Southeast

Flournoy Breaks Ground on 298-Unit Apartment Community Adjacent to Battery Atlanta

by Julia Sanders August 30, 2021

ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.

August 30, 2021

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Brokers $10.6M Sale of Two-Property Apartment Portfolio in Louisville, Kentucky

by Julia Sanders August 30, 2021

LOUISVILLE, KY. — Marcus & Millichap has brokered the sale of two adjacent apartment properties in Louisville: the 106-unit Preston Commons Apartments II and the 80-unit Dunwoody Court Apartments. An entity doing business as Maples LLC bought the portfolio for $10.6 million, according to the Louisville Business First. The buyer plans on combining the two adjacent properties into a 186-unit community called Valore at the Maples. Preston Commons Apartments II is located at 1409 Huntington Lane and Dunwoody Court Apartments is located at 7510 Dunwoody Court. Both properties have had updates over the last few years and were more than 90 percent occupied at the time of sale. Preston Commons Apartments II offers two-bedroom units with community amenities including onsite laundry services, 24-hour emergency maintenance and off-street parking. Dunwoody Court Apartments offers one- and two-bedroom apartments with community amenities including a clubhouse, laundry facility and fitness center. Aaron Johnson and David Badgett Jr. of Marcus & Millichap represented the undisclosed seller, a limited liability company. The duo also secured the buyer. Colby Haugness of Marcus & Millichap assisted in closing this transaction.

August 30, 2021

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Charlotte’s Industrial Market Expected to Close Another Robust Year of Leasing

by John Nelson August 30, 2021

The Charlotte industrial market is seeing significant tenant demand and investment activity at mid-year 2021 as the market begins to return to normalcy after the disruption during the early days of the pandemic. Like many other Southeastern industrial markets, Charlotte saw a lag in activity through the second and third quarters of 2020. One year later, the impacts of the pandemic continue to burn off, creating an almost insatiable appetite for modern warehouse and distribution space. Since the start of the year, the market has seen a strong increase in overall activity as local economies continue to open up, employment levels rebound and businesses move forward with decisions about space utilization. Tenants in the e-commerce, consumer goods, retail and light manufacturing sectors are particularly active. While the market finished 2020 with nearly 5.3 million square feet of net absorption, a figure that outpaced 2019’s total of 2.7 million square feet and was on par with the nearly 5.4 million square feet absorbed in 2018, 2021 is expected to reach a net absorption for the calendar year that is equal or greater than 2020. Many tenants expanding in or entering the market are taking mid- to large blocks of space, a …

August 30, 2021

Acquisitions Multifamily Southeast Top Stories Virginia

JLL Negotiates $80.1M Sale of Siena Park Apartments in Arlington, Virginia

by Taylor Williams August 30, 2021

ARLINGTON, VA. — JLL has negotiated the $80.1 million sale of Siena Park, a 188-unit apartment community located in the Washington, D.C., suburb of Arlington. The price equates to approximately $426,000 per unit. The property, which is located near multiple public transit stations and shopping and dining destinations, also houses 33,602 square feet of retail and 17,373 square feet of office space. Residential units feature studio, one- and two-bedroom floor plans and have an average size of 844 square feet. Units are also furnished with stainless steel appliances, contemporary cabinetry, granite countertops, kitchen islands and built-in bookshelves. Communal amenities include a fitness center and weight room, game room with billiards, clubhouse, outdoor pool, rooftop deck, coffee bar and cybercafé. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Zurich Alternative Management, in the transaction. The buyer was not disclosed. — Taylor Williams

August 30, 2021

Acquisitions Florida Multifamily Southeast

Westside Capital Group Purchases Residential Tower in Downtown Fort Myers for $71M

by Julia Sanders August 27, 2021

FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment firm, has purchased Oasis Grand II, a 32-story residential tower located in downtown Fort Myers. Westside acquired the property in an off-market transaction for $71 million, or approximately $268,000 per unit. Geosam, a Canadian-based developer, was the seller. Originally built by Related Group as a condominium in 2008, the Oasis Grand II features studio, one- and two-bedroom units ranging from 629 square feet to 1,700 square feet. The property also includes several two-story, three-bedroom waterfront townhomes with up to 1,800 square feet of space. Located at 3040 Oasis Grand Blvd., the property is situated on a 1.3-acre site along the Caloosahatchee River. The tower was 98 percent occupied at the time of the sale. Westside Capital will invest in improvements to the property, including enhancements to amenities, common areas and individual apartments. Community amenities include gated-entry; a fitness center; clubhouse and social lounge with wet bar, TV and Wi-Fi; a private boat launch ramp; gated pet run; library; a pool deck with poolside cabanas and lounges; private barbecue and picnic areas; and men’s and women’s spa facilities with saunas and showers. As part of the purchase, Westside Capital …

