During the last 12 months, the Raleigh/Durham apartment market has continued to maintain a lofty appeal in the eyes of local, regional and institutional investors. The fundamentals of the region, including its growth projections, the diversity of employment and the driving force that is created by three major research universities, has continued to offer good reasons for investors to inject capital into the Raleigh/Durham apartment market. After a slow start in 2010, many developers have set their eyes on taking advantage of the reduced development pipeline that was a casualty of the recession. The institutions as well as local and regional developers with strong balance sheets were those that were in the best position to take advantage of being the first to break ground. After just a few developments started in 2010, the number of new construction starts and new developments in the planning stages during 2011 has exponentially increased. However, number of new apartment units added to the market in 2011 will be the lowest in recent memory. Part of the reason for this increase in development activity is that the investment sales market has been so strong in the Raleigh/Durham marketplace, arguably as strong or stronger than any …
SMYRNA, GA. — Atlanta-based Branch Properties has broken ground on the $28 million West Village Phase II, which will include a 188-unit multifamily development located off of Interstate 285 in Smyrna. Atlanta-based Phillips Partnership is the architect for the second phase, Atlanta-based Planners and Engineers Collaborative is the civil engineer, Atlanta-based Site Solutions is the landscape and hardscape designer, and Jacksonville, Fla.-based Summit Contractors Group is building the project. Branch Properties provided internal equity for the project and additional financing was provided by Fifth Third Bank. Amenities will include a resort style pool with fountains, bocce ball court with an adjacent cabana, a poolside grotto with a built-in outdoor grilling station, a club room with an internet cafe, a full-service mailing station and game nooks that will overlook the pool. The first units are slated for completion in September 2012.
RALEIGH AND CARY, N.C. — A six-building office portfolio, located in Raleigh and Cary, has sold. The assets include 5540 & 5565 Centerview Dr., 801 Jones Franklin Rd. and 5520 Capital Center Dr. in west Raleigh; 6501 Weston Pkwy. in Cary; and 1616 Millbrook Rd. in north Raleigh. David Finger and Scot Humphrey of Cassidy Turley's Raleigh office, along with Rob Cochran of the firm's Charlotte, N.C., office, and Jud Ryan, Paul Collins and Drew Flood of the firm's Washington, D.C., office represented Duke Realty, the seller, in the transaction. The buyer was Archon Acquisition.
STATESBORO, GA. — Charlotte, N.C.-based CampusWorks and Raleigh, N.C.-based The Preiss Co. have purchased the 200-unit Varsity Apartments, located at 111 Rucker Ln. #40 in Statesboro, from a Jacksonville, Fla.-based private group for $3.25 million. The property will be razed for the development of a $27 million, 692-bed student housing facility. The development is located across from Georgia Southern University. Construction will begin in spring 2012, with completion slated for fall 2013. Amenities will include an indoor basketball court and a resort-style swimming pool. Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller in the transaction.
NAPLES, FLA. — Marcus & Millichap has arranged the $2.7 million sale of the 53-unit Oceans 52, an apartment complex located at 4058 Bay Shore Dr. in Naples. William Berthiaume, II, Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a Jupiter, Fla.-based private investor, in the transaction. Alex Zylberglait and Ryan Shaw of the firm's Miami office represented the buyer, a Miami-based private investor.
PINECREST AND KENDALL, FLA. — Miami-based Aztec Group has secured two 10-year, refinance loans totaling $4.65 million for two shopping centers, located in suburban Miami, on behalf of the borrower, an affiliate of the Suchman Retail Group. The shopping centers include the 32,665-square-foot Dadeland North Shopping Center, located at the intersection of South Dixie Highway and Ludlam Road in Pinecrest, and the 42,700-square-foot Snapper Creek Shopping Center, located at the intersection of Southwest 72nd Street and Southwest 117th Avenue in Kendall. Jason Shapiro and Kevin Miliffe of Aztec Group arranged the non-recourse, fixed-rate loans.
ORLANDO, FLA. — SchenkelShultz Architecture has finished the $50 million, 380,570-square-foot replacement Maynard Evans High School, located in Orlando. The facility includes three, 3-story classroom buildings with 2,400 student stations, a media center, gymnasium, auditorium, a medical health and dental clinic, an interactive child development lab and an agriculture lab. Orlando-based The Williams Co. was the construction manager for the project.
SPARTANBURG COUNTY, S.C. -— Seattle-based Amazon.com has plans to open a new 1 million-square-foot fulfillment center in Spartanburg County, located on a site near John Dodd Road. Amazon opened its first South Carolina fulfillment center last year in Lexington County's Saxe Gotha Industrial Park. Hiring for the new fulfillment center will begin later this year and the facility is expected to be operational this fall.
CHARLOTTE, N.C. — A joint venture has formed between Global Growth Trust and Woodfield Investments to develop a $30 million, 297-unit, garden-style apartment complex in Charlotte. The partnership expects to close on 13-acres of land to develop the property within the next 30 days. Amenities will include a club room, cyber cafe, fitness center and resort style pool. Global Growth Trust is sponsored by CNL Financial Group and advised by CNL Global Growth Advisors.
MOBILE, ALA. — Atlanta-based Kaufman Realty Group has purchased the 248-unit Cimarron Ridge Apartments, located at 6427 Grelot Rd. in Mobile, from Nashville, Tenn.-based Carter-Haston for $12.37 million. Stephen Ankenbrandt of Birmingham, Ala.-based Rock Apartment Advisors represented the seller in the transaction.