CHATTANOOGA, TENN. — Steadfast Income REIT Inc. has purchased Reserve at Creekside Village, a 192-unit apartment community in Chattanooga. The apartment property, built in 2004, was 91 percent occupied at the time of the sale. The one-, two- and three-bedroom units average 1,100 square feet and rent for an average $965 per month. The community’s amenity package includes a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue grilling areas. The asset is Steadfast’s first acquisition in Chattanooga and its fourth in Tennessee. The transaction, along with the REIT’s purchase of an apartment community in Dallas, totaled $42 million.
Southeast
LOUISVILLE, KY. — Marcus & Millichap has arranged the $2.3 million sale of Crawford Crossing, a 30-unit apartment community at 6800 Crawford Crossing in Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller, a local developer, in the transaction.
ATLANTA — Buchanan Street Partners has provided a $72 million loan secured by Campanile, a 20-story, Class A office tower in Atlanta’s Midtown neighborhood. The 445,280-square-foot tower is the former headquarters for Bell South and was 50 percent leased at the time of the closing. The office tower is located at the intersection of 14th and Peachtree streets. Buchanan Street Partners provided the loan to building owner Dewberry Capital, which has owned the property since 2010. The transaction is Buchanan’s second loan to Dewberry in the past six months.
ATLANTA — Terwilliger Pappas Multifamily Partners has broken ground on Solis Downwood, a $50 million, 280-unit apartment building in Atlanta’s Buckhead neighborhood. The property is located on Downwood Circle between Northside Parkway and Howell Mill Road. The development will feature a rooftop terrace, central courtyard, saltwater pool, parking deck, cyber café, game room and pet park. Solis Downwood is Terwilliger Pappas’ first community in the Atlanta area. The project team includes architect Cooper Cary and general contractor Brasfield & Gorrie.
BALTIMORE — Cassidy Turley has arranged approximately $48.8 million in financing for One East Pratt Street, a 355,779-square-foot, Class A office building in Baltimore’s central business district. The office building was 71 percent leased at the time of the transaction to tenants such as PNC Bank, KPMG, Verizon Wireless and Merrill Lynch. The ground-floor tenants include Sullivan’s Steakhouse, Kona Grill and Nature’s Table. John Campanella and Paul Spellman of Cassidy Turley arranged the permanent financing through a bank on behalf of the borrower, Emmes Asset Management Co. LLC.
HOOVER, ALA. — Q10 | Professional Mortgage Co. has arranged financing for a 50,560-square-foot CarMax store, located at 2969 John Hawkins Parkway in Hoover. Bryson Thomason of Q10 arranged the $8.4 million, fixed-rate loan.
EFFINGHAM, S.C. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding Dollar General in Effingham. The 9,002-square-foot store sold for approximately $1.2 million. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the seller, a private, South Carolina-based developer and investor. The buyer, a private individual from Florida, purchased the asset in a 1031 tax-deferred exchange.
GAINESVILLE, FLA. — Skanska has signed a contract to expand the UF Shands Cardiovascular/Neuroscience Hospital in Gainesville. The contract is valued at $225 million. The approximately 516,668-square-foot addition will constructed adjacent to the UF Health/Shands Cancer Hospital, which Skanska constructed in 2009. Construction on the expansion will begin either in the fall or winter of this year and wrap up in the fall of 2017.
NASHVILLE, TENN. — Sterling American Property Inc. has sold Service Source Tower, a 20-story, 266,000-square-foot office tower in downtown Nashville, for a reported $34 million. The property is located at the crossroads of 4th and Church streets. The buyer was Boston-based Albany Road Real Estate Partners. The seller recently completed a multi-million dollar renovation of the tower, including replacing the building’s mechanical systems. The property was 99 percent leased at the time of the sale to anchor tenant Service Source, as well as CapStar Bank, Kermit Stengel Co. and Andrew Byrd & Co. The building’s management and leasing agent is Rob Lowe of Cassidy Turley.
WASHINGTON, D.C. — Community of Hope has opened its new 50,000-square-foot, $26 million health center at 4 Atlantic St. S.W. in Washington, D.C.’s Ward 8 neighborhood. The property, known as the Conway Health and Resource Center, will feature 20 medical exam rooms, 11 dental chairs, six rooms for behavioral health and a large education room. The center received the majority of its funding from the local and federal governments. Architecture and design firm Perkins + Will designed the property.