ALEXANDRIA, VA. — Boston Capital is investing in the development of an affordable housing community in Alexandria. Old Town Commons Phase V will contain 40 two-bedroom units and 14 three-bedroom units in 10 three- and four-story buildings. All units will be EarthCraft certified. The project’s developers are EYA and the Alexandria Redevelopment & Housing Authority, who are working in partnership with the Virginia Housing Development Authority.
ST. PETERSBURG, FLA. — A joint venture between Tampa, Fla.-based Cardinal Point Management and Naples, Fla.-based Halstatt Real Estate Partners has purchased Echelon Pointe, a Class A office building located in St. Petersburg. The five-story building, which was constructed in 2007, contains 123,639 square feet of space and is situated on 5.1 acres within Carillon Park office park at 970 Lake Carillon Drive. The propertyalso includes a 359-space parking deck. Echelon Pointe was 98 percent leased at the time of the sale to tenants that include Paychex, Smith & Nephew, and Regus. The Holliday Fenoglio Fowler (HFF) team of Hermen Rodriguez, Ike Ojala and Jorge Portela represented the seller, an undisclosed institutional investor. HFF’s Chris Drew led the team that arranged joint venture equity with Halstatt for the property’s purchase.
ORLANDO — Rockwood Real Estate Advisors has brokered the sale of the Holiday Inn Orlando-University of Central Florida. Constructed in 1987, the 245-room hotel is located on 9 acres at the main gate of the University of Central Florida. The buyer was Alena Hospitality UCF LLC. Rockwood represented the undisclosed seller. The sale price was also not released.
VIRGINIA BEACH, VA. — Los Angeles-based JRK Property Holdings has acquired a 430-unit multifamily community located in Virginia Beach from Norfolk, Va.-based Harbor Group International. Constructed in 1985 Chase Arbor is a class B property situated off of South Independence Boulevard. Occupancy was 94 percent at the time of closing. The Apartment Realty Advisors team of Drew White, Mike Marshall and Wink Ewing represented the seller. The acquisition price was not released.
FORT LAUDERDALE, FLA. — Avison Young has arranged the acquisition of Cypress Court, a 41,850-square-foot office building located in Fort Lauderdale, for $4.3 million. The three-story building is situated within Corporate Park at Cypress Creek at 6360 NW 5th Way. Its common areas were recently renovated. Wayne Schuchts and Greg Martin of Avison Young represented the buyer, NRNS Acquisition McNab Road LLC, which plans to occupy the majority of the building and lease the remaining space to third-party tenants. The seller’s name was not disclosed.
HOUMA, LA. — Marcus & Millichap has arranged the sale of Colonial Village, a 123-unit apartment community located at 400 Westside Blvd. in Houma. Billy Hoffpauir of Marcus & Millichap’s Lafayette office represented the seller, a limited liability company. The sale price was not disclosed, but the property listed for $4.2 million.
NASHVILLE, TENN. — Richmond, Va.-based Lingerfelt Companies has purchased Nashville’s Bank of America Plaza Tower from Parkway Properties for $41.8 million. Located at 414 Union St. in the downtown submarket, the 21-story office tower contains 435,525 square feet of Class A space. Its anchor tenants, Bank of America and Louisiana Pacific Corp., occupy more than 50 percent of the tower. Total occupancy will be 70 percent by the end of the year. In the near term, Lingerfelt plans to complete capital improvements to the lobby and common areas as well as maintenance upgrades. Commonwealth Commercial Partners will manage the building, and CB Richard Ellis will handle leasing. This purchase more than double’s Lingerfelt’s Tennessee office portfolio, bringing it to 919,672 square feet.
DURHAM, N.C. — Passco Companies has acquired Encore at the Park, a Class A apartment community situated near Research Triangle Park in Durham, for $28 million. Constructed in 2001, the garden-style community is located at 2850 Country Creek Blvd. It contains 280 units in one- through three-bedroom configurations. Community amenities include a resort-style swimming pool, sundeck, business center, fitness center, car care center, picnic and grilling stations, and dog park. In the near term, Passco plans to complete minor interior and exterior upgrades to keep the property competitive in the marketplace. Sean Wood of ARA Investment Services represented both Passco and the seller, a joint venture between Atlanta-based Centennial Holding Company and Washington, D.C.-based The Carlyle Group. Riverstone Residential Group will take over management duties for the community.
ATLANTA, GA. — Mall Properties Inc. (MPI) has acquired the Sheraton Suites Galleria hotel in Atlanta for $21 million. Constructed in 1990, the 17-story hotel is located at the intersection of interstates 75 and 285 in the city’s Cumberland submarket. It features 277 suites, 4,000 square feet of meeting space, full-service dining options, heated indoor and outdoor pools, 24-hour business center, fitness center and a five-story parking deck. It is connected via pedestrian bridge to the Cobb Galleria Convention Centre. MPI plans to complete a $9 million capital improvements program to the property that will include upgrades to all guest rooms, construction of a Sheraton Club lounge, expansion of the fitness center, and upgrades to all food and beverage facilities. The purchase represents MPI’s first hotel acquisition in the Atlanta area, but the company does own the Akers Mill Square retail center, which is located one mile from the Sheraton Suites.
GAITHERSBURG, MD. — Construction has topped out for Downtown Crown, a new multi-use project under construction on 180 acres in Gaithersburg. JBG Rosenfeld Retail and The Bozzuto Group are currently developing seven buildings and three garages that will contain 260,000 square feet of retail space along with a 538-unit apartment community known as The Cadence at Crown. The apartments will begin pre-leasing in the fall. Some retail tenants will open sooner than the projects’ spring 2014 grand opening. Starbucks Coffee will open in September, LA Fitness will open by the end of the year, and Harris Teeter will open in January. Ruth’s Chris Steak House has also signed on at Downtown Crown.
