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District of ColumbiaSoutheast

US Economy Adds 114,000 Jobs in July, Below Expectations from Dow Jones Economists

by John Nelson

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that the U.S. economy has added 114,000 jobs in July, far below the 215,000 monthly average over the previous 12 months. The total is also below the 185,000 jobs that Dow Jones economists estimated for the month, according to CNBC. Additionally, the BLS revised down the May and June totals by a collective 29,000 jobs. The U.S. unemployment rate increased to 4.3 percent, its highest level since October 2021 and a 20-basis-point increase from June. Healthcare saw the largest monthly increase with 55,000 jobs added in July, a little below the sector’s monthly average of 63,000 over the prior 12 months. Sectors that saw nominal growth included construction (25,000 jobs), government (17,000), transportation and warehousing (14,000) and social assistance (9,000). Information employment declined by 20,000 jobs. Other sectors, including manufacturing, professional and business services and leisure and hospitality, saw minimal change from June.

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DevelopmentFloridaMixed-UseSoutheast

City of St. Petersburg Selects Skanska to Oversee $6.5B Redevelopment of Historic Gas Plant District, New Ballpark for Tampa Bay Rays

by John Nelson

ST. PETERSBURG, FLA. — The City of St. Petersburg has selected Skanska USA as the owner’s representative for the $6.5 billion redevelopment of the Historic Gas Plant property in St. Petersburg, including the design and construction of the new Major League Baseball stadium for the Tampa Bay Rays. The 86-acre redevelopment was announced nearly a year ago and will transform the site, which houses the Rays’ current home ballpark Tropicana Field, into an 8 million-square-foot mixed-use campus. In addition to the new stadium, plans call for new affordable housing, hotels, offices, shops, restaurants and the new home of the Woodson African American Museum of Florida. As the city’s owner’s representative, Skanska USA Building Inc. will provide project management services, including design reviews, project accounting, management of the redevelopment schedule, permitting assistance, onsite quality assurance, ensuring compliance with the development agreements and communication with area stakeholders. The Pinellas County Commission approved the project on Tuesday, July 30 — the final votes needed for the plan to move forward. The St. Petersburg City Council approved plans for the ballpark and the accompanying Historic Gas Plant District development on July 18.

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DevelopmentSeniors HousingSoutheastVirginia

LifeSpire Plans $80M Expansion of Seniors Housing Campus in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — LifeSpire of Virginia has announced plans for an $80 million expansion of The Summit, a continuing care retirement community in Lynchburg, about 55 miles east of Roanoke, Va. Although the number of units was not disclosed, the company says the project will “create dozens of new residences” via 18 cottage homes and multiple villa options, as well as a new memory care neighborhood. The nonprofit LifeSpire of Virginia, which acquired The Summit in late 2021, plans to complete the expansion over the next 24 months. The Summit sits on a 125-acre campus, which comprises scenic trails; a 10-acre lake for fishing, kayaking and canoeing; and forested areas.

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Build-to-RentLoansMultifamilySingle-Family RentalSouth CarolinaSoutheast

Northmarq Secures $32M Refinancing for Build-to-Rent Residential Community in Coastal South Carolina

by John Nelson

OKATIE, S.C. — Northmarq has secured a $32 million bridge loan for the refinancing of Saddlewood at Pepper Hall, a 121-unit build-to-rent (BTR) residential community in Okatie, a city 11 miles west of Hilton Head Island. The borrowers, RP Communities and Argosy Real Estate Partners, delivered the BTR property last year within the Pepper Hall master-planned development. Grant Harris, David Vinson and Faron Thompson of Northmarq arranged the five-year loan on behalf of the borrowers through Atlanta-based ACRE. Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes and carriage homes with private porches and detached garages. Amenities include a pool, dog park, green spaces and a clubhouse with a fitness center. Additionally, the site will feature a planned state waterfront park that will include a kayak launch and walking trails.

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AcquisitionsFloridaRetailSoutheast

Colliers Arranges $23M Sale of Tampa Bay Store Leased to The Home Depot

by John Nelson

CLEARWATER, FLA. — Colliers has arranged the $23 million sale of a 111,694-square-foot retail property in the Tampa Bay area. Located at 2495 Gulf to Bay Blvd. in Clearwater, the store has been leased to The Home Depot for the past 25 years, and the home improvement retailer has several years remaining on its current lease term. Eric Carlton and Jereme Snyder of Colliers represented the seller, a private institutional investor, in the transaction. The buyer was an undisclosed individual investor.

