Sunday, November 16, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Southeast

GeorgiaIndustrialLeasing ActivitySoutheast

CP Group Executes 47,000 SF of Office Leases at Cumberland Center II in Atlanta

by John Nelson

ATLANTA — CP Group has executed more than 47,000 square feet of leases at Cumberland Center II, a 421,000-square-foot, 17-story office building in Atlanta’s Cumberland-Galleria office submarket. Jeff Bellamy and Brooke Dewey of JLL represented the Boca Raton, Fla.-based landlord in each transaction. The deals included a 17,300-square-foot lease with C.H. Robinson, a logistics operations firm represented by Tim Wright of Cushman & Wakefield; a 13,200-square-foot lease with Mikart, a pharmaceutical manufacturing company represented by Ryan Hudson of CBRE; a nearly 5,000-square-foot spec suite deal with Young Management and Consulting, a professional services provider represented by Austin Donaldson and Corey Ferguson of T. Dallas Smith; a 3,200-square-foot spec suite deal with Applied Economics, a financial services firm represented by Henry Kreimer and Dan Granot of Savills; a 2,300-square-foot lease for a spec suite with Setty, an engineering consulting firm represented by Jody Selvey and Meredith Selvey of Colliers; and a 6,200-square-foot expansion for spec suite space with JM Huber, a national producer of consumer and industrial products. CP Group recently completed a major capital improvements program at Cumberland Center II that included a lobby renovation, new tenant lounge and a 100-seat conference facility.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

Continue Reading
FacebookTwitterLinkedinEmail
12th & James
AcquisitionsAffordable HousingGeorgiaMultifamilySoutheast

JLL Negotiates $39M Sale of Luxury Apartment Complex in Atlanta’s Upper Westside Neighborhood

by Abby Cox

ATLANTA — JLL Capital Markets has negotiated the $39 million sale of 12th & James, a 214-unit luxury apartment complex in Atlanta’s Upper Westside neighborhood. While all units will be dedicated to long-term affordable housing under the new ownership, half of the apartments will be specifically reserved for families earning up to 80 percent of the area median income (AMI). An agreement with the Atlanta Urban Development Corp. ensures the units will remain affordable for at least 25 years. Situated along 1212 James Jackson Parkway NW, the complex was originally built in 2002 and features 189 partially renovated units and 25 original apartments spanning one-, two- and three-bedroom floorplans. The partially renovated units include upgrades such as white cabinetry, new countertops, tile backsplashes, stainless steel appliances, Nest thermostats and smart home features. Community amenities include a resort-style swimming pool, fitness center, business center, outdoor kitchen and an off-leash dog park. John Weber, Peter Yorck, Nick Brown and Dean Shoham of JLL’s Investment Sales and Advisory team represented the seller, Aspen Square Management, in the transaction. The buyer was EQ Housing Advisors Inc., who partnered with Atlantica Properties to convert the property into long-term affordable housing.

Continue Reading
FacebookTwitterLinkedinEmail
Plaza Towers
AcquisitionsAffordable HousingLoansMarylandMultifamilySoutheast

Horning Acquires 288-Unit Multifamily Community in Suburban D.C., Places Income Restrictions 

by Abby Cox

HYATTSVILLE, MD. — Horning has acquired Plaza Towers Apartments, a 288-unit multifamily community located in Hyattsville, a suburb of Washington, D.C. Horning has agreed to 99-year affordability covenants on all the building’s units, capping rents between 40 and 80 percent of the area median income (AMI). Amazon’s Housing Equity Fun provided $18.7 million in low-cost financing, while Prince George County contributed $3 million through its Right of First Refusal Preservation Fund, as well as a Payment in Lieu of Taxes (PILOT) for an undisclosed value. Additionally, an unnamed Freddie Mac Optigo lender provided senior debt financing. Built in 1964 near the University of Maryland’s College Park campus, the 11-story building houses 44 studio, 158 one-bedroom, 62 two-bedroom and 24 three-bedroom apartments. Community amenities include a business center, fitness room, club room, bike storage, playground and an outdoor pool. Horning plans to invest in the property with updated infrastructure and building systems. The buyer’s property operator affiliate, Horning Management Co,. will provide management services for Plaza Towers.

Continue Reading
FacebookTwitterLinkedinEmail
The Scoundrel
DevelopmentHospitalityLoansSoutheastTennessee

Arriba Capital Arranges $40M Construction Loan for Marriot Hotel in Downtown Gatlinburg, Tennessee

by Abby Cox

GATLINBURG, TENN. — Arriba Capital has arranged a $40 million construction loan for a Marriot-branded hotel in downtown Gatlinburg. Dubbed The Scoundrel, the hotel will act as the gateway to the Great Smoky Mountains National Park. The new hotel will total 128 rooms and will operate under the Marriot Tribute Portfolio brand. The borrower is a locally based, private hospitality and development group. A construction timeline was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
July Jobs Report
District of ColumbiaSoutheast

U.S. Economy Adds 73,000 Jobs in July, Previous Months’ Numbers Revised Down Significantly

by Abby Cox

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 73,000 in July, falling below the 100,000 figure projected by Dow Jones economists, according to CNBC. May and June totals were also significantly revised downwards by a combined 258,000 from previous months’ totals. The BLS revised May job growth down from +144,000 to +19,000, and June from +147,000 to +14,000. The unemployment rate rose slightly to 4.2 percent, and the number of unemployed people — at 7.2 million — also showed little change from June. Nearly all job growth in July came from the healthcare and social assistance sectors, accounting for roughly 94 percent of the gains. Healthcare contributed 55,000 jobs, including increases in ambulatory healthcare services (+34,000) and hospitals (+16,000). Social assistance employment provided 18,000 jobs, reflecting continued growth in individuals and family services (+21,000). Retail added nearly 16,000 jobs, while the financial sector was increase by 15,000 jobs. Meanwhile, federal government employment continued to decline in July (-12,000) and is down by 84,000 since reaching a peak in January before Elon Musk’s Department of Government Efficiency (DOGE) began reallocating job scopes and duties. There was little change in employment over the …

