TUSCALOOSA, ALA. — Beech Street Capital has arranged a $17 million Fannie Mae loan for the refinancing of College Station Portfolio, a 264-unit property owned by ROAR LLC in Tuscaloosa. Chad Thomas Hagwood of Beech Street originated the 10-year loan, which features a 30-year amortization schedule. The apartment community is located near the University of Alabama, and the properties typically operate at 99 percent occupancy. The interest rate on the loan was just over 4 percent.
CONYERS, GA. — Compass Self Storage LLC has acquired a self storage property at 1602 Lakefield Drive S.E. in Conyers. Compass will operate the property, which includes 87,325 square feet. JL Mack III with McWhirter Realty LLC represented the buyer in the transaction. The facility includes drive-up access, individually alarmed units, outdoor storage and truck rental. The transaction marks the fourth self storage property acquired by Compass in greater Atlanta. The company acquired a three-property portfolio in Atlanta in January.
CARY, N.C. — Carolina Center for ABA and Autism Treatment has signed an 11,583-square-foot lease to fully occupy a building located at 111 MacKenan Drive in Cary's MacGregor Office Park. The company will double the size of its previous space. The Carolina Center for ABA and Autism Treatment offers locations in Cary, Charlotte and Fayettville, N.C., and provides in-home and clinic-based services for children with autism. The organization's Cary location includes a mock classroom clinic for customers interested in the design and structure found in a school-based classroom. Deborah Boucher of Cassidy Turley represented the tenant in the transaction.
FORT LAUDERDALE, FLA. — The Morgan Group has broken ground on a 331-unit mid-rise apartment development in Flagler Village in Fort Lauderdale. Morgan acquired the site, which is located just north of the Las Olas River, in December 2012. The first move-ins are projected for summer 2014. The project marks the company's return to South Florida and its first development in Broward County. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again,” says Mike Morgan, CEO and chairman of The Morgan Group. “The area is ripe for residential units and amenities that are designed specifically with urban professionals in mind.”
CHARLESTON, S.C. — Bridgeview Properties has acquired an office portfolio of three properties at 4275 Bridgeview Drive, 4355 Bridgeview Drive and 4340 Corporate Road in Charleston, for $8 million. Built in the late 1980s, the properties total more than 112,000 square feet. Two tenants, Serco and NCO, occupy 60 percent of the space. The buyer plans to completely gut and upgrade the interior of 4340 Corporate Road. R. Milton Thomas of Lee & Associates represented the buyer and seller, the Estate of Morton Needle, in the transaction.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $8.4 million sale of Oakwood Villas, a 200-unit apartment property in Jacksonville. The property, located at 8201 Kona Ave., consists of 50, four-unit buildings. Kevin Morris of Marcus & Millichap represented the seller, a limited liability company, in the transaction.
SALEM, N.C. — COLE Capital has acquired a 21,018-square-foot grocery store in Salem, which will be occupied by The Fresh Market, for $4.6 million. The property is part of the Mount Tabor Place Development near Wake Forest University. Sean Patrick and Jason Powell of Ackerman & Co. represented the seller, Mount Tabor Place II LLC, in the transaction.
DECATUR, GA. — Atlanta-based Carter plans to develop 315 West Ponce, a $40 million mixed-use project in Decatur. The five-story property will include 223 apartment units and 10,000 square feet of street-level retail. The project will target young professionals with a mix of one-, two- and three-bedroom units. Amenities will include a pool, clubhouse, fitness center and two outdoor courtyards. The development will also include a structured parking deck to be shared between the new retail and residential buildings. The Decatur Downtown Development Authority has approved the site plan for the project. The Preston Partnership is the project architect and Brasfield & Gorrie is the contractor. Construction is slated to begin later this summer.
FAIRFAX, VA. — Crow Holdings Capital Partners LLC has secured an $86.8 million acquisition loan for Monument Park, a 460-unit Class A apartment community in Fairfax. The property is located at 4457 Oakdale Crescent Court and units average 1,014 square feet. Community amenities include a clubhouse, resort-style swimming pool, fitness center, pub room and jogging trails. Whitaker Johnson, Andy Scott and Cary Abod led the HFF team that arranged the 10-year, fixed-rate loan through TIAA-CREF.
JACKSONVILLE, FLA. — KeyBank Real Estate Capital has provided an $11.6 million loan to Legend Senior Living for the construction of a new assisted living and Alzheimer's residence in Jacksonville. The property, The Windsor at San Pablo, will consist of 94 units. This is the second senior living facility Grant Saunders, senior vice president of KeyBank's Senior Housing and Healthcare Group, has arranged for the borrower this year.