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AcquisitionsLouisianaMultifamilySoutheast

Reynolds, Slabotsky Family Office Acquire Riverside Oaks Apartments in Shreveport, Louisiana for $9.5M

by John Nelson

SHREVEPORT, LA. — A partnership between Reynolds Asset Management and Slabotsky Family Office has purchased Riverside Oaks Apartments, a 185-unit community located at 109 Southfield Road in Shreveport. The undisclosed seller sold the property to the partnership for $9.5 million. John Hamilton of Marcus & Millichap brokered the transaction, with Tom Didio, Max Custer and Michael Mataras of JLL procuring acquisition financing. Built in 1972, Riverside Oaks features one-, two- and three-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, bicycle storage, picnic area and a dog park. Reynolds and Slabotsky are planning to invest $4 million to overhaul Riverside Oaks, including installing new roofs, driveways, site lighting, landscaping and fencing, as well as upgrading the pool and dog park, improving security features and renovating interiors. Renovations are anticipated to begin immediately and continue over the next two years.

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Conference CoverageFeaturesMultifamilyNorth CarolinaSouth CarolinaSoutheastSoutheast Feature Archive

Multifamily Investors Need to Capitalize on ‘Golden Window’ to Buy Below Replacement Cost, Say InterFace Panelists

by John Nelson

The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below today’s costs; these are win-win transactions,” added Russell. “If a developer capitalized the deal a few years ago then they’re selling for a profit, and the buyer is able to acquire these deals for below today’s costs.” These win-win deals are becoming few and far between in today’s environment of elevated interest rates. While buyers are seeking strong yields in their investments, sellers are seeking profitability, and the middle ground has become narrower as those two motivations don’t overlap as often, especially compared to 24 to 36 months ago when interest rates were at historic lows. “In 2021-2022, properties were trading like commodities to some extent — they were two-year …

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Affordable HousingDevelopmentFloridaMixed-UseMultifamilySeniors HousingSoutheast

SG Holdings Delivers 578-Unit Affordable Seniors Housing Community in Miami’s Overtown Neighborhood

by John Nelson

MIAMI — SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the United States within the last decade, according to the developer. The studio, one- and two-bedroom housing units, which are designated for seniors earning at or below an average of 60 percent of the area median income (AMI), sit atop Sawyer’s Walk’s shops and parking garage. Sawyer’s Walk, a $350 million mixed-use development, is underway in the Overtown neighborhood of Miami. Upon full build-out it will total 1.5 million square feet, including the 578 residential units completed that will be home to low-income seniors; 175,000 square feet of retail space committed to tenants including Target (50,000 square feet) and Aldi (25,000 square feet); a 25,000-square-foot public plaza; and 130,000 square feet of office space acquired by MSC Group that will anchor its North American cruise division headquarters. The retail component is slated to open this fall. SG Holdings broke ground on the 3.4-acre, mixed-use development in June 2021. The public-private partnership was made possible through a collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment …

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Leasing ActivityOfficeSoutheastVirginia

Bechtel Signs 289,000 SF Office Lease at Reston Town Center in Northern Virginia

by John Nelson

RESTON, VA. — Bechtel, a global engineering firm, has signed a 289,000-square-foot office lease at Reston Overlook, a 320,000-square-foot office building within the Reston Town Center mixed-use campus in Northern Virginia. BXP, formerly known as Boston Properties Inc., is the landlord at Reston Overlook. Erin Cotter and Jake Stroman of BXP represented the landlord internally in the lease negotiations, and Cathy Delcoco of CBRE represented Bechtel. The lease represents a renewal and expansion for Bechtel, increasing the company’s occupancy to span 11 floors at Reston Overlook. The company, which has had its headquarters in Reston since 2012, employs 18,000 people across 50 countries. Owned and operated by BXP, Reston Town Center offers 4 million square feet of office space, 50 retailers, 30 restaurants, more than 2,000 residences, outdoor recreation spaces and seasonal events programming.

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AcquisitionsSouth CarolinaSoutheastStudent Housing

Rockpoint, Realco Capital Purchase 357-Bed Student Housing Community Near College of Charleston

by John Nelson

CHARLESTON, S.C. — Boston-based Rockpoint and Connecticut-based Realco Capital Partners have purchased Summit Place, a Class A midrise student housing community adjacent to the College of Charleston in the city’s Upper King Street neighborhood. Built in 2020, the property features 357 student housing beds across 118 units, as well as a fitness center, swimming pool and study spaces, among other amenities. The seller and sales price were not disclosed. Realco Capital previously has been had an ownership stake in Summit Place since 2022.

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