Southeast

MDH Partners Acquires 182,000 SF Chesapeake Industrial Park in Hampton Roads

by John Nelson November 2, 2022

CHESAPEAKE, VA. — MDH Partners has acquired Chesapeake Industrial Park, a two-building, 182,000-square-foot industrial property located at 3804 and 3808 Cook Blvd. in Chesapeake. This is Atlanta-based MDH’s second Virginia purchase this year, following the purchase of AeroFarms Danville in May. Chamie Burroughs and Ricky Anderson of Colliers represented the undisclosed seller in the transaction. Joe DeHaven and Makenna Barbara served as the acquisition leads for MDH Partners. The sales price was not disclosed. The park’s two 90,000-square-foot facilities were fully leased at the time of sale and feature 30-foot clear heights and 23 dock-high doors.

November 2, 2022

District of Columbia Features Southeast

Sun Belt Markets Dominate Top 10 ‘Markets to Watch’ in 2023, According to Emerging Trends Report

by John Nelson November 2, 2022

WASHINGTON, D.C. — A variety of Sun Belt markets once again lead the “top markets to watch” in 2023 for overall real estate prospects, with Nashville ranking No. 1 for the second consecutive year in the annual Emerging Trends report issued by the Urban Land Institute (ULI) and PwC US. Using proprietary data and insights from more than 2,000 real estate industry experts across 80 tracked markets in the United States and Canada, Emerging Trends pegged the Music City as a “supernova” market due to its evolution from an 18-hour city to a “24-hour metropolis.” In the past couple years, Nashville has attracted Amazon and Oracle to build new office campuses, and two weeks ago the NFL’s Tennessee Titans and the Metropolitan Government of Nashville and Davidson County agreed to terms for a new $2.1 billion football stadium in the East Bank district that could attract events such as the Super Bowl and College Football Playoff. The private investment is in response to the Nashville MSA posting a 21 percent population growth rate in the past decade, according to the latest U.S. Census data. The Emerging Trends report noted that the pandemic has reinforced these migration trends as workers from …

November 2, 2022

Development Georgia Loans Mixed-Use Multifamily Southeast

PMG, Greybrook Secure $182M Construction Loan for Society Atlanta Mixed-Use Tower

by John Nelson November 1, 2022

ATLANTA — PMG and Canadian private equity firm Greybrook have obtained a $182 million construction loan for Society Atlanta, a 31-story mixed-use tower underway at 811 Peachtree St. in Midtown Atlanta. JLL arranged the financing through a major U.S. life insurance company and Related Fund Management. Designed by architecture firm Cooper Carry, Society Atlanta will feature 460 apartments, 82,000 square feet of Class A office space and 15,500 square feet of ground-floor retail space. Planned amenities include a pool deck with grilling and lounge areas, a large coworking lab with private conference rooms and a gym with a fitness studio. Cushman & Wakefield is leasing the office space, and Bridger Properties is leasing the retail space. Juneau Construction Co. is the general contractor for Society Atlanta, which broke ground in May 2022 and is slated for completion in late 2024. PMG has over 8,500 units planned for its Society Living brand in markets such as Miami, Fort Lauderdale, Orlando, Nashville, Denver and Brooklyn, with more to be announced soon.

November 1, 2022

Acquisitions Industrial Southeast Tennessee

Westmount Realty Capital Sells 709,652 SF Industrial Facility in Nashville

by John Nelson November 1, 2022

NASHVILLE, TENN. — Westmount Realty Capital has sold 840 Logistics Center, a 709,652-square-foot industrial facility situated on 44 acres in Nashville. The buyer and sales price were not disclosed. Westmount Realty has owned the bulk distribution facility since 2020 and has invested millions of dollars in capital improvements during its ownership, including new LED warehouse lighting, exterior painting, epoxy floor sealant and new dock and light packages on every loading dock within the facility. Built in 2008 near I-840 in Wilson County, 840 Logistics Center features 32- to 36-foot clear heights, 366 car parking spaces and 76 trailer stalls. The asset was fully leased at the time of sale to two third-party logistics tenants.

November 1, 2022

Development Seniors Housing South Carolina Southeast

Aspens Senior Living Opens 159-Unit Active Adult Community in Greenville

by John Nelson November 1, 2022

GREENVILLE, S.C. — Aspens Senior Living has completed construction of The Aspens Verdae, a 159-unit active adult community in Greenville. The property totals 196,000 square feet and offers one-and two-bedroom options ranging from 607 square feet to 1,243 square feet. Aspens broke ground on the project in December 2020. It is the company’s second community in the Carolinas. The site is close to Legacy Park, The Preserve at Verdae Golf Club and the Prisma Health Swamp Rabbit Trail, a 22-mile walking and biking greenway that connects Greenville to Travelers Rest, S.C. Shiel Sexton served as general contractor for The Aspens Verdae, with Arrive Architecture Group as designer for the project.

