Southeast

Mallory & Evans Breaks Ground on Phase II of Student Housing Community Near University of North Georgia

by John Nelson September 16, 2022

DAHLONEGA, GA. — Mallory & Evans Development has broken ground on Phase II of Bellamy Dahlonega, a student housing community located near the University of North Georgia. The second phase of the project will add two buildings offering 128 beds. Phase I of the project was delivered in fall 2015 and offers 426 beds. The 44 new units will feature two-, three- and four-bedroom configurations and will be fully furnished with bed-to-bath parity. Phase II will also include the development of a new fitness center and renovations to the existing clubhouse. A timeline for the project was not announced.

September 16, 2022

Development Mixed-Use Southeast Virginia

Prince William County Approves $380M Mixed-Use Development in Woodbridge, Virginia

by John Nelson September 15, 2022

WOODBRIDGE, VA. — The Prince William County Board of Supervisors has unanimously approved the development of Riverside Station, a 19.2-acre mixed-use development located at the intersection of U.S. Route 1 and Route 123 in north Woodbridge. The co-developers, The IDI Group Cos. and Boosalis Properties, expect the town center-style development to bring over $380 million in capital investment to the area. The proposal includes up to 970 housing units and a minimum of 130,000 square feet of commercial space, primarily comprising dining and retail, as well as green spaces and a pedestrian bridge over Route 1. Eight percent of the project’s apartments are set to be affordable to households earning between 60 percent and 100 percent of the area median income. Riverside Station will be developed in three phases, with construction of the first phase, containing up to 330 apartments and 40,000 square feet of commercial space, slated to begin in mid-2023 and deliver in 2025. The current assemblage includes two parcels, one a former car dealership and the other housing a Food Lion-anchored shopping center that will be demolished. Riverside Station is expected to house the relocated Food Lion, according to a source familiar with the development. Once complete, …

September 15, 2022

Florida Hospitality Loans Southeast

Sonnenblick-Eichner Originates $82.4M Refinancing for Ocean Key Resort in Key West, Florida

by John Nelson September 15, 2022

KEY WEST, FLA. — Sonnenblick-Eichner Co. has arranged $82.4 million in financing for Ocean Key Resort & Spa, a 100-room waterfront hotel in Key West. The borrower, Kirkland, Wash.-based Noble House Hotels & Resorts, will use the five-year, fixed-rate loan to pay off an existing loan and fund a $10.5 million renovation of the property. An unnamed life insurance company provided the nonrecourse loan, which is interest-only for the entire term. Ocean Key’s amenities include a full-service restaurant, oceanfront pool with cabanas and a poolside bar and spa. The resort also includes Sunset Pier and the Sunset Pier Restaurant and Bar.

September 15, 2022

Development Florida Southeast Student Housing

Landmark, Atlantic American Partners Break Ground on 702-Bed Student Housing Project Near FSU

by John Nelson September 15, 2022

TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Atlantic American Partners has broken ground on The Metropolitan at Tallahassee, a 702-bed student housing development near Florida State University. The community will be located at 1701 W. Pensacola St. near the university’s Doak S. Campbell Stadium. The development is set to offer two- to four-bedroom, fully furnished units. Shared amenities will include an outdoor putting green, 24-hour study lounge, computer lab, fitness center, resort-style swimming pool and a grilling area. Landmark Construction will serve as the general contractor for the project, which is scheduled for completion in August 2024.

September 15, 2022

Acquisitions District of Columbia Hospitality Southeast

JLL Negotiates Sale of 373-Room Mandarin Oriental Hotel in D.C.

by John Nelson September 15, 2022

WASHINGTON, D.C. — JLL’s Hotels & Hospitality Group has negotiated the sale of Mandarin Oriental, Washington D.C., a luxury hotel in the city’s southwest district that spans nine stories and 373 rooms. The sales price was not disclosed. The buyer, London-based private equity real estate manager Henderson Park, has rebranded the hotel as Salamander Washington D.C. under the management of Middleburg, Va.-based Salamander Hotels & Resorts. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the seller, Mandarin Oriental Hotel Group International Ltd., in the transaction. Mark Fisher of JLL arranged an undisclosed amount of acquisition financing on behalf of Henderson Park. Built in 2004 and recently renovated, the hotel overlooks the Tidal Basin and the Washington Channel. Nearby attractions include the National Mall, Washington Monument, Martin Luther King Jr. Memorial, Thomas Jefferson Memorial and the Smithsonian National Museum of Natural History.