Continue Reading
FacebookTwitterLinkedinEmail
Tom Cousins
GeorgiaSoutheast

Legendary Atlanta Real Estate Developer, Philanthropist Tom Cousins Dies at 93

by Abby Cox

ATLANTA — Tom Cousins, an Atlanta-based real estate developer, professional sports supporter and philanthropist, has died at the age of 93 while hospitalized in Florida, according to multiple media outlets. After starting his real estate career selling $11,000 houses with his father in the late 1950s at a firm called Knox Homes, Cousins founded Cousins Properties Inc. in 1958 at 26 years old. The small homebuilding company experienced rapid growth, launching an initial public offering (IPO) in 1962 and solidifying its position as the state’s largest homebuilder by 1964, while soon expanding to office development in 1965. The company transitioned to a real estate investment trust (REIT) in 1986. Today, the company stands as a preeminent office REIT in the Sun Belt, with office buildings in Atlanta, Austin, Charlotte, Dallas, Nashville and Phoenix. Cousins’ most notable achievements include the development of Bank of America Plaza in Midtown Atlanta; 191 Peachtree, the CNN Center and Omni Coliseum in downtown Atlanta; and the Pinnacle Building in Buckhead. Cousins, along with former retail head Joel Murphy, also pioneered The Avenue open-air retail concept, opening several retail and dining destinations in the suburbs of Atlanta in the late 1990s and early 2000s. Cousins also …

Continue Reading
FacebookTwitterLinkedinEmail
FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Strong Job, Population Growth Fuel Orlando’s Dynamic Multifamily Landscape

by John Nelson

Orlando is one of the country’s most active residential markets today — a modern-day “boomtown” experiencing rapid growth on multiple fronts. Economic expansion, population gains and infrastructure investments are fueling job creation and housing demand.  Multifamily developers have responded with an unprecedented range of new affordable, middle-market and luxury housing options. Young professionals, retirees, urbanites, suburbanites, digital nomads and long-term residents can each find something to suit their lifestyles and budgets thanks to a diverse mix of residential settings and price points across the Central Florida region.  Economic drivers Orlando has attracted more people and created more jobs than any other U.S. metro over the past year. In 2024, Orlando led the nation in job growth, adding more than 37,500 jobs, according to the Florida Department of Commerce. Major projects, such as Universal Studios’ Epic Universe, Walt Disney World’s expansion, the Lake Nona Town Center build-out and Westcourt (the Orlando Magic’s Sports and Entertainment District) are expected to bring another 60,900 jobs by 2027. The growing healthcare, education and tech sectors are bringing greater balance to the economy; more than 80 percent of the local workforce is employed outside of hospitality and leisure, according to the Orlando Economic Partnership. Orlando …

Continue Reading
FacebookTwitterLinkedinEmail
Jackson Trio Village
Affordable HousingLoansMississippiSeniors HousingSoutheast

Regions Bank Provides $117.3M in Financing for Three Affordable Housing Communities in Jackson, Mississippi

by Abby Cox

JACKSON, MISS. — Regions Bank’s affordable housing group has provided a combined $117.3 million in financing to Vitus Group LLC for the acquisition and rehabilitation of three existing affordable housing communities in Jackson. The properties include Village Apartments, Commonwealth Apartments and Madonna Manor, which are now part of Jackson Trio, a collection of townhomes, garden-style apartments and a 13-story high-rise apartment building for seniors. The portfolio totals 77 buildings and 613 units, with 149 of the units dedicated to age-restricted housing for people age 62 and older. Jackson Trio will provide affordable housing to renters earning between 50 percent and 80 percent of the area median income. Regions Affordable Housing provided approximately $36.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity, a $19.7 million bridge loan and a $61 million Fannie Mae MTEB permanent loan. The properties feature a mix of one-, two-, three- and four-bedroom apartments with various amenities, including an exercise room, onsite property management and maintenance and kitchen appliances. Two developments also include playgrounds for children, and Madonna Manor includes free lunch by the City of Jackson for senior residents.

Continue Reading
FacebookTwitterLinkedinEmail
Miramar-Parkway-Plaza
AcquisitionsFloridaRetailSoutheast

Berger Commercial Brokers $34M Sale of Miramar Parkway Plaza Retail Center in South Florida

by Abby Cox

MIRAMAR, FLA. — Berger Commercial Realty has brokered the sale of Miramar Parkway Plaza, a 159,628-square-foot retail center in Miramar near Hard Rock Stadium. Lawrence Oxenberg of Berger Commercial represented the buyer, an affiliate of Longpoint Realty Partners doing business as LSG2 Miramar Parkway Plaza LLC, which purchased the property for $34 million. The seller was a partnership between The Faith Group and Jeffery Perlow. The Faith Group originally purchased the asset in 2014. Located at 3102-3300 University Drive, Presidente Supermarket anchors Miramar Parkway Plaza, which sits on roughly 14 acres. Additional tenants include McDonald’s, Foot Locker, AutoZone, Subway, Moby’s and Little Caesar’s. The center includes multiple outparcels and a second-story office component, as well as a recently constructed, 10,000-square-foot retail component.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts