Southeast

Santander Bank, TD Bank Provide $100M Construction Loan for Multifamily High-Rise Project in West Midtown Atlanta

by John Nelson March 30, 2023

ATLANTA — Santander Bank and TD Bank have provided a $100 million construction loan to The Allen Morris Co. for Stella at Star Metals, a 21-story multifamily high-rise development in Atlanta’s West Midtown district. The 327-unit tower is the latest phase for Allen Morris Co.’s Star Metals District, a mixed-use development straddling Howell Mill Road that includes the Sentral at Star Metals apartments and Star Metals Offices. Brasfield & Gorrie constructed the other two properties and will serve as general contractor for Stella at Star Metals. The property will feature units with floor-to-ceiling windows, 10-foot ceiling heights, Italian cabinetry, stone countertops and outdoor balconies. Amenities will include a two-story, full-service bar and green roof terrace on the 17th floor; infinity pool, cabana and grilling stations on the seventh floor; an indoor/outdoor fitness center; dog spa; and a theater-style screening room. Additionally, Stella’s ground level will house 25,000 square feet of retail space anchored by chef-driven restaurants from the restaurateurs at Grass Fed Culture and Fishmonger. Stella residents are expected to move-in by mid-2025. Allen Morris Co. recently acquired 3.3 acres that will house fourth, fifth and sixth phases of Star Metals District.

March 30, 2023

Development Florida Mixed-Use Southeast

Barron Collier, Metro Commercial Break Ground on Winchester Mixed-Use Project in Southwest Florida

by John Nelson March 30, 2023

NAPLES, FLA. — Barron Collier Investment Partners, a joint venture between Barron Collier Cos. and Metro Commercial Development Group, has broken ground on Winchester, a 21-acre mixed-use property in Naples. The development is the second project between the two firms, joining the nearby Founder’s Square development. Situated on Immokalee Road and Orange Tree Boulevard, Winchester will include a major medical tenant, quick-serve restaurant, storage facility and retail space. The joint venture expects to announce tenants soon and to open by mid-2024. In addition to Founder’s Square and Winchester, Barron Collier and Metro Commercial plan to co-develop more mixed-use projects throughout the state of Florida, both ground-up opportunities and redevelopments.

March 30, 2023

Development Seniors Housing Southeast Tennessee

Home Communities Delivers 180-Unit Seniors Housing Property in Memphis

by John Nelson March 30, 2023

MEMPHIS, TENN. — Home Communities Co. has delivered Brightmore of East Memphis, a 180-unit seniors housing development in Memphis. The property comprises 122 independent living apartments and 34 assisted living units in the main building, 24 memory care units in an adjoining single-story building, multiple outdoor spaces and dining options. The design-build team includes architect and landscape architect Baker Barrios and general contractor Montgomery Martin Contractors. Liberty Senior Living is the operator of Brightmore of East Memphis.

March 30, 2023

Acquisitions Florida Retail Southeast

PGIM Sells Two Publix-Anchored Centers in Florida to Phillips Edison & Co. for $32M

by John Nelson March 30, 2023

MIRAMAR AND JENSEN BEACH, FLA. — PGIM Real Estate has sold two Publix-anchored shopping centers in Florida to Phillips Edison & Co. for a combined $32 million. The properties include the 70,288-square-foot Shops at Sunset Lakes in Miramar and the 109,811-square-foot Town Center at Jensen Beach. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in both transactions. Built in 1999, Shops at Sunset Lakes was 98.4 percent leased at the time of sale to Goodwill, State Farm Insurance, Sedation Dental Spa, Small World Montessori, The Tutoring Center and Sushi Ski. Town Center Shops at Jensen Beach was built in 2000 and was 83.5 percent leased at the time of sale to tenants including Culvers, Orangetheory Fitness, Party City, Parents Choice Preschool, All Partners Network and Coastal Animal Hospital.

March 30, 2023

Affordable Housing Development Loans Louisiana Multifamily Southeast

Hunt Capital Partners Invests $6.2M in LIHTC Equity for Affordable Housing Redevelopment in Baton Rouge

by John Nelson March 30, 2023

BATON ROUGE, LA. — Hunt Capital Partners has provided $6.2 million in LIHTC equity for Government Corridor, a 103-year-old affordable housing redevelopment in Baton Rouge. The project will renovate 34 detached single-family and duplex homes that are reserved for families earning up to 30, 50 and 60 percent of the area median income (AMI). Additionally, 30 percent of all homes at Government Corridor will be set aside for special needs households. Originally built in 1920, the campus comprises three clusters that are situated within short distance of the recently overhauled Government Street. Only 15 percent of Government Corridor is occupied, and residents of the occupied units will be relocated until the first phase of the project is complete. The development team for Government Corridor includes general contractor Ethridge Construction; architect Erick Parnell, owner of ArchBoutant; and property manager GHCP Management LLC, an affiliate of nonprofit partner Gulf Coast Housing Partnership (GHCP). Rehabilitation work is underway and scheduled for completion in February 2024. Other capital partners include United Bank, the State of Louisiana Division of Administration Office of Community Development and GCHP.

