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Southeast

Miami Worldcenter
DevelopmentFloridaHospitalityLoansMixed-UseMultifamilySoutheast

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

by Julia Sanders

MIAMI — Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter Associates. Legacy will offer 310 for-sale residential units on top of a 219-room hotel. The project’s residential units all sold out in May 2021 in less than 12 months. Construction on the property broke ground in August and is slated for completion by 2024. Community amenities at the mixed-use tower include ground-floor retail space, five restaurant and bar concepts, a hotel pool deck, enclosed seven-story rooftop atrium with a restaurant bar and lounge and a members-only international business lounge. Other than the residential and hotel space, Legacy will also include a 10-floor, $100 million medical center known as Blue Zones Medical and Wellbeing Center. RPC’s design team for the Legacy Hotel project includes Miami-based Kobi Karp Architects, Design Agency and ID & Design International. Martin Schwartz and Anthony de Yurre of Bilzin Sumberg provided legal counsel to the development team in the loan transaction.

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The Exchange
DevelopmentGeorgiaMultifamilySoutheast

Flournoy Breaks Ground on 434-Unit Multifamily Community in Buford, Georgia

by Julia Sanders

BUFORD, GA. — Columbus, Ga.-based Flournoy Development Group has broken ground on a 434-unit apartment community in Buford, approximately 30 miles northeast of downtown Atlanta. The property will include 376 multifamily units and 58 townhomes. The construction timeline for the property was not disclosed. The multifamily community is part of Exchange at Gwinnett, Fuqua Development’s mixed-use development situated near the Mall of Georgia with more than 465,000 square feet of retail, restaurants, office space, hotel space and residential units. Community amenities at the multifamily project will include a pool courtyard, access-controlled living areas, three one-level parking decks, flexible coworking space, courtyard and event greenspace and several private pocket courtyard amenity areas. The Exchange at Gwinnett will include a food hall with restaurants such as Starbucks Coffee, Five Guys Burgers & Fries and Jersey Mike’s Subs. The mixed-use development will also include Topgolf, Andretti Indoor Karting & Games, a flagship Rooms To Go store, a center stage at Town Green and a Sprouts Farmers Market. The project team for the apartment community includes architect Dynamik Design and contractor Flournoy Construction Group. Flournoy Properties Group will manage the property.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Wood Partners Opens 403-Unit Multifamily Community Near Durham

by Julia Sanders

MORRISVILLE, N.C. — Atlanta-based Wood Partners has opened Alta Davis, a 403-unit, seven building multifamily community in Morrisville, about 11 miles from Durham. Alta Davis offers studio, one-, two- and three-bedroom floorplans that range in size from 626 to 1,422 square feet. Each of the apartment units feature nine-foot ceilings, stainless GE appliance packages, white quartz countertops, subway tile backsplash throughout the kitchen and bathrooms, soaking tubs, wood-style plank flooring and in-unit washer and dryer sets. Monthly rent ranges from $1,315 to $2,500, according to Apartments.com. Community amenities include a saltwater pool, outdoor kitchen, pet run and spa, clubroom, fitness center, café and a coworking area with a conference room and micro-offices. Wood Residential manages the property. Located at 615 Corbett St., the property is situated close to Research Triangle Park (RTP), and major employers in the area include IBM, Credit Suisse, Cisco, Lenovo and Fujifilm. The property also is located close to Interstates 40 and 540 and NC Highway 147. Additionally, the multifamily community is 12.3 miles from Duke University and 13.5 miles from North Carolina State University.

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Park Place
AcquisitionsGeorgiaRetailSoutheast

CBRE Brokers Sale of 82,097 SF Shopping Center in Atlanta’s Central Perimeter District

by Julia Sanders

ATLANTA — CBRE National Retail Partners has brokered the sale of Park Place, an 82,097-square-foot retail property in Atlanta’s Central Perimeter district. Edens purchased the property from Atlanta-based Coro Realty Advisors for an undisclosed amount. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE represented the seller in the transaction. Located at 4505 Ashford Dunwoody Road, Park Place is located directly across from Perimeter Mall at the intersection of Ashford Dunwoody Road and Perimeter Center West. Built in 1978, the property is anchored by Alon’s Bakery and Market, Fidelity Investments and Jared Galleria of Jewelry. The property was 92.2 percent occupied by tenants such as Allen Edmonds, Expedia Travel, Balance Salon and The Brass Tap.

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Tyson Court
AcquisitionsMultifamilySoutheastTennessee

LawlerWood Sells Multifamily Property in Downtown Knoxville for $6.6M

by Julia Sanders

KNOXVILLE, TENN. — LawlerWood has sold Tyson Court, a 30-unit multifamily property located in downtown Knoxville. Daniel Odle and Sam Harrell represented the seller, an entity known as Tyson Court LLC, internally in the transaction. An entity known as Tyson Court Apartments LLC purchased the property for $6.6 million. Built in 2019, Tyson Court offers studio, one- and two-bedroom floorplans. Units feature quartz countertops, modern cabinetry, stainless steel appliances and washer and dryers in each unit. The property also has on- and off-street parking for all units. The property was fully occupied at the time of sale. Located at 140 Jennings Ave., the property is situated off of North Central Street close to retailers and restaurants such as Wicked Chicken, Chivo Taqueria, Emilia, K Brew, Knox Food Park and Marble City Market, a food court. Additionally, the property is two miles from the University of Tennessee.

