Southeast

RREAF Holdings, DLP Capital, 3650 REIT Acquire 10-Property Multifamily Portfolio for $500M

by Jeff Shaw October 7, 2022

DALLAS — RREAF Holdings, DLP Capital and 3650 REIT have partnered to acquire a portfolio of 10 multifamily properties across the Southeast for $500 million. This is the partnership’s third portfolio acquisition this year. The seller was not disclosed. The communities were built between 1998 and 2012 and total approximately 2,750 units, with a 93 percent collective occupancy. The properties include Glen at Polo Park in Bentonville, Ark.; River Pointe in Maumelle, Ark.; Echo Ridge and Pheasant Run in Indianapolis; Traditions at Westmoore in Oklahoma City; 5iftyOne at Tradan Heights in Stillwater, Okla.; Waterford Place in Greenville, N.C.; Reserve at Long Point in Hattiesburg, Miss.; Village Mill Creek in Statesboro, Ga.; and Broad River Trace in Columbia, S.C. The buyers plan to implement renovations to all units. New upgrades to property amenities will include electric automobile charging stations, dog parks, pickleball courts and business centers. Pools, tennis courts, outdoor kitchens, entertainment areas, clubhouses and lighting will also be updated. The portfolio acquisition will introduce capital into workforce rental units in the region. According to the National Multifamily Housing Council, 4.3 million more apartments are needed by 2035 to meet the demands for rental housing. “The affordable housing crisis pervades every state …

October 7, 2022

Acquisitions Multifamily Southeast Tennessee

Newmark Brokers $96.5M Sale of Alta Union Apartments in Nashville’s The Nations Neighborhood

by John Nelson October 6, 2022

NASHVILLE, TENN. — Newmark has brokered the $96.5 million sale of Alta Union, a newly constructed, 283-unit apartment community located at 5800 Centennial Blvd. in Nashville. Weinstein Properties purchased the property from the developer, Wood Partners. Tarek El Gammal and Vincent Lefler of Newmark represented the seller in the transaction. Located in The Nations neighborhood, Alta Union features a two-story clubhouse with outdoor terraces on the second level, a swimming pool, courtyard, private offices for rent and individual and group coworking spaces.

October 6, 2022

Development Georgia Industrial Southeast

Seefried Properties to Develop 738,720 SF Industrial Facility in Calhoun, Georgia

by John Nelson October 6, 2022

CALHOUN, GA. — Seefried Properties has purchased a 56-acre site in Calhoun with plans to develop Grove 75 Logistics Center, a 738,720-square-foot industrial facility. The spec facility is expected to be completed in the third quarter of 2023. The Class A building will feature 40-foot clear heights, 167 dock-high cross-docking doors (including four drive-in doors), trailer and auto parking spaces, LED interior lighting, ESFR sprinklers and office space. Located on Union Grove Road, the site is located a half-mile from I-75 and near the newly developed Appalachian Regional Port. Project partners include general contractor The Conlan Co., civil engineer Southland Engineering and architectural firm Atlas Collaborative. Joseph Kriss, Tripp Ausband and Doug Smith of Seefried will handle the marketing and leasing for Grove 75 Logistics Center.

October 6, 2022

Leasing Activity Office Southeast Tennessee

Foundry Commercial Arranges 125,008 SF Office Lease at McEwen Northside in Nashville’s Cool Springs District

by John Nelson October 6, 2022

FRANKLIN, TENN. — Foundry Commercial has arranged a 125,008-square-foot office lease at McEwen Northside, a 45-acre mixed-use campus in Nashville’s Cool Springs submarket. Located in the city of Franklin, the development features 1 million square feet of office space, 113,000 square feet of restaurants and specialty retail, a 150-room hotel, 770 luxury apartment units and green spaces. The tenant, procurement and supply chain management organization OMNIA Partners, will occupy all five floors of office space at the project’s Block A building starting in early 2023. The building also houses 19,000 square feet of retail and restaurant space on the ground level. OMNIA is relocating from its current headquarters, which is also in Franklin. Vince Dunavant of Foundry Commercial represented the tenant in the lease negotiations. The landlord is Boyle Investment Co., co-developer of McEwen Northside alongside Northwood Ravin.

October 6, 2022

Acquisitions Industrial Leasing Activity Southeast Virginia

Cushman & Wakefield | Thalhimer Secures $20M Sale-Leaseback of Distribution Center in Norfolk

by John Nelson October 6, 2022

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has secured the $20 million sale-leaseback of a 346,000-square-foot distribution facility located at 1129 Production Road in Norfolk. The undisclosed seller leased back a portion of the property, which is situated on a 18.3-acre site within Norfolk Industrial Park. An entity doing business as 1129 Production Road LLC purchased the property as part of a 1031 exchange. Clark Simpson, Erik Conradi, Geoff Poston and Clay Culbreth of Thalhimer represented the buyer in the transaction. Poston is the exclusive leasing representative for the property and is marketing the remaining industrial space for lease. Christina Erman, also with Thalhimer, has been named portfolio manager of the facility.

