BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street. David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction. John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon. Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and …
CHARLOTTE, N.C. — Hoar Construction has completed The Ellis, a 33-story apartment community in Uptown Charlotte. The high-rise is part of a larger mixed-use development that encompasses a six-story multifamily building, approximately 19,000 square feet of retail space and a shared parking deck. Hoar served as general contractor and partnered with development firm LMC on the project. The Ellis contains 365 homes with 13 apartment homes on each floor and 23 penthouses occupying four of the highest floors. Community amenities include a heated saltwater pool and a fitness center on the 33rd level. Standing at 385 feet tall, The Ellis is one of the largest and tallest multifamily communities in the area, according to Hoar. Located at 512 North College St., The Ellis provides pedestrian access to Charlotte’s central business district and a direct path to the Lynx Light Rail and Charlotte Rail Trail. Construction on The Ellis began in February of 2019. First move-ins are planned for this summer. Other partners in the project include Ellinwood + Machado Structural Engineers, KTGY, Kimley Horn and Intec Group.
PORT ST LUCIE, FLA. — Summit Contracting Group has broken ground on The Mason Port St. Lucie, a 252-unit multifamily development located along South US Highway 1 in Port St. Lucie. The Mason Port St. Lucie will feature seven, three-story buildings totaling 301,039 square feet. The market-rate property will offer one-, two- and three-bedroom apartment homes, as well as amenities that include a clubhouse, fitness center, dog park, swimming pool and detached garages. Construction is planned to be complete in early 2023. A Waypoint Residential LLC subsidiary is the developer, and Group 4 Architectural Services LLC is the architect. Summit Contracting Group is a Jacksonville-based multifamily general contractor firm.
ALEXANDRIA, VA. — Avison Young’s Capital Markets Group has brokered the sale of a retail center in Alexandria. An entity doing business as Santay Realty of Alexandria LLC purchased the property, known as 6001 Kingstowne Village Parkway, from The Halle Cos. for $14.2 million. Jonathan Hipp, Richard Murphy, Chip Ryan and Matt Weber of Avison Young represented the seller in the transaction. Michael Patz of KLNB represented the buyer. The center is fully leased to Aldi, La-Z-Boy furniture and a newly opened Ashley Furniture HomeStore. Built in the late 1990s, the property spans approximately 72,000 square feet of retail space.
HOLLYWOOD, FLA. — Fort Lauderdale-based BTI Partners, along with equity partner Bridge Investment Group, has acquired the Hollywood Bread Building located at 1747 Van Buren St. in downtown Hollywood. MG3 Hollywood LLC sold the property to BTI and Bridge for $11 million. BTI plans to replace the existing Hollywood Bread Building with a 25-story high-rise totaling 362 market-rate apartments and approximately 16,000 square feet of retail space. Construction is slated to begin later this year. The Hollywood Bread Building used to be a landmark, but over the years has fallen into disrepair. BTI Partners plans to demolish the building this summer, but will preserve the original “Hollywood Bread Building” sign on the property. The developer is also planning to replace a rundown strip mall located close to the Bread Building with two modern towers on the east side of Young Circle. The project will include residential living, shops, restaurants, office space and a skywalk connecting the two towers. Both projects together will represent a direct investment of over $500 million in Hollywood’s Young Circle neighborhood. Steve Kohn, Chris Moyer, Brad Capas, Zachary Kraft and Ricky Giles of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented BTI in the …
Atlanta is a hot spot for investing in multifamily assets as the market emerges from the COVID-19 pandemic. The apartment market’s fundamentals, including occupancy and rent growth, have held up considerably well, making the market extremely attractive to buyers. Because the Atlanta market has an abundance of capital looking to be deployed, prices are being driven up significantly and cap rates driven down. Multifamily has outperformed many other commercial real estate sectors during the pandemic, considered a “hot-ticket asset class” by investors, which leads to new capital swarming the Atlanta apartment market. Many multifamily properties are now routinely trading at a sub-4 percent cap rate, indicative of the vast amount of available capital and the confidence that investors have in the product type. However, rather than clearing the market and searching for as many prospective buyers as they can, sellers are looking at a smaller subset of dominant, well-known investors that they know will deliver and get the transaction done. They are seeking six to 12 well-recognized, established players that can execute a deal at top prices. It is an extremely competitive process, and all buyers know they have to swing high on pricing. Oftentimes, no one broker is selected …
CHARLESTON, S.C. — Trinity Capital Advisors (TCA) has begun construction of Tradepark East at Palmetto Commerce Parkway, an 850,000-square-foot, Class A industrial development in Charleston. The project is slated to be completed in 2022. Tradepark East will include four buildings. Building One, the park’s largest building, will be cross-docked and will total 342,160 square feet with 36-foot clear heights. Buildings Two and Three will total 174,720 square feet each and Building Four will span 145,600 square feet. Frampton Construction is the general contractor for Tradepark East, DMA Architecture is the design firm and Reveer Group serves as the civil engineer. Trinity Capital Advisors is a commercial real estate development and investment firm based in Charlotte, N.C.
