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Southeast

AcquisitionsFloridaMultifamilySoutheast

Resia Sells New 390-Unit Apartment Community in Metro Miami

by John Nelson

GOULDS, FLA. — Resia has sold Resia Old Cutler, a 390-unit apartment community located at 22555 S.W. 107th Ave. in Goulds, roughly 30 miles southwest of Miami. Kayne Anderson Real Estate acquired the property — which was completed in 2023 and offers one-, two- and three-bedroom residences — for an undisclosed price. Amenities at Resia Old Cutler include a multipurpose room, fitness center, children’s play area and a swimming pool. Resia will continue to serve as property manager for the community, overseeing day-to-day operations.

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DevelopmentFloridaMultifamilySoutheast

Alliance Residential to Develop 360-Unit Prose Carmina Multifamily Community in Plant City, Florida

by John Nelson

PLANT CITY, FLA. — Alliance Residential Co. has acquired a 15-acre parcel in Plant City, approximately 25 miles northeast of Tampa, with plans to develop a new multifamily project at the site. Dubbed Prose Carmina, the development will total 360 one- and two-bedroom apartments ranging in size from 746 to 1,078 square feet. Amenities at the community will include a swimming pool with sun-shelf seating, a playground, dog park, clubroom with a catering kitchen and entertainment lounge, fitness center and a business center with coworking spaces.  Move-ins are scheduled to begin in early 2026. The project team includes architect Hensley Lamkin Rachel and civil engineer Halff Associates.  Mark Eilers and John Ruscigno of Colliers brokered the land sale.

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FloridaLoansMultifamilySoutheast

Berkadia Provides $54.7M Agency Refinancing for Advenir at the Oaks Apartments Near Orlando

by John Nelson

OCOEE, FLA. — Berkadia has provided a $54.7 million Freddie Mac loan for the refinancing of Advenir at the Oaks, a multifamily community located in Ocoee, roughly 10 miles outside Orlando. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as Advenir@The Oaks LLC. Built in two phases between 1989 and 1991, Advenir at the Oaks offers one-, two- and three-bedroom apartments. Amenities at the community include swimming pools, a clubhouse with a 24-hour fitness center and business center, a dog park, two laundry facilities, a playground and tennis/pickleball and basketball courts.

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AcquisitionsKentuckyMultifamilySoutheast

Kirkland Co. Arranges Sale of New 216-Unit Reserve at Cool Springs Apartment Community in Elizabethtown, Kentucky

by John Nelson

ELIZABETHTOWN, KY. — The Kirkland Co.  has arranged the sale of The Reserve at Cool Springs, a 216-unit apartment community located in Elizabethtown, roughly 45 miles south of Louisville. Amenities at the property, which features a mix of two- and three-bedroom units, include a clubhouse, swimming pool, fitness center, grilling and outdoor entertainment areas and garage parking. The Reserve at Cool Springs was completed in 2023. Brandon Wilson, Brian Devlin and John Seale of Kirkland Co. brokered the transaction. An entity doing business as The Reserve at Cool Springs Property LLC acquired the community from an entity doing business as Reserve at Cool Springs LLC for an undisclosed price. Monthly rental rates at Reserve at Cool Springs range from $1,275 to $1,975, according to Apartments.com. The Elizabethtown-Fort Knox market in Kentucky has seen a 5.8 percent growth in multifamily rents over the past year, according to Kirkland Co.

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KentuckyMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Louisville’s Retail Scene Remains a Bright Spot Despite Economic Headwinds

by John Nelson

Louisville’s economy remains resilient, and regional economic growth is creating a strong foundation for the retail market. Greater Louisville Inc. recently announced that 72 businesses are considering relocating or expanding to the region, with the potential of 8,200 new jobs and $3.8 billion in economic investment. Louisville is well-positioned for growth and the retail outlook remains strong with historically low vacancy rates. The market’s expanding consumer base and resilient economy have mostly overcome headwinds such as interest rate fluctuations, volatility in capital markets and signs of a slowing economy. This resilience has put Louisville in a strong position moving into the last quarter of 2024.  At the end of the second quarter, Louisville’s vacancy rate stood at a strong 3.4 percent, outperforming the national benchmark of 4.1 percent, according to CoStar Group. The limited amount of new retail construction over the past 18 months has played a significant role in keeping the vacancy rate low. In fact, only roughly 322,000 square feet of retail space has been delivered over the past 12 months. Grocers are pushing leasing activity, making up 36 percent of the leasing volume that past 12 months. These retailers are executing most of the activity in spaces …

