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

Acquisitions Build-to-Rent Content Partner Features Leasing Activity Midwest Multifamily Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest

by Sarah Daniels December 10, 2021

Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …

December 10, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers Sales of Two Multifamily Properties in Metro Atlanta Totaling $108.5M

by Julia Sanders December 9, 2021

RIVERDALE AND LITHONIA, GA. — Berkadia has arranged the $108.5 million in combined sales of Legacy at Riverdale and The Quarry, two garden-style multifamily properties located in Riverdale and Lithonia, respectively. Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia completed the sale of Legacy at Riverdale on behalf of the West Coast-based seller. The buyer was based in the Midwest. The same Berkadia team also completed the sale of The Quarry on behalf of the Midwest-based seller. The buyer was based on the West Coast. Located at 6603 Church St. in Riverdale, Legacy at Riverdale offers studio, one-, two- and three-bedroom floorplans. The property is situated 2.1 miles from Southern Regional Medical Center and 14.3 miles from downtown Atlanta. Located at 421 Meadowood Drive in Lithonia, The Quarry offers two- and three-bedroom floor plans that average nearly 1,250 square feet in size. Community amenities include a swimming pool, fitness center, business center, clubhouse, laundry facilities and a playground. The property is situated 2.1 miles from Emory Hillandale Hospital and nearby retailers such as The Home Depot and Publix.

December 9, 2021

Acquisitions Georgia Industrial Southeast

JLL Income Property Trust Acquires Four-Building Industrial Portfolio in Metro Atlanta for $95M

by Julia Sanders December 9, 2021

BUFORD, GA. — JLL Income Property Trust has acquired Friendship Distribution Center, a newly constructed, four-building industrial portfolio in Buford totaling nearly 650,000 square feet. The sales price was $95 million. The seller was not disclosed. The four buildings at Friendship Distribution Center are located at 4651, 4627, 4630 and 4646 Distribution Parkway, and are situated about 1.7 miles from Interstate 985. The portfolio is located about 40.7 miles north of downtown Atlanta in Gwinnett County. Friendship Distribution Center was 96 percent leased at the time of sale to five tenants, with a weighted average lease term of approximately six years. The five tenants were not disclosed.

December 9, 2021

Affordable Housing Development Georgia Loans Multifamily Southeast

Atlanta Housing Secures Financing for $43.6M Affordable Development in Reynoldstown Neighborhood

by Julia Sanders December 9, 2021

ATLANTA — The Housing Authority of the City of Atlanta (Atlanta Housing) has secured financing for Madison Reynoldstown, a $43.6 million multifamily development with 116 rental units that are 100 percent affordable — meaning that rental rates will be equal to or less than 30 percent of tenants’ monthly income compared to the area median income (AMI). Atlanta BeltLine Inc., the governing authority overseeing the planning and development of the Atlanta BeltLine, sold the 1.2-acre site to Atlanta Housing and Rea Ventures, an Atlanta-based multifamily development firm, for the development. Construction is expected to start soon, with the project slated for completion within 18 months. Madison Reynoldstown will include a mixture of 71 one-bed/one-bath, 36 two-bed/two-bath and nine three-bed/two-bath units in two midrise elevator buildings atop 162 structured parking spaces. The development will also include approximately 2,700 square feet of commercial space. Community amenities will include a roof deck overlooking the Atlanta BeltLine’s Eastside Trail, business center, common community rooms, fitness center, central laundry facility and public transportation access. The affordable housing development will house working families earning up to 80 percent of AMI. Located at the northeast corner of Memorial Drive and Chester Avenue, Madison Reynoldstown is situated near …

December 9, 2021

Florida Leasing Activity Office Southeast

Avison Young Arranges 47,851 SF Office Lease in Tamarac, Florida

by Julia Sanders December 9, 2021

TAMARAC, FLA. — Avison Young has arranged a 47,851-square-foot long-term office lease at Westpoint Business Center in Tamarac. Tom Viscount of Avison Young represented the tenant, Sonny’s Enterprises, in the lease transaction. Sonny’s Enterprises, a Tamarac-based international manufacturer and marketer of conveyorized car wash equipment, parts and supplies, is relocating its corporate offices to Westpoint Business Center. The company already occupies 350,000 square feet within Westpoint Distribution Center, a warehouse park next to Westpoint Business Center. Westpoint Business Center is a freestanding, two-story building. Located at 5870 Hiatus Road, the Westpoint Business Center is located off the Sawgrass Expressway and Commercial Boulevard, and the property has access to the Florida Turnpike. The property is also about 20.6 miles from the Fort Lauderdale-Hollywood International Airport and 21.7 miles from Port Everglades.

December 9, 2021

Florida Industrial Loans Southeast

Ready Capital Closes $8.2M Loan for Industrial Property in Jacksonville

by Julia Sanders December 9, 2021

JACKSONVILLE, FLA. — Ready Capital has closed the $8.2 million loan for the acquisition and renovation of a 170,000-square-foot industrial warehouse and distribution property in Jacksonville. The name of the property was not disclosed. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the sponsor will implement a capital improvement plan to renovate property exteriors and common areas.

December 9, 2021

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