Southeast

DLP Capital, Compass Ventures to Develop $49M Multifamily Project in Sevierville, Tennessee

by John Nelson September 12, 2022

SEVIERVILLE, TENN. — DLP Capital and Compass Ventures have partnered to develop Villas at Sevierville, a $49 million multifamily community in East Tennessee. The 224-unit apartment property will be situated on 18 acres at the intersection of Veteran Boulevard and Center View Road in close proximity to the Dollywood theme park and at the foothills of Great Smoky Mountains National Park. Villas at Sevierville will feature a 5,800-square-foot clubhouse surrounded by eight three- to four-story residential buildings, each with 28 two- to three-bedroom apartments averaging 1,300 square feet in size. DLP Capital and Compass Ventures expect to deliver the first units in early 2024.

September 12, 2022

Development Maryland Southeast Student Housing

Gilbane Completes 978-Bed Student Housing Development Near University of Maryland

by John Nelson September 12, 2022

COLLEGE PARK, MD. — Gilbane Development Co. has completed TEMPO, a 978-bed student housing community in College Park serving students attending the University of Maryland. The eight-story building offers 296 units in studio, one-, two-, three-, four- and five-bedroom configurations. Each unit is fully furnished and features bed-to-bath parity. Shared amenities at TEMPO include a swimming pool; three outdoor courtyards; a rooftop deck with a fire pit and TVs; a fitness center; podcast and video studio; yoga studio; multi-sport simulator; makerspace with a 3D printer; game lounge with pool tables; study lounge; coffee bar; bike storage; and free shuttle service to the university’s campus. Asset Living manages the property, which opened on Aug. 19 ahead of University of Maryland’s fall 2022 semester.

September 12, 2022

Acquisitions Multifamily South Carolina Southeast

Monument Capital Management Sells Park West Apartments in Greenville for $39M

by John Nelson September 12, 2022

GREENVILLE, S.C. — Monument Capital Management, an A-Rod Corp. company, has sold Park West Apartments in Greenville. Tai Cohen of Cushman & Wakefield represented the seller in the $39 million transaction. The buyer was not disclosed. Located on 20 acres at 357 Hillandale Road, the 359-unit Park West Apartments comprises 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Monument Capital Management originally purchased the community in 2016 and immediately upgraded unit interiors, amenities and common areas.

September 12, 2022

Acquisitions Georgia Industrial Southeast

Denholtz Acquires Three-Property Industrial Portfolio in Savannah for $33M

by John Nelson September 12, 2022

SAVANNAH, GA. — Denholtz Properties has purchased a three-property, 358,884-square-foot industrial portfolio in Savannah. The undisclosed seller sold the properties for $33 million. Colliers brokered the transaction, and JLL arranged an undisclosed amount of acquisition financing on behalf of Denholtz. Located at 101 and 111 Coleman Blvd. and 10 Artley Road, the portfolio is situated near the Port of Savannah, Norfolk Southern and CSX’s robust regional rail networks, I-16 and I-95 and Savannah-Hilton Head International Airport. The portfolio is currently fully leased to a variety of tenants, including Collins Aerospace, Johnson Matthey and East Coast Logistics.

September 12, 2022

Acquisitions Florida Retail Southeast

TSCG Brokers $17M Sale of Palm Trails Plaza Shopping Center in Deerfield Beach, Florida

by John Nelson September 12, 2022

DEERFIELD BEACH, FLA. — TSCG has brokered the sale of Palm Trails Plaza, a 76,067-square-foot shopping center located at Military Trail and SW 10th Street in Deerfield Beach. An affiliate of Savitar Realty Advisors sold the retail center to an affiliate of Boca Raton, Fla.-based Investments Limited for $17 million. Anthony Blanco, Mallory Silva and Nick Ureta of TSCG represented the seller in the all-cash transaction. Completed in 1998 and 2012, Palm Trails Plaza was fully leased at the time of sale to tenants including anchor Walmart Neighborhood Market. The site includes outparcels occupied by Regions Bank and Pollo Tropical that were not part of the sale.

