Southeast

Capital Square Acquires 74-Unit Townhome Community in Suburban Raleigh

by John Nelson March 10, 2023

FUQUAY-VARINA, N.C. — Capital Square has acquired Ashford Townes, a 74-unit townhome community located in Fuquay-Varina, a southwest suburb of Raleigh. Located at 604 Oakbrook Pass Way, the build-for-rent development was completed in February of last year and features three-bedroom floorplans averaging 1,693 square feet. D.R. Horton was the developer. Capital Square acquired the property on behalf of CS1031 Ashford Townes BFR Housing DST, a private equity investment vehicle internally managed by Dave Platter and Jon Trott.

March 10, 2023

Development Florida Industrial Leasing Activity Lee & Associates Southeast

Lee & Associates Arranges 27,450 SF Industrial Lease in Tampa

by John Nelson March 10, 2023

TAMPA, FLA. — Lee & Associates South Florida has arranged a 27,450-square-foot industrial lease at a build-to-suit warehouse currently underway in Tampa. Plan IT Packaging, a Canadian packaging solutions company, will occupy the building, which is located at 4525 Oak Fair Blvd. Michael Avendano of Lee & Associates negotiated the five-year lease on behalf of the tenant. Cancician Group Inc. is the landlord. Construction of the warehouse — which will feature dock-height loading doors, heavy power and office space — is expected to be complete in March 2024.

March 10, 2023

Acquisitions Georgia Retail Southeast

CBRE Brokers $4M Sale of Thornton Promenade Retail Center in Metro Atlanta

by John Nelson March 10, 2023

LITHIA SPRINGS, GA. — CBRE has brokered the $4 million sale of Thornton Promenade, an 18,900-square-foot shopping center located at 639 Thornton Road in Lithia Springs, roughly 20 miles west of downtown Atlanta. Avis Car Rental, Domino’s Pizza and Metro PCS are tenants at the center, which was 92 percent leased at the time of sale. Craig Taylor of CBRE represented the seller, an entity doing business as RAW Promenade LLC, in the transaction. Riverwood Properties represented the buyer, a private investor. Riverwood will also provide leasing and management services for the property.

March 10, 2023

District of Columbia Southeast

US Economy Added 311,000 Jobs in February, Exceeding Estimates from Economists

by John Nelson March 10, 2023

WASHINGTON, D.C. — Nonfarm employment in the United States rose by 311,000 jobs in February, according to the U.S. Bureau of Labor Statistics (BLS). This number marks a slowdown from January, in which 504,000 jobs were added to the economy, but surpassed expectations from Dow Jones economists who estimated that the economy would add 225,000 jobs in February, according to CNBC. (The January jobs total was revised down by 13,000 jobs, from 517,000 to 504,000.) The unemployment rate also experienced a slight elevation in February, reaching 3.6 percent, a 20-basis-point increase. Long-term joblessness accounted for 17.6 percent of overall unemployment, remaining relatively unchanged from previous months. Leisure and hospitality, retail, government and healthcare experienced notable job gains. Leisure and hospitality — though still below its pre-pandemic level of employment by 2.4 percent — added 105,000 jobs. Retail and government added 50,000 and 46,000 jobs, respectively. Declines in employment were observed in the information and transportation and warehousing industries, which saw a collective loss of 47,000 jobs. Carlos Vaz of CONTI Capital projects that the strong jobs reports thus far in 2023 may portend further interest rate hikes by the Federal Reserve. “Despite the decrease in job growth from the previous …

March 10, 2023

Acquisitions Affordable Housing Florida Georgia Multifamily Southeast Top Stories

Standard Communities Acquires 3,200-Unit Affordable Housing Portfolio in Florida, Georgia

by Jeff Shaw March 10, 2023

LOS ANGELES — Standard Communities, an affordable housing developer and investor based in Los Angeles, has acquired controlling interest in an affordable housing portfolio of approximately 3,200 units in Florida and Georgia. The seller and price were not disclosed. This is Standard Communities’ largest acquisition to date. The portfolio includes the firm’s first acquisitions in Florida and first affordable housing acquisitions in Georgia. “Standard is expanding its portfolio in the Southeast to foster more thriving communities in the region,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “High-quality, well-maintained affordable housing is crucial to the well-being and livelihood of so many people.” Standard Properties is partnered with Apartment Life, a Dallas-based nonprofit organization that works to increase renters’ access to education and healthcare, foster community engagement, reduce food insecurity and provide opportunities for economic mobility. The firm plans to invest $25 million in capital improvements across the portfolio. Apartment Management Consultants and Arco Management Corp. will manage the properties. Also in Georgia, Standard Communities recently broke ground on a project in Savannah that will convert a 1920s-era Atlantic Coast Line Railroad office building into a 219-unit market-rate apartment community. — Channing Hamilton

