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AcquisitionsDistrict of ColumbiaMultifamilySoutheast

Greysteel Arranges $48.1M Sale of Multifamily Portfolio in D.C.

by John Nelson

WASHINGTON, D.C. — Greysteel has arranged the $48.1 million sale of a portfolio spanning four multifamily properties in Washington, D.C. Greysteel represented the sellers, locally based real estate investors, in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act (TOPA). American Housing was the buyer. The properties include a 28-unit apartment building located at 3654 New Hampshire Ave. NW and a 43-unit apartment building located in Penn Quarter at 1126 11th St. NW, which sold for $6.6 and $8.5 million, respectively. The portfolio also includes Newton Towers, a 56-unit apartment building located in Columbia Heights at 1435 Newton St. NW and The Park Regent, a 96-unit apartment community situated at 1701 Park Road NW in Mount Pleasant. Newton Towers was sold for $13.1 million, and The Park Regent traded for $20 million.

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DevelopmentGeorgiaMultifamilySoutheast

Madison Communities Secures $35.5M Construction Financing for Multifamily Development in Savannah

by John Nelson

SAVANNAH, GA. — Madison Communities, the multifamily development affiliate of Madison Capital Group, has secured a $35.5 million loan for the construction of Madison Oglethorpe, a 240-unit, garden-style apartment community in Savannah. United Bank provided the financing. Forum Investment Group has also provided preferred equity for the development. Amenities at the community will include a clubhouse and lounge with coworking space, a fitness center, outdoor lounge, swimming pool, grilling stations and a fire pit. The project team includes architect SGA|NW and general contractor BenCo Construction, an affiliate of Madison Capital. Completion is scheduled for late 2025.

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AcquisitionsGeorgiaSeniors HousingSoutheast

CBRE Brokers Sale of 146-Unit Arbor Terrace Peachtree City Seniors Housing Community in Metro Atlanta

by John Nelson

PEACHTREE CITY, GA. — CBRE has arranged the sale of Arbor Terrace Peachtree City, a 146-unit independent living and assisted living community in Peachtree City, a suburb south of Atlanta. GEM Realty Capital purchased the asset for an undisclosed price. John Sweeny, Aron Will and Garrett Sacco of CBRE arranged the transaction on behalf of the undisclosed seller. Will and Michael Cregan, also with CBRE, secured a Freddie Mac acquisition loan on behalf of the buyer.

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AcquisitionsNorth CarolinaRetailSoutheast

Yale Realty Services Acquires Target-Anchored Shopping Center in Metro Charlotte for $49.2M

by John Nelson

CONCORD, N.C. — An affiliate of Yale Realty Services Corp., in partnership with an international family office, has acquired Afton Ridge, a 294,617-square-foot shopping center located in Concord, roughly 25 miles northeast of Charlotte. Mike Burkard and Steve Shields of CBRE represented the undisclosed seller in the $49.2 million sale. Robert Altman of Altman Warwick Inc. and Bat Barber of Medalist Capital arranged a $29.6 million acquisition loan through MetLife on behalf of the buyer. A Super Target anchors Afton Ridge, which was 97 percent leased at the time of sale. Other tenants at the center include HomeSense, Marshalls, Burlington, Haverty’s Furniture, PetSmart and a Dick’s Sporting Goods clearance store, operating under the Going Going Gone! brand.

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DevelopmentGeorgiaLeasing ActivityMixed-UseRestaurantRetailSoutheast

GID Signs Five Tenants to Join $2B High Street Mixed-Use Development in Atlanta

by John Nelson

ATLANTA — GID Development Group has announced five more retail and restaurant concepts coming to High Street, the company’s $2 billion mixed-use development underway in Atlanta’s Central Perimeter submarket. The five newly announced tenants, totaling more than 31,000 square feet, include: — Jaguar Bolera: an “eatertainment” destination encompassing 21,500 square feet of food, beverage and entertainment space that will offer activities such as duckpin bowling, foosball, darts, board games and karaoke in private rooms; — South African restaurant concept Nando’s PERi-PERi, which will occupy a 3,300-square-foot flagship location with an 85-seat interior featuring South African art, lighting and furniture, as well as a patio for an additional 96 guests; — Velvet Taco’s second Atlanta location totaling 2,300 square feet; — Allen Edmonds, a high-end menswear retailer that is relocating its Park Place location to 1,800 square feet and will offer a custom shoe design studio; and — Skin Spirit, a med-spa concept that is opening its first location in Atlanta at High Street. Previously announced tenants include Puttshack, The Hampton Social, Agave Bandido, Cuddlefish, Ben & Jerry’s, and Sugar Coat. GID has secured over 80,000 square feet at High Street’s 150,000-square-foot retail footprint in Phase I, with additional new retailers and …

