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AcquisitionsDistrict of ColumbiaRestaurantRetailSoutheast

SRS Brokers Sales of Two Retail Properties in D.C. Totaling $9.2M

by John Nelson

WASHINGTON, D.C. — SRS Real Estate Partners has brokered the sale of two urban retail properties in Washington, D.C., totaling $9.2 million. The properties include 2321 18th St. NW in the city’s Adams Morgan submarket and 1519 Wisconsin Ave. in the Georgetown district. Built in 1910 and renovated in 2020, the Adams Morgan property houses a single tenant (Ironworks Inc.) that operates three Asian fusion restaurants — Death Punch Bar, Shabu Plus and Shibuya — and has 10 years remaining on its lease. An unnamed private investor purchased the 4,500-square-foot property from a locally based developer for $3.5 million. Andrew Fallon and Rick Fernandez of SRS represented the seller in the transaction. The Georgetown property houses three retailers (a salon, nail parlor and mobile device repair shop) that are on triple-net leases. A local investor purchased the asset for $5.7 million in a 1031 exchange. Fallon and Fernandez represented the seller, a locally based, privately held investor and developer.

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DevelopmentFloridaLoansMixed-UseSoutheastTop Stories

JDS Development Group Receives Construction Financing for 64-Story Southside Park Mixed-Use Tower in Miami

by Kristin Harlow

MIAMI — JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the country’s first Treehouse Hotel, along with multiple food and beverage outlets and public spaces. As part of the Brickell Rapid Transit Zone, the project will enhance access to public transportation, provide direct connection to The Underline and reinvigorate Southside Park, according to JDS. The Underline is a 10-mile linear park, urban trail and public destination being built on land below Miami’s Metrorail that is opening in phases through 2025. Southside Park’s proposed design enhancements include an enclosed dog run, seating areas, water features, opportunities for public art, playgrounds, a new basketball court and space for active programming such as movie nights and community sports events. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz arranged the financing through Maxim Capital Group. An existing land acquisition loan was replaced with a bridge construction loan at a lower interest …

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River House & Terra House Nashville Multifamily
Content PartnerFeaturesLeasing ActivityMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

Walker & Dunlop: Spring Multifamily Market Contends with Inflation, Housing Bubble Fears

by Sarah Daniels

By Walker & Dunlop’s Research Department Inflation and a New Era of Monetary Tightening Amid 40-year high inflation rates, home prices that have surged by over 40 percent in the past three years and double-digit price increases in basic necessities such as food, gas and electricity, the United States seems to be beset on all sides. Inflation has become the question of the day with little relief even after monetary tightening began earlier in the year. After a quarter point increase in the Federal Reserve target rate in March, the Fed implemented a whopping 50 basis point increase in the target Federal Funds rate in May after April inflation remained at 8.2 percent, near the March high of 8.6 percent.[1] The central bank’s goal is to reduce inflation to an annual rate of approximately 2 percent. The employment base, the Fed’s other prime objective, seems to remain strong. Unemployment (at 3.6 percent in April) remains low and employment growth of 390,000 in May beat economist expectations. The Fed’s job now is to beat inflation and prevent it from becoming embedded in consumer expectations. Why? Because once inflation becomes embedded in expectations, it changes consumer behavior and becomes somewhat of a …

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CivicDevelopmentNorth CarolinaRetailSoutheast

Charlotte City Council OKs $275M Financing for Spectrum Center Renovations, New Practice Facility for Hornets

by John Nelson

CHARLOTTE, N.C. — The Charlotte City Council has approved the proposed $275 million financing package for renovations to Spectrum Center, the home arena for the NBA franchise Charlotte Hornets. The city council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice training facility that will be funded via new revenue generated from sponsorships and naming right agreements. Financing for the city’s role in the $215 million in renovations to Spectrum Center (approximately $173 million) will be sourced from rental car and hotel taxes. The plan also extends the team’s lease through 2045, an additional 15 years from its lease expiration in 2030. Located at 333 E. Trade St. in Uptown Charlotte, Spectrum Center opened in October 2005 and has a seating capacity exceeding 20,000. In addition to Hornets home games, the arena hosts concerts, collegiate sporting competitions, comedy shows and other events. The City of Charlotte owns the arena and Hornets Sports & Entertainment operates it. Details about specific renovations or a construction timeline have not been made public.

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DevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

J.P. Morgan Chase Provides $75.6M Construction Loan for D.C. Apartment Project

by John Nelson

WASHINGTON, D.C. — J.P. Morgan Chase has provided a $75.6 million construction loan to Urban Atlantic and Triden Development Group for The Reynard, a 344-unit apartment development in Washington, D.C. The property will be part of The Parks at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center in northwest D.C. The project represents the eighth ground-up project at the mixed-use campus. Urban Atlantic and Triden, in partnership with an opportunity zone investment from CrossHarbor Capital Partners, will build the apartment building on a 2.3-acre site adjacent to the Whole Foods Market-anchored Parks Marketplace. Amenities at The Reynard will include coworking space, a fitness center, resort-style pool and a maker space with podcast studios. Unit types range from studios to three -bedrooms, including 11 live-work units with storefronts along Georgia Avenue and 26 income-restricted apartments reserved for households earning 80 percent or less of the area median income. Bozzuto will manage The Reynard upon completion, which is expected to be roughly 24 months following the ground breaking.