March 10, 2023

Acquisitions Florida Hospitality Loans Southeast Walker & Dunlop

Walker & Dunlop Negotiates $76M Sale of DoubleTree by Hilton Hotel in Tampa

by John Nelson March 9, 2023

TAMPA, FLA. — Walker & Dunlop has negotiated the $76 million sale of the DoubleTree by Hilton Tampa Rocky Point Waterfront, a 291-room hotel located on Tampa’s Rocky Point peninsula. The waterfront hotel was originally built in 1986 and recently underwent a $17.9 million renovation. Sean Reimer of Walker & Dunlop’s New York team represented the buyer, BlackPearl Hospitality LLC, in the transaction. Walker & Dunlop also arranged an undisclosed amount of acquisition financing for BlackPearl. The seller was not disclosed. The DoubleTree by Hilton hotel features an outdoor swimming pool, fitness center, onsite restaurant, business center, meeting rooms and complimentary Wi-Fi, according to the hotel website.

March 9, 2023

Affordable Housing Development Florida Loans Southeast

KeyBank Provides $49M Construction Financing for Affordable Housing Development in Tallahassee

by John Nelson March 9, 2023

TALLAHASSEE, FLA. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital have provided $49 million in construction financing for Magnolia Family II, an affordable housing development in Tallahassee. The community’s 160 units will feature 128 apartments that will be affordable to households earning 33 percent and 60 percent of the area median income (AMI). The remaining 32 units will be rented at market rates. The borrower is Columbia Residential, which is developing Magnolia Family II in partnership with the landowner, Tallahassee Housing Authority. CDLI provided a $33 million construction loan and a $15.9 million Freddie Mac forward commitment permanent loan to Columbia Residential. Reginald Fenn of CDLI and Leslie Meyers of KeyBank originated the financing. Additionally, RBC provided $19.5 million in LIHTC equity, and Tallahassee Housing Authority approved project-based vouchers. Magnolia Family II is the second phase of the redevelopment of a public housing complex operated by the Tallahassee Housing Authority that was originally constructed between 1971 and 1972. Phase I of Magnolia Family is set to open in November.

March 9, 2023

Acquisitions Multifamily North Carolina Southeast

StoutCap Purchases Treetop Apartments in Fayetteville, North Carolina for $9.2M

by John Nelson March 9, 2023

FAYETTEVILLE, N.C. — StoutCap, a real estate investment firm specializing in raising capital from passive investors, has closed on its $9.2 million acquisition of Treetop Apartments in Fayetteville. The seller was not disclosed. The buyer plans to renovate the interiors of all 146 apartments, as well as upgrade the property’s amenities and exteriors. Treetop is situated on 10.4 acres and features a pool, lounge area, onsite laundry facilities, picnic area with grills and onsite property management and maintenance. StoutCap expects the value-add acquisition to double the return for investors in six years. The buyer plans to return 100 percent of capital to its investors in three years.

March 9, 2023

Acquisitions Maryland Retail Southeast

KLNB Brokers $7.2M Sale of Kenwood Shopping Center in Metro Baltimore

by John Nelson March 9, 2023

ROSEDALE, MD. — KLNB has brokered the $7.2 million sale of Kenwood Shopping Center, a 90,961-square-foot retail center located at 6200 Hazelwood Ave. in Rosedale, a suburb of Baltimore. Pikesville, Md.-based America’s Realty and investment partners purchased the center from a private family that has owned the property since it was developed more than 40 years ago. Chris Burnham, Vito Lupo, Andy Stape and Jake Furnary of KLNB represented the seller in the transaction. Kenwood Shopping Center was 92 percent leased at the time of sale to tenants including Advance Auto Parts, Goodwill and a mix of service and food-and-beverage tenants.

March 9, 2023

Florida Industrial Loans Southeast

Axiom Arranges $3.1M Refinancing for Industrial Property in Palm Coast, Florida

by John Nelson March 9, 2023

PALM COAST, FLA. — Axiom Capital Corp. has arranged a $3.1 million bridge loan for the refinancing of an industrial property located in Palm Coast. Totaling 139,801 rentable square feet — 18 percent of which is office space — the development comprises one single-story building and 228 parking spaces on 17.4 acres. The property features clear heights of 21 to 30 feet, a Halon Fire Protection System and two generators. The ownership plans to subdivide the office space for leasing.

March 9, 2023

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