JACKSON, MISS. — Gulf Coast Housing Partnership (GCHP) and local nonprofit organization Midtown Partners Inc. plan to open Noel Place, a 27-unit affordable housing community located at 144 Noel St. in Jackson. Set to officially open tomorrow in a ribbon-cutting ceremony with partners and local dignitaries, about 60 percent of Noel Place’s apartments will be reserved for special needs residents, including people with disabilities and senior citizens. Federal Home Loan Bank of Dallas and BankPlus awarded GCHP with a $499,000 grant to help fund construction of Noel Place. Other partners include Mississippi Home Corp. and Mississippi Regional Housing Authority No. VI.
CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …
KNOXVILLE, TENN. — PPR Capital Management, a private equity firm based in Berwyn, Pa., has purchased Highline at Knoxville, a new build-to-rent residential community in Knoxville, for $87 million. The acquisition includes both Phase I, which comprises 110 single-family rental (SFR) homes currently in lease-up, and Phase II, 151 townhomes and detached SFR homes that will break ground immediately and be delivered in tranches between 2026 and 2027. Project partners include general contractor BTR Group and property manager Greystar. PPR also partnered with Center Creek Capital Group, a real estate investment and development firm, on the acquisition. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Highline at Knoxville represents the first BTR purchase and second acquisition in Tennessee for PPR.
RIVERDALE PARK, MD. — First Washington Realty has acquired a 163,000-square-foot shopping center in the Washington, D.C. suburb of Riverdale Park. The retail property, which is situated within the mixed-use district of The Station at Riverdale Park near the University of Maryland, is anchored by Whole Foods Market. Additional tenants at the shopping center include Burton’s Grill, Starbucks Coffee, Gold’s Gym, Jersey Mike’s Subs, Denizens Brewing Co. and District Taco. Amrit Chase negotiated the transaction on behalf of First Washington Realty on an internal basis. The seller and sales price were not disclosed.
DELRAY BEACH, FLA. — Delray Beach-based Basis Industrial has purchased a portfolio of five business parks in the metro Tampa area for $60 million. The 472,512-square-foot portfolio brings Basis Industrial’s Tampa-area holdings to more than 1 million square feet. The properties in the portfolio include Bryan Dairy Business Park in Largo (102,166 square feet); Starkey Center I and II in Largo (102,652 square feet); Turtle Creek in Clearwater (121,217 square feet); Cross Bayou in Largo (58,088 square feet): and ICOT IV & Condo in Clearwater (88,389 square feet). Anthony Scavo represented Basis Industrial in the transaction on an internal basis. Bob Anderson of Birtcher Anderson represented the undisclosed seller. Beach Point Capital Management provided an undisclosed amount of acquisition financing to Basis, which plans to invest capital improvements for the portfolio’s exteriors, roofs, parking area and signage.
BURLINGTON, N.C. — Berkadia has negotiated the sale of 198 Milltown Apartments, a 288-unit community located at 198 Milltown St. in Burlington, a city in North Carolina’s Piedmont Triad region. A fund sponsored by Birmingham, Ala.-based StoneRiver Co., StoneRiver Investment Fund III, purchased the Class A community from Wilmington, N.C.-based Zimmer Development Co. for an undisclosed price. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller in the transaction. Built in 2020, 198 Milltown features one-, two- and three-bedroom apartments ranging in size from 700 to more than 1,200 square feet. Amenities include a 24-hour health club and resident lounge, pet spa and pet park, saltwater swimming pool, outdoor social lounge and grill area, Amazon package lockers, playground, a car care center and garages.
GAINESVILLE, FLA. — Prudent Growth Partners LLC, a private equity firm based in Chapel Hill, N.C., has purchased SouthGate Centre, a 24,025-square-foot retail center in Gainesville. The undisclosed seller sold the property for approximately $5.2 million. Built in 1989 within 1.5 miles from the University of Florida, SouthGate Centre was leased to 13 lifestyle and service retailers at the time of sale.
ASCENSION PARISH, LA. AND SEOUL — Hyundai Steel Co., a South Korean steel manufacturer and part of automotive giant Hyundai Motor Group, has announced plans to develop a $5.8 billion steel manufacturing facility in southeast Louisiana’s Ascension Parish. The new steel plant is part of Hyundai’s announcement for $21 billion in U.S. investments between 2025 and 2028. Construction on the plant, which will be capable of producing 2.7 million metric tons of steel annually, is scheduled to begin in the third quarter of 2026 in Ascension Parish. Hyundai Steel is targeting commercial production of automotive steel plates to begin at the mill in 2029. According to a statement issued by Louisiana Gov. Jeff Landry, the new facility is expected to create 1,400 new direct jobs with an average salary of $95,000. Louisiana Economic Development (LED) also estimates that the project will result in 4,100 indirect new jobs. A large portion of the steel manufactured at the mill will be transported to Hyundai vehicle manufacturing plants throughout the country. Hyundai Steel also plans to open up sales of its automotive steel plates to other auto manufacturers in the United States, Europe and Latin America, according to Seo Gang-Hyun, president and CEO …
By David Leopold, SVP, Head of Affordable Housing, Berkadia In today’s shifting real estate landscape, investors increasingly prioritize stability and long-term value. One sector that has consistently demonstrated stability is affordable housing — particularly Section 8 properties backed by the U.S. Department of Housing and Urban Development (HUD). With guaranteed rental income and high demand, Section 8 housing has become an attractive investment vehicle for those looking to diversify their portfolios while contributing to the critical need for affordable housing. As part of this trend, in 2024 Berkadia financed $837 million and sold more than $172 million in Section 8 properties, including the sale and financing of Lauderhill Point, a Section 8 affordable housing community in Fort Lauderdale, Fla. This arrangement underpins the firm’s affordable housing expertise, employing production leaders with an average of 25 years in the sector. For investors exploring opportunities in affordable housing, success depends on understanding the unique benefits and requirements of Section 8 properties. Section 8 Housing as a Safe Haven The largest federal subsidized housing program in the United States, project-based Section 8 provides financial assistance to millions of households across the country, making it a steady source of demand that can give …
SAVANNAH, GA. — Charleston-based Woodfield Development has completed EmmaJames at Savannah Harbor, a 280-unit luxury apartment community located in the larger Savannah Harbor mixed-use development. The project team includes architectural firm Housing Studio, general contractor Samet Corp. and interior designer Cindy Munn of S. Wilkins. Situated at 101 Cay Plaza, the development offers a mix of one-, two- and three-bedroom floorplans ranging in size from 682 square feet to 1,732 square feet. Additionally, the complex also features one- and two-bedroom townhomes that measure up to 2,064 square feet. Monthly rental prices for the property begin at $1,555. Amenities at the property include a rooftop pool deck, 24/7 fitness center, yoga studio, piano room, pet park and spa, business and coworking spaces, self-serve tap lounge and an outdoor lawn with grilling and fire pit areas.