August 27, 2021

Florida Industrial Loans Southeast

Phillips Realty Capital Secures $57.5M Loan for Industrial Portfolio in Metro Miami, Tampa

by Julia Sanders August 27, 2021

HIALEAH AND TAMPA, FLA. — Washington, D.C.-based Phillips Realty Capital has secured a $57.5 million bridge loan for HighBrook Investors, which is acquiring and repositioning a four-property, 740,400-square-foot industrial portfolio located near Miami and in Tampa. The portfolio includes three buildings in metro Miami and one in Tampa. The metro Miami properties were delivered between 1959 and 1968, and the Tampa warehouse was built in 1987. The Miami-area properties include three industrial warehouses totaling 306,000 square feet. These properties are located at 3455 NW 54th St., 5400 NW 32nd Court and 5530 NW 32nd Court in Hialeah, which is two miles northeast of Miami International Airport and less than six miles northwest of downtown Miami and Port of Miami. Building amenities include reinforced concrete buildings on approximately 10.9 total acres of land with onsite access to a CSX freight rail line. Located at 6708 Harney Road in the East Tampa submarket, the fourth property is a 434,000-square-foot warehouse situated one mile northwest of Interstate 4, six miles northeast of downtown Tampa and eight miles east of Tampa International Airport. The property is located within three miles of two new Amazon fulfillment centers. Additionally, the property includes 13.2 acres of vacant …

August 27, 2021

Development Florida Retail Southeast

CIM Group, Miami Worldcenter Associates Break Ground on 78,000 SF Jewel Box Retail Building

by Julia Sanders August 27, 2021

MIAMI — CIM Group and Miami Worldcenter Associates have broken ground on the 78,000-square-foot “Jewel Box” building, one of the last retail components within the $4 billion Miami Worldcenter project. Slated for completion in the second quarter of 2022, the Jewel Box building will feature two levels of retail space. The property will also include a rooftop overlooking the development’s World Square, a 20,000-square-foot public plaza and park. Located at 150 NE Eighth Street, the Jewel Box is situated directly west of the upcoming citizenM boutique hotel and north of apartment tower known as Bezel at Miami Worldcenter. Miami Worldcenter is a 27-acre, master-planned mixed-use project in downtown Miami. More than 150,000 square feet of retail space at Miami Worldcenter has already been completed, with another 130,000 square feet currently under construction and nearing delivery.

August 27, 2021

Acquisitions Retail Southeast Tennessee

JLL Arranges $24.9M Sale of Aldi-Anchored Retail Center in Metro Nashville

by Julia Sanders August 27, 2021

BRENTWOOD, TENN. — JLL has arranged the $24.9 million sale of Mallory Corners, an Aldi-anchored, 70,000-square-foot shopping center in the Nashville suburb of Brentwood. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, Longpoint Realty Partners, a Boston-based real estate private equity firm. Pine Tree, a Chicago-based retail specialized real estate company, represented the buyer, a state pension fund. Located on 6.5 acres at 1701 Mallory Lane, Mallory Corners is situated 16 miles from downtown Nashville. Built in 1995 and acquired by Longpoint Realty Partners in 2018, Mallory Corners is a fully leased center with a variety of tenants, including Barnes & Noble, Play it Again Sports, AAA, Hoover Paint Store and Brilliant Sky Toys & Books. The property is shadow anchored by Costco.

August 27, 2021

District of Columbia Multifamily Southeast

NMHC Agrees with Supreme Court Ruling to End National Eviction Moratorium

by Julia Sanders August 27, 2021

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has publicly shown support of the Supreme Court’s decision to end the nationwide eviction moratorium. In a statement released this morning, NMHC detailed its support of a short-term ban to evictions during the beginning of the COVID-19 pandemic, but it does not believe a long-term ban on evictions is going to help sustain the economy. At the beginning of August, the Centers for Disease Control and Prevention had extended the eviction ban once again to end on Oct 3. On Thursday, Aug. 26, The Supreme Court voted 6-3 to end the pandemic-related federal eviction ban. The Supreme Court ruled that the CDC had overstepped its authority, and Congress must be the one to implement any future eviction ban. During the onset of the pandemic, NMHC convinced Congress to create a federal rental assistance program to prevent a housing crisis, and so Congress created the Emergency Rental Assistance Program. The program, plus the rest of the $4 trillion of economic relief provided by the government, helped residents to pay their rent. About 80.2 percent of apartment renters made a full or partial rent payment by Aug. 6, according to NMHC’s latest Rent …

August 27, 2021

Features Multifamily Seniors Housing Southeast

In Seniors Housing, Investment Decisions Should Be Based on Trusted Partners, Say InterFace Panelists

by Julia Sanders August 27, 2021

ATLANTA — The beginning of the COVID-19 pandemic made everyone question the future, and for investors and owners in the seniors housing business sector, things were rocky. The National Investment Center for Seniors Housing and Care reported the occupancy rate in seniors housing facilities decreased 680 basis points in 2020 to record lows. In 2021, there has been a renewed confidence in the economy as people return to working in an office and many Americans have been fully vaccinated against COVID-19. Additionally, occupancy rates in seniors housing properties have continued to rise. Now that things seem to be getting marginally better, the question many investors may be asking themselves is if they should buy, sell or hold assets in the current market? At the InterFace Seniors Housing Southeast conference in Atlanta, Ga. on Wednesday, Aug. 18, a group of industry-related leaders discussed the tips and tricks to survive in today’s market, as well as their predictions for the seniors housing sector in the future, during the “Investment Panel.” In a discussion lead by Marcus Van Ameringen, vice president of business development at 12 Oaks Senior Living, many of the investors in the panel mentioned the importance of making deals with …

August 27, 2021

Newer Posts

Older Posts