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AcquisitionsFloridaRetailSouth CarolinaSoutheast

Bain Capital, 11North Partners Acquire Southeast Shopping Center Portfolio for $395M

by John Nelson

BOSTON AND NEW YORK CITY — A joint venture between Bain Capital and 11North Partners has acquired a portfolio of 10 open-air retail centers in Florida and South Carolina for $395 million. Danny Finkle, Jorge Portela and Kim Flores of JLL represented the seller, PGIM Real Estate. The properties — which are located across the submarkets of Fort Lauderdale, Orlando, Tampa, Palm Beach and Charleston — include Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca and Point Hope Commons. The acquisition spans more than 1 million square feet and follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City for $212 million. Publix anchors seven of the retail centers. The portfolio was more than 93 percent leased at the time of sale to tenants including Bank of America, Chipotle, Starbucks Coffee, Chick-fil-A, Jersey Mike’s and McDonald’s.

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LoansMultifamilySoutheastTennesseeWalker & Dunlop

Walker & Dunlop Arranges $105M Refinancing for 805 Lea Apartments in Downtown Nashville

by John Nelson

NASHVILLE, TENN. — Walker & Dunlop has arranged a $105 million loan for the refinancing of 805 Lea, a 356-unit apartment tower in downtown Nashville. Built in 2021, the property features 10,203 square feet of ground-floor retail space across three suites. Amenities include a 24-hour concierge services, 29th floor sky lounge, saltwater swimming pool, fitness center and two outdoor fire pits. Stephen Farnsworth led the Walker & Dunlop team that arranged the three-year loan through Nuveen on behalf of the borrower, Key Real Estate Co. The loan features two optional 12-month extensions.

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Build-to-RentDevelopmentMultifamilySingle-Family RentalSouth CarolinaSoutheast

Advenir Oakley Capital, Capstone Building Complete $78M BTR Project in Greer, South Carolina

by John Nelson

GREER, S.C. — Developer Advenir Oakley Capital and general contractor Capstone Building Corp. have completed construction of LEO Jamestown, a $78 million build-to-rent (BTR) development in Greer, a city 12 miles northeast of Greenville. Located at 1015 S. Main St., LEO Jamestown includes 296 one-, two- or three-bedroom homes. Monthly rental rates range from $1,399 to $2,099, according to Apartments.com. Amenities include a resort-style pool, pool house, clubhouse, a fitness center and outdoor green spaces. Advenir Azora is managing the property.

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DevelopmentIndustrialNorth CarolinaSoutheast

Trinity Capital, Crow Holdings to Develop 171,920 SF Industrial Facility in Charlotte

by John Nelson

CHARLOTTE, N.C. — A joint venture between Trinity Capital and a real estate fund advised by Crow Holdings plans to develop Graham Park CLT, a 171,920-square-foot speculative industrial facility located on a 17.3-acre site at 2241 Graham Park Drive in Charlotte. Tom Tropeano, Chris Loyd and Gray Gaines of Avison Young represented the seller, an entity doing business as Graham Park Ventures LLC, in the $6.2 million land sale to the development team. United Bank is providing an undisclosed amount of construction financing. Edifice Construction is the general contractor for Graham Park CLT, which is expected to break ground in the third quarter and wrap up construction in third-quarter 2026. The development will include concrete tilt-wall construction, 32-foot clear heights, ESFR sprinklers, dock-high and grade-level loading doors and a two-acre dedicated industrial outdoor storage area. Trinity Capital and Crow Holdings have selected Avison Young’s Tropeano, Gaines and Henry Lobb to handle the leasing assignment at Graham Park CLT.

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GeorgiaIndustrialLeasing ActivitySoutheast

CP Group Executes 47,000 SF of Office Leases at Cumberland Center II in Atlanta

by John Nelson

ATLANTA — CP Group has executed more than 47,000 square feet of leases at Cumberland Center II, a 421,000-square-foot, 17-story office building in Atlanta’s Cumberland-Galleria office submarket. Jeff Bellamy and Brooke Dewey of JLL represented the Boca Raton, Fla.-based landlord in each transaction. The deals included a 17,300-square-foot lease with C.H. Robinson, a logistics operations firm represented by Tim Wright of Cushman & Wakefield; a 13,200-square-foot lease with Mikart, a pharmaceutical manufacturing company represented by Ryan Hudson of CBRE; a nearly 5,000-square-foot spec suite deal with Young Management and Consulting, a professional services provider represented by Austin Donaldson and Corey Ferguson of T. Dallas Smith; a 3,200-square-foot spec suite deal with Applied Economics, a financial services firm represented by Henry Kreimer and Dan Granot of Savills; a 2,300-square-foot lease for a spec suite with Setty, an engineering consulting firm represented by Jody Selvey and Meredith Selvey of Colliers; and a 6,200-square-foot expansion for spec suite space with JM Huber, a national producer of consumer and industrial products. CP Group recently completed a major capital improvements program at Cumberland Center II that included a lobby renovation, new tenant lounge and a 100-seat conference facility.