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AlabamaDevelopmentIndustrialSoutheast

Graham & Co. Begins Construction on $52M Hyundai Mobis Distribution Facility in Montgomery, Alabama

by John Nelson

MONTGOMERY, ALA. — Graham & Co. has begun construction on a 460,000-square-foot build-to-suit distribution facility in Montgomery for Hyundai Mobis, a supplier of aftermarket parts for Hyundai and Kia, which both have mega manufacturing facilities in the region. The $52 million project is located on 60 acres near an existing Hyundai Mobis campus along Mitchell Young Road. The cross-dock facility is expandable by 270,000 square feet, according to Graham & Co. The project team includes Cooper Construction (general contractor), Five South Architecture LLC (architect) and CCI (civil engineer). A Graham & Co.-led joint venture is providing equity for the development, and SouthState Bank is providing construction financing. The targeted delivery date for the new Hyundai Mobis facility was not disclosed.

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DevelopmentGeorgiaMultifamilySoutheast

Novare, BCDC Deliver 306-Unit Conclave Sugar Hill Apartments in Metro Atlanta

by John Nelson

SUGAR HILL, GA. — Novare Group and BCDC have delivered Conclave Sugar Hill, a 306-unit apartment community in metro Atlanta. The property is located off Ga. Highway 20 at 1375 Hillcrest Drive, directly across from Sugar Hill’s town center. The property includes studio, one-, two- and three-bedroom apartments, as well as townhomes with private garages and patios. Monthly rental rates range from $1,455 to $2,915, according to Apartments.com. The gated community interfaces with the 11.5-mile Sugar Hill Greenway and also features a two-story club room with a library and lounge and a two-story fitness center. Other amenities include a resort-style pool with a sun shelf and tanning ledge, fire pits, lounge spaces, greenspaces, coworking spaces and a dog park.

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AcquisitionsMultifamilySoutheastVirginia

Hamilton Zanze Sells 414-Unit Maple Bay Townhomes in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Hamilton Zanze has sold Maple Bay Townhomes, a 414-unit apartment community located at 356 S. Chesire Court in Virginia Beach. The buyer and sales price were not disclosed. The San Francisco-based seller originally acquired the property in 2019 and improved net operating income by 35 percent due to comprehensive capital improvements made over the course of its ownership. These renovations included roof replacements, the repainting of building exteriors and upgrades to the apartment homes, pool area and other common-area amenities. Maple Bay was built in 1971 and features one-, two- and three-bedroom units sized from 1,000 to 1,400 square feet. The property represents Hamilton Zanze’s third disposition this year.

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DevelopmentMultifamilySoutheastVirginia

Madison Capital, Inlet Property Break Ground on 86-Unit Apartment Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Group and Inlet Property Co. has broken ground on Madison Charlottesville, an 86-unit apartment development located near the University of Virginia. Situated on a four-acre site off Rio Road, the property will feature studio, one- and two-bedroom apartments ranging in size from 575 to 1,211 square feet. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Longline Financial on behalf of Madison Capital and Inlet Property. The construction timeline for Madison Charlottesville was not disclosed.

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FloridaNorth CarolinaSoutheast

CoreLogic Estimates $30.5B to $47.5B in Property Damage from Hurricane Helene

by John Nelson

IRVINE, CALIF. — CoreLogic, a real estate information and analytics firm based in Irvine, has estimated that real estate property damages stemming from Hurricane Helene will fall between $30.5 billion to $47.5 billion. The storm made landfall around 11 pm on Thursday, Sept. 26 near Perry, Fla., and made its way through several Southeastern states, with its damage especially severe in western North Carolina. According to several national media outlets, the death toll from the storm stands at 227 across six states as of this writing with an unknown number reported missing. CoreLogic’s calculations include both residential and commercial real estate properties as well as automobiles in 16 states, but excludes damage to personal marine craft, offshore infrastructure, governmental structures and infrastructure such as roads and bridges. CoreLogic tabulates that losses from wind damage will fall between $4.5 billion to $6.5 billion; insured flood damage, both for inland flood situations and storm surges, will range from $1.5 billion to $4.5 billion for privately insured properties and $4.5 billion to $6.5 billion from the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP); and $20 billion to $30 billion in uninsured floor damage. Insured loss represents the amount insurers and …

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