CHATTANOOGA, TENN. — Birmingham, Ala.-based Red Mountain Development Co. has purchased a 26-acre tract of land from DPTI in order to build a 282-unit luxury apartment complex. The property is located on Dayton Boulevard in Chattanooga and will be complete next spring. Planned amenities include a pool, a fitness center, a business center and a Wii room. Grandbrige Capital financed the purchase with a $22 million loan. Herman Walldorf & Co.'s Rudy Walldorf brokered the transaction.
Southeast
BRANDON, FLA. — Covenant Capital Group of Nashville has purchased the 444-unit Providence Place Apartments from a New York-based party for an undisclosed amount. The property is located near the Crosstown Expressway in Brandon. Holliday Fenoglio Fowler's Jason Nettles and Megan Thompson represented the seller.
OCOEE, FLA. — A.D. Owens Construction Corp. has broken ground on a $2.25 million headquarters building for Transaction Data Systems in Ocoee. The property will be located on a 2-acre site in the Ocoee Commons business park. Farmer Architecture designed the project, which will be complete in 13 months.
FOUNTAIN INN, S.C. —SAATI Americas Corp. has purchased a 260,000-square-foot warehouse from Kemet Electronics for an undisclosed amount. Located at 201 Fairview St. Ext. in Fountain Inn, the property will house SAATI's U.S. Composites and Protection division. The company expects to hire 80 employees in the next few years.
WASHINGTON, D.C. — Gables Residential has purchased the 244-unit V at City Vista apartment complex from a group composed of Lowe Enterprises, CIM Group, Bundy Development Corp. and the Neighborhood Development Co. The property, which is located at the intersection of 5th and K streets in Washington's 1.3 million-square-foot City Vista development, was traded for an undisclosed amount. Jorgen Punda and David Reece of Gables Residential helped close the deal. Deutsche Bank Berkshire Mortgage provided a Fannie Mae loan to finance the purchase.
JACKSONVILLE, FLA. — W.G. Mills has completed the $69.5 million Atlantic Coast High School for Duval County Public Schools. SchenkelShultz Architecture designed the 303,000-square-foot school, which is located at 9735 R.G. Skinner Road in Jacksonville. The property includes classrooms, a 1,621-seat gym and am 840-seat auditorium.
MIAMI BEACH, FLA. — Sunstone Collins has purchased the 409-room Royal Palm Hotel in an online auction through the Miami Dade Clerk of Courts for $126.1 million. Jones Lang LaSalle Hotels arranged the foreclosure sale for a court-appointed receiver. The resort hotel is located at 1545 Collins Ave. in Miami Beach and is within walking distance to the Miami Beach Convention Center. Amenities at the property, which was built in 2002, include two outdoor pools, a fitness center, four meeting rooms and a restaurant.
NORTH BETHESDA, MD. — Turner Construction Co. is planning to break ground on a 649,000-square-foot office building in North Bethesda's 32-acre North Bethesda Center mixed-use project. Upon completion in July 2012, the 14-story property will house 1,300 federal government employees. The $69 million project was designed to Silver LEED standards.
WEST PALM BEACH, FLA. — John Broussard, Douglas Mandel and Adam Kristol have represented both parties in the $5 million sale of the Century Village Medical Office. Located at 100-110 Century Blvd. in West Palm Beach's Century Village community, the office property spans 28,346 square feet. Tenet Healthcare and Walgreens rent 60 percent of the building.
SOUTHEAST — Carlton Exchange has been retained to auction off more than $63 million in non-performing loans. The assets are located in Florida, Louisiana and Georgia, and include hospitality and other commercial properties, and land. Properties include a 130-room Days Inn and a portfolio of commercial condos in Bradenton, Fla.; a 115-room hotel in Fort Myers, Fla.; and a Holiday Inn Express in New Orleans. The online auction is ongoing on a bid-now basis.