Southeast

Tabani Group Acquires Retail Center in Central Florida for $9.2M

by Julia Sanders November 9, 2021

EUSTIS, FLA. — Tabani Group Inc., a Dallas-based commercial real estate firm, has acquired Shoppes at Eustis Village, a 29,367-square-foot retail strip center in Eustis, about 37.9 miles north from Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, Miami-based CORE Investment Properties, in the transaction. The sales price was approximately $9.2 million. Completed in 2006, the Shoppes at Eustis Village is fully leased to nine tenants including Starbucks Coffee, Verizon Wireless, Pep Boys, Greenberg Dental, Liberty Health Sciences and Planet Smoothie. Located at 15439 US Highway 441, the three-building property is shadow-anchored by Publix and Bealls.

November 9, 2021

Acquisitions Development Florida Hospitality Southeast Top Stories

Athens Group, MSD Partners Acquire Naples Beach Hotel & Golf Club in Florida, Plan Mixed-Use Redevelopment

by John Nelson November 9, 2021

NAPLES, FLA. — A partnership between The Athens Group and MSD Partners has purchased Naples Beach Hotel & Golf Club, a 125-acre resort that fronts the Gulf of Mexico in Naples. The Watkins Family sold the beachfront resort to the partnership for an undisclosed price, but the Naples Daily News reports the price tag exceeded $362 million. The new ownership plans to redevelop the resort into a mixed-use destination called Naples Beach Club. The development will include a 216-room hotel operated by Four Seasons Hotels and Resorts, the first Four Seasons property on the Gulf Coast. The lodging component will include indoor and outdoor lounges connected to the lobby; a beachside garden with outdoor pools, cabanas and an event lawn; high-end stores; an event ballroom; and multiple dining experiences. In addition, guests will have access to Market Square, which will comprise a general store; bar and grill with a game room and bowling alley; a kids club; and an activities lawn for events featuring eateries including an ice cream parlor. Naples Beach Club will also feature 185 for-sale residential units managed by Discovery Land Co., with amenities for residents and members that include golf, tennis, fitness center, spa and clubhouse. Hart …

November 9, 2021

Acquisitions Georgia Multifamily Southeast

Vista Realty Partners Sells Apartment Community in Metro Atlanta for $63.3M

by Julia Sanders November 8, 2021

MCDONOUGH, GA. — Vista Realty Partners has sold Carmel Vista Apartments, a 228-unit multifamily community in McDonough. Equus Capital Partners Ltd. purchased the property for $63.3 million. David Gutting of Newmark represented Vista Realty in the transaction. Opened in Feb. 2021, Carmel Vista Apartments offers studio, one-, two- and three-bedroom floorplans. Unit amenities include stainless steel appliances, granite countertops, sunrooms, direct access attached garages, walk-in closets and washers and dryers. Community amenities include a business center, playground, dog park, fitness center, 24-hour package concierge lockers, controlled access gates, clubhouse with game room and coffee bar and pool. Located at 91 Mt. Carmel Road, Carmel Vista has access to Interstates 75 and 285. The property was fully occupied at the time of sale. Trustmark Bank provided an undisclosed amount of construction financing for the project. A joint venture among The Radco Cos. and Blue Vista Asset Management LLC., Eduard de Guardiola’s Family Office, provided an undisclosed amount of equity.

November 8, 2021

Development Industrial South Carolina Southeast

Frampton Construction Breaks Ground on Three Industrial Facilities Near Charleston

by Julia Sanders November 8, 2021

RIDGEVILLE, S.C. — Frampton Construction Co. LLC has broken ground on three industrial facilities at Camp Hall, an industrial park in Ridgeville. The Camp Hill park spans approximately 6,800 acres with 2,600 acres dedicated as preserved land. The three facilities at Camp Hall will total 940,000 square feet and will be located on the park’s 77-acre Campus 4A site. Portman Industrial, an Atlanta-based logistics developer, recently purchased Campus 4A from EQT Exeter for an undisclosed price. John Gaskin of Portman Industrial is leading the project. The Campus 4A project is located adjacent to Volvo Cars’ manufacturing facility at the intersection of Fish Road and Volvo Cars Drive. The three facilities will be constructed of tilt-up concrete wall panels with structural steel frames. Buildings A and B will span approximately 220,000 square feet each with a rear-loading layout, 32-foot clear heights, 36 dock doors and two drive-in doors. Building C will span approximately 500,000 square feet and feature a cross-dock layout, 36-foot clear heights, 116 dock doors and four drive-in doors. Located at 114 Three Point Drive, Camp Hall has direct access to Interstate 26. The property is also situated 33.7 miles from the Port of Charleston, 27 miles from Charleston …

November 8, 2021

Georgia Loans Multifamily Southeast

CBRE Investment Management Fund Provides $37.2M Loan for Multifamily Community in Roswell, Georgia

by Julia Sanders November 8, 2021

ROSWELL, GA. — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has provided a $37.2 million loan to TerraCap Management for the acquisition of Enclave at Roswell, a 236-unit multifamily community in Roswell. Matt Williams and Kyle Schlitt of Newmark arranged the floating-rate loan. The loan has an initial term of four years, can extend up to one additional year and features future funding for TerraCap’s planned renovations. Enclave at Roswell offers a mix of one- and two-bedroom apartments with units that range in size from 706 to 1,237 square feet. Units feature in-unit washers and dryers, walk-in closets and private balconies in select homes. Community amenities include a swimming pool, fitness center, business center, tennis court, children’s playground area and a dog park. Located at 11251 Alpharetta Highway, Enclave at Roswell is located along Ga. Highways 9 and 400, as well as about 24.8 miles from downtown Atlanta. The community is also situated less than two miles from North Point Mall, North Point Marketcenter and Mansell Crossing.

