Southeast

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

by Julia Sanders December 13, 2021

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.

December 13, 2021

Georgia Loans Lument Multifamily Southeast

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

by Julia Sanders December 13, 2021

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.

December 13, 2021

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Booming Employment Continues to Drive Louisville’s Impressive Multifamily Market

by John Nelson December 13, 2021

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. …

December 13, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Cardone Capital Acquires South Florida Multifamily Portfolio for $740M

by Taylor Williams December 13, 2021

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 …

December 13, 2021

Acquisitions District of Columbia Office Southeast

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

by Julia Sanders December 10, 2021

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 …

December 10, 2021

Acquisitions North Carolina Office Southeast

CBRE Brokers $65.5M Sale of Office Building in Charlotte’s South End

by Julia Sanders December 10, 2021

CHARLOTTE, N.C. — CBRE has arranged the sale of Morehead Square, a 133,107-square-foot office building in Charlotte’s South End submarket. Charlotte-based Spectrum Cos. and Invesco Real Estate purchased the property from Charlotte-based Ferncroft Capital for $65.5 million, according to the Charlotte Business Journal. Patrick Gildea, Matt Smith, Grayson Hawkins, Joe Franco, Kris Westmoreland and Emily Barth of CBRE represented the seller in the transaction. Built in 2000, Morehead Square is a six-story property that features a 412-space surface and deck parking lot. The property is currently 71 percent occupied to tenants such as Charter Communications, U.S. Export Assistance Center, Bank OZK, WSP Engineering and West End Advisors. The office building has recently undergone several renovations, including improvements to the lobby and modernization of the first, second and sixth floors. Located at 1001 Morehead Square Drive, the property is situated at the intersection of East Morehead Street and Morehead Square Drive. Morehead Square is adjacent to the Lynx Light Rail Carson Street Station and is close to the AC Marriott Hotel, Westin Hotel, Dowd YMCA, Morehead Tavern, Midnight Diner and Bank of America Stadium, home arena of the Carolina Panthers NFL team.

December 10, 2021

Loans Maryland Multifamily Southeast

JLL Secures $50.1M Acquisition Financing for Multifamily Property in Metro D.C.

by Julia Sanders December 10, 2021

HYATTSVILLE, MD. — JLL has secured $50.1 million in acquisition financing for Plaza Towers, a 288-unit, high-rise apartment community located in Hyattsville, about 6.9 miles from Washington, D.C. Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski of JLL arranged the three-year, floating-rate loan on behalf of the borrower, Jair Lynch Real Estate Partners. Jair Lynch purchased the asset for $65.8 million, or $228,929 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the sellers, The Donaldson Group and New York-based Angelo Gordon & Co., in the transaction. Partially renovated in 2019 and 2020, Plaza Towers offers studio, one-, two- and three-bedroom units averaging 826 square feet. Select units feature abundant closet space, dishwashers, built-in microwaves, plank vinyl flooring, private balconies or patios, granite countertops and stainless steel appliances. Community amenities include an outdoor pool, laundry facility with resident lounge and clubroom, fitness center, business center, playground, grilling and picnic areas and a bike storage room. Located at 6700 Belcrest Road, the property is situated within a half-mile from The Mall at Prince George’s, a shopping mall with retailers such as Five Below, Ulta Beauty, Foot Locker and T.J. Maxx. The property …

December 10, 2021

Acquisitions Development Georgia Hospitality Southeast

Blaze, Argosy Acquire Hotel Property in Metro Atlanta, Plan for Multifamily Conversion

by Julia Sanders December 10, 2021

PEACHTREE CORNERS, GA. — Charleston-based Blaze Capital Partners and joint venture partner Philadelphia-based Argosy Real Estate Partners have acquired The Spoke at Peachtree Corners, an extended-stay hotel in Peachtree Corners, about 21.9 miles north of downtown Atlanta. The two firms plan to convert the hotel property into a tech-oriented multifamily community, as well as plan to invest in interior and exterior capital improvements. The sales price and seller were not disclosed. Originally built as a hotel in 1989, The Spoke at Peachtree Corners has recently undergone property upgrades, including a remodeled clubhouse, gym, sports court and pool area. The unit interiors have also been modernized and currently feature hard surface countertops, stainless steel appliances and updated lighting fixtures. Located at 450 Technology Parkway NW, the property is situated northeast of Atlanta adjacent to the Atlanta TechPark, an office park housing more than 100 tenants. Blaze Capital and Argosy will complete interior upgrades at the property, including smart-home and technology-based work-from-home amenity space. The two firms will also complete exterior upgrades, including remodeling the clubhouse and leasing office, establishing upgraded and rebranded signage, converting the existing basketball court to outdoor amenity space, expanding the existing common laundry facility and painting the …

December 10, 2021

Florida Loans Multifamily Southeast

Ready Capital Closes $18.3M Loan on Condominium Property in Melbourne, Florida

by Julia Sanders December 10, 2021

MELBOURNE, FLA. — Ready Capital has closed $18.3 million in financing for the acquisition, deconversion, renovation and stabilization of a Class B, fractured condominium property in Melbourne. The property name was not disclosed. Upon acquisition, the sponsor will collapse the property’s homeowner’s association (HOA), complete a deconversion of the units and implement a capital improvement plan to renovate unit interiors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and future unit purchases.

December 10, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Newmark Arranges $123.5M Sale of Westerly Multifamily Community Near Walt Disney World Resort

by Julia Sanders December 10, 2021

WINTER GARDEN, FLA. — Newmark has arranged the $123.5 million sale of The Westerly, a 352-unit multifamily community in Winter Garden, about 15 miles from Orlando. Fore Property Co. and Los Angeles-based PCCP LLC sold the recently completed property to Fort Lauderdale-based Ortsac Capital Group. Built in 2021, The Westerly is a 348,801-square-foot, LEED-certified apartment community with six four-story, elevator-serviced buildings. The property offers studio, one-, two- and three-bedroom floor plans with an average unit size of 991 square feet. Unit features include LED energy-efficient lighting, hardwood style floors, stainless steel appliances, full-sized washers and dryers, oversized soaking tubs, walk-in closets, walk-in shower and patio and balconies. Community amenities include a two-story clubroom, resort-style swimming pool, two fitness centers, sauna room, wine room with multiple gathering areas and a conference room. The property also offers a package service and has a maintenance and property manager onsite. Rents range from $1,545 to $3,150 per month, according to Apartments.com. Located at 14680 Westerly Drive, The Westerly is situated three miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 25.7 miles from downtown Orlando. Additionally, the property is near medical employment centers including Orlando Health ER and Medical Pavilion …

December 10, 2021

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