March 30, 2023

Matt Mimnaugh Pavlov Mutlifamily Internet reviews

Content Partner Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Service Providers Keep Multifamily Owners, Residents Happy with Proactive Approach to Internet Challenges

by Sarah Daniels March 30, 2023

By Matthew Mimnaugh, account management manager, Pavlov Media Account management, or the work to ensure repeat business and expand each client relationship, requires more than simply satisfying customers. For Internet service providers (ISPs) to the multifamily industry this means helping property managers succeed by maximizing their residents’ connectivity. Excellent Internet service leads to positive property reviews and renewed leases. Property ownership and management win. Providers that serve landlords best not only respond to service requests, but also employ a deductive approach to diagnose root problems, discover unreported deficiencies and take preemptive actions that allow smooth property operations. Below is an overview of best practices for account management and a discussion of Pavlov Media’s data analysis and behavioral pattern recognition tools we’ve developed to uncover trends and issues that can threaten connectivity and, ultimately, property performance. First Responders Giving housing managers and their residents access to a technology support team is a standard practice for many ISPs. Typically, a request generates a service ticket, and a team member responds to gather basic information before walking the customer through a scripted trouble-shooting tree to either solve the problem or elevate the ticket for more advanced assistance. This approach can be highly effective …

March 30, 2023

Development Georgia Hospitality Southeast

GWCCA, Skanska Top Out 976-Room Signia by Hilton Hotel in Downtown Atlanta

by John Nelson March 29, 2023

ATLANTA — Convention, sports and entertainment campus operator Georgia World Congress Center Authority (GWCCA) and Swedish development and construction company Skanska have topped off Signia by Hilton Atlanta, a 976-room, 1.3 million-square-foot hotel project in the city’s downtown area. Scheduled to open in January 2024, the 453-foot hotel will be owned by GWCCA and managed by Hilton Management Services. Upon completion, the property will connect to the Georgia World Congress Center and include three restaurants, three bars, a spa, beauty bar and a fitness center. Signia by Hilton Atlanta will also feature more than 100,000 square feet of meeting space, including a ballroom, outdoor event deck, outdoor event lawn and three boardrooms. Boston-based Drew Co. is the developer of the project, with Skanska and SG Contracting serving as general contractor. Gensler is providing architectural services. In addition to its proximity to Georgia World Congress Center, the hotel will be situated adjacent to CIM Group’s $5 billion Centennial Yards project, State Farm Arena and Mercedes-Benz Stadium.

March 29, 2023

Acquisitions Florida Multifamily Southeast Virginia

Bonaventure-Sponsored REIT Purchases Three Multifamily Properties Totaling 601 Units in Florida, Virginia

by John Nelson March 29, 2023

ALEXANDRIA, VA. — A private REIT affiliated with Alexandria, Va.-based Bonaventure has acquired three multifamily communities totaling 601 units in Florida and Virginia in separate UPREIT transactions. (UPREIT, or Umbrella Partnership Real Estate Investment Trust, is a type of transaction where a seller trades to a REIT in exchange for an ownership stake in the REIT.) The Virginia assets include Cedar Broad Apartments in Richmond and East Beach Marina Apartments in Norfolk, which comprise 204 and 137 units, respectively. Cedar Broad features homes in one-, two- and three-bedroom layouts, with amenities including a breakfast/coffee concierge, rooftop terrace with full kitchen, electric vehicle charging station, covered parking and a gym. East Beach Marina offers apartments in one- and two-bedroom layouts. The Florida property is Shadetree Apartments in Ruskin. The property comprises 260 units in one-, two- and three-bedroom layouts. Amenities include private cabanas for entertaining, a clubhouse, swimming pool and a sauna.

March 29, 2023

Acquisitions Florida Office Southeast

CBRE Brokers $39M Sale of Biscayne Centre Office Building in North Miami

by John Nelson March 29, 2023

NORTH MIAMI, FLA. — CBRE has brokered the $39 million sale of Biscayne Centre, a 156,446-square-foot office building located at 11900 Biscayne Blvd. in North Miami. Totaling eight stories, the property — which was 81 percent occupied at the time of sale — features ground-floor retail space and an attached multi-level parking garage. Amenities include front desk security, an in-house café and a day spa. An entity doing business as Biscayne Real Estate Holdings LLC purchased the property from an entity doing business as 11900 Biscayne LLC. Benjamin Silver and Charlie Manuel of CBRE represented the seller and procured the buyer in the transaction.

March 29, 2023

Acquisitions Development Florida Retail Southeast

Benderson Acquires Two Retail Properties, Opens Publix in Sarasota, Florida

by John Nelson March 29, 2023

SARASOTA, FLA. — University Park, Fla.-based Benderson Development has acquired two properties in Sarasota. Located at 4001 South Tamiami Trail, the first property is a former Café Baci restaurant. The second property, which comprises 16,500 square feet, is located at the corner of Bee Ridge and Beneva roads and is leased to Walgreens. Additionally, Benderson opened a newly rebuilt Publix grocery store at retail center The Landings, which the company purchased in 2012 and has since renovated. 3Natives, Pacific Counter and Crumbl Cookies are also scheduled to join the tenant roster. Other tenants at the retail center include Florence and the Spice Boys, The Breakfast Company, Origin Craft Beer & Pizza Café, Apollonia Grill, Starbucks Coffee, Mantra Fitness, StretchLab, EoS Fitness, Daruma, DogPerfect and Tripletail Seafood & Spirits.

March 29, 2023

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