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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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Colonial Square
AcquisitionsRetailSoutheastVirginia

United Hampshire Acquires Grocery-Anchored Shopping Center in Metro Richmond for $26.3M

by Julia Sanders

COLONIAL HEIGHTS, VA. — United Hampshire US REIT, a Singapore-based real estate investment trust, has acquired Colonial Square, a 168,326-square-foot, grocery-anchored shopping center in Colonial Heights, about 23 miles south of Richmond. Jordan Lex, Daniel Naughton and Bill Moylan of JLL represented the seller, an entity known as Colonial Square Associates, in the $26.3 million transaction. Colonial Square was 99 percent leased at the time of sale to tenants including Publix, Locke Supply Co., Wells Fargo and Dollar General. Built in 1967, the center was most recently renovated in 2017 that coincided with the Publix opening. Located off Interstate 95 at 3107 Blvd., the shopping center is situated 20.5 miles from downtown Richmond, 27.8 miles from University of Richmond and 2.2 miles from Southpark Mall, a shopping mall with shops, a food court and a movie theater.

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GeorgiaLoansLumentMultifamilySoutheast

Lument Provides $17.5M Refinancing Loan for Multifamily Community in Midtown Atlanta

by Julia Sanders

ATLANTA — Lument has provided a $17.5 million proprietary bridge loan to refinance The Peach, a recently renovated, 68-unit high-rise apartment community in Midtown Atlanta. R.J. Guttroff of Lument led the transaction. The loan features a two-year term with two six-month extension options, along with a floating interest rate. The sponsor was not disclosed. Originally built in 1964 as an office building, The Peach underwent a renovation earlier this year to reposition the property to multifamily. The Peach offers one- and two-bedroom floor plans with a monthly rent range of $1,525 up to $6,500, according to Apartments.com. Unit features include luxury flooring, stainless steel appliances, wood cabinetry, in-unit washers/dryers and patio and balconies with views of Atlanta’s Midtown and Buckhead neighborhoods. Community amenities include a business center, conference rooms and a pet play area. Located at 1655 Peachtree St. NE, The Peach is located less than a half-mile from Savannah College of Art and Design (SCAD), 1.6 miles from the Georgia Tech campus and 3.2 miles from downtown Atlanta.

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KentuckyMarket ReportsMultifamilySoutheastSoutheast Market Reports

Booming Employment Continues to Drive Louisville’s Impressive Multifamily Market

by John Nelson

Louisville’s multifamily market has long benefited from the city’s highly diversified employment base. With strongholds in distribution (boosted by the recent surge of e-commerce sales), manufacturing, healthcare and professional services, Louisville has rebounded from the pandemic-induced recession more quickly than much of the rest of the country. As of July 2021, the local unemployment rate was 4.5 percent, while the national rate was 5.4 percent. In addition to increased job growth, local employers are raising wages to attract top talent needed for expansion requirements. This wage growth, coupled with employment demand, has created a considerable advantage for multifamily property owners that have been able to push rental rates on an annual basis. Integra Realty Resources (IRR) reports that overall market vacancy is hovering at a low 4 percent. The combination of low vacancy rates and wage growth has allowed multifamily owners to increase rent structures. Landlords have seen high single-digit annual rent increases for the last four years in the Louisville MSA. Class A properties have been achieving rents approaching $2 per square foot for some unit types in luxury developments. IRR also reports that there are currently over 4,000 multifamily units planned or under construction in the Louisville MSA. …

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10X-Living-River-Walk-Fort-Lauderdale
AcquisitionsFloridaMultifamilySoutheastTop Stories

Cardone Capital Acquires South Florida Multifamily Portfolio for $740M

by Taylor Williams

AVENTURA, FLA. — Cardone Capital, the Aventura-based institutional investment firm owned by entrepreneur and real estate mogul Grant Cardone, has acquired a portfolio of multifamily properties in South Florida for $740 million. The per-unit price equates to about $438,000. The sellers were not disclosed. The portfolio comprises four communities totaling 1,688 units. Two of the properties, totaling 716 units, are located in Fort Lauderdale. The other two properties, totaling 972 units, are in Sunrise and Weston, both located in West Broward County. Cardone Capital is rebranding each of the communities under its signature 10X banner. The two Fort Lauderdale properties are newly built and feature studio, one- two- and three-bedroom units. Amenities include pools and fitness centers. Both communities are located in the city’s downtown area. The other two communities were constructed in the 1990s and have value-add potential, according to the buyer. “Acquiring these four properties, essentially simultaneously, is the largest deal I’ve done in my 30-plus years as a real estate investor,” says Cardone, who serves as CEO of his namesake company. “Each property has its own personality, but what they all share is the first thing I look for in property investments — super-convenient locations in high-growth …

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Willow Oaks
AcquisitionsDistrict of ColumbiaOfficeSoutheast

KBS Sells Three-Building Office Park in Metro D.C. for $106M

by Julia Sanders

FAIRFAX, VA. — KBS has sold Willow Oaks Corporate Center, a 584,147-square-foot, Class A office park in Fairfax, which is about 18.7 miles west from Washington, D.C. Bridge Investment Group purchased the property for $106 million. KBS owned the property via KBS Real Estate Investment Trust II. Built in three phases in 1986, 1989 and 2003, Willow Oaks Corporate Center is a three-building office park located near the intersection of Route 50 and the Capital Beltway. The office center has obtained WiredScore Gold and Silver certifications, which has to do with the property’s wired infrastructure, internet connectivity and resilience. The property also features EV car-charging stations and an energy-management system. Building amenities include bike storage, an outdoor picnic area, carwash and detail service, private tenant balconies, concierge service and multiple bus shuttles. Located at 8281-8399 Willow Oaks Corporate Drive, the property is 7.4 miles from George Mason University, less than one mile from Inova Fairfax Hospital and 1.1 miles from the Mosaic District Town Center, a 31-acre mixed-use development with retail and dining options. The property is also situated near several retailers and restaurants such as Great Wall Supermarket, McDonald’s, Starbucks, Sweetwater Tavern and CVS/pharmacy. Under KBS’ previous ownership, the …

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