Southeast

Cushman & Wakefield Arranges $75M Sale of Country Club Apartments in Charlotte

by Julia Sanders November 24, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $75 million sale of Country Club, a 454-unit apartment community in Charlotte. Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller, New York-based JEM Holdings, in the transaction. New Jersey-based Concordia Properties acquired the property. Built in 1969, the Country Club offers one-, two- and three-bedroom floorplans that range in size from 647 to 1,405 square feet. The units include in-unit washers and dryers, vinyl flooring and walk-in closets. Community amenities include two playgrounds, a common lounge area, laundry facilities, soccer field and a pool. The property was 97 percent occupied at the time of sale. Located at 2332 Dunlavin Way, Country Club is situated near the 78-acre mixed-use Eastland Mall redevelopment located close to the future Lynx Gold Line stop at Eastway Drive. The property is also situated 5.8 miles from downtown Charlotte and 13.4 miles from Charlotte Douglas International Airport.

November 24, 2021

Acquisitions Multifamily North Carolina Southeast

Goldman Sachs, Lansing Melbourne Sell Metro Charlotte Apartment Community for $59M

by Julia Sanders November 24, 2021

KANNAPOLIS, N.C. — Goldman Sachs and Lansing Melbourne Group have sold Vida Kannapolis, a 289-unit apartment community in Kannapolis, about 25.9 miles north of Charlotte. Red Bank, N.J.-based Denholtz Properties purchased the recently delivered property for $59 million, or approximately $204,152 per unit. Located at 210 S. Main St. in downtown Kannapolis, Vida Kannapolis is a five-story complex that offers studio, one-, two- and three-bedroom floorplans. Built in March 2021, the units feature stainless steel appliances, washers and dryers and walk-in closets. Community amenities include a fitness center, pool, indoor parking, game room, grill, pet play area, roof terrace, elevator and bicycle storage. The monthly rent ranges from $1,455 to $1,895, according to Apartments.com. Goldman Sachs partnered with the Fort Lauderdale-based development firm Lansing Melbourne Group and the City of Kannapolis to build the property. Jonathan Brody of Rosewood Realty Group represented the buyer, Denholtz Properties, and Jacob Vogel of Rosewood Realty Group represented the sellers in the transaction.

November 24, 2021

Development Georgia Hospitality Southeast

Songy Highroads to Open 218-Room Hyatt Centric Buckhead Atlanta Hotel

by Julia Sanders November 24, 2021

ATLANTA — Songy Highroads (SHR) will open the Hyatt Centric Buckhead Atlanta, a 218-room hotel located in Atlanta’s Buckhead district. The hotel will open in mid-December adjacent to Bloomingdale’s at Lenox Square. In early 2020, Atlanta-based SHR started to develop the hotel in a joint venture with Hyatt Hotels Corp. New York-based Sawyer & Co. designed the hotel. The Hyatt Centric Buckhead Atlanta hotel has two dining options both run by James Beard Award-winning chef Hugh Acheson. One of the dining options is Mount Royal, a Montreal-style steakhouse. The menu combines French cooking techniques with Southern cuisine, and will change often based on seasonal vegetables, fruit and other ingredients sourced from local farmers and artisans. The other dining option, Spaceman, will anchor the hotel’s 15th floor rooftop. Spaceman is a bar and sports lounge with a menu of shareable bites plus wine, beer and cocktails. The dining option will offer indoor seating plus dual outdoor patios, as well as yard games and TVs to stream live sports and events. The lounge will be able to be rented for private parties and corporate events. The Johnson Studio at Cooper Carry, an Atlanta-based design firm for hospitality, designed both restaurants. The hotel …

November 24, 2021

District of Columbia Southeast

Weekly First-Time Claims for Unemployment Insurance Fall to 199,000, Lowest Level Since 1969

by Julia Sanders November 24, 2021

WASHINGTON, D.C. — A total of 199,000 Americans filed for first-time unemployment insurance assistance for the week that ended Nov. 20, the U.S. Department of Labor reported Wednesday. The claims were much lower than the revised 270,000 from the previous week, as well as lower than the 260,000 expected. Additionally, this week’s unemployment figure is the lowest level in 52 years, since November 1969. From the week that ended on Nov. 20 to the previous week, workers filing for initial unemployment benefits declined by 71,000. The four-week moving average hit a new pandemic-era low as well at 252,250 claims, a decrease of 21,000 from the previous week’s revised average. The Wall Street Journal reports that the decline of Delta variant cases, as well as a surge of job openings, has contributed to the lower unemployment numbers. There were 52 percent more job postings on Indeed.com, an online job-search engine, than there were before the pandemic in February 2020. The sudden decrease in unemployment claims may be due to the upcoming holiday season and the way seasonal adjustment is calculated. On a non-seasonally adjusted basis, initial claims for the past four weeks were up by 18,000 to 259,000. There were big …

November 24, 2021

Acquisitions Kentucky Office Southeast

Marcus & Millichap Brokers Sale of 165,759 SF Office Building in Lexington

by Julia Sanders November 24, 2021

LEXINGTON, KY. — Marcus & Millichap has arranged the sale of 101 Yorkshire Blvd., a 165,759-square-foot office property located in Lexington. The sales price was $11.5 million. Joseph DiSalvo, Alexander Nulf and Gus Poulos of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. John Mundell of Marcus & Millichap represented the buyer, an undisclosed private investor. Colby Haugness of Marcus & Millichap also assisted in closing this transaction. 101 Yorkshire is a four-story office property located on 15.3 acres with 350 parking spaces. The building has a mixture of executive offices, conference rooms and cubicle spaces. The property is located just off the intersection of US Route 25 and Man O War Boulevard, which is the outer loop bypass for State Road 68 and Interstate 75. Previously, 101 Yorkshire operated as a single-tenant call center for Xerox prior to its recent separation of operations from Conduent. As a result of the separation, Conduent absorbed and redistributed all call center operations from this facility effective June 2020 to predominately East Coast locations. The office property has since been completely vacant.