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conference article
Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Apartment Leasing, Management and Operations Continue to Adapt to Market Needs, Says InterFace Panel

by Julia Sanders

ATLANTA — For the past few months, the apartment sector has been in an upswing from an owner and operator perspective. Rents are rising and occupancy rates are high. However, some fear that these positives in the real estate market are going to be short-lived and eventually come to an end. Kevin Owens, division president of RPM Living, said that when the hottest geographic markets start to slow down, then other markets are going to follow suit. “Boise, Idaho is the hottest market from a rent growth standpoint in the country for the last few months, and it took a hit in November. So, if the hottest markets are going to start slowing down, then other markets are going to start slowing down. It’s just a natural progression,” said Owens. Owens’ comment came from a panel titled: “A Report from the Frontlines: What is the Outlook for Leasing, Management & Operations in 2022?” The discussion was one of the many that occurred at France Media’s InterFace Multifamily Southeast conference at the Westin Buckhead hotel in Atlanta on Dec. 2. The panel experts included moderator Craig Thompson, partner at Carr, Riggs & Ingram LLC; Kevin Owens, division president of RPM Living; …

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HospitalityLouisianaMarket ReportsRetailSoutheastSoutheast Market Reports

New Orleans Lays Ground Work for a Return to a ‘Wonderful World’

by John Nelson

“I see friends shaking hands, saying how do you do…” Like many urban city centers, New Orleans has faced unprecedented challenges from COVID-19 over the past 19 months. The metro area lost more than 85,000 jobs between second-quarter 2019 and second-quarter 2020. In an economy heavily reliant on tourism, Orleans Parish was the most impacted with over 41,000 jobs lost, predominantly in the hospitality sector. Retailers — and their employees — depend on the large boosts of economic activity provided by large-format gatherings such as conventions and festivals like Jazz Fest, French Quarter Fest, and Mardi Gras, all of which were cancelled for the past 24 months. Additionally, the very active hurricane seasons of 2020 and 2021 resulted in devastation from three major storms in economic centers along our coastal community. New Orleans is still navigating clean-up efforts following Hurricane Ida, which landed Aug. 29, while real estate developers, builders and tenants face even more pricing and timing challenges due to material and worker shortages that were further hindered by storm activity. However, we are marching in the right direction. Cruises are resuming from Port of New Orleans (Port NOLA). Business travelers are getting back on the road. Offices are …

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UnionWest
FloridaLoansMultifamilySoutheastStudent Housing

Berkadia Secures $70.8M Loan for Student Housing Community in Downtown Orlando

by Julia Sanders

ORLANDO, FLA. — Berkadia has secured a $70.8 million bridge loan for UnionWest at Creative Village, a 640-bed, 15-story student housing complex located in downtown Orlando. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing on behalf of the sponsors, Development Ventures Group, Ustler Development and Naples, Fla.-based Halstatt Real Estate Partners. Bank of America provided the loan, which will be used to take out the existing construction loan that Michael Weinberg of Berkadia arranged in 2017. UnionWest at Creative Village offers four-bedroom floor plans with skyline views of Orlando, high-speed Wi-Fi and cable TV. Community amenities include a skydeck, study areas and kitchen and laundry services on each floor. UnionWest also includes approximately 12,000 square feet of ground floor commercial space leased to Subway, Dunkin’, Vera Asian, Qdoba and Addition Financial. The property’s parking garage contains 602 spaces. The student housing asset was more than 95 percent occupied as of the loan closing. Built in 2019, UnionWest at Creative Village serves the student population at the University of Central Florida (UCF) at the UCF and Valencia Downtown Campus. The development cost for the project was $105 million. Both Valencia College and UCF lease education space …

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Union Cross Distribution Center
AcquisitionsIndustrialNorth CarolinaSoutheast

Dalfen Acquires 304,200 SF Industrial Property in Winston-Salem, North Carolina

by Julia Sanders

WINSTON-SALEM, N.C. — Dalfen Industrial has acquired Union Cross Distribution Center, a 304,200-square-foot industrial property in Winston-Salem. The sales price and seller were not disclosed. The building was fully leased at the time of sale. Built in 2006, Union Cross Distribution Center is located one mile off Interstate 74 with convenient access to Interstates 40 and 85. This location provides a last-mile distribution opportunity within North Carolina’s Triad region to reach Winston-Salem, Greensboro and High Point’s population base. Other tenants nearby include FedEx, Amazon, Caterpillar, Proctor & Gamble and PepsiCo.

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McLane Distribution Center
AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Arranges $27.3M Sale of Distribution Center in Lakeland, Florida

by Julia Sanders

LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of McLane Distribution Center, a 211,113-square-foot distribution center located in Lakeland. The property is fully leased to the McLane Co. Inc., a supply chain services company. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the seller, Morris Realty Co., in the transaction. New York-based Brookfield Properties acquired the building for $27.3 million. Located at 2929 Old Tampa Highway, the McLane Distribution Center is situated 30.6 miles east of Tampa and 58.3 miles west of Orlando. The property is also 3.4 miles from downtown Lakeland, and is situated near retailers such as Lakeland-based Publix, Silver Moon Swap Shop Flea Market and a Shell gas station. Built in 1973, the building includes clear heights up to 28 feet, 35-foot x 40-foot column spacing and ample dock-high loading.

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