MATTHEWS, N.C. — Acts Retirement-Life Communities has broken ground on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The first phase of the Matthews Glen expansion includes a $35 million WillowBrooke Court skilled care center addition that increased capacity to 90 private beds. The 93,000-square-foot building has three floors with six “neighborhoods,” each encompassing 15 private resident rooms with private bathrooms. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas, along with amenities such as tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which will increase its capacity to 100 suites. Construction on the Phase II expansion is scheduled for completion in 2023.
Southeast
ORANGEBURG, S.C. — Patterson Real Estate Advisory Group has secured joint venture equity via Pacolet Milliken to develop the first phase of Shamrock Commerce Center, an industrial park in Orangeburg that will ultimately span 2 million square feet across 200 acres. Patterson also secured separate debt financing via United Community Bank, which provided a senior construction loan. The equity and debt financing amounts were not disclosed. Appian Investments/NAI Earle Furman plans to break ground soon on Building A, which will be an approximately 535,000-square-foot industrial facility. Building A will sit on approximately 50 acres at the interchange of Interstate 26 and US Highway 301, about 76.4 miles from the Port of Charleston. Slated for completion by the fourth quarter of 2022, the property will be a cross-dock facility with 36-foot clear heights.
RIDGEVILLE, S.C. — Magnus Development has acquired a 10-acre site in Ridgeville for the development of Vantage Point I, a 157,500-square-foot Class A industrial building at Camp Hall Campus 1. The sales price and seller for the land deal were not disclosed. Construction for Vantage Point I is slated for completion by the third quarter of 2022. Robert Barrineau, Brendan Redeyoff and Tim Raber of CBRE will lease and market the project on behalf of Magnus. Vantage Point I will be a multi-tenant, rear-load facility that can accommodate tenants from 21,000 to 157,500 square feet. The building’s features will include 30-foot clear heights, an ESFR sprinkler system, 144-space parking lot, two drive-in doors and 16 dock doors that are expandable to 45. The project is located across from Volvo Cars U.S., 2.3 miles northeast of Interstate 26, 37.7 miles from Charleston and 38.5 miles from Port of Charleston.
MIAMI — PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard and between downtown Miami and the city’s Design District. The project’s design will focus on health and wellness, as well as environmental and natural design. Community amenities at the tower will include a landscaped pool deck with grills and a Zen garden; fitness center with a yoga room; outdoor boxing and CrossFit; dry sauna; spa treatment and steam room; recording studio; children’s playroom; pet wash; game room; coworking spaces and a library.
PEACHTREE CORNERS, GA. — Naples, Fla.-based TerraCap Management LLC has acquired The Reserve at Peachtree Corners, a 354-unit apartment complex in Peachtree Corners, about 22.3 miles from downtown Atlanta. Bill Shippen of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1985, The Reserve at Peachtree Corners features one-, two- and three-bedroom units. Community amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park and a playground. Located at 3495 Jones Mill Road, The Reserve at Peachtree Corners is situated in the northern region of Gwinnett County. The property is situated 8.1 miles from Perimeter Mall, 15 miles from Emory University and 30.6 miles from Hartsfield-Jackson Atlanta International Airport. TerraCap plans to reposition the property and complete several capital projects, including a renovation program on the unit interiors. Matt Stewart of TerraCap says the firm’s capital plan also includes renovations to the clubhouse and boosting the overall curb appeal. TerraCap chose First Communities Management as the new property manager.
