Southeast

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

by Kristin Harlow April 19, 2023

MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces. Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification. The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months. “This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” says Lahcen Knapp, Empira’s chairman. “Miami has emerged as one of the top U.S. …

April 19, 2023

Acquisitions Georgia Industrial Southeast

Cosmetics Company Kiss Acquires New 708,990 SF Warehouse Near Savannah from CRG

by John Nelson April 18, 2023

ELLABELL, GA. — Kiss, a global cosmetics company, has acquired a 708,990-square-foot industrial facility underway in the western Savannah suburb of Ellabell. CRG sold the warehouse, which will be located within the developer’s 300-acre The Cubes at Interstate II campus. Chris Tomasulo, Ryan Hoyt and Bennett Rudder of JLL represented CRG in the transaction. The sales price was not disclosed. Kiss plans to utilize the property for distribution of its cosmetics products once completed. Located at 1864 Interstate Blvd., Building B at The Cubes at Interstate II is located less than two miles from I-16, 15 miles from I-95, 25 miles from Savannah/Hilton Head International Airport and approximately 30 miles west of the Port of Savannah. The development is part of the larger Interstate Centre industrial park in Bryan County. At full buildout, The Cubes at Interstate II will span 4.3 million square feet of industrial space leased to tenants such as Rooms To Go and McKesson Medical-Surgical, among others.

April 18, 2023

Acquisitions Georgia Multifamily Southeast

FCP Purchases Apartment Community in Marietta, Georgia for $51M

by John Nelson April 18, 2023

MARIETTA, GA. — FCP has purchased Amber Grove at Olley Creek Apartments, a 360-unit community located in the north Atlanta suburb of Marietta. Travis Presnell and James Wilber of Cushman & Wakefield represented the undisclosed seller in the $51 million transaction. Located at 2050 Austell Road, the gated property features a leasing center and club room, swimming pool, dog park, fitness center, community garden and a playground. FCP plans to add in-unit washers and dryers and provide an afterschool program for children living at the property. With the purchase of Amber Grove at Olley Creek, the Chevy Chase, Md.-based investment firm now owns 7,230 apartment units in the metro Atlanta area.

April 18, 2023

Acquisitions Multifamily Southeast Virginia

Harbor Group Sells 556-Unit Sussex at Kingstowne Apartments in Alexandria, Virginia

by John Nelson April 18, 2023

ALEXANDRIA, VA. — Harbor Group International has sold Sussex at Kingstowne, a 556-unit apartment community located in Alexandria, about eight miles south of Washington, D.C. The buyer and sales price were not disclosed, but Harbor Group purchased the property in 2018 for $144 million. Prior to the sale, Harbor Group implemented a multimillion-dollar capital improvement program for Sussex at Kingstowne’s interiors, common areas and amenities, including the community’s two swimming pools, fitness center, cyber café and a resident’s lounge.

April 18, 2023

Development Multifamily South Carolina Southeast

Aventon Breaks Ground on 336-Unit Multifamily Development in Charleston

by John Nelson April 18, 2023

CHARLESTON, S.C. — Aventon Cos. has broken ground on Aventon Mikasa, a 336-unit apartment community located in Charleston’s Daniel Island submarket. Set to open for leasing in fall 2024, the property will be situated on 19 acres and comprise multiple four-story, elevator-serviced buildings housing one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a remote working lounge, game room and fitness center, as well as a resort-style swimming pool. The design-build team includes architect Scott + Cormia, interior designer Studio 5 Interiors Inc. and civil engineer/landscape architect Thomas & Hutton. Aventon Mikasa is the second multifamily development in the Charleston area for Raleigh-based Aventon Cos.