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DevelopmentSeniors HousingSoutheastVirginia

Focus Healthcare Completes $67M Renovation at The Virginian Seniors Housing Community in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. ­— Focus Healthcare Partners has completed a $67 million renovation project at The Virginian, a 32-acre continuing care retirement community (CCRC) in the Washington, D.C., suburb of Fairfax. LCS operates the property. This remodel included adding an array of advanced technology, sustainability initiatives, lifelong learning opportunities and healthcare services. Amenities now include multiple dining venues, a wine cellar, sports bar, indoor golf simulator, theater, entertainment venues, three full-service salons, technology areas and a spa under development. Outdoor areas include a pickleball court, bocce ball court, putting green, a dog park and a fire pit area. In addition, renovations added an exclusive fifth-floor concierge level that offers its own dining room and bar. The one, two- and three-bedroom apartments were upgraded to include California closet design, electronic blinds, smart thermostats and smart lights that connect to a smartphone. The seven-story, 367,000-square-foot property now boasts four wings, offering 155 independent living apartments, 56 assisted living residences, 36 memory care units and 53 skilled nursing units.

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AcquisitionsGeorgiaSoutheastStudent Housing

University Partners Acquires 370-Bed Student Housing Community Near University of Georgia

by John Nelson

ATHENS, GA. — University Partners has acquired The William, a 370-bed student housing community located adjacent to the University of Georgia campus in Athens. The property was developed in 2022 and offers studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop swimming pool, patio and lounge space, fitness center, collaborative study spaces and a private outdoor courtyard. Ryan Lang, Jack Brett, Ben Harkrider, Ben Roelke, Trent Houchin and Ian Walker of Newmark arranged both the sale and acquisition financing on behalf of University Partners. The seller and terms of the transaction were not disclosed.

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AcquisitionsRetailSoutheastVirginia

Northpond Partners Purchases Shopping Center in Richmond for $17.4M

by John Nelson

RICHMOND, VA. — Northpond Partners has acquired Parkside Marketplace, a 52,948-square-foot retail center in Richmond. The $17.4 million purchase marks the first acquisition for Northpond’s new $200 million investment vehicle, which is focused on retail centers in the Southeast and select Sun Belt markets. Tenants at the center, which was 98 percent leased at the time of sale, include West Marine, Five Guys, AT&T and M&T Bank. Catherine Spangler and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller, Stavins & Axelrod, in the transaction.

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FloridaIndustrialLeasing ActivitySoutheast

Glenstar Logistics Inks Three Industrial Leases Totaling 192,990 SF at Tri-County 75 in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Glenstar Logistics has inked three new leases at Tri-County 75 industrial park in Fort Myers totaling 192,990 square feet. Located at 6115-6150 Tri-County Commerce Way, the park is situated at the southeast corner of I-75 and Luckett Road. The new tenants include a Fortune 500 beverage company (56,705 square feet); Orlando-based Mechanical One (67,620 square feet), a home repair and maintenance company; and NB Handy (68,665 square feet), a Virginia-based distributor of metals, HVAC, commercial roofing and machinery products. Bob Johnston of Lee & Associates arranged the three leases on behalf of ownership. Ben Kuykendall of First Capital Property Group Inc. represented Mechanical One in the lease negotiations, and Danny Holly and Shawn Stoneburner of Cushman & Wakefield represented NB Handy. Tri-County 75’s general contractor, The Conlan Co., will be building out spaces for all three tenants. Developed in partnership with Columnar Holdings, Tri-County 75 spans 816,866 square feet across four buildings. Other members of the design-build team include architect Ware Malcomb and civil engineer DeLisi Fitzgerald. The project was delivered in October and is now 64 percent leased. Another 215,000 square feet of space is expected to execute shortly at Tri-County 75 to two undisclosed …

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Katie Balderrama Walker & Dunlop LIHTC quote
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

LIHTC Program Offers Lifeline to Struggling Multifamily Developers

by Sarah Daniels

It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …

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