Southeast

Cushman & Wakefield Arranges $33.4M Sale of Two Apartment Communities in Gainesville, Florida

by Julia Sanders January 18, 2022

GAINESVILLE, FLA. — Cushman & Wakefield has arranged the $33.4 million sale of two apartment communities in Gainesville known as Mount Vernon and Williamsburg Village. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, a New York-based private equity fund, in the transaction. An undisclosed private investor based in Orlando was the buyer. Mount Vernon is located at 2370 SW Archer Road, and Williamsburg Village is located at 2000 SW 16th St. Both multifamily communities offer one-, two- and three-bedroom floorplans. Unit features at both apartment communities include stainless steel appliances, laminate countertops, wood-style vinyl flooring, ceiling fans in living rooms and bedrooms, window coverings and a patio or balcony. Both properties feature a swimming pool, poolside fire pit, grilling station and onsite laundry services. Mount Vernon was 95 percent occupied at the time of sale, while Williamsburg Village was 93 percent occupied at the time of sale. Both properties are located close to retailers such as Butler Pizza, Whole Foods Market, Lowe’s Home Improvement, Total Wine & More, Trader Joe’s and Target. The properties are also situated close to the University of Florida College of Medicine, University of Florida College of Veterinary Medicine and the Gainesville …

January 18, 2022

Acquisitions Alabama Multifamily Seniors Housing Southeast Tennessee

Atlas Senior Living, Salta Capital Acquire Two Properties in Alabama and Tennessee

by Julia Sanders January 18, 2022

ATHENS, ALA. AND SPRING HILL, TENN. — Birmingham-based Atlas Senior Living and Salta Capital have acquired two new senior living communities, The Goldton at Athens in Athens and The Goldton at Spring Hill in Spring Hill, bringing their total number of properties in their owned portfolio to 32. The seller and sales price were not disclosed. Atlas will be the owner-operator of the communities, which will be rebranded. Located at 22171 Traditions Way, The Goldton at Athens totals 75,824 square feet, comprising 12 independent living residences and 72 assisted living residences. Located at 3056 Miles Johnson Parkway, The Goldton at Spring Hill totals 66,395 square feet comprising 63 assisted living residences and 16 memory care residences.

January 18, 2022

Development Florida Multifamily Southeast Student Housing

Aspen Heights Breaks Ground on 67-Unit Student Housing Development in Tampa

by Julia Sanders January 18, 2022

TAMPA, FLA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen Heights Tampa, a 67-unit, cottage-style student housing development located in Tampa near the University of South Florida. The community is scheduled for completion by this fall. Located by Cove Bend and Bruce B Downs Boulevard, Aspen Heights Tampa will include cottage- and townhome-style units across two- and three-story buildings. Unit features will include high-end finishes, stainless steel appliances and in-unit washers and dryers. Community amenities will include a fitness center, resort-style swimming pool, computer and study center, resident lounge, business center and 315 parking spots.

January 18, 2022

Acquisitions Office Southeast Virginia

Avison Young Brokers $12.9M Sale of Two Office Properties in Metro D.C.

by Julia Sanders January 18, 2022

KINGSTOWNE, VA. — Avison Young’s Capital Markets Group has brokered the sale of two office buildings located in Kingstowne, a live-work-play community situated about 16.3 miles south of Washington, D.C. Melrose Solomon Enterprises purchased the two office buildings, 5695 Kings Centre Drive and 5901 Kingstowne Village Parkway, for $12.9 million. Chip Ryan and Matt Weber of Avison Young represented the seller, The Halle Cos., in the transaction. Jon Goldstein, Wes Boatwright and Mike Yavinsky of Avison Young arranged the undisclosed amount of acquisition financing on behalf of Tenafly, N.J.-based Melrose Solomon. 5695 Kings Centre Drive is a three-story, 44,262-square-foot office building constructed in 2002, and 5901 Kingstowne Village Parkway features 8,000-square-foot floorplans and has 22,117 square feet of net rentable space. The properties were a combined 93 percent leased to a variety of medical office, government contractors and traditional office tenants at the time of sale. Developed by The Halle Cos. in the mid-1980s, Kingstowne spans 1,200 acres and is Northern Virginia’s second largest master-planned community. Kingstowne has more than one million square feet of retailers and office buildings.

January 18, 2022

District of Columbia Retail Southeast

Holiday Sales in 2021 Increased by 14.1 Percent from 2020, Says NRF

by Julia Sanders January 18, 2022

WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during last year’s holiday season totaled $886.7 billion, a 14.1 percent increase from 2020 ($777.3 billion). The 2021 numbers were greater than what the NRF had predicted and sets a new record despite ongoing problems such as supply chain issues and the spread of the COVID-19 Omicron variant. Retail sales were tracked from Nov. 1 to Dec. 31 and exclude data from automobile dealers, gas stations and restaurants. Retail sales fell by 2.7 percent seasonally adjusted in December from November but increased by 13.4 percent unadjusted year-over-year. The sector with the biggest sales gain during the holidays were clothing and clothing accessory stores, which saw an increase of 33.1 percent. Additionally, sporting goods stores were up 20.9 percent; general merchandise stores were up 15.2 percent; furniture and home furnishings stores were up 15 percent; building materials and garden supply stores increased its sales by 13.5 percent; and health and personal care stores were up 9.6 percent. Also online and other non-store sales were up 11.3 percent, which falls in line with NRF’s prediction made in October of a growth rate between 11 to 15 percent. “Consumers were …

