DECATUR, GA. — Audubon Communities has acquired Birch Grove and Sycamore Chase, two apartment communities totaling 332 units in Decatur, for $13 million. The properties are situated on a combined 28.3 acres, less than one mile apart at 3073 Cedar Creek Parkway and 3117 Cedar Brook Drive. The combined occupancy is 94 percent. Units are primarily two- and three-bedrooms with an average unit size of 1,142 square feet. Jason Nettles and David Wagner led the HFF team that represented the seller, an affiliate of Resource Real Estate, in the transaction.
DELRAY BEACH, FLA. — Florida Crystals Corp. has acquired 33.1 acres in western Delray Beach for the development of 395 multifamily units for $8.5 million. The buyer plans to develop the property as rental apartments in two phases. The site is one mile from the Delray Marketplace, a 258,000-square-foot shopping center and entertainment destination, which includes a 12-screen movie theater and a Publix grocery store. The Boca Raton office of ARA represented the seller, Atlantic Commons Associates, in the transaction. ARA also secured the buyer.
ATLANTA — Deerwood Real Estate Capital has arranged a $9 million non-recourse loan for a three-building office portfolio in suburban Atlanta. The 100,000-square-foot portfolio consists of three buildings, two of which were fully occupied and were refinanced. The third building, which had 30 percent occupancy, was purchased as a distressed acquisition. The borrower signed a lease at closing that brought the occupancy in the third building to 60 percent. Joe Hercenberg and David Rosenberg of Deerwood arranged the 10-year loan, which contains a 30-year amortization schedule.
DORAL, FLA. — Moss-Lebolo JV has been selected to design and construct a $15 million, three-story high school expansion at Divine Savior Academy in Doral. The Lutheran-sponsored institution serves 500 students from preschool through high school. The new addition will include a three-story classroom, an auditorium/chapel, gym, fitness center, athletic fields and new parking. Design and permitting work has begun on the 108,000-square-foot facility and construction is scheduled to begin this July. Completion is schedule for August 2014. Somerville Inc. is the project architect.
GREENVILLE, N.C. — Pierce Education Properties, through a joint venture with an affiliate of Core Properties, has completed its $56.5 million acquisition of North Campus Crossing (Phase I and Phase II), a 1,692-bed community serving Eastern Carolina University (ECU) students. The off-campus community was developed in 2005 and 2006. The property is contiguous to ECU'S North Campus Recreation Center, which features a man-made lake and beach, a zip line, intramural fields and a golf course. The buyers plan to invest nearly $1 million in improvements to the community, including a campus shuttle to Pitt Community College. A $26.8 million loan held by Midland Loan Services was assumed for the Phase I purchase and a Freddie Mac loan of $19.8 million was secured through HFF to finance the Phase II acquisition.
ATHENS, GA. — RCG Ventures has sold the 24,000-square-foot East Athens Marketplace in Athens to Halpern Enterprises for $3.9 million. The center is fully leased to tenants including Dollar Tree, Hibbett Sports, Radio Shack, Little Caesars and AT&T. The property is shadow anchored by a Walmart Supercenter.Halpern plans to expand the center, as well as lease two unoccupied outparcels that total approximately 3.4 acres. The acquisition marks Halpern's first acquisition in Athens and the company's 28th center in Georgia. Tony D'Ambrosio and Joe Montgomery of Colliers International's Atlanta office represented the seller. Halpern Enterprises was self-represented in the transaction.
FORT MYERS, FLA. — JL Wallace has been selected to construct Next Level Church Gateway Campus, a satellite location for Next Level Church, in Fort Myers. The 18,500-square-foot facility will be constructed on 7.5 acres at 11081 Gateway Blvd. The facility will include an auditorium, foyer, classrooms for children and youth and offices. Robert Massengale will provide design services and David Douglas Associates will provide engineering services.
ALPHARETTA, GA. — HQ Global has inked a lease renewal for 19,251 square feet of office space at One Northwinds in Alpharetta. Hunter Henritze and Michael Howell of Lincoln Property Co. Southeast represented the landlord, Equity Office, in the transaction. Ryan Hudson of CBRE represented the tenant.
ORLANDO AND MAITLAND, FLA. — HFF has arranged a $50 million refinancing loan for three office properties totaling more than 780,000 square feet in Central Florida. The properties include Quorum Center and Oakridge Office Park in Orlando and 850 Trafalgar in Maitland. The borrower was a joint venture between Praedium Group and Tower Realty Partners Inc. Michael Weinberg, Elliott Throne and Chris Drew led the HFF team that arranged the 10-year, fixed-rate loans for Quorum Center and 850 Trafalgar through UBS Real Estate Finance Group. They also arranged the 10-year, fixed-rate loan for Oakridge Office Park through Morgan Stanley.
ORLANDO — BB&T Real Estate Funding, a subsidiary of Grandbridge Real Estate Capital, has arranged a $13.1 million acquisition and renovation loan for Carlton Arms, a 558-unit multifamily property in Orlando. The nonrecourse financing was structured with a 36-month term with tow, 12-month extensions.