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AcquisitionsGeorgiaMultifamilySoutheast

Fogelman Properties, Thackeray Acquire 111-Unit Multifamily Community in Carrollton, Georgia

by Amy Works

CARROLLTON, GA. — A joint venture partnership between Memphis, Tenn.-based Fogelman Properties and Thackeray has purchased a 111-unit apartment property in Carrollton for an undisclosed price. The partnership has rebranded the community, formerly known as Renew at Carrollton, as Venue at Carrollton. Built in 1974, Venue at Carrollton features one-, two- and three-bedroom apartments ranging from 900 square feet to 1,200 square feet. At the time of sale, the property was 96 percent occupied. The partnership plans to renovate all of the unit interiors, pool, clubhouse and amenity areas.

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AcquisitionsFloridaMultifamilyNorth CarolinaSoutheastTennesseeTop Stories

Clarion Partners, Blackfin Real Estate Investors Acquire 3,564-Unit Multifamily Portfolio in Sun Belt for $885.5M

by Kristin Harlow

FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million. The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller. The garden-style, Class B communities were built between 1972 and 1995. Amenities at the properties include clubhouses, pools, fitness centers and basketball and tennis courts. Clarion and Blackfin plan to upgrade both unit interiors and community amenities. The majority of the units will be updated with new vinyl floors, appliances, countertops and LED lights. “This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement,” says Thomas James, managing director with Clarion. Greystar will serve as property manager for the six properties in Florida and Tennessee, while Durcker & Falk will manage the North Carolina communities. DLA Piper served as legal counsel for Clarion. Eastdil Secured brokered the transaction. New York-based Clarion is a …

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DevelopmentLoansMarylandMixed-UseMultifamilyRetailSoutheast

UIP Plans $112M Canvas Mixed-Use Project in Hyattsville, Maryland

by John Nelson

HYATTSVILLE, MD. — Urban Investment Partners Inc. (UIP) has secured debt and equity financing for Canvas, a $112 million mixed-use development in downtown Hyattsville. The six-story project will be located at 5300 Baltimore Ave. and feature 285 one- and two-bedroom apartments, 31,660 square feet of ground-floor retail space and 681 parking spaces. Washington, D.C.-based UIP is financing the project using $27.1 million in equity, including $19.1 million from crowd-sourced capital raised on CrowdStreet from 422 individual investors. Other financing sources included a $42.3 million loan from Parkview Financial and $42.8 million in proceeds from a land sale-leaseback agreement with Safehold. Torti Gallas + Partners designed Canvas, which is expected to begin initial occupancy in the fourth quarter of 2023.

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AcquisitionsFloridaRetailSoutheast

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6M

by John Nelson

MIAMI BEACH, FLA. — BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million. Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, anchors the property. Regal recently extended its lease, according to BH Properties. The asset was 74 percent leased at the time of sale to tenants including French apparel retailer Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached, 291-space parking garage.

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AcquisitionsFloridaMixed-UseMultifamilySoutheast

Crescent Communities Sells 375-Unit Novel Lucerne Apartments in Orlando

by John Nelson

ORLANDO, FLA. — Crescent Communities has sold Novel Lucerne, a 375-unit apartment community in Orlando, to Knightvest Capital and funds managed by Oaktree Capital Management LP. Newmark brokered the transaction, the sales price of which was not disclosed. Floor plans at Novel Lucerne come in a mix of one-, two- and three-bedroom configurations. Amenities include a resort-style pool with grilling stations; resident lounge with event kitchen and workspaces; fitness center with a separate group and spin fitness room; dog park; and resident art gallery. Ground-floor retail tenants include natural grocery chain Earth Fare and fitness concept Eat the Frog Fitness. Located at the intersection of Orlando’s SoDo and downtown neighborhoods, Novel Lucerne provides residents with access to shopping, dining and parks. The area is also within walking distance of the Orlando Health Campus, Lake Lucerne and the Dr. Phillips Center for the Performing Arts. Development Partners included general contractor Brasfield & Gorrie, architectural firm The Preston Partnership, civil engineer GAI Consultants, landscaping architect Dix.Hite Partners and interior designer Vignetter. Novel Lucerne is one of 10 multifamily communities that Crescent has developed in Florida.

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DevelopmentGeorgiaLoansMultifamilySoutheast

JLL Arranges Financing for 31-Story 1405 Spring Apartment Project in Midtown Atlanta

by John Nelson

ATLANTA — JLL Capital Markets has arranged construction financing for 1405 Spring, a 326-unit high-rise apartment tower in Midtown Atlanta. Ed Coco, Matt Casey and Kelsey Bawcombe of JLL arranged the full capital stack for the project through Manulife Investment Management on behalf of the developer, a joint venture between JPX Works and Zeller. The 31-story 1405 Spring will offer studio, one-, two- and three-bedroom units, as well as luxury penthouses. The building’s 21 residential levels will sit atop a ground-level lobby, eight-level parking garage and amenities. Features will include multiple indoor lounge areas, coworking spaces, a fitness center, yoga and meditation studio, pool, sundeck and covered outdoor lounge with firepits. 1405 Spring will be situated at the southeast corner of 18th and Spring streets, just blocks from the Arts Center MARTA station. The neighborhood is home to the Woodruff Arts Center, MODA and the Center for Puppetry Arts. The high-rise will replace a vacant, single-level commercial building that most recently served as The John Marshall Law School’s Blackburn Conference Center.

