VIRGINIA BEACH, VA. — Harbor Group International has acquired Mayflower Seaside, a 265-unit apartment community in Virginia Beach. The property is located one block from the oceanfront and has easy access to major thoroughfares. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Fairfield Mayflower Seaside LLC, in the transaction.
HOOVER, ALA. — Resource Real Estate Opportunity REIT has acquired the 196-unit Autumn Wood Apartments in Hoover for $8.5 million. The property consists of 12 buildings situated on 17 acres. Amenities include a swimming pool, clubhouse, fitness center, basketball court, playground and washer/dryer connections in all units. The company purchased the property in an off-market transaction.
HANAHAN, S.C. — Capital Advisors has arranged an $11.8 million Freddie Mac loan for the refinancing of The Channel at Bowen, a 136-unit Class A apartment complex at 1000 Channel Marker Way in Hanahan. Cooper Willis of Capital Advisors arranged the 3.8 percent fixed-rate loan on behalf of the borrower, The Channel LLC, through Walker & Dunlop LLC. The 10-year loan includes 24 months of interest-only payments and a 30-year amortization schedule. Units at Channel at Bowen range in size from 631 to 1,285 square feet and amenities include a swimming pool with poolside cabanas, a fitness center and an indoor golf pub.
DULUTH, GA. — Financial services and marketing firm Primerica Inc. has opened its new global headquarters in Duluth. The 365,000-square-foot facility will house 1,600 of the company's 1,700 Gwinnett County-based employees, and has the capacity for an additional 200 people. The three-story building includes 58 conference rooms, a theater and adjoining TV studio, a 248-seat cafe and an interactive tour named “Imagine,” designed to showcase the new headquarters to current and prospective representatives and employees. Duke Realty was the project developer.
DULUTH, GA. — Sonesta International Hotels Corp. has opened a new, 426-room hotel in the Atlanta area. The full-service hotel, named Sonesta Gwinnett Place, is located in Duluth and was formerly known as the Atlanta Marriott Gwinnett Place. The 17-story hotel includes 16,000 square feet of meeting and event space, the 8,000-square-foot Georgia Ballroom, a swimming pool, health club, sundeck and free parking. The hotel is located near major entertainment venues, including the Gwinnett Arena and the Performing Arts Centre.
CARY, N.C. — Elco Landmark Apartment Trust Holdings LLC has acquired two garden-style apartment properties in Cary for $56 million. Together, the properties contain 788 units and are 95 percent occupied. Landmark at Eagle Landing, formerly known as Hidden Oaks, was constructed in two phases in 1986 and 1988 and is located at 100 Northwoods Village Drive. The 344-unit Landmark at Watercrest, formerly known as Woodbridge, was constructed in two phases in 1992 and 1995 and is located at 100 Appledown Drive. Elco plans to renovate the properties in the next 12 to 24 months. Planned upgrades include new signage, a remodeled clubhouse, the addition of a dog park and new interior lighting.
LAKE CITY, FLA. — Marcus & Millichap has arranged the sale of WillowBrook Assisted Living, a 37,358-square-foot assisted living facility in Lake City, for $6.7 million. The property is located at 1580 S. Marion Ave. and is situated on 5.2 acres, which includes a gazebo and pond. The facility caters to a private pay population, with most residents needing some assistance. The Class A property includes 64 units. Krone Weidler of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor from Florida.
Birmingham — Alabama's largest apartment market — is in the midst of a continued recovery from the economic downturn. The city posted a net-gain in jobs, occupancy and rental rates, which has helped spur new development, particularly at close-in urban locations. Last year was a turnaround year for Birmingham. The city gained 700 jobs and the Birmingham-Hoover unemployment rate dropped to 5.8 percent by December, two percentage points below the national average, according to the Bureau of Labor Statistics. The gain in jobs was the first annual increase since 2007. For the apartment market, 2012 results were strong: a 2 percent increase in occupancy pushed occupancy rates to 93.2 percent market-wide. Additionally, rent levels increased by 3.2 percent in 2011 and 1.9 percent in 2012, according to MPF Research. The favorable market dynamics have drawn the attention of regional and national investors, which has led to healthy transaction and development volume. In 2012, 27 apartment complexes traded in the Birmingham MSA, totaling approximately $300 million in volume. Both local owners and several owners headquartered in New York and Florida, for example, made significant investments in Birmingham, including the CLK Properties acquisition of the five-property Park Lane portfolio in April. On …
BATON ROUGE, LA. — Lightstone Value Plus Real Estate Investment Trust Inc., a non-traded REIT sponsored by The Lightstone Group, has acquired two Marriott-branded hotels in Baton Rouge for $15.6 million. The properties include the 121-room Courtyard by Marriott and the 108-room Residence Inn by Marriott. The hotels are adjacent to I-10, which connects Baton Rouge to New Orleans, and are situated minutes from major businesses, including 65 petrochemical facilities and the newly constructed Women's Hospital of Baton Rouge. The Courtyard by Marriott underwent a $3.1 million renovation in 2010 that included an upgrade of the guestrooms and corridors. Lightstone plans to fully renovate the Residence Inn by Marriott property, including replacing soft goods and upgrading the guestrooms, meeting rooms and lobby areas.
LOUISVILLE, KY. — Cinemark Holdings Inc. has opened a new 10-screen, all-digital movie theater at the Mall St. Matthews in Louisville. The theater, located at 5000 Shelbyville Road, will feature wall-to-wall and floor-to-ceiling screens, enhanced sounds systems and digital presentation in every auditorium. The theater will also feature a Cinemark XD: Extreme Digital Cinema, which will include the latest sound technology, as well as a Barco DLP digital projector, which offers the brightest light standards in the industry, according to Cinemark. A lobby bar will serve beer and wine along with a concession stand, which will serve popcorn, fountain beverages and candy brands.
