Southeast

Crescent Communities Opens 340-Unit Novel West Midtown Apartments in Atlanta

by John Nelson December 5, 2023

ATLANTA — Crescent Communities has opened Novel West Midtown, a 340-unit apartment community located at 1330 Fairmont Ave. in Atlanta. Situated in the city’s West Midtown district, the property features walking trails that connect to various hiking trails and a future connection to the Atlanta BeltLine; a dog park; saltwater pool with cabanas, hammocks and spa; outdoor kitchen; and a private courtyard with an elevated terrace view. Indoor amenities include a fitness center, coworking lounge, club room and a game room. The unit mix at Novel West Midtown includes studio, one-, two-, and three-bedroom residences, with 10 percent of homes designated as affordable housing. Rental rates range from $1,699 to $3,515 per month, according to Apartments.com.

December 5, 2023

Acquisitions Multifamily North Carolina Southeast

Northmarq Arranges $107M Sale of Alta Filament Apartments in Charlotte

by John Nelson December 5, 2023

CHARLOTTE, N.C. — Northmarq has arranged the $107 million sale of Alta Filament, a 352-unit luxury apartment community located at 525 E. 21st St. in Charlotte. The newly built property is situated in the city’s Mill District neighborhood near Optimist Hall food hall and the Lynx Blue Line Light Rail. Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson of Northmarq represented the seller, Wood Partners, in the transaction. The buyer was Mid-America Apartment Communities. Amenities at Alta Filament include a community clubhouse, conference room, grilling areas and fire pits, a 24/7 fitness club with a rollup door to an outdoor lawn, swimming pool, sundeck trellis, pet spa and wash and a package delivery service. The community also features two oversized courtyards, a podcast/content creator studio and 10 private offices rentable by the month.

December 5, 2023

Acquisitions Multifamily Southeast Student Housing Tennessee

Capstone Real Estate Sells Former Student Housing Community in Murfreesboro, Tennessee

by John Nelson December 5, 2023

MURFREESBORO, TENN. — Capstone Real Estate Investment has sold Landmark Apartments, a 264-unit community located near the Middle Tennessee State University campus in Murfreesboro. The property was acquired as a student housing project by the company in 2020 and underwent significant renovations, including the transformation of the community into traditional multifamily. Landmark Apartments offers one-, two- and three-bedroom units. The buyer in the transaction was not disclosed.

December 5, 2023

Industrial Leasing Activity Maryland Southeast

Electrical Contractor Signs 93,800 SF Industrial Lease in Frederick, Maryland

by John Nelson December 5, 2023

FREDERICK, MD. — Power Solutions LLC, a commercial electrical contractor based in Bowie, Md., has signed a 93,800-square-foot lease at Arcadia Business Park in Frederick. The tenant signed the lease with Baltimore-based St. John Properties Inc., which represents the fourth lease transaction between the two firms. Danny Foit of St. John Properties represented the landlord internally in the deal, and Jon Casella of CBRE represented the tenant. Power Solutions plans to house 90 full-time employees at its new warehouse space at 4754 Arcadia Drive, which is about 43 miles northwest of Washington, D.C.

December 5, 2023

Development Florida Industrial Southeast Top Stories

Partnership to Develop 3 MSF Industrial Park on Florida’s Space Coast

by John Nelson December 5, 2023

TITUSVILLE, FLA. — A partnership between Houston-based Hines and locally based Key Group has announced plans to develop Space Coast Innovation Park, a 3 million-square-foot industrial development in the Space Coast city of Titusville. Located in Brevard County, the three-phase development will be situated on 450 acres near Space Coast Regional Airport’s Exploration Spaceport and within a few miles of NASA’s Kennedy Space Center. Nearby space exploration and aerospace defense firms include SpaceX, Blue Origin, Boeing, Northrop Grumman and Lockheed Martin. This past summer, Amazon announced it is developing a $120 million satellite processing facility in nearby Cape Canaveral, Fla. Additionally, the U.S. Air Force recently selected Patrick Space Force Base as its preferred headquarters location for the U.S. Space Force’s Space Training and Readiness Command operations. “As the rapid commercialization and privatization of the aerospace industry continues, with the space economy expected to generate more than $1 trillion in annual sales by 2040, we believe now is the perfect time to create a best-in-class logistics hub for aerospace companies requiring more direct access to Kennedy Space Center and Cape Canaveral than properties located further south can offer,” says Ryan Wood, managing director at Hines. “We look forward to partnering …

December 5, 2023

Acquisitions Alabama Retail Southeast

Tanger Acquires Bridge Street Town Centre in Huntsville for $193.5M

by John Nelson December 4, 2023

HUNTSVILLE, ALA. — Tanger has acquired Bridge Street Town Centre, an open-air retail center located in Huntsville, for $193.5 million. Alabama-based Bayer Properties is the developer and former owner of the 825,000-square-foot development. Tenants at the property include lululemon athletica, Sephora, Main Event, a 14-screen Cinemark movie theater, Lovesac, Dry Goods, Victoria’s Secret, Athleta, Anthropologie, Altar’d State, Ulta Beauty, Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M and Belk, among others. The center was 93 percent occupied at the time of sale. This marks Tanger’s 39th property and first open-air lifestyle center.

