. Dallas-based JHP Architecture/Urban Design will serve as the architect for the project.