ATLANTA — HFF has arranged the sale of Virginia Highlands, a 270-unit apartment community located at 609 Virginia Ave. in Atlanta’s Virginia Highland district. TA Associates Realty purchased the apartment community for $41 million free and clear of debt. The apartment community has frontage along Atlanta’s Beltline and is close proximity to Piedmont Park and the upcoming Ponce City Market retail development. Jason Nettles and Megan Thompson of HFF represented the seller, Fairfield Residential, in the transaction.
Southeast
ATLANTA — Atlanta-based RCG Ventures has purchased three shopping centers in North Carolina and Mississippi. The properties include Willowdaile Shopping Center in Durham, N.C., Forest Hills Centre in Wilson, N.C., and Greenville South in Greenville, Miss. Willowdaile Shopping Center is a 93,217-square-foot center located at the corner of Guess and Horton roads. Its tenants include Ollie’s Bargain Outlet, Dollar Tree and Starbucks Coffee. CBRE’s Charlotte office represented the seller, a public REIT, in the transaction. Forest Hills Centre is a 73,102-square-foot center anchored by Big Lots and Rent-A-Center. CBRE’s Charlotte office also represented the seller, a public REIT, in this transaction. Greenville South is a 125,211-square-foot shopping center just south of Highway 82. Kroger anchors the center. RCG Ventures purchased the center directly from the lender, which had previously foreclosed on the asset.
CHAPEL HILL, N.C. — NorthMarq Capital has arranged $28.9 million in acquisition financing for Foxcroft Apartments, a 248-unit community located at 545 Ashley Court in Chapel Hill. Brett Mason of NorthMarq Capital’s Raleigh, N.C., office arranged the three-year, interest-only loan through Latitude Management Real Estate Investors on behalf of the borrower, Eller Capital Partners.
JACKSON, MISS. — Meridian Capital Group LLC has arranged $13.5 million in acquisition financing for The Park at Moss Creek Apartments, located at 5000 Ridgewood Road in Jackson. Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the seven-year loan fixed at a 4.55 percent interest rate. An agency lender provided the loan.
WASHINGTON, D.C. — Marcus & Millichap has arranged the sale of The Gibson building, a 2,780-square-foot retail property located at 2009 14th St. N.W. in Washington, D.C. The property sold for nearly $2 million. The Gibson, a speakeasy style bar, is the sole tenant of the property. Josh Feldman and Nathan Pealer of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. Feldman and Pealer also secured and represented the buyer, 2009 Bond St Equities LLC.
NASHVILLE, TENN. — The Connor Group has entered the Nashville market with the $60.5 million purchase of Ashton Brook, a 390-unit, Class A apartment community located in the Cool Springs submarket of Franklin, a suburb of Nashville. The acquisition has the second highest purchase price in The Connor Group’s history. The gated apartment community features resort-style pools, a fitness center, tennis courts, a pet park and garages. The Connor Group purchased Ashton Brook from Alara Franklin Corp.
SUNNY ISLES BEACH, FLA. — J. Milton & Associates, a Miami-based real estate development firm, plans to break ground on a luxury multifamily community in Sunny Isles Beach in spring 2014. The Parque Towers at St. Tropez will feature concierge services, car wash and detailing services in the parking garage, private cinema, performance theater and a private beach club. Residents will also be able to rent out guest suites on the premises. Other features include a public park, family picnic area, cascading water wall, interactive water feature for children, butterfly garden and an outdoor plaza.
ORLANDO, FLA. — Orlando-based NAI Realvest has closed the $24 million sale of an industrial portfolio totaling more than 525,000 square feet. The properties are located in Orange and Seminole counties in Florida. The industrial facilities include Monroe CommerCenter North and Monroe CommerCenter South in Sanford, Hanging Moss CommerCenter in Orlando and Goldenrod CommerCenter in east Orlando. George Livingston, Christie Alexander, Drew Saphos, Paul Vera and Michael Heidrich of NAI Realvest handled the transaction. NAI Realvest will continue to serve as property manager for the new owners. A joint venture between Chicago-based Blue Vista Capital Partners and Baltimore-based Rio Hondo Capital Partners purchased the facilities from Cornerstone Core Properties REIT.
UPPER MARLBORO, MD. — Greysteel has brokered the sale of Largo Center Apartments, a 100-unit apartment community located in Upper Marlboro, part of metro Washington, D.C. The transit-oriented, affordable apartment community is located at 520 Largo Center Drive, within walking distance to Largo Town Center Metro Station and Boulevard at Capital Center. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented the sellers, Boston Capital and Humphrey-Stavrou Associates Inc., in the transaction. Beachwold Residential purchased the Largo Center Apartments.
KISSIMMEE, FLA. — Aztec Group Inc. has arranged a $10 million refinancing loan for The Park at Sorrento, a recently renovated, 208-unit apartment community located in Kissimmee. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan on behalf of the borrower, a partnership between affiliates of Miami-based Mayan Properties and Tampa-based Blue Rock Partners. The apartment community recently underwent a $2.5 million renovation program to all of its unit interiors, common areas, exteriors and grounds.