November 8, 2021

Acquisitions Multifamily North Carolina Southeast

Drucker + Falk Purchases Sommerset Place Apartments in Raleigh for $26.7M

by Julia Sanders November 8, 2021

RALEIGH, N.C. — Drucker + Falk has purchased Sommerset Place Apartments, a 144-unit apartment community in Raleigh, for $26.7 million (or $185,000 per unit). Will Mathews of Colliers International represented the seller, Investors Management Group Inc. (IMG), in the transaction. Built in 1983, Sommerset Place offers one- and two-bedroom floor plans. Community amenities include a resort-style swimming pool with sundeck, grilling centers and a dog park. The property was built with a density of 16 units per acre. Located at 6717 Six Forks Road, the apartment community is situated close to Interstates 440 and 540, as well as about 16.9 miles from the Research Triangle in Durham and 13.1 miles from the Raleigh-Durham International Airport. IMG purchased Sommerset Place in December 2017 for $14.3 million and completed a $1 million renovation program. The new owner plans to continue capital improvements on the property.

November 8, 2021

Acquisitions Hospitality Mississippi Southeast

MCR Acquires Courtyard by Marriott Oxford Hotel Near University of Mississippi

by Julia Sanders November 8, 2021

OXFORD, MISS. — MCR, which has offices in New York City, Dallas, Chicago and Richmond, has acquired the Courtyard by Marriott Oxford in Oxford, near the University of Mississippi’s campus. The property is MCR’s first hotel in the state. The sales price and seller were not disclosed. The Courtyard by Marriott Oxford offers 121 guestrooms and suites. The property has 18 suites, including the Loft, which is a duplex with a private patio and wet bar, and the Presidential, a two-bedroom pad with sitting and dining areas. The property’s guestrooms include a microwave, mini refrigerator and Wi-Fi. The hotel amenities include a fitness center, indoor pool, 24-hour sundry shop, 24-hour business center and complimentary parking. Food and beverage options include The Bistro, which serves breakfast, dinner and specialty beverages, and the Green Roof Lounge, a rooftop bar serving cocktails and food with views of the Vaught-Hemingway Stadium. Located at 305 Jackson Ave. E., the Courtyard by Marriott Oxford is situated within walking distance from the University of Mississippi and the Burns-Belfry Museum and Multicultural Center. The property is also situated near The Square, Oxford’s downtown district that has over 70 restaurants, museums, art galleries and shops. Nearby retailers include Frutta …

November 8, 2021

Market Reports Multifamily Southeast Southeast Market Reports Virginia

Richmond’s Multifamily Sector is the Best-Kept Secret in the Southeast

by John Nelson November 8, 2021

Mention “rising secondary multifamily markets in the Southeast” and what might come to mind are markets such as Charlotte, Raleigh, Nashville or Orlando. A less discussed candidate is Richmond, which has a case to be considered the multifamily sector’s best-kept secret. It’s a secondary market that’s moving forward full steam ahead for two primary reasons: supply and demand. More people = demand According to the 2020 Census, the population of the city of Richmond stood at 232,226, a 12.7 percent increase from the 204,375 reported in 2010. Richmond is the county seat of Henrico County, which had a population of 333,766 as of 2020. This is an 8.6 percent increase over the 2010 population count of 307,201. More residents are moving to Richmond, mainly for one reason: jobs. But the metro has other appealing factors as well, incuding its geographic location and low costs of living and doing business. In addition to being the site of growing employment centers, Richmond is proximate to major East Coast cities. New York City, Philadelphia and Washington, D.C., are easily accessible via train or airplane. But Richmond is relatively affordable, especially compared to other Mid-Atlantic markets and gateway cities on the East Coast. With …

November 8, 2021

Acquisitions Affordable Housing Florida Georgia Multifamily North Carolina South Carolina Southeast

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

by John Nelson November 5, 2021

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.

November 5, 2021

Florida Loans Office Southeast

JLL Secures $48.9M Refinancing for Two Office Towers in Fort Lauderdale

by Julia Sanders November 5, 2021

FORT LAUDERDALE, FLA. — JLL Capital Markets has secured a $48.9 million loan for Tower 101 and Centre 101, two connected Class A office towers near downtown Fort Lauderdale. Melissa Rose and Giancarlo Paone of JLL worked on behalf of the borrower, Greenwich, Conn.-based Ivy Realty, to secure the three-year, floating-rate loan through Rialto Capital Management. The loan was meant to refinance existing debt and fund future capital improvements and leasing costs. Tower 101 is a 21-story office tower that connects to the six-story Centre 101. The properties are collectively 75.6 percent leased. Building amenities include 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse. In 2020, Ivy Realty renovated the property including outfitting the structured parking with electric vehicle charging stations and upgrading the full-service café and common areas, as well as modernizing the exterior entrance. Located at 101 NE 3rd Ave., the towers total 230,757 square feet. The towers are situated close to the Fort Lauderdale Brightline inner-city rail station, which connects to Miami, Fort Lauderdale and West Palm Beach.

November 5, 2021

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