Southeast

Franklin Street Negotiates $56M Sale of Multifamily Community in Tampa Bay Area

by Julia Sanders June 29, 2021

ST. PETERSBURG, FLA. — Franklin Street has negotiated the sale of Osprey Pointe Apartments, a 517-unit, garden-style multifamily community in St. Petersburg. The property sold for $56 million, or $108,317 per unit. Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese of Franklin Street brokered the off-market transaction between the seller, Des Moines, Iowa-based BH Equities, and the buyer, New York-based Axonic Properties LLC. Osprey Pointe offers one-and two-bedroom units ranging from 625 to 1,058 square feet. Community amenities include onsite professional management and maintenance, a tennis court, fenced playground area, dog park and a swimming pool and sundeck. Located at 1900 55th Ave. South, the community is situated in south St. Petersburg, and is close to Interstate 275 and U.S. Highway 19. The apartment complex is 5 miles from downtown St. Petersburg, 7.5 miles from St. Pete Beach and 28 miles from Tampa. Axonic Properties, managed by Jonathan Shechtman and Brian Kennedy, is a private equity owner, operator and asset manager of residential properties, focused on acquiring assets throughout Florida. The owner plans to make significant improvements to Osprey Pointe, which was built in 1974. Axonic Properties also currently owns and operates the adjacent 240-unit apartment community known as …

June 29, 2021

Acquisitions Development Florida Mixed-Use Southeast

Wharton Equity Partners, Cross Lake Partners Sell Development Site in Downtown Miami for $46M

by Julia Sanders June 29, 2021

MIAMI — Wharton Equity Partners and Cross Lake Partners LP have sold a 92,972-square-foot development site located at 16 SE 2nd St. in downtown Miami. Colliers International’s Urban Core Division facilitated the $46 million sale of the full city block, known as Miami Center. The property is currently home to a parking lot. Mika Mattingly of Colliers and Robert Given of Cushman & Wakefield represented Wharton Equity Partners and Cross Lake Partners in the sale. Estrella Perez with EP Realty Group Inc. represented the buyer, a South American family office known as Enrique Manhard. The zoning designation for the property allows several uses, including residential, hotel, office and retail totaling 2 million square feet. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses.

June 29, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $43M Sale of MetLife-Occupied Office Building in Tampa

by Julia Sanders June 29, 2021

TAMPA, FLA. — Cushman & Wakefield has arranged the $43 million sale of Preserve VII, a 115,000-square-foot, Class A office building located at 18216 Crane Nest Drive in Tampa. Situated within a corporate office park called Highwoods Preserve, the four-story building is 100 percent leased to MetLife Corp., whose lease runs through October 2031. The building includes large windows and structured parking with a parking ratio of 4.5 per 1,000 square feet. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins and Robert Elms of Cushman & Wakefield represented the seller, Highwoods Properties Inc., in the transaction. New York City-based Sentinel Real Estate Corp. acquired the property.

June 29, 2021

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Secures $100.2M in Financing for Student Housing Portfolio Near Virginia Tech

by Julia Sanders June 28, 2021

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 …

June 28, 2021

Development Multifamily North Carolina Southeast

Hoar Construction Completes 33-Story Ellis Apartment High-Rise in Uptown Charlotte

by Julia Sanders June 28, 2021

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.

June 28, 2021

Development Florida Multifamily Southeast

Summit Contracting Group Breaks Ground on Mason Port St. Lucie Apartments in Southeast Florida

by Julia Sanders June 28, 2021

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.

June 28, 2021

Acquisitions Retail Southeast Virginia

Avison Young Brokers $14.2M Sale of Retail Center in Alexandria, Virginia

by Julia Sanders June 28, 2021

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.

June 28, 2021

Acquisitions Florida Mixed-Use Multifamily Southeast

BTI Partners, Bridge Investment Acquire Hollywood Bread Building in South Florida for $11M

by Julia Sanders June 28, 2021

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 …

June 28, 2021

Build-to-Rent Georgia Market Reports Multifamily Southeast Southeast Market Reports

Investors are ‘Swarming’ Atlanta’s Multifamily Market, Driving Pricing Up

by John Nelson June 28, 2021

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 …

June 28, 2021

Development Industrial South Carolina Southeast

Trinity Capital Advisors Begins Construction of 850,000 SF Industrial Park in Charleston

by Julia Sanders June 25, 2021

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.

June 25, 2021

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