ATLANTA — Franklin Street Real Estate Services has arranged the approximately $2 million sale of Jackson Place Apartments, a 50-unit apartment complex in Commerce, to Archer Properties. The property, located at 122 Victoria Way, includes two bedroom and two bathroom units with individual HVAC systems. Archer Properties plans to make small capital improvements to the property, which was constructed in the late 90s. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller. The complex was fully occupied at the time of sale.
Southeast
WASHINGTON, D.C. — Calkain Urban Investment Advisors has arranged the sale of a net-lease investment property in Washington, D.C.’s DuPont Circle neighborhood. A private equity group acquired the 9,718-square-foot DuPont Circle Starbucks building for approximately $16.3 million. Rick Fernandez and David Sobelman of Calkain represented the seller, LaKritz/Alder Development, in the transaction. The property is fully leased.
RALEIGH, N.C. — Dominion Realty Partners LLC closed the $6.3 million purchase of the site for the $63 million Charter Square office building in downtown Raleigh office building. The 11-story high-rise office tower has begun vertical construction, which is slated for completion in 13 months. Dominion Realty purchased the site from the city of Raleigh. The 242,969-square-foot office building is pre-leased to HDR Engineers, CBRE, JDavis, Eschelon Hospitality and Dominion Realty Partners. The Class A office tower will also feature 9,000 square feet of ground-level retail space. A partnership between the buyer and Prudential Real Estate Investors capitalized the purchase with financing through Regions Bank. The design team for the office building, including architect JDavis Architects and general contractor Choate Construction, is hoping to achieve LEED Platinum certification. Law firms Ellis & Winters; Quarles & Brady LLP; and Lewis Roca Rothberger LLP provided legal counsel.
WASHINGTON, D.C. — The JCR Cos. has acquired two properties in Washington, D.C., and Alexandria, Va., totaling nearly 50,000 square feet. JCR purchased a vacant 26,347-square-foot office building, located at 950 N. Washington St. in Alexandria, for $4.5 million. JCR purchased the asset, which has been vacant since 2011, from the American Association of Physician Assistants. Cardinal Bank provided acquisition financing for the transaction. NAI KLNB represented JCR, and Avison Young represented the seller. Lancaster Architects is overseeing the design for the building’s renovation. JCR also purchased a retail condominium and a two-level commercial underground parking garage at The Metropole in Washington, D.C.’s Logan Circle neighborhood. The 23,225-square-foot condominium houses Vida Fitness and Bang Salon. Eagle Bank financed JCR’s $6.3 million purchase. CBRE represented the seller, American Realty Advisors.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $27.4 million loan for the acquisition and development of a mixed-use project located at 1921 14th St. N.W. in northwest Washington, D.C. The borrower, Madison Investments, will rehabilitate the existing buildings at the site and construct a new nine-story high-rise apartment tower. The tower will feature 56 residential units and approximately 13,000 square feet of retail space. Construction is slated to begin in June and wrap-up in early 2016. Andrew McAllister, Bruce Levin, Ben Lazarus and Caren Garfield of MAC Realty Advisors arranged the private investment/senior construction loan.
RALEIGH, N.C. — Velocis, a private equity real estate fund, has purchased a pair of medical office buildings near UNC Health Care System’s Rex Hospital in the Research Triangle. The sales price was undisclosed. The properties, known as Sunset One and Two, are 82 percent leased and total 36,000 square feet. Velocis has tapped Lincoln Harris LLC to manage and lease the properties. Gary Lyon and Michael Vulpis of Avison Young represented the seller in the transaction.
MEMPHIS, TENN. — Exeter Property Group has purchased a 4.4 million-square-foot portfolio of industrial properties in Memphis, Nashville and Columbus, Ohio, for $132 million. Exeter purchased the eight-property portfolio from LNR Property LLC, the special servicer appointed to the portfolio upon its transfer from London-based Strategic Realty Advisors Ltd. in June 2013. Four of the properties, totaling more than 2.1 million square feet, are located in Memphis. Andrew Phillips of Colliers International’s Memphis office, along with Steve Timmel of the firm’s Cincinnati office, represented LNR in the transaction.
MARIETTA, GA. — The Connor Group has purchased Parkside at Town Center, a 234-unit luxury apartment community in Marietta, a northern suburb of Atlanta, for $27.2 million. The asset is located just north of Kennesaw Mountain National Battlefield Park. The Connor Group purchased the community from Sterling Parkside Apartments NF LLC. The acquisition is The Connor Group’s fifth transaction in Atlanta in the past 12 months — the previous four were property sales.
MIAMI — CBRE has arranged a $31 million refinancing loan for the River Oak Apartments, a 199-unit multifamily property located along the Miami River at 1951 N.W. S. River Drive in Miami. The apartment community was built in 2011, and its amenity package features a riverwalk, theater, business center, fitness center, pool and spa, clubroom, gated access with a 24-hour surveillance system and covered parking with controlled access. Charles Foschini, Christopher Apone, Christian Lee, Robert Given and Gerard Yetming of CBRE arranged the 10-year loan through Redwood Commercial Mortgage Co., a division of California-based Redwood Trust, on behalf of the borrower, AP SC River Oaks LLC.
RALEIGH, N.C. — Multi Housing Advisors (MHA) has brokered the $12 million sale of Hidden Creek, a 200-unit apartment community located at 2038 Quail Forest Drive in north Raleigh. The apartment complex, built in 1980, includes a business center, fitness center, playground, swimming pool and laundry facilities. Marc Robinson and Jordan McCarley of MHA’s Charlotte, N.C., office represented the seller, AB Merion Hidden Creek LLC, an affiliate of Merion Realty Partners, in the transaction. The buyer was FortCap Chatsworth LLC, an affiliate of Virginia Beach, Va.-based FortCap Partners. MHA was the sole brokerage firm in the transaction.