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DevelopmentGeorgiaIndustrialLeasing ActivitySoutheast

Kamstrup Debuts 150,000 SF Headquarters, Manufacturing Facility in Cumming, Georgia

by John Nelson

CUMMING, GA. — Kamstrup Water Metering LLC, a global supplier of water meter equipment and services, has opened its new regional headquarters and manufacturing facility in Cumming. The 150,000-square-foot facility is located within Forsyth Commerce Center, a 94-acre business park roughly 40 miles northeast of Atlanta. The Danish company, which has employees in over 20 countries, began operating in the United States in 2013. The company supports water utilities with ultrasonic metering solutions, network communications and software applications. Kamstrup considered 13 other Southeastern cities before selecting Cumming. Joey Kline of JLL worked with Kamstrup on site selection and lease negotiations, which includes securing a 15-year lease with landlord McDonald Development.

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AlabamaDevelopmentSoutheastStudent Housing

Auburn University Breaks Ground on $63M First-Year Residence Hall

by John Nelson

AUBURN, ALA. — Auburn University has broken ground on a $63 million residence hall project along Haley Concourse on the university’s campus in Alabama. The 371-bed community will house first-year students upon completion, which is scheduled for summer 2026. The 125,651-square-foot development will feature amenities including multipurpose communal spaces and kitchens, group study rooms, laundry facilities on every floor and bike storage. The community will also be home to housing department offices and a storm shelter. The development team for the project, which is targeting LEED certification, includes Niles Bolton Associates and Rabren General Contractors.

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DevelopmentMultifamilySoutheastTennessee

Novare Group, BCDC Begin Leasing 344-Unit Apartment Community in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — A partnership between Novare Group and Batson-Cook Development Co. (BCDC) has begun leasing Populus Waterside, a 344-unit apartment community located along Gunbarrel Road in Chattanooga. First residents are beginning to move into the property, which offers studio, one-, two- and three-bedroom floor plans. Monthly rental rates range from $1,400 to nearly $2,500, according to the property website. Amenities include a game room, coworking micro-offices, fitness center with a yoga room, resort-style pool, sun deck, tanning ledge, a dog park, pet spa and an outdoor fire pit. The design-build team includes architect Dynamik Design, civil engineer MAP Engineers and general contractor Construction Enterprises Inc.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

HTG, AM Affordable Housing Open $44M Tucker Tower Senior Apartments in Miami

by John Nelson

MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be reserved for households earning at or below 25, 30 and 60 percent of the area median income (AMI). With rents ranging from $463 to $1,359 per month, these rates are a notable contrast to the average rental prices in Miami-Dade County, which currently stand at $2,451. According to a recent study from the University of Florida, Miami-Dade County has a gap of more than 90,000 affordable and available units for renter households with incomes below 80 percent of AMI. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added. Tucker Tower is an eight-story community offering a mix of one- and two-bedroom units ranging from 601 square feet to 895 square feet. Six units are fully accessible and three units are hearing impaired units. Funding sources …

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DevelopmentGeorgiaMixed-UseSoutheast

Balfour Beatty Completes Adaptive Reuse of Former Coca-Cola Bottling Plant in Atlanta

by John Nelson

ATLANTA — Balfour Beatty has completed construction of 560 Edgewood, the adaptive reuse of a historic Coca-Cola bottling plant in Atlanta. Charlotte-based Asana Partners is the owner of the 60,000-square-foot building, which is situated along the Atlanta BeltLine’s Eastside Trail and adjacent to Krog Street Market, a popular food hall also owned by Asana Partners. Balfour Beatty was the construction manager of the redevelopment, which converted the 1915-built factory into a mixed-use project with a new rooftop amenity, 104-space parking deck, restored windows and a revamped brick façade. Locally based ASD|SKY was the architect for the redevelopment. Asana Partners has tapped Molly Morgan and Allie Spangler of JLL to handle retail leasing at 560 Edgewood. Bennett Gottlieb with Capital Real Estate Group is handling service and office space leasing.

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AI Jeff Salladin Predictive Analytics
AcquisitionsContent PartnerFeaturesLoansMidwestNortheastSoutheastTexasWestern

Finance Companies Look to Artificial Intelligence Applications in Predictive Analytics, Due Diligence, Modeling

by Sarah Daniels

The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …

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DevelopmentFloridaSoutheastStudent Housing

Joint Venture to Break Ground on 1,316-Bed Student Housing Development Near Florida State University

by John Nelson

TALLAHASSEE, FLA. — A joint venture between Core Spaces, Peerless Development and an affiliate of Inland Acquisitions has announced plans for Hub Tallahassee, a student housing development located near Florida State University. The development site is located within a qualified opportunity zone near the northeast corner of the university’s campus. Upon completion, the seven-story community will offer 1,316 beds across 367 units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. Completion is scheduled for fall 2026. Amenities at the property will include a rooftop swimming pool, fitness center, spa, private study rooms and adjacent parking. The project team includes Juneau Construction Co. and Niles Bolton Associates. Ian Bradley of TSB Capital Advisors secured construction financing, and Mark Cosenza and David Neboyskey of Inland worked on behalf of the company’s affiliate in the joint venture transaction.

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AcquisitionsArkansasMultifamilySoutheast

Cushman & Wakefield Brokers $78.8M Sale of Landmark Apartments in Little Rock

by John Nelson

LITTLE ROCK, ARK. — Cushman & Wakefield has brokered the $78.8 million sale of Landmark Apartments, a 372-unit multifamily community located in Little Rock. Canyon View Capital acquired the property in two phases — paying $40.3 million and $38.5 million in February 2023 and February of this year, respectively. Martin Bynum and Cole Herget of Cushman & Wakefield represented the seller, an entity doing business as Landmark Apartments II LLC, in the transaction. VCC Construction built the community in two phases, completing 196 units in 2017 and 176 units in 2023. Amenities at the property include two fitness centers, a coffee station, tanning salon, business center, dog park agility course, two swimming pools, outdoor games and parking garages.

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GeorgiaLoansOfficeSoutheast

Vision Properties Secures Refinancing for 692,707 SF Wildwood Center Office Building in Atlanta

by John Nelson

ATLANTA — Vision Properties has secured refinancing for Wildwood Center, a 692,707-square-foot office building located in northwest Atlanta’s Cumberland-Galleria office submarket. The property features flexible floor plates across 11 stories, and the ownership has implemented improvements including the addition of a new tenant lounge, conference center and atrium and outdoor seating areas. Amenities at the building also include a fitness center. Vision Properties is currently underway on the development of an additional 25,000 square feet of space on the property’s top floor, which is scheduled for delivery this year. David Horne, Glenn Aspinwall and Alexis Easterling of JLL handle leasing at the building, which has recently seen 262,680 square feet of lease transactions in the form of both new leases and renewals. The loan amount and further details of the refinancing were not disclosed.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Thorofare Provides $30M Construction Financing for Multifamily Development in Charlotte

by John Nelson

CHARLOTTE, N.C. — Thorofare Capital has provided a $30 million loan to Grubb Properties for the construction and lease-up of Link NoDa Phase II, a 242-unit multifamily project in Charlotte. Upon completion, the development will feature 146,652 square feet of rentable space within a six-story building. Amenities at the property, independent from those at Phase I of the community, will include a clubhouse, pool, courtyards with fire pits, grilling stations, a 24-hour fitness center, cycle room, yoga studio, pet spa, dog run, conference room, meeting center and coworking space.

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