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AcquisitionsMultifamilySoutheastVirginia

CRC Sells 101 North Ripley Apartments in Alexandria, Virginia for $50.1M

by John Nelson

ALEXANDRIA, VA. — Continental Realty Corp. (CRC) has sold 101 North Ripley Apartments, a 189-unit multifamily community in Alexandria formerly known as Parkwood Court. CRC sold the property for $50.1 million, or approximately $265,000 per unit. The Baltimore-based company originally purchased the community in 2011 for $23 million, or $121,000 per unit. Washington, D.C.-based Willow Creek Partners purchased 101 North Ripley, which offers seven different floor plans in one-, two- and three-bedroom configurations. Bill Roohan, Robert Dean and Jonathan Greenberg of CBRE brokered the transaction. CRC recently invested in capital improvements at the apartment community, including the installation of new windows and sliding patio doors and the conversion of an outdoor pool into a parking lot with 45 spaces.

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DevelopmentHealthcareMarylandOfficeSoutheast

Catalyst Healthcare, Bain Capital Break Ground on 60,000 SF Medical Office Building in Laurel, Maryland

by John Nelson

LAUREL, MD. — Catalyst Healthcare Real Estate and Bain Capital Real Estate have broken ground on a 60,000-square-foot medical office building in Laurel, a city about midway between Baltimore and Washington, D.C. The property will be connected to the University of Maryland Capital Region Health Hospital by an enclosed skyway and offer outpatient services, including family medicine, imaging, internal medicine, oncology, orthopedics, pharmacy, physical therapy, OB/GYN and dialysis. The building, which will feature about 3,000 square feet of commercial space, is the first phase of the master plan that will include the development of 11 healthcare buildings, as well as retail, restaurants and green space. Catalyst Healthcare and Bain Capital plan to open the property in summer 2023.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Arranges $28.1M Sale of Three-Property Industrial Portfolio in Metro Atlanta

by John Nelson

KENNESAW AND NORCROSS, GA. — JLL Capital Markets has brokered the $28.1 million sale of a three-property light industrial and flex portfolio in metro Atlanta totaling 172,881 square feet. Matt Wirth, Ralph Smalley, Jim Freeman and Max Coffin of JLL represented the seller, Deerfield Beach, Fla-based Geneva Group, in the transaction. Miami-based Adler Real Estate Partners was the buyer. The properties included a 46,808-square-foot facility at 1965 Vaughn Road in Norcross, a 61,073-square-foot light industrial building at 4955 Avalon Ridge Parkway in Norcross and a 65,000-square-foot flex property at 1155 Roberts Blvd. in Kennesaw. Completed between 1992 and 1996, the Norcross buildings feature 22-foot clear heights, 27 dock-high doors, four drive-in doors and approximately 3.5 years of weighted average remaining lease term. The Kennesaw asset was built in 1991 and houses two unnamed, globally recognized tenants with over six years of weighted average remaining lease term.

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Strong rent growth has spurred investor appetite for Florida’s multifamily market and has boosted out-of-state and international multifamily investment and development. —Jeffrey Margolis, Partner, Berger Singerman LLP
FeaturesFloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Florida Apartment Market’s Strong Real Estate Fundamentals Attract National, International Investors

by Jaime Lackey

There is an overall sentiment that the Southeast multifamily real estate market, and specifically Florida, is doing better than any other region in the United States. Despite record inflation, rising interest rates, increased construction costs and supply chain issues, investors, developers and lenders are becoming increasingly bullish when it comes to the Florida multifamily market. A rising population count resulting in a swift pace of rent growth and tight apartment vacancy have led to increased out-of-state and international interest and capital being invested in the state. With competitive yields and better returns compared with alternative investments, investors view Florida multifamily projects as a sound opportunity. Florida has been less stringent when it came to COVID-19 policies and lockdowns compared with restrictions adopted in the Northeast and on the West Coast. Limited and lenient state-wide restrictions in Florida during the health crisis allowed the state’s economy to recover more quickly than most major U.S. markets. In addition to an established migration of retirees, Florida has attracted a younger population, with workers looking for warmer climates and relaxed COVID-19 policies. Similarly, massive migration from other regions is being fueled by the ease of doing business, a favorable regulatory environment, business-friendly tax rates, …

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DevelopmentRetailSoutheastTennessee

Simon, AJ Capital Partners to Develop 300,000 SF Outlet Mall in Nashville

by John Nelson

NASHVILLE, TENN. — Indianapolis-based retail giant Simon is partnering with Nashville-based Adventurous Journeys Capital Partners (AJ Capital Partners) to develop a new 300,000-square-foot outlet mall in Nashville. The location and name weren’t disclosed, but the property will be situated on the south side of the city and will be branded under Simon’s Premium Outlet concept. Simon and AJ Capital plan to break ground on the project in 2023. In addition to the Nashville outlet mall, Simon also recently announced new outlet malls coming to Los Angeles, Tulsa and New York. The new development will complement Simon’s Nashville holdings The Mall at Green Hills and Opry Mills. AJ Capital’s local projects include hotels Thompson Nashville, Soho House Nashville and Graduate Nashville, as well as a 23-acre project that the developer is underway on in the city’s Wedgewood-Houston neighborhood. Simon and AJ Capital’s project isn’t the only outlet mall coming to Nashville. Tanger Factory Outlets Center recently broke ground on Tanger Outlets Nashville, a 290,000-square-foot mall that is slated to open in fall 2023.

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