TAMPA, FLA. — Atlanta-based developer ECI Group has sold Channel Club, a 22-story high-rise apartment building in Tampa, to Snell Properties, an investment firm based in the Washington, D.C. area. The sales price was $136 million. The property totals 324 units, which translates to a per-unit sales price of approximately $420,000. Apartments feature one- and two-bedroom floor plans and an average size of 911 square feet. Units are furnished with stainless steel appliances and private balconies. ECI Group developed Channel Club, which also houses a Publix grocery store and several levels of onsite parking, in 2019. The community offers amenities such as a pool, fitness center and a business center. The Publix was not included in the sale. ECI Group is also developing Parc Madison, a 351-unit apartment community on the same block as Channel Club. Both projects represent part of a broader effort to redevelop and revitalize one of Tampa’s former industrial districts. The block is also home to Madison Street Park. “ECI Group is excited to be continuing to invest in one of the most transformational downtowns in the nation with Parc Madison,” says ECI Group CEO Seth Greenberg. “We congratulate Snell on their purchase of Channel Club, …
ATLANTA AND NEWARK, N.J. — Carroll, in partnership with Newark, N.J.-based PGIM Real Estate, has completed the sale of 12 multifamily communities for more than $1.1 billion in total. The 4,121-unit portfolio is located in Raleigh, Charleston and South Florida. The communities were sold in three separate joint venture transactions between institutional fund vehicles managed by PGIM Real Estate and Carroll. Jim Mehalso led the portfolio transaction internally for PGIM Real Estate, while Josh Champion led the transaction for Carroll. The buyer(s) were not disclosed. The portfolio includes six multifamily communities in Raleigh (Arium Southpoint, Arium Kildaire, Arium Weston, Arium Lake Lynn, Arium Lake Johnson and Arium Trailwood); three Charleston communities (Arium North Charleston, Arium St. Ives and Arium Mt. Pleasant); and three South Florida communities (Arium Boca Raton, Centro at Davie by Arium and Arium Boynton Beach). Purchased under Carroll’s workforce value-add strategy, the Carolinas properties provided workforce housing, while the South Florida portfolio extended Carroll’s suburban presence with assets in high-growth markets. Under its ownership, Carroll and PGIM Real Estate completed exterior and interior capital renovation projects on the properties totaling $22 million. At the time of sale, each of the communities were operating with strong occupancy. In …
SUMMERVILLE, S.C. — Rosslyn, Va.-based Monday Properties has sold The Hudson, a 300-unit, Class A multifamily community in Summerville, for $79.5 million. PassiveInvesting.com, a real estate firm that mainly focuses on acquiring apartments and self-storage properties, was the buyer. Delivered in June 2021, The Hudson offers studio, one-, two- and three-bedroom apartments in 11 buildings. Community amenities include a clubhouse, business center, fitness studio and a saltwater pool with a sun shelf. The Hudson was nearly 60 percent leased at the time of sale. Located at 900 Owl Wood Lane, the property is situated 28.9 miles from Charleston, 19.7 miles from North Charleston and 21.4 miles from Charleston International Airport. Monday Properties designed The Hudson to focus on health and wellness, flexibility and outdoor amenities as more residents carve out space for telework. In the past six months, The Hudson is the firm’s second multifamily sale in the Charleston market. In June 2021, Monday Properties sold a 264-unit multifamily community in North Charleston called The Mason.
BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale. Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, pantries, patios and kitchen islands. Community amenities include a fitness center, bike storage, gameroom, media center and movie theater, courtyard, grill, retail space and onsite maintenance. The property also offers individual locking bedrooms, a study lounge, individual leases available and roommate matching options. Located at 9 E 33rd St., the property is situated close to downtown Baltimore and Interstate 83. The property is less than a mile from Johns Hopkins University campus and two miles from the Maryland Institute College of Art. The property has nearby retailers such as Insomnia Cookies, Barnes & Noble, Chipotle Mexican Grill, Kung Fu Tea and BOZ’s Burger Bistro. The transaction was part of Armada Hoffler’s plans to exit the student housing sector. The Virginia …
ORLANDO, FLA. — Avison Young has brokered the $63.5 million sale of Linden on the GreeneWay, a garden-style, 234-unit apartment community in southeast Orlando. Peter Sherman, Jay Maddox and Rosendo Caveiro of Avison Young arranged the sale. Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills-based Cores Management Inc. Institutional Property Advisors, a division of Marcus & Millichap, represented seller, Norfolk, Va.-based Harbor Group Management. Built in 2017, Linden on the GreeneWay offers studios, one-, two- and three-bedroom units. The apartments feature nine-foot ceilings, full-size washers/dryers and private patios/balconies. Community amenities include a resort-style swimming pool, two-story clubhouse with a fitness center, modern resident lounge, pet park and outdoor covered seating with a fireplace. The property was 96 percent occupied at closing. Located at 13000 Breaking Dawn Drive on 11.7 acres, Linden on the GreeneWay is situated 8.8 miles from Orlando International Airport and 13.9 miles from Walt Disney World Resort. The property is also close to major highways such as State Route 417 and the Florida Turnpike.