December 4, 2023

Alabama Development Multifamily Southeast

Dobbins Group to Develop Two Apartment Communities in Birmingham Totaling 785 Units

by John Nelson December 4, 2023

BIRMINGHAM, ALA. — Dobbins Group will develop two apartment communities in Birmingham. The first community, Colina West Homewood, will comprise 310 units in one-, two- and three-bedroom floorplans at 80 West Oxmoor Road. Amenities at the property will include package lockers, grilling stations and outdoor kitchens, hiking trails, a fitness center, swimming pool, coworking space, car wash, lawn game area, central green space, dog spa and park, clubhouse with resident lounge and attached and detached garages. The property will also feature a Grab & Go Market. The second property, Colina Hillside, will total 475 apartments in one-, two- and three-bedroom layouts across four- and five-story buildings. Amenities at the property, which will be located at 1121 Colina St., will include two heated saltwater pools, private pool cabanas and an outdoor kitchen entertainment area, 24-hour fitness center, a pet spa and pet parks, greenspace, firepits, grilling stations, electric car charging stations, valet trash service, a 24-hour resident market and lounge and coworking spaces. Protective Life provided financing. LBYD will serve as civil engineer for both developments, with Lorberbaum McNair providing landscape architecture and Catori Design House overseeing interior design. Forestry Environmental is the sitework contractor, and Capstone Building Corp. will provide …

December 4, 2023

Development Florida Southeast Student Housing

CBRE Investment, GMH to Begin Renovations at 734-Bed Student Housing Community Near University of South Florida

by John Nelson December 4, 2023

TAMPA, FLA. — A joint venture between CBRE Investment Management and GMH Communities has announced plans to begin renovations at Venue at North Campus, a 734-bed student housing community located near the University of South Florida in Tampa. The duo purchased the property in October. Dallas-based Premier will spearhead the renovations, which are expected to begin early next year. Enhancements to the property will include the addition of new appliances, countertops, cabinets, furniture, paint and fixtures; refreshments to the pool area; the addition of a jumbotron; updates to the community’s dog park; and the integration of a dedicated space for food truck dining near the property’s convenience store. The community offers a mix of studio, two-, four- and five-bedroom units. Shared amenities include a resort-style swimming pool, fitness centers, grilling stations under a pergola, individual and group study areas and an internet cafe.

December 4, 2023

Acquisitions Georgia Multifamily Southeast

GREA Brokers $13.9M Sale of Phoenix Place Townhomes in Metro Atlanta

by John Nelson December 4, 2023

EAST POINT, GA. — Global Real Estate Advisors (GREA) has brokered the $13.9 million sale of Phoenix Place Townhomes in East Point, about 3.5 miles from Hartsfield-Jackson Atlanta International Airport. Built in 1971 and located at 2420 Heaton Drive, the community comprises 144 units in one-, two- and three-bedroom floorplans. Green Forest Capital acquired the property from Pacific West Land. Taylor Brown, Mack Leath and Barden Brown of GREA represented the seller in the transaction.

December 4, 2023

Acquisitions Florida Retail Southeast

SRS Arranges $13.6M Sale of Retail Property in Lutz, Florida Leased to EoS Fitness

by John Nelson December 4, 2023

LUTZ, FLA. — SRS Real Estate Partners has arranged the $13.6 million sale of a 42,311-square-foot single-tenant retail property in Lutz, about 14 miles north of Tampa. EoS Fitness occupies the building on a 15-year triple-net lease. Located at 17634 Harpers Run, the property is situated on 3.9 acres within Cypress Ranch, a 164-acre mixed-use development that features 598 residential units and 100,000 square feet of office space. Upon completion, Cypress Ranch will also include 11 freestanding retail parcels. Tenants at the parcels include Chick-fil-A, Aldi and Panda Express. Patrick Nutt and William Wamble of SRS represented the seller, Barclay Group, in the transaction. A California-based buyer acquired the property in a 1031 exchange.

December 4, 2023

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