October 6, 2022

Loans Multifamily Southeast Tennessee

Colliers Mortgage Provides $5.2M Acquisition Loan for Forest Park Apartments in Springfield, Tennessee

by John Nelson October 6, 2022

SPRINGFIELD, TENN. — Colliers Mortgage has provided a $5.2 million acquisition loan for Forest Park Apartments, an 80-unit, market-rate multifamily community in Springfield, about 30 miles north of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the 10-year, Fannie Mae loan on behalf of the repeat borrower client, an entity doing business in this transaction as Forest Park TN LLC. Built in 1978, Forest Park comprises six two-story apartment buildings and features a playground and basketball court, according to Apartments.com.

October 6, 2022

Acquisitions Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Small Balance Lending Presents New Financing Option for Turbulent Market

by Sarah Daniels October 6, 2022

Following a similar move in June and July, the Fed implemented its third consecutive interest rate hike of 75 basis points in mid-September. This is the biggest three-month interest rate swing since 1994. What does this all mean for investors in the small balance lending (SBL) segment of the multifamily sector? The combination of rising interest rates, inflation and market uncertainty tempts borrowers to sit on the sidelines until conditions improve. Turbulent markets also limit financing options, as many lenders and capital sources tend to become cautious and pull back. But the need for capital transcends market cycles and seasoned multifamily investors know that rate hikes are nothing new. We’ve been here before with interest rates of nearly 7 percent in the 2000s and a record high of nearly 20 percent in the 1980s. The business of real estate investing never stops. New acquisition opportunities arise as distressed owners are forced to sell, cap rates settle to more conservative levels and the market shifts in the buyer’s favor. All things considered, now is the time to seek new investment opportunities. In fact, Warren Buffett once offered the timeless advice that it is wise for investors to be “fearful when others …

October 6, 2022

Development Industrial South Carolina Southeast

Portman Industrial Breaks Ground on 1.1 MSF Facility in Ridgeville, South Carolina

by John Nelson October 5, 2022

RIDGEVILLE, S.C. — Portman Industrial has broken ground on Phase II of Campus 4 within Camp Hall Commerce Park in Ridgeville, a suburb of Charleston. The second phase comprises a 1.1 million-square-foot industrial facility situated on 110.6 acres near the Port of Charleston and adjacent to Volvo Cars’ manufacturing plant. The cross-dock facility will feature tilt-up concrete walls, a structural steel frame, TPO roof, 40-foot clear heights, 215 dock doors, four drive-in doors, 759 car spaces and 851 trailer spaces. The design-build team includes general contractor Frampton Construction, architect McMillan Pazdan Smith and civil engineer Thomas & Hutton. Lee Allen and Kevin Ross of JLL’s Charleston office are handling leasing for the project. Phase II is set for a summer 2023 delivery. Phase I, which comprises three buildings spanning 940,000 square feet, is currently under construction and is more than 60 percent preleased.

October 5, 2022

Acquisitions Development Florida Mixed-Use Restaurant Retail Southeast

BSD Capital to Redevelop 148,857 SF Former Sears Department Store and Automotive Center in Ocala, Florida

by John Nelson October 5, 2022

OCALA, FLA. — BSD Capital recently purchased a former Sears department store and Sears Automotive Center in Ocala spanning 148,857 square feet. An affiliate of Seritage Growth Properties, the spun-off REIT from Sears Holding Corp., sold the buildings at a private auction for $3.2 million. Louie Granteed of Tobin Real Estate represented BSD Capital in the acquisition and is leading leasing efforts for the new owner’s redevelopment that will convert the property to a retail and entertainment destination. Granteed says that prospective tenants for the redevelopment include grocers, big-box retailers and entertainment operators. Located on 12 acres near I-75, the former Sears once served as an anchor to Paddock Mall, an enclosed regional mall that is still open and operating with tenants including Belk, Macy’s, JCPenney and more than 90 specialty stores.

October 5, 2022

Acquisitions Build-to-Rent Georgia Multifamily Single-Family Rental Southeast

Berkadia Brokers $73M Sale of Build-to-Rent Residential Property in Savannah

by John Nelson October 5, 2022

SAVANNAH, GA. — Berkadia Institutional Solutions has brokered the $73 million sale of Beacon Place Godley Station, a 252-unit build-to-rent multifamily community located at 165 W. Mulberry Blvd. in Savannah. Russ Hardy of Berkadia’s Atlanta office represented the unnamed seller in the transaction. Washington-based Wilkinson Corp. purchased the property, which features one-, two- and three-bedroom single-family rental homes. Amenities include a swimming pool, fitness center and a business center. Richard Levine of Berkadia’s Atlanta office arranged a $51 million, three-year acquisition loan through Bridge Investment Group on behalf of Wilkinson Corp.

October 5, 2022

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