NEW ORLEANS — The Laurus Corp. has completed the $2.7 million renovation of the Ramada Suites Hotel at New Orleans Airport and rebranded the facility as a Holiday Inn Express. The project included a complete overhaul of the guestrooms, public areas, exterior facade and landscaping. Laurus acquired the 130-room hotel in March 2012, which is situated at the entrance of the 200-acre James Business Park. Exterior renovations include a new pool deck, courtyard deck, fountain and a new paint job. Guestrooms will feature new flooring, furniture, lighting, window treatments and upgraded fixtures in the bathrooms.
ATLANTA — American Realty Advisors has closed the sale of ALARA State Bridge, a 224-unit apartment community in Johns Creek, and ALARA Highland Park, a 188-unit apartment community in Sandy Springs. The properties sold within four months of coming to market. ALARA State Bridge is located at 10840 State Bridge Road and caters to family-oriented residents. ALARA Highland Park is located at 100 Highland Park Trail and tends to attract young professionals, due to its proximity to nightlife venues in downtown Roswell and Dunwoody Village. David Gutting and Derrick Bloom led the Jones Lang LaSalle team that represented the seller in the transaction.
MIAMI BEACH — The Witkoff Group has acquired The Wyndham Garden Inn in Miami Beach, located at 1050 Washington Ave., for $25.5 million. The 133-room hotel includes five buildings and occupies an entire block on Washington Avenue. Four of the buildings are historical, including the restaurant located in the Coral House. Christian Charre, Paul Weimer and Natalie Castillo represented both parties in the transaction prior to joining CBRE under their former brokerage company, The Charre Group. The Majestic Organization LLC was the seller.
AUGUSTA, GA. — Augusta Operating Co. has acquired The Parc at Flowing Wells, a 346-unit apartment community in Augusta. The Parc at Flowing Wells was constructed in 2010 and includes a modern fitness center, swimming pool and amenities center. Augusta Operating Co. is majority owned by North Charleston, S.C.-based The InterTech Group. Co-investors include Middle Street Partners LLC, which will manage the property.
MIAMI — Grandbridge Real Estate Capital has arranged a $20.8 million first mortgage loan for the acquisition of Kendall Corners, a 96,515-square-foot retail property in Miami. Michael Balan of Grandbridge arranged the seven-year loan, which features a 25-year amortization and an interest rate below 4.5 percent. A U.S. bank provided the financing. An Ashley Furniture store and a Baptist urgent care center anchor the property.
TAMPA, FLA. — MIG Real Estate has acquired the 152-room Hilton Garden Inn Tampa/East Brandon, marking the company's fourth hotel acquisition in Florida. Located at 10309 Highland Manor Drive, the hotel was built in 2002 and features 4,500 square feet of meeting space, an outdoor swimming pool, exercise room, business center, restaurant and guest laundry. The property is situated in the Highland Oaks business park ,adjacent to an I-75 off-ramp. Michael DiPrima and Jeff Berkman of Hodges Ward Elliott represented the seller in the transaction. MIG Real Estate was self-represented. Concord Hospitality Enterprises will operate the property.
DURHAM, N.C. — GFI Software has signed a lease for 16,466 square feet of office space at Winchester Place, located at 4309 Emperor Blvd. in Durham. The company, which develops IT solutions for small to mid-sized businesses, plans to move in this July. Dave Mester of Avison Young represented the tenant in the transaction. Clay Stober of Tri Properties represented the landlord.
ATLANTA — Admiral Capital Group and Wood Partners have partnered with the University of North Carolina Kegan-Flagler Business School's student-managed real estate fund to buy a 17-story condominium property in Atlanta. Brookhaven, located in Atlanta's Buckhead neighborhood, is a Class A, 209-unit community. Built in 1985, the condos were upgraded in 2008 with hardwood floors, granite countertops and stainless steel appliances. Atlanta-based Wood Partners led the purchase and the new owners plan to modernize the property. The partnership between Admiral and UNC's Business School was able to build on the mission of both organizations. NBA Hall of Famer David Robinson and Dan Bassichis, a former executive with Goldman Sachs, founded Admiral. A portion of Admiral's profits go toward philanthropic causes that Robinson supports. UNC's student-managed real estate fund was created to provide competitive financial returns to investors and provide first-hand real estate experience to UNC students.
CLEARWATER, FLA. — HEI Hotels & Resorts has acquired the 115-room Residence Inn Clearwater Downtown in Clearwater. The private hotel owner/operator purchased the property as part of its growing portfolio of high-quality, select-service hotels. The hotel will continue to operate under Marriott's Residence Inn brand. The company also recently acquired the 170-room Stoneleigh Hotel in Dallas.
NORCROSS, GA. — PointOne Holdings LLC has purchased Steeple Chase Apartments, a 305-unit community located at 5940 Singleton Road in Norcross for $13.2 million, or $43,525 per unit. The property, situated one mile from I-85, is 96 percent occupied. Mike McGaughy and Jon Kleinberg of Transwestern represented the seller, Cortland Partners, in the transaction.