Orlando has always shown an uncanny ability to grow, diversify and prosper, all while shrugging off a few economic hiccups along the way. Now, it appears that “the City Beautiful” is doing it again, with apartment development leading the way. Not since Lincoln Property Co. built the 164-unit Aspire apartments in 2008 has any significant multifamily rental development taken place in downtown Orlando. Yet, over the next two years more than 2,000 new rental apartment units are expected to dot the downtown landscape. This represents an untested pace for downtown, higher than any other two-year stretch in Orlando’s history. Although the addition of this many units may raise some concern (especially understanding Orlando’s history of overbuilding), several well established multifamily developers have taken a deeper look into Orlando’s urban lifestyle; and they like what they see. It would appear that through a mix of public/private partnerships, infrastructure improvements and quality of life, downtown is on the verge of moving one step closer in its quest of becoming one of the most robust “live-work” cities in the U.S. Laying the foundation for its continued transformation is the nearly $5 billion in capital investments that have been, or are being, invested in …
METAIRIE, LA. — Holliday Fenoglio Fowler has brokered the sale of Lakeway Center, a three-building, 1.2 million-square-foot office complex located in the New Orleans suburb of Metairie. Lakeway Center comprises three Class-A buildings situated on the shore of Lake Pontchartrain. The complex is 90.5 percent occupied by a tenant roster that includes People’s Health Network, Drug Enforcement Administration, EDG and Fresenius Medical Care. Holliday Fenoglio Fowler represented the seller, Equity Office Properties. The buyer was The Feil Organization. The acquisition price was undisclosed.
MIAMI — Terra Group has broken ground for the development of the Grove at Grand Bay luxury residential condominium project. Located at 2675 S. Bayshore Drive in Miami’s Coconut Grove submarket, the project consists of two 20-story towers containing 98 units. Resident balconies are each 12 feet tall and 12 feet deep with hurricane-proof sliders. Building amenities include a multi-lingual butler, on-site chef, curator-maintained art gallery, a gym, a spa, a pet spa and four swimming pools. Units are priced from $3 million. Terra Group is the developer of Grove at Grand Bay. Bjarke Ingels Group is the project architect. More than 90 percent of the units in the North Tower have already been sold.
FREDERICK, MD. — Apartment Realty Advisors (ARA) has arranged the sale of Crystal Park at Waterford, a 314-unit, garden-style apartment community located in Frederick. Constructed in 1990, the property was 93.3 percent occupied at the time of closing. Drew White and Ryan Ogden of ARA represented the seller, Washington, D.C.-based Federal Capital Partners. The buyer was Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT. The acquisition price was not released.
STATESBORO, GA. — Campus Advantage has closed on its first acquisition under the company's second joint venture with the California State Teachers' Retirement System (CalSTRS). The property, The Woodlands at Statesboro, serves the students of Georgia Southern University. Consisting of two-bed, two-bath units, the property includes 184 units and 368 beds and is 99 percent occupied. The property is within walking distance of the university and includes amenities such as a clubhouse, swimming pool, fitness center, basketball and sand volleyball courts, business center and a billiards room. In addition, units feature washer/dryer, crown moldings, walk-in closets, track lighting and a breakfast bar. The Woodlands at Statesboro is the first property acquired under the $75 million commitment that CalSTRS has made with Campus Advantage. The California pension fund first teamed up with Campus Advantage in 2007 for a $100 million partnership that was fully placed in December 2011. The first venture acquired seven properties totaling more than $193 million in student housing assets and encompassing 4,749 beds.
ATHENS, GA. — St. Simons Island, Ga.-based Georgia Theatre Company has held the grand opening for University 16 Cinemas in Athens. The 16-screen theater features stadium seating, wide-arc screens, Dolby Digital stereo sound and Christie digital projectors. Two auditoriums are equipped with Dolby 7.1 Surround Sound and 3D Digital Cinema technology. The movie theater also features a full-service restaurant and a party room for special events. University 16 Cinemas is the first tenant to open within Epps Bridge Centre, a 68-acre power center under development on Oconee Connector near the intersection of Georgia Highway 316 and Highway 10 Loop. Atlanta-based The Bishop Company is developing Epps Bridge Center. Smyrna, Ga.-based Benning Construction Co. built University 16 Cinemas and is the general contractor for the rest of the shopping center.
NORTH MIAMI, FLA. — Marcus & Millichap has completed the sale of a North Miami multifamily portfolio for $14.65 million. The Royal Properties Portfolio comprises five properties totaling 233 units that were constructed between 1964 and 1971. They include: Royal Vista, a 59-unit property located at 400 NE 137th St.; Royal Place, a 55-unit property located at 14050 NE 6th Ave.; Royal Village, a 51-unit property located at 13055 NE 6th Ave.; Royal Point, a 44-unit property located at 1525 NE 125th St.; and Royal Courtyard, a 24-unit property located at 13020 NE 6th. Ave. The properties were extensively renovated in 2011 and 2012. Still Hunter, III; Evan Kristol; and Felipe Echarte of Marcus & Millichap’s Ft. Lauderdale office represented the seller, a limited liability company managed by CFH Group. The same team partnered with Mark Thompson of Marcus & Millichap’s Orlando office to represent the undisclosed buyer.
COLUMBUS, GA. — Berkeley Capital Advisors has arranged the sale of Cross Country Plaza, a 368,360-square-foot shopping center located in Columbus. The property’s anchors include Publix, Freedom Furniture & Electronics, OfficeMax and T.J. Maxx. Additional tenants include Goodwill, Tuesday Morning, Pet Supermarket, Chuck E. Cheese’s, Suntrust and Denny’s. Rob Carter, Alex Quarrier and David Webb of Berkeley arranged the deal between the two undiclosed parties.
COLUMBIA, S.C. — Colliers International has brokered the sale of a Class A apartment community in Columbia. Constructed in 2008, Preserve at Spears Creek is located at 325 Spears Creek Church Road. It contains 240 units in a mix of one-, two- and three-bedroom apartments. Amenities include a resort-style swimming pool, a fitness center, a computer lounge and a media room. Ron Cameron and Will Mathews of Colliers International’s Atlanta office represented the seller, Spears Creek Partners LLC. The buyer, Nashville, Tenn.-based Carter-Haston, provided in-house representation. The acquisition price was not released.
WASHINGTON, D.C. — UIP General Contracting has completed the $4.5 million renovation of the Takoma Flats apartment community in Washington, D.C. The general contractor created 17 new units, bringing the community’s total to 88 units. Additional work included upgrading building HVAC and electrical systems, renovating all unit interiors, and creating in-ground patios for terrace-level units. UIP completed the work for Rock Creek Property Group and Baybridge Group, which purchased the property in November 2011.