November 1, 2022

Acquisitions Florida Hospitality Southeast

CBRE Brokers $29.1M Sale of Courtyard by Marriott Hotel in Downtown St. Petersburg, Florida

by John Nelson November 1, 2022

ST. PETERSBURG, FLA. — CBRE has brokered the sale of Courtyard by Marriott St. Petersburg Downtown, a 128-room hotel located at 300 4th St. N in downtown St. Petersburg. Atlanta-based The Radco Cos. purchased the hotel from Blackstone for $29.1 million. Christian Charre, Paul Weimer, Jennifer Jin and Andrew Pastorino of CBRE’s hotel division in Miami represented the seller in the transaction. The Courtyard by Marriott was converted from an independent boutique hotel in 2006 and underwent a renovation in 2015. Amenities include a restaurant and bar, onsite fitness and business centers, an indoor pool, 806 square feet of meeting space and valet parking.

November 1, 2022

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges $13.7M Sale of Multifamily Portfolio in Murray, Kentucky

by John Nelson November 1, 2022

MURRAY, KY. — Capstone Apartment Partners has arranged the $13.7 million sale of an apartment portfolio in Murray. Situated near Murray State University and within a two-mile radius of one another, the portfolio comprises 86 completed units, 24 nearly completed units and 20 under construction units, all of which were leased at the time of sale. Adam Klenk, Austin Heithcock, Tyler Mayo and Jordan Arand of Capstone represented the seller, Jennings Management and BTJ Rental LLC, in the transaction. The seller developed the portfolio over the last 10 years and managed them during its ownership. The buyer and sales price were not disclosed, but Capstone says the portfolio traded at a record price per unit for the city of Murray.

November 1, 2022

Matt Maison, vice president of research for Arbor Realty Trust

Acquisitions Arbor Realty Trust Content Partner Features Midwest Multifamily Northeast Southeast Texas Western

Multifamily Opportunity Matrix Reveals Most Promising Markets for Investors, Developers

by Sarah Daniels November 1, 2022

By Arbor Realty Trust Inflationary environments set many investors’ minds to thinking about multifamily properties, which have tended to perform as well or better than other property types in the face of economic headwinds. Product type is no guarantee of success, however, and careful site selection is essential to ensure a project will have the renter demand and pricing power the owner needs to succeed. Arbor Realty Trust, in partnership with Chandan Economics, developed the opportunity matrix featured in Arbor’s Top Opportunities in Large Multifamily Investment Report 2022. The opportunity matrix helps clients navigate the nation’s apartment markets, enabling them to compare relative strengths from one metro to the next and identify those offering the greatest potential for development or investment. Its ranking system, which analyzes eight key categories, found the top three U.S. metro markets for large multifamily investment in 2022 are San Antonio, Kansas City and Las Vegas. “Reviewing what made these communities rise to the top of our 50-metro ranking will demonstrate how investors can use the matrix to compare the climates of opportunity in the markets in which they operate, or to suggest new fields of opportunity for their next venture,” said Matt Maison, vice president …

November 1, 2022

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Atlanta Attracts Reputable Employers, Discerning Investors and Qualified Renters

by John Nelson November 1, 2022

Atlanta’s prowess within the Sun Belt as the dominant multifamily market did not happen by accident, nor did it occur overnight. Back in the 2000s, Atlanta was still an emerging market that was working to attract new employers while battling a season of oversupply that hampered rent growth across the city’s numerous submarkets. Now, and since the mid-2010s, Atlanta has defined itself as the premier entry point for investors looking to break into the Sun Belt, and its proven track record ensures it will continue serving as a global magnet for relocation, investment and expansion. Atlanta’s diversified economy has attracted some of the nation’s biggest and best names in just a few years’ time. While Silicon Valley has captured the tech world’s eye for decades, global powerhouses such as Microsoft, Google and Meta (Facebook) have started planting their flags in Atlanta with reported goals of adding tens of thousands of highly paid employees by 2030. Tech companies are capitalizing on a strategic opportunity in Atlanta to broaden their workforce in a market that boasts a highly educated and diverse population while providing an attractive cost of living. With respect to Atlanta’s employment growth, the presence of Georgia Tech cannot go …

November 1, 2022

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Redbrick Receives $142.5M Construction Loan for Residential Development in D.C.

by John Nelson October 31, 2022

WASHINGTON, D.C. — Redbrick LMD has received a $142.5 million construction loan for the development of The Douglass, a 750-unit residential project in Washington, D.C.’s Bridge District. Brian Gould of Chatham Financial arranged the loan through Citizens Bank on behalf of Redbrick. The Douglass will feature 40,000 square feet of retail space, and about 80 of the apartments will be reserved as affordable housing. The Douglass will be the first building constructed in the Bridge District, which comprises eight acres. Upon completion, the 2.5 million-square-foot project will be developed as a mixed-use neighborhood with a focus on sustainability and wellness. The Douglass is designed to target net zero carbon from operations and to meet or exceed International Future Living Institute (IFLI) and LEED Platinum standards.

October 31, 2022

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