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.
ANDERSON, S.C. — Moline, Ill.-based McLaughlin Body Co. has acquired the 427,337-square-foot Santens of America facility at 5121 Old Pearman Dairy Road in Anderson for $7 million. The industrial property is situated on 93 acres and will serve as McLaughlin Body Co.'s new subsidiary location to serve their clients in the region. The company manufactures operator protection systems, including cab enclosures and metal components for construction, military, agriculture and other heavy-duty vehicles. Charles Whitmire Jr. and Elliott Fayssoux of Cushman & Wakefield | Thalhimer represented the seller, KBC Anderson Associates, in the transaction.
RALEIGH, N.C. — ICF Technology, a technology, management and policy consulting firm based in Fairfax, Va., has signed a new lease for 11,604 square feet of office space in Raleigh. The company plans to consolidate its two Raleigh-Durham offices into the Meridian Corporate Center, located at 2635 Meridian Parkway. Ryan Lawrence of Jones Lang LaSalle represented the tenant in the transaction.
CHARLESTON, S.C. — Memphis, Tenn.-based Vital Records Control has renewed its lease for 79,972 square feet of warehouse and distribution space at North Rhett III, part of a four-building industrial park in Charleston. The park is located just off I-26, a short distance from the Port of Charleston. Vital Records Control provides information management and document storage solutions for businesses. Chambers Street Properties is the property landlord.
KEY WEST, FLA. — Ashford Hospitality Trust Inc. has completed its previously announced acquisition of the 142-room Pier House Resort and Caribbean Spa in Key West for $90 million. The hotel includes 40 waterfront facing rooms and suites and standard guest rooms that average 325 square feet. The hotel also features 2,600 square feet of meeting space, a 10,000-square-foot spa, three food and beverage outlets and a fitness facility. The property is located at the northern end of Duval Street on a six-acre compound with a private beach and immediate access to the Gulf of Mexico. In 2012, the hotel achieved RevPAR of $275, 83 percent occupancy and and average daily rate of $333.
ORLANDO — Continental Realty Advisors has acquired Bonita Fountains Apartment Homes, a 560-unit community in Orlando for $25.2 million. The property was built in two phases in 1988 and 2000 and units average 826 square feet. The new owner is planning more than $3.5 million in upgrades to the community in the next 12 to 24 months. “We intend to create a sizeable southeastern portfolio with significant holdings in Florida markets,” according to Warren Horvarth, director of acquisitions at CRA. “Bonita's location is focused on affordability but in close proximity to many tourism, service and manufacturing jobs, which should sustain the viability of the area for the long term.”