September 12, 2022

Development Mixed-Use Multifamily North Carolina Retail Southeast

Portman Unveils Plans for 2161 Hawkins Mixed-Use Project in Charlotte’s South End

by John Nelson September 9, 2022

CHARLOTTE, N.C. — Portman has unveiled plans for 2161 Hawkins, a transit-oriented, mixed-use development in Charlotte’s South End. In addition to 370 apartments, the 24-story property will feature 18,700 square feet of ground-floor retail space and a plaza and greenspace that will connect 2161 Hawkins to The Line, Portman’s Class A office tower that opened earlier this year. The two towers will also be connected via a fourth-floor sky bridge. The Atlanta-based company will break ground on the 1.5-acre site for 2161 Hawkins in October, with delivery slated for third-quarter 2024. Planned community amenities include concierge service, a rooftop pool, coworking spaces, game room, climbing wall and indoor/outdoor fitness centers. Committed tenants for 2161 Hawkins’ retail space include the popular Sycamore Brewery, local restaurateur Dressler’s new concept Chapter 6, neighborhood market Savi Provisions and fitness concept GritBox Fitness. Foundry Commercial is handling leasing the retail component for 2161 Hawkins.

September 9, 2022

Acquisitions Georgia Multifamily Southeast

Radco Acquires New 205-Unit Apartment Community in Atlanta’s Reynoldstown District

by John Nelson September 9, 2022

ATLANTA — The Radco Cos. has acquired Gibson Reynoldstown Apartments, a 205-unit midrise multifamily community located in Atlanta’s Reynoldstown neighborhood. The locally based investor has rebranded the property as Gibson by Radius, Radco’s high-end apartment brand. Robert Stickel and Alex Brown of Cushman & Wakefield brokered the transaction. The seller and sales price were not disclosed. Situated along Memorial Drive and two blocks from the Atlanta BeltLine, Gibson by Radius was delivered in August 2022. The property features a rooftop pool and poolside fire pit, as well as 1,700 square feet of retail space on the ground level. The property is currently in lease-up, according to Radco.

September 9, 2022

Acquisitions Florida Retail Southeast

SRS Negotiates $9.5M Sale of Shopping Center in New Smyrna Beach, Florida

by John Nelson September 9, 2022

NEW SMYRNA BEACH, FLA. — SRS Real Estate Partners’ Investment Properties Group has negotiated the sale of New Smyrna Shopping Center, a 101,728-square-foot retail center located along US Highway 1 in New Smyrna Beach. Kyle Stonis, Pierce Mayson and Kevin Yaryan of SRS represented both the buyer, an entity doing business as Emerald Eagles LP, and the seller, an entity doing business as RCC New Smyrna Beach Shopping Center LLC, in the $9.5 million transaction. Built in 1963 and renovated in 1995 and 2006, New Smyrna Shopping Center was 98.2 percent leased at the time of sale to tenants including Planet Fitness, AMC Theatres and Dollar General. The AMC is the only movie theater in New Smyrna Beach, according to SRS.

September 9, 2022

Acquisitions Loans Multifamily Northmarq Southeast Virginia

Northmarq Arranges $6.7M Acquisition Loan for Apartment Community in Petersburg, Virginia

by John Nelson September 9, 2022

PETERSBURG, VA. — Northmarq has arranged a $6.7 million acquisition loan for Mill Creek Apartments, a 95-unit multifamily community located at 2701-2732 in Petersburg. Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond office arranged the five-year loan through a regional bank on behalf of the undisclosed borrower. The loan includes 12 months of interest-only payments followed by a 30-year amortization schedule. Built in 1976, Mill Creek is situated within a half-mile of two regional shopping destinations: South Crater Road Plaza and Burgess Shopping Center. The seller was not disclosed.

September 9, 2022

Acquisitions Hospitality Mississippi Southeast

Mumford Brokers Sale of Red Roof Inn Hotel in Biloxi, Mississippi

by John Nelson September 9, 2022

BILOXI, MISS. — Mumford Co. has brokered the sale of a Red Roof Inn & Suites hotel in Biloxi. Steve Kirby, Burton Brooks, Ed James and Gaurang Patel of Mumford’s Atlanta, Newport News and Dallas offices represented the undisclosed seller in the transaction. The buyer, hospitality investment firm Maha Lakshmi Corp., purchased the hotel for an undisclosed price. Located off I-10 at 14201 Cook Road, the hotel features complimentary coffee and breakfast in the lobby, and rooms come with complimentary Wi-Fi, flat screen TVs, microwaves, work desks and mini-refrigerators.

September 9, 2022

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