CHANTILLY, VA. — Finmarc Management Inc. has acquired Park East I, II and III, a three-building business park in Chantilly comprising nearly 200,000 square feet of flex and office space, for $33.6 million. Eric Berkman of Cushman & Wakefield represented the seller, PS Business Parks, and Joe Hoffman of Kelley Drye & Warren provided legal services to Finmarc. The Park East buildings are located on 23 acres in Fairfax County and were collectively 96 percent leased at the time of the transaction. The properties include a nearly 6.5-acre parcel that is suitable for a future development opportunity. Contained within the Park East Corporate Center, Park East I is located at 14150 Parkeast Circle, Park East II is situated at 14048 Parkeast Circle and Park East III is positioned at 13990 Parkeast Circle. Each building features both drive-in and dock-high loading options and free onsite parking. The properties are located close to Va. Routes 28 and 50 and Interstate 66, and Washington Dulles International Airport is approximately 9.4 miles from the site. The project features a mix of tenants including American Systems Corp., the Fairfax County Board of Supervisors and United Bank. Two golf clubs are located less than one mile …
WASHINGTON, D.C. — BKV Group has opened Beckert’s Park, a 2.8-acre mixed-use project featuring 325 apartments and a new 60,000-square-foot Safeway grocery store, in the Capitol Hill neighborhood of Washington, D.C. Located at the corner of 14th Street and D Street SE, the development has replaced a parking lot and existing Safeway store that stood on the site for nearly 50 years. BKV Group worked with developer Foulger-Pratt to create a design for the Beckert’s Park project. The building is a single structure that includes residential units, the upgraded Safeway store and 8,000 square feet of commercial space. Additionally, the property offers underground parking for residents and Safeway customers. Residences at Beckert’s Park include studio, one-, two- and three-bedroom units ranging from 495 to 1,706 square feet, some with private outdoor space. All apartment units feature quartz countertops, customizable closets and in-unit laundry, and some include moveable kitchen islands and double sinks in the primary bathrooms. Community amenities include an outdoor pool, seating, cabanas, dining areas and grilling stations. Indoor amenities include a lobby with lounge seating and coworking space; clubroom with catering kitchen; game room; fitness center; golf simulator and a pet-washing station. Also, a multifunctional indoor sport court …
OXFORD, MISS. — Newmark has arranged the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road near the University of Mississippi campus in Oxford. The community offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, 24-hour computer lab with study areas, and a fully-equipped 24-hour fitness center. Renovations were recently completed on 41 percent of the property’s units, which included the addition of new granite countertops, hardwood-style flooring and new appliances, faucets and sinks. The property’s clubhouse was also recently updated. Ryan Lang, Jack Brett and Bo Flurry of Newmark represented the undisclosed seller in the transaction. The buyer was DLP Holdings. This is the second student housing transaction Newmark has executed in Oxford this year, following the sale of the nearby The Retreat at Oxford.