November 24, 2021

Acquisitions Florida Multifamily Southeast

Lynd Living Sells Apartment Community in Margate, Florida for $66.5M

by Julia Sanders November 23, 2021

MARGATE, FLA. — Lynd Living has sold the Lakes at Margate, a 280-unit, garden-style apartment complex in Margate, for $66.5 million. The firm purchased the property just eight months prior for $51 million. The buyer was not disclosed. Hampton Beebe of Newmark represented Lynd Living in the sale. The firm is rebranding Lakes at Margate as Aqua Villa. Built in 1987, the property features one-, two- and three-bedroom units with wood-plank floors, custom white cabinetry and energy-efficient appliances. Community amenities include two pools, a clubhouse, modern fitness studio and a cyber café. Aqua Villa was 91 percent occupied at the time of sale. Lynd Living spent $4 million in renovations and upgrades during its ownership, including the addition of chef’s kitchens to the property’s three-bedroom units, which the company says has allowed it to raise rents by as much as $800 per unit. The chef’s kitchens improvements include the expansion of counters for one long solid surface for cooking, tile backsplashes and a top shelf installed for pots and pans. Located at 5750 Lakeside Drive, Aqua Villa is situated close to Florida’s Turnpike. The property is 15 miles from Fort Lauderdale, 19.6 miles from Fort Lauderdale International Airport and 12.6 …

November 23, 2021

Development Maryland Mixed-Use Multifamily Southeast

BKV-Designed $32M Mixed-Use Development Reserved for Artists Opens in Silver Spring, Maryland

by Julia Sanders November 23, 2021

SILVER SPRING, MD. — BKV Group has designed Artspace Silver Spring Arts Campus, a mixed-use development in Silver Spring featuring affordable housing and studio space for artists. The development cost for the project was $32 million. Construction of the project took about 18 months to complete, and now the project is open. Formerly the Third District Police Station, Artspace Silver Spring Arts Campus has workspaces for artists to rent out studio space and is anchored by 7,500 square feet of communal space. BKV Group worked with nonprofit developer Artspace, as well as the Montgomery County Department of Housing and Community Affairs, to redevelop the building into a creative hub. The project includes 68 affordable housing units that are intended for local artists. Rental restrictions include households whose income is below 60 percent of Area Median Income, with some units having further restrictions to income at or below 50 percent or 30 percent of AMI. The rental units feature one-, two- and three-bedroom floorplans with hardwood-style flooring, stainless steel appliances, in-unit washers and dryers and full-size balconies available in select floorplans. The property also includes 11 mixed-income rental townhomes on the eastern end of the site along Grove Street. Leasing is …

November 23, 2021

Georgia Leasing Activity Office Southeast

Colliers Arranges 47,670 SF Office Lease Expansion at Terminus 100 in Atlanta’s Buckhead District

by Julia Sanders November 23, 2021

ATLANTA — Colliers has arranged a two-floor, 47,670-square-foot office space expansion at Terminus 100, a 27-floor, 656,000-square-foot Class A property located at 3280 Peachtree Road in Atlanta’s Buckhead district. Andrew Waguespack and Pete Shelton of Colliers arranged the six-year lease agreement with the landlord, Cousins Properties, on behalf of the tenant, Atlanta-based healthcare workforce management provider QGenda. The expansion and renewal for QGenda encompasses four floors totaling 95,340 square feet. QGenda is currently occupying 47,670 square feet at Terminus 100 and will occupy another 47,670 square feet starting May 1, 2022. The expanded office lease aims to support the software company’s growing talent pool and attract investors outside of Atlanta’s technology industry. Before QGenda expanded, the building was around 80 percent leased to tenants including Morgan Stanley, WeWork and Fleetcor.

November 23, 2021

Florida Industrial Loans Self-Storage Southeast

Ready Capital Closes $9.3M Loan for Self-Storage Property in Miami Beach

by Julia Sanders November 23, 2021

MIAMI BEACH, FLA. — Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self-storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and is inclusive of a facility to provide future funding for capital expenditures.

November 23, 2021

Affordable Housing Development Florida Multifamily Southeast

CVS Health to Invest $7.7M for Affordable Housing Project in Tampa

by Julia Sanders November 23, 2021

TAMPA, FLA. — CVS Health plans to invest $7.7 million with Raymond James Tax Credits Funds to build Uptown Sky, a 61-unit multifamily affordable housing development in Tampa. CVS Health will work with co-developers Blue Sky Communities and University Area Community Development Corp., a Tampa-based nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Uptown Sky will offer two- and three-bedroom units at a reduced rent. The affordable units will be for families earning up to 50 percent, 60 percent or 70 percent of Area Median Income. Additionally, all residents will have access to onsite supportive services in the neighborhood center located on the bottom floor of the building. The center will offer computer training, homeownership programs, workforce training and financial management programs. Additionally, the neighborhood center will include a multi-purpose classroom where residents will have access to art, dance, yoga and karate classes. Located at 13603 North 12th St., the Uptown Sky project is situated 9.2 miles from downtown Tampa and is 16.1 miles from the Tampa International Airport. The project is slated for completion by October 2022.

November 23, 2021

Newer Posts

Older Posts