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AcquisitionsGeorgiaNet LeaseRestaurantSoutheast

Marcus & Millichap Brokers $3.5M Sale of Metro Atlanta Restaurant Site Leased to Chick-fil-A

by John Nelson

SUWANEE, GA. — Marcus & Millichap has brokered the $3.5 million sale of a single-tenant, net-leased restaurant in metro Atlanta ground leased to Chick-fil-A. Built in 2007, the property is located on a 1.2-acre lot at 1035 Peachtree Industrial Blvd. in Suwanee. A locally based, privately held buyer purchased the restaurant through a 1031 exchange in an all-cash transaction. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the deal. “This transaction demonstrates the strong demand for trophy net-lease assets and the peak pricing they are commanding despite inflation and interest rate hikes,” says McMinn.

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DevelopmentFloridaMultifamilySoutheastTop Stories

LCOR Acquires Residential Development Site in Miami, Plans 40-Story Condo Tower

by Jeff Shaw

MIAMI — Development firm LCOR has acquired 1775 Biscayne Boulevard, a development site located two blocks from Biscayne Bay in downtown Miami. Plans call for a 40-story, 540-unit residential building that will be situated on the border of the Arts & Entertainment District and Edgewater neighborhood. Units will be available in studio, one- and two-bedroom options. Construction on the condominium project is scheduled to begin in early 2024 for completion in 2026. “Miami [is] a highly competitive land market currently on the cusp of a transformational development surge,” says Brad Capas, executive director of Cushman & Wakefield Capital Markets. “Located at the center of one of Miami’s most exciting growth corridors, 1775 Biscayne will aid in producing critically needed residential offerings between the Miami World Center and Midtown districts.” Unit features will include stainless steel appliances, in-unit washers and dryers and quartz countertops. Communal amenities will feature a fitness center; rooftop pool deck; outdoor terrace and grilling space with views of Biscayne Bay and downtown Miami; tenant lounges equipped with flexible coworking spaces and conference rooms; over 600 onsite parking spaces; and package retrieval services. The project was originally proposed in 2017 and included 14,000 square feet of ground-floor retail …

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FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Tenant, Investor Demand Propels South Florida’s Multifamily Market to New Peak

by John Nelson

Miami’s multifamily market slowed down dramatically at the start of COVID-19 and now has quickly rebounded to record levels. Collections and occupancies are excellent, new supply is quickly absorbed, population/household growth is on fire, the job market has largely rebounded, wages are up, home prices are at record levels — meaning more people are renting — and limited land is keeping construction in balance. Going forward, the market is ideally positioned for continued long-term growth thanks to positive market fundamentals and continued strong sales activity. Demand for rentals was strong pre-pandemic and will grow even greater in the post COVID-19 era as South Florida continues to increase its resident count. Between 2020 and 2021, South Florida added 42,842 residents, including 14,318 new residents in Miami-Dade County. With the influx of residents, South Florida is expected to have over 37,000 new households created each year over the next five years. That represents over 14,800 new renters per year, assuming 60 percent of households enter homeownership and 40 percent rent, which is in line with historical ratios. Record year for sales 2021 was a record-setting year for the South Florida multifamily market. The region experienced 603 multifamily sales totaling $11.4 billion, which …

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

Ares Management, MRP Realty to Develop 1,200-Unit Mixed-Income Neighborhood in D.C.

by John Nelson

WASHINGTON, D.C. — Ares Management Corp. and MRP Realty have finalized the land purchase and Phase I construction financing for a mixed-income residential development on the site of the current home of the District of Columbia Housing Authority (DCHA) in Washington, D.C. Arkansas-based Bank OZK provided acquisition and construction financing. Construction is slated to begin immediately, with Phase I delivery anticipated in 2024. The project is a joint venture between Ares Management Real Estate funds, MRP Realty, CSG Urban Partners and Taylor Adams Associates. Located at 1133 N. Capitol Street NE in the city’s NoMa neighborhood, Phase I will comprise 430 multifamily units, including 86 affordable units. The multi-phased development will comprise an estimated 1,200 apartments, including a minimum of 244 affordable housing units, at least half of which will be reserved for residents earning 30 percent or less of the area median income. Located two blocks west of the NoMa Metro station, the 0.8-acre plot will give DCHA funding to address its portfolio-wide capital needs and fund a much-needed new headquarters building that will serve DCHA staff and residents. DCHA’s headquarters will now move into the new WMATA headquarters building at 300 Seventh St. SW, where it will occupy …

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