January 18, 2022

Development Mixed-Use Multifamily Southeast Top Stories Virginia

JBG Smith Begins Construction on Two Apartment Towers in Metro DC’s National Landing District

by John Nelson January 18, 2022

ARLINGTON, VA. — JBG Smith (NYSE: JBGS), an owner and developer of mixed-use properties in the greater Washington, D.C. market, has begun construction on a pair of multifamily towers at 2000 and 2001 South Bell Street in Arlington. The development is expected to bring 775 apartments and nearly 27,000 square feet of retail space to National Landing, a neighborhood anchored by Amazon’s HQ2 campus and the Virginia Tech Innovation Campus, both of which JBG Smith is developing. “The start of construction at 2000 and 2001 South Bell Street is a major milestone in National Landing’s ongoing transformation and delivers on our pledge to build new housing in lockstep with Amazon and Virginia Tech’s growth in the neighborhood,” says Bryan Moll, executive vice president of development at JBG Smith. KPF designed 2000 South Bell Street to be a modern, 25-story glass tower with 355 multifamily units situated above approximately 15,000 square feet of street-level retail space. The adjacent 2001 South Bell Street was designed by Studios to be a 420-unit, 19-story tower with a green-glazed brick façade and approximately 10,000 square feet of street-level retail space. SK+I will serve as the architect of record for both towers, which are designed to …

January 18, 2022

Acquisitions Florida Multifamily Southeast

Bristol Development, Hallmark Sell Vista Brooklyn Apartments in Jacksonville for $126.3M

by Julia Sanders January 17, 2022

JACKSONVILLE, FLA. — An affiliate of Bristol Development Group and Hallmark Partners have sold Vista Brooklyn, 308-unit multifamily property in Jacksonville. The buyer, an entity known as CS 1031 Vista Brooklyn Apartments DST, an affiliate of Capital Square, purchased the property for $126.3 million. Built in 2021, Vista Brooklyn is a 10-story apartment community offering studio, one-, two- and three-bedroom floorplans, as well as 12,687 square feet of ground floor commercial and retail space. Community amenities include a resort-style rooftop pool and beer garden, fitness studio with yoga room, gaming area, grilling stations, gift wrapping room, coworking spaces, dog park, pet spa and a meditation suite. Located at 200 Riverside Ave., Vista Brooklyn is situated adjacent to downtown Jacksonville. The property is also near retailers and restaurants such as The Fresh Market, Burrito Gallery Brooklyn, Chipotle Mexican Grill, Navy Federal Credit Union and Winston Family YMCA.

January 17, 2022

Acquisitions Georgia Loans Multifamily Southeast

Eastern Union Secures $71.3M Acquisition Loan for Multifamily Property in Roswell, Georgia

by Julia Sanders January 17, 2022

ROSWELL, GA. — New York-based Eastern Union has secured a $71.3 million acquisition loan for Crest at Riverside, a 396-unit multifamily property in Roswell. Michael Muller of Eastern Union arranged the loan through New York-based Arbor Realty on behalf of the buyer, Atlanta-based MSC Properties. With a full sale price of $87.5 million, the transaction’s loan-to-cost ratio equaled 81 percent. The non-recourse loan carries a three-year term with options for two one-year extensions, and repayment is interest-only over its full term. Built in 1965 and renovated in 2016, The Crest at Riverside was rebranded to Grace Apartment Homes Roswell. The property offers one-, two- and three-bedroom floorplans with 18 one-bedroom units that are 882 square feet in size; 247 two-bedroom units that range from 1,258 to 1,408 square feet in size and 131 three-bedroom units that range from 1,290 to 1,408 square feet in size. Unit features include white or stainless steel appliances, laminate or solid surface counters, wood cabinets and tile backsplashes. Community amenities include two pools, business center, fitness center, playground, grills and a pet park. The property was 96 percent occupied at the time of sale. Located at 100 Chattahoochee Circle, the 518,460-square-foot property is situated 20.4 …

January 17, 2022

Acquisitions Healthcare Louisiana Southeast

MedProperties, Heitman Acquire 60,087 SF Hospital in Covington, Louisiana

by Julia Sanders January 17, 2022

COVINGTON, LA. — Dallas-based MedProperties Realty Advisors and Chicago-based Heitman LLC, in their first joint venture together, have acquired Avala Hospital, a 21-bed, 60,087-square-foot surgical hospital in Covington. The seller(s) and sales price were not disclosed. Capital One NA, with a participation by Siemens Financial Services, provided an undisclosed amount of financing for the acquisition. Avala Hospital is one of the only facilities in Louisiana offering robotics-assisted surgeries for hip replacements, total and partial knee replacements and spinal procedures. The hospital recently had Class A renovations and expansions done to the facility. Located at 67252 Industry Lane, the hospital is situated 36.1 miles from New Orleans and 37.2 miles from the Louis Armstrong New Orleans International Airport. The property is also situated near retailers and restaurants such as Whole Foods Market, Walgreens, Mandeville Seafood and a Winn-Dixie.

January 17, 2022

Acquisitions Alabama Retail Southeast

SRS Brokers $4.5M Sale of Shopping Center in Valley, Alabama

by Julia Sanders January 17, 2022

VALLEY, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $4.5 million sale of Shops at Valley, a 28,000-square-foot shopping center in Valley. Boris Shilkrot of SRS represented the seller, OSCI Properties, in the transaction. The buyer, Prudent Growth Partners LLC, was self-represented in the transaction. The shopping center is shadow-anchored by a Walmart Supercenter and fully occupied by tenants including Ace Hardware, Workout Anytime, H&R Block, T-Mobile and Advance America. Located along the Georgia and Alabama state lines, the property is situated 26 miles from Auburn, Ala., and 31.8 miles from Columbus, Ga.

January 17, 2022

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