MARIETTA, GA. — Stamford, Conn.-based Ceebraid-Signal has purchased Rivers Apartment Communities, a 708-unit multifamily complex consisting of three enclaves in Marietta, from Houston-based Greystar Management and Norwalk, Conn.-based General Electric Capital, for $72 million. The Preserve Apartment Homes, The Pointe Apartment Homes and The Park Apartment Homes are situated on contiguous lots, totaling 77 acres, adjacent to the Chattahoochee River along Powers Ferry Road. The garden-style communities feature swimming pools, fitness facilities and tennis courts. Ceebraid-Signal will renovate the properties to include a movie theater, rock climbing wall and indoor basketball court, among other improvements. Apartment Realty Advisors of Atlanta represented the seller in the transaction.
RICHMOND, VA. Reynolds Development and Lingerfelt Development, both of Richmond, are building Reynolds Office Building, a $40 million, 200,000-square-foot facility within Reynolds Crossing in Richmond, a 90-acre mixed-use project currently under development. Construction began last year, and the office building is expected to deliver in May. Tenants will include Alcoa and James River Insurance. Mark Douglas and Suzanne White of Thalhimer/Cushman & Wakefield s Richmond office are the exclusive leasing agents for the property, which is located at the intersection of Glenside Drive and West Broad Street.
RALEIGH, N.C. — Grubb & Ellis Realty Investors has acquired Six Forks Station, a 32-acre, 321-unit multifamily complex in Raleigh, on behalf of tenant-in-common investors, for an undisclosed amount. The property consists of 39 buildings that feature 88 one-bedroom, 161 two-bedroom and 72 three-bedroom apartment homes. Amenities include two swimming pools, playgrounds, multi-purpose sports courts and a fitness center. The complex is located at 8601 Olde Station Dr.
BRANDON AND RIVERVIEW, FLA. — Phillips Development & Realty is building two Class A multifamily complexes in Brandon and Riverview, totaling $61 million. In Brandon, Phillips Delaney Creek, a $30 million, 290-unit property, will be situated on 49 acres in the southwest quadrant of the intersection of Progress Boulevard and Falkenburg Road. The community will feature three- and four-story garden-style buildings with elevator service and scenic wetland conservation areas. Phillips Magnolia Park, a $31 million, 300-unit property in Riverview, will be situated on 19 acres within Magnolia Park, a master-planned development located in the southeast quadrant of the intersection of Progress Boulevard and Falkenburg Road. The garden-style community will feature three- and four-story buildings. Both projects will break ground this year.
ATLANTA — Atlanta-based Pollack Partners is developing a $35 million, 15-acre multifamily community in Atlanta, located along Peachwood Circle near the Clairmont interchange at Interstate 85. The development will include 269 one- and two-bedroom apartments in three- and four-story buildings. Amenities will include a swimming pool, clubhouse, fitness center, business center, media room and walking and jogging trails. Pollack acquired the land parcel from Atlanta-based VS Apartments and Stonewood Partners, for $7.7 million. Bob Nagle and Mike Cooper of Nagle & Cooper were the sole brokers and exclusively represented the buyer. Construction is slated to begin in June, with initial occupancy scheduled for next spring.
BOSSIER CITY, LA.; CHERAW AND BENNETTSVILLE, S.C. — Birmingham, Ala.-based Medical Properties Trust has acquired a seven property portfolio, including hospitals in Bossier City, Cheraw and Bennettsville, from Newport Beach, Calif.-based HCP, Inc., for $138 million. The portfolio was comprised of Cornerstone Hospital in Bossier City; Chesterfield General Hospital in Cheraw; Marlboro Park Hospital in Bennettsville; and additional properties in Arizona, Idaho and Texas.
ATLANTA — Joint venture partners Daniel Corp., Selig Enterprises, MetLife and Canyon-Johnson Urban Funds have topped off 1010 Midtown, a 35-story, 443-unit luxury high-rise tower in Atlanta, located along Peachtree Street. The project features 50,000 square feet of retail and one-, two- and three-bedroom units. Initial occupancy is scheduled for this fall. 1010 Midtown is the first phase of 12th & Midtown, a 3-million-square-foot mixed-use development.
TUSKEGEE, ALA. — Delaware-based Kamin Realty has acquired a CVS/Pharmacy, featuring 10,125 square feet in Tuskegee, from Tom and Lucy Fullerton, for $1.7 million. The pharmacy and is located at 202 West Martin Luther King Hwy. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented both the seller and buyer in the transaction.
FORT LAUDERDALE, FLA. — Geruy, Inc. has purchased The Courtyard Apartments, a 16-unit apartment building in Fort Lauderdale, from South Florida-based Golden Properties, for $1.3 million. The property is located at 408 N.E. 7th Ave. and features eight studios, four one-bedroom and four two-bedroom apartments. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented both the seller and buyer in the transaction.
NORTH MIAMI, FLA. — The Craig Zinn Automotive Group is developing a 1 million-square-foot, 9-acre Lexus dealership in North Miami, located at 14100 Biscayne Blvd. The project will include a 222,000-square-foot showroom, service and parts facility; a four-story, 808,074-square-foot parking structure to hold 2,000 cars; and a Lexus Lifestyle Center, which will partner with the Rosomoff Pain Center to offer consultations on lifestyle modification. The project will be the largest Lexus dealership in the country. Fort Lauderdale, Fla.-based Stiles Construction Co. is the general contractor, and the showroom was designed by Winningham, Bundy & Tice Architects. Construction is slated for completion next spring.