September 15, 2022

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

GID to Bring Hampton Social Restaurant to $2B High Street Project in Atlanta

by John Nelson September 15, 2022

ATLANTA — GID, the developer of the $2 billion High Street mixed-use project in Atlanta’s Central Perimeter district, has executed a lease with Parker Hospitality to bring a Hampton Social restaurant to the development. The coastal-inspired restaurant chain is part of the first phase of the 36-acre project and is set to open in 2024. Hampton Social will span 10,455 square feet across two levels and serve cocktails, its famed “rosé all day” menu and seasonal seafood food for lunch, dinner and weekend brunch. The Hampton Social has locations throughout the United States including Illinois, Florida and Tennessee, and High Street will be its first location in Georgia. Led by GID, High Street’s first phase is under construction and encompasses approximately 150,000 square feet of entertainment-driven retail and restaurant space, a central events plaza, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. Earlier this year, GID announced Puttshack as an entertainment anchor for High Street’s first phase. Molly Morgan is leading the retail leasing assignment for High Street, along with Allie Spangler and 10Twelve, JLL’s boutique agency leasing team.

September 15, 2022

Multifamily Rent Growth Hugh Cobb Asset Living

Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Western

Asset Living: What’s Fueling Apartment Rent Growth?

by Sarah Daniels September 15, 2022

As the commercial real estate market adjusts to how much of an effect higher interest rates will have on investment sales and property values, the rental housing sector continues to witness robust resident demand and rent growth as home ownership has become even more difficult for first-time buyers. According to a recent report by the National Multifamily Council (NMHC) and the National Apartment Association (NAA), by 2035 the U.S. needs to build 4.3 million new residential rentals to meet housing needs amid shifting demographics, the existing shortage and the loss of 4.7 million affordable units with monthly rental rates of $1,000 or less, the organizations report. “We’re just not seeing enough new apartments being built, and as a result, we’re seeing significant demand in the rental housing market,” says Hugh Cobb, a principal of Asset Living, one of the nation’s largest property managers of multifamily, affordable, student, active adult, single-family rentals and build-to-rent housing. “Because we’re seeing a decrease in demand in the single-family sales market due to higher mortgage rates, people are staying in apartments longer. And as their families grow, they’re looking for alternative rental housing, such as the build-to-rent space,” says Hugh Cobb. “Through our proprietary data …

September 15, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $91.8M Sale of Affordable Housing Portfolio in Florida

by John Nelson September 14, 2022

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of a four-property, 669-unit affordable housing portfolio located throughout Florida. The properties sold for a combined total of $91.8 million. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the private sellers, Benjamin Mallah and Benjamin Mallah II, as well as the buyer, a national owner and operator of affordable housing communities. The properties include The Overlook at Monroe in Sanford; Villas at Cove Crossing Apartments in Lake Worth; St. Luke’s Apartments in Lakeland; and Sonrise Villas Apartments in Fellsmere. Constructed between 1994 and 2007, the LIHTC properties range in size between 94 and 240 units. All were originally developed with affordable tax credits and have long-term income and rent restrictions, which Kristol says the new ownership will retain for “years to come.”

September 14, 2022

Acquisitions Industrial Southeast Tennessee

Westmount Realty Capital Acquires 480,911 SF Industrial Park in Memphis

by John Nelson September 14, 2022

MEMPHIS, TENN. — Westmount Realty Capital has purchased Shelby Oaks Corporate Park, a portfolio of office/showroom and distribution facilities in Memphis totaling 480,911 square feet. Shelby Oaks is Westmount’s first purchase in Memphis and second acquisition in Tennessee. The seller and sales price were not disclosed. The corporate park is located one mile away from the I-240/I-40 interchange and near downtown Memphis and Memphis International Airport. Situated within a 640-acre wooded area that includes three lakes and a jogging trail, Shelby Oaks was built in several phases between 1979 and 2005 and was 95 percent leased at the time of sale to 78 tenants. The portfolio includes a total of 16 buildings: four distribution buildings with drive-in and dock doors and 12 office/showrooms. Buildings range from 12,000 to 90,000 square feet and are home to a variety of industries like telecommunications, medical, service and manufacturing companies.

September 14, 2022

Leasing Activity Office Southeast Tennessee

Law Firm Signs 100,000 SF Office Lease at One22One Tower in Nashville

by John Nelson September 14, 2022

NASHVILLE, TENN. — Bradley Arant Boult Cummings LLP has signed a long-term lease to move its Nashville office to One22One, a new high-rise office building located at 1221 Broadway in the city’s Gulch district. The locally based law firm plans to occupy 100,000 square feet of office space across the top four floors by late 2023. The tenant retained Savills for its search for new office space. The developer and landlord, Brentwood, Tenn.-based GBT Realty, delivered the $140 million, 24-story tower last month. Featured amenities at One22One include outdoor space for business and social gatherings, a fitness center and retail space. FirstBank occupies 52,000 square feet of office space on floors 13 and 14 that will include the headquarters of FB Financial Corp. (NYSE: FBK), the parent company of FirstBank.

September 14, 2022

Newer Posts

Older Posts