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AcquisitionsKentuckyMultifamilySoutheast

Kirkland Co. Brokers Sale of 88-Unit Flats at Hurstbourne Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.

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Alex Hoenig Valuations Walker & Dunlop
Content PartnerFeaturesIndustrialMidwestMultifamilyNortheastOfficeSoutheastTexasWalker & DunlopWestern

Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape

by Sarah Daniels

The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …

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DevelopmentSoutheastStudent HousingVirginia

Subtext, Kayne Anderson to Break Ground on 1,332-Bed Student Housing Community Near University of Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Subtext and Kayne Anderson Real Estate is set to break ground on VERVE Charlottesville, a 1,332-bed development located at 100 Stadium Road near the University of Virginia campus in Charlottesville. Spanning 729,262 square feet, the community will offer 463 units in studio through four-bedroom configurations. Shared amenities will include a fireside lobby lounge, café, dedicated library, open and private study areas, a two-story fitness center, club room, maker space, multi-game simulator, pool terrace, dog spa and park and an outdoor fitness lawn. The developer will also contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of project agreements. Groundbreaking is scheduled for this month with completion slated for summer 2027. The development and financing team for the project includes Sumitomo Mitsui Banking Corp., John Moriarty & Associates, ESG Architecture & Design, Wolf Ackerman Design, AJC Design Group, SK&A, Timmons Group and Williams Mullen as local counsel.

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DevelopmentIndustrialNorth CarolinaSoutheast

MDH Partners Completes Two Metro Charlotte Industrial Buildings Totaling 254,000 SF

by John Nelson

HUNTERSVILLE, N.C. — MDH Partners has delivered Phase II of Northcross Commerce Center, an industrial park in the Charlotte suburb of Huntersville. Located along Jamesburg Drive near I-77, the second phase comprises two Class A facilities totaling 254,000 square feet. Brad Cherry, Matt Greer and Natalie Ceva of JLL are leasing and marketing the new facilities on behalf of MDH Partners. Phase II brings Northcross Commerce Center’s total footprint to nearly 700,000 square feet.

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DevelopmentLoansMixed-UseRetailSoutheastTennessee

Nuveen Green Capital Provides $11.8M C-PACE Loan for Mixed-Use Renovation in Downtown Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Nuveen Green Capital has provided an $11.8 million C-PACE loan for the gut renovation of Tivoli Theatre, a historic theater in downtown Chattanooga. The 30-year C-PACE loan is being used as part of a $73.4 million construction financing package with Reinvestment Fund Inc. The financing is being used along with New Market Tax Credits and Historic Tax Credits to fund renovations and new developments, including building exteriors, roofing, windows, HVAC, lighting, plumbing, new elevators and a pit lift. Tivoli Theatre, along with an adjacent office building, will be reimagined as the new Tivoli Performing Arts Center and a new 250-seat cinema and performance art hall. The construction timeline was not released.

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Leasing ActivityNorth CarolinaOfficeSoutheast

CBRE Arranges Three Office Leases at First Citizens Bank Plaza in Uptown Charlotte Totaling 87,266 SF

by John Nelson

CHARLOTTE, N.C. — CBRE has arranged three office loans totaling 87,266 square feet at First Citizens Bank Plaza, a 23-story office tower located at 128 S. Tryon St. in Uptown Charlotte. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations. The deals included a 20,897-square-foot lease with IT staffing firm Dexian, a 31,838-square-foot lease for an unnamed global IT services and consulting firm and a 34,531-square-foot lease with an unknown branch of the federal government. The U.S. General Services Administration (GSA) signed the third lease with Dornin on behalf of the end user. First Citizens Bank Plaza was recently renovated and features a new lobby, boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms, new lobby and MOA Korean BBQ, a 5,000-square-foot restaurant and bar on the first floor.

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District of ColumbiaLeasing ActivityOfficeSoutheast

Workbox to Open 29,000 SF Coworking Space in DC’s Dupont Circle District

by John Nelson

WASHINGTON, D.C. — Workbox plans to open a new 29,000-square-foot coworking space at an office building located at 1333 New Hampshire Ave. NW in Washington, D.C.’s Dupont Circle district. The new space is set to open in February and will represent the company’s first location in the Mid-Atlantic and its 12th nationwide. Workbox also recently announced a coworking location in Pittsburgh that is set to open next month. Workbox – Dupont Circle will feature an entire floor of workspaces, lounges, conference rooms and amenity spaces. Additionally, the space will offer offices and suites for teams ranging in size from one to 40 individuals, all of which have flexible monthly rental agreements.

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DevelopmentFloridaLoansMixed-UseMultifamilySoutheastTop Stories

Terra Obtains $170M Construction Loan for First Phase of $1B Upland Park Mixed-Use Project in South Florida

by John Nelson

SWEETWATER, FLA. — Terra, a Miami-based developer, has obtained a $170 million construction loan to fund the development of Upland Park, a planned $1 billion mixed-use development in the west Miami suburb of Sweetwater. Terra is transforming Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The local developer is teaming up with Miami-Dade County on Upland Park in a public-private partnership. SCALE Lending, Slate Property Group’s debt financing arm, was the lead lender on the construction loan. Terra will use the loan proceeds to fund Phase I of Upland Park, which will comprise 578 apartments. The first phase is slated to break ground in early 2025. Designed by PPK Architects, in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design, Upland Park will include more than 2,000 new mid-rise and garden-style apartments, about 282,000 square feet of shops and restaurants and approximately 414,000 square feet of commercial space. Upland Park is designed to increase public transit ridership while anchoring the new East-West Corridor of Miami-Dade County’s SMART public transportation plan. Potential transit riders will have direct access …

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GeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

For Atlanta’s Multifamily Market, The Grass Is Greener on the Other Side

by John Nelson

Atlanta remains one of the most desirable markets in the country for investors due to its diverse economy, below-national average unemployment rate, steady increase in jobs and population growth. These market fundamentals have translated to a well-performing multifamily market that, despite short-term macro challenges, is in a unique favorable position due to its relatively low supply compared to other peer Sunbelt markets. Demand for multifamily has seen a rebound in 2024 and Atlanta has been resilient in the middle of a multi-year supply wave. Over the past two years, the market delivered approximately 35,000 units and that number is expected to drop to just 9,000 units in 2025 and less than 4,000 units in 2026. This will lead to tightening occupancies and strong rent growth. The city has already recorded its seventh consecutive quarter of net positive net absorption as of the second quarter of 2024, which is a quarterly high since mid-2021 at 5,799 units.  New development, on the other hand, has been a bit more challenging due to the higher return on cost requirements, flat rent growth and a lack of meaningful relief on construction costs. Market valuations for newly constructed assets are near current replacement cost, which …

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AcquisitionsFloridaIndustrialSoutheast

CBRE Brokers Sale of 505,436 SF Industrial Park in Metro Miami

by John Nelson

OPA-LOCKA, FLA. — CBRE has brokered the sale of Ironwood Commerce Center, a four-building industrial park in metro Miami spanning 505,436 square feet. Boston-based TA Realty purchased the newly built park in Opa-locka, a city in the north-central region of Miami-Dade County, for an undisclosed price. José Lobon, Frank Fallon, Trey Barry, Royce Rose, Gabriel Braun and Daniel Sarmiento of CBRE represented the undisclosed seller in the transaction. Ironwood Commerce Center comprises four warehouses that were 65 percent leased at the time of sale. The facilities feature 32-foot clear heights, shared truck courts, a total of 168 loading positions and speculative office space that is ready for immediate occupancy.

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