April 18, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $23M Sale of Tampa Industrial Facility

by John Nelson April 18, 2023

TAMPA, FLA. — Cushman & Wakefield has arranged the $23 million sale of 4908 Tampa West, a 214,806-square-foot industrial facility in Tampa’s Airport submarket. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi and Chloe Strada of Cushman & Wakefield represented the seller, Robert Curran from Tryumph LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $15.1 million in acquisition financing through an unnamed national insurance company on behalf of the buyer, IP Capital Partners. 4908 Tampa West is situated about eight miles from Tampa International Airport and near I-275 and I-4. The property was fully leased at the time of sale to companies including anchor tenant CAE. The acquisition includes five acres of additional land onsite for outdoor storage or new development.

April 18, 2023

Cliff McDaniel Lument Affordable Housing

Acquisitions Affordable Housing Content Partner Features Lument Midwest Northeast Southeast Texas Video Western

Higher Interest Rates Cause Affordable Housing Values to Return to Old Norms

by Sarah Daniels April 18, 2023

Rising interest rates dinging commercial real estate and multifamily assets have plunged low-income housing tax credit (LIHTC) properties back into reality, especially those coming to the end of their 15-year compliance periods. “There were some huge profits made in the affordable housing space over the last two or three years,” says Cliff McDaniel, a managing director with Lument, which is representing Harmony Housing in the $1.4 billion sale of its affordable housing portfolio to the Michaels Organization. “We sold a lot of properties for $60,000 a unit or even $120,000 a unit, and the debt was $40,000 a unit. But the mania over that type of profitability is over, and values are going back to where they were before.” Up until about five years ago, the phrase “huge profits” and “affordable housing” would rarely if ever have occurred in the same sentence. Or even in the same story. Prior to that, affordable housing properties typically had very little value at the end of their initial 15-year compliance periods, and limited partners who provided equity to the project by buying tax credits routinely agreed to sell their interest to the general partner for a nominal fee. At that point, the …

April 18, 2023

Florida Loans Mixed-Use Southeast

Berkadia Arranges $165M Refinancing for The Dorsey Mixed-Use Development in Miami

by John Nelson April 17, 2023

MIAMI — Berkadia has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed mixed-use development located in Miami’s Wynwood neighborhood. The property — which was co-developed by Related Group, LNDMRK and Tricera Capital — features 306 apartments, 73,000 square feet of offices and 36,000 square feet of retail space. Schonfeld Strategic Advisors and Industrious fully occupy the office portion of the development. Scott Wadler, Brad Williamson, Matt Robbins, Mitch Sinberg and Michael Basinski of Berkadia’s South Florida office arranged the 30-month, interest-only financing through MF1 Capital on behalf of the borrowers.

April 17, 2023

Development Georgia Industrial Southeast

Seohan Auto Georgia to Develop $72M Manufacturing Facility Near Savannah

by John Nelson April 17, 2023

MIDWAY, GA. — Seohan Auto Georgia, a subsidiary of South Korean automobile parts manufacturer Seohan Group, will construct a new facility in Midway, approximately 35 miles outside Savannah. Seohan plans to invest $72 million into the development, which will be situated within the Tradeport East Business Center, a Georgia Ready for Accelerated Development (GRAD) site. Production at the facility is scheduled to begin in late 2024. Alyce Thornhill of the Georgia Department of Economic Development (GDEcD), in partnership with the Liberty County Industrial Development Authority, Georgia Ports Authority, Georgia Quick Start and Georgia Power, negotiated the terms of the project. Seohan, which manufacturers front and rear axles and drive shafts, is one of many automotive suppliers expanding near Hyundai’s planned $5.5 billion campus in the Savannah region.

April 17, 2023

Development Maryland Self-Storage Southeast

Diamond Point, Ardent Open 700-Unit Self-Storage Facility in Frederick, Maryland

by John Nelson April 17, 2023

FREDERICK, MD. — Diamond Point Development and The Ardent Cos. have opened a 100,000-square-foot self-storage facility located at 1845 Brookfield Court in Frederick. Formerly the Frederick Indoor Sports Center, the two-story facility comprises 700 climate-controlled units across 74,000 rentable square feet. The property is also fully solar powered, marking the first environmentally friendly self-storage facility in the city, according to the developers. Buffalo, N.Y.-based Life Storage operates the property.

April 17, 2023

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