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AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

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12th & James
AcquisitionsAffordable HousingGeorgiaMultifamilySoutheast

JLL Negotiates $39M Sale of Luxury Apartment Complex in Atlanta’s Upper Westside Neighborhood

by Abby Cox

ATLANTA — JLL Capital Markets has negotiated the $39 million sale of 12th & James, a 214-unit luxury apartment complex in Atlanta’s Upper Westside neighborhood. While all units will be dedicated to long-term affordable housing under the new ownership, half of the apartments will be specifically reserved for families earning up to 80 percent of the area median income (AMI). An agreement with the Atlanta Urban Development Corp. ensures the units will remain affordable for at least 25 years. Situated along 1212 James Jackson Parkway NW, the complex was originally built in 2002 and features 189 partially renovated units and 25 original apartments spanning one-, two- and three-bedroom floorplans. The partially renovated units include upgrades such as white cabinetry, new countertops, tile backsplashes, stainless steel appliances, Nest thermostats and smart home features. Community amenities include a resort-style swimming pool, fitness center, business center, outdoor kitchen and an off-leash dog park. John Weber, Peter Yorck, Nick Brown and Dean Shoham of JLL’s Investment Sales and Advisory team represented the seller, Aspen Square Management, in the transaction. The buyer was EQ Housing Advisors Inc., who partnered with Atlantica Properties to convert the property into long-term affordable housing.

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Plaza Towers
AcquisitionsAffordable HousingLoansMarylandMultifamilySoutheast

Horning Acquires 288-Unit Multifamily Community in Suburban D.C., Places Income Restrictions 

by Abby Cox

HYATTSVILLE, MD. — Horning has acquired Plaza Towers Apartments, a 288-unit multifamily community located in Hyattsville, a suburb of Washington, D.C. Horning has agreed to 99-year affordability covenants on all the building’s units, capping rents between 40 and 80 percent of the area median income (AMI). Amazon’s Housing Equity Fun provided $18.7 million in low-cost financing, while Prince George County contributed $3 million through its Right of First Refusal Preservation Fund, as well as a Payment in Lieu of Taxes (PILOT) for an undisclosed value. Additionally, an unnamed Freddie Mac Optigo lender provided senior debt financing. Built in 1964 near the University of Maryland’s College Park campus, the 11-story building houses 44 studio, 158 one-bedroom, 62 two-bedroom and 24 three-bedroom apartments. Community amenities include a business center, fitness room, club room, bike storage, playground and an outdoor pool. Horning plans to invest in the property with updated infrastructure and building systems. The buyer’s property operator affiliate, Horning Management Co,. will provide management services for Plaza Towers.

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The Scoundrel
DevelopmentHospitalityLoansSoutheastTennessee

Arriba Capital Arranges $40M Construction Loan for Marriot Hotel in Downtown Gatlinburg, Tennessee

by Abby Cox

GATLINBURG, TENN. — Arriba Capital has arranged a $40 million construction loan for a Marriot-branded hotel in downtown Gatlinburg. Dubbed The Scoundrel, the hotel will act as the gateway to the Great Smoky Mountains National Park. The new hotel will total 128 rooms and will operate under the Marriot Tribute Portfolio brand. The borrower is a locally based, private hospitality and development group. A construction timeline was not disclosed.

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July Jobs Report
District of ColumbiaSoutheast

U.S. Economy Adds 73,000 Jobs in July, Previous Months’ Numbers Revised Down Significantly

by Abby Cox

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 73,000 in July, falling below the 100,000 figure projected by Dow Jones economists, according to CNBC. May and June totals were also significantly revised downwards by a combined 258,000 from previous months’ totals. The BLS revised May job growth down from +144,000 to +19,000, and June from +147,000 to +14,000. The unemployment rate rose slightly to 4.2 percent, and the number of unemployed people — at 7.2 million — also showed little change from June. Nearly all job growth in July came from the healthcare and social assistance sectors, accounting for roughly 94 percent of the gains. Healthcare contributed 55,000 jobs, including increases in ambulatory healthcare services (+34,000) and hospitals (+16,000). Social assistance employment provided 18,000 jobs, reflecting continued growth in individuals and family services (+21,000). Retail added nearly 16,000 jobs, while the financial sector was increase by 15,000 jobs. Meanwhile, federal government employment continued to decline in July (-12,000) and is down by 84,000 since reaching a peak in January before Elon Musk’s Department of Government Efficiency (DOGE) began reallocating job scopes and duties. There was little change in employment over the …

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