Southeast

Passco Acquires Harrison at Braselton Apartments in Buford, Georgia for $69M

by Julia Sanders August 24, 2021

BUFORD, GA. — Passco Cos. has acquired The Harrison at Braselton, a 248-unit apartment community in Buford, for $69 million. Claret Communities and The Ardent Cos. were the sellers. Transwestern Real Estate Services was the broker. Built in 2019, The Harrison at Braselton offers one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances, open-style floor plans, kitchen islands with bar seating, wood-style plank flooring and built-in desks topped with granite. The property was 97.9 percent occupied at the time of sale. Community amenities include a clubhouse, resident lounge, fitness center, outdoor lounge with fireplace and TV, pool, sundeck, two poolside grilling stations, package lockers, 24-hour emergency maintenance and a bark park and dog wash station. The property was fully leased at the time of sale. Located at 1500 Noble Vines Drive, the apartment property is situated about 42.1 miles north from downtown Atlanta and approximately 20.2 miles from Duluth. These properties include the Mill at New Holland, a 284-unit community in Gainesville, Ga.; The PARQ at Chesterfield, a 345-unit community in Chesterfield, Mo.; The Fitzroy at Chenal, a 294-unit community in Little Rock, Ark.; Altis Promenade, a 338-unit community in Tampa, Fla.; and The Collins, a 272-unit …

August 24, 2021

Acquisitions North Carolina Office Southeast

JLL Brokers $24M Sale of Suburban Office Property in Metro Raleigh

by Julia Sanders August 24, 2021

CARY, N.C. — JLL Capital Markets has brokered the $24 million sale of 6501 Weston Parkway, a 93,582-square-foot office property in Cary. Chris Lingerfelt, Ryan Clutter and Ryan Eklund of JLL represented the seller, Albany Road Real Estate Partners. NAI Tri Properties represented the buyer, an entity doing business as 6501 Weston LLC. 6501 Weston Parkway is a three-story office building that was fully leased at the time of sale to a diverse tenant roster including Time Warner Cable, Zift Solutions and Aerotek. The property is located on an 8.5-acre site close to Interstates 40 and 540 and about five miles south of Raleigh-Durham International Airport. Built in 1996, the property was renovated in 2016 with renovations to the the lobby, corridors and restroom with showers on the first floor.

August 24, 2021

Acquisitions Multifamily South Carolina Southeast

IMG Purchases 242-Unit Tapestry at Hollingsworth Park Apartments in Greenville

by Julia Sanders August 24, 2021

GREENVILLE, S.C. — Investors Management Group Inc. (IMG) has purchased the Tapestry at Hollingsworth Park, a 242-unit apartment property located at 201 Rocky Slope Road in Greenville. Raia Properties sold the community for an undisclosed price. Andrea Howard of NorthMarq represented both the buyer and seller in the transaction. NorthMarq also provided a Freddie Mac acquisition loan to IMG. Built in 2013, Tapestry at Hollingsworth Park includes 19 buildings with one-, two- and three-bedroom units averaging 1,105 square feet. The property is located within Verdae, a master planned urban community. Tapestry’s community amenities include a clubhouse with cyber cafe, coffee bar, library, outdoor kitchen and dining terrace, fitness studio, pool with cabana and a car care center. IMG plans to improve the apartment community through upgrades to unit interiors and community amenities. IMG is a California-based real estate investment and property management firm that has acquired more than $340 million in apartment properties since the start of the pandemic.

August 24, 2021

Build-to-Rent Loans Multifamily North Carolina Southeast

Tower Capital Arranges $19.1M in Financing for SFR Community in Metro Charlotte

by Julia Sanders August 24, 2021

CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages. An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option. Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix. Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.

August 24, 2021

Acquisitions Alabama Multifamily Southeast

Arch Cos. Sells Meadowbrook Apartments in Foley, Alabama for $6.8M

by Julia Sanders August 24, 2021

FOLEY, ALA. — Arch Cos. has sold Meadowbrook Apartments, a 60-unit multifamily property located in Foley, for $6.8 million. Andrew Brown of Cushman & Wakefield represented Arch Cos. in the transaction. The buyer was not disclosed. Located at 701 S. Juniper St., Meadowbrook Apartments is situated 11.6 miles from Gulf Shores Beach. The multifamily property offers two- and three-bedroom apartments. Community amenities include a laundry center, balconies and patios, washer and dryer connections in select units and a playground. Arch Cos. acquired the apartment community in April 2018 and has maintained an occupancy rate above 95 percent throughout its ownership. Arch Cos. is a New York-based real estate owner, operator and developer with a portfolio of more than 3.4 million square feet across the country. So far this year, Arch Cos. has acquired over 1,700 units in garden-style properties throughout the Southeast.

August 24, 2021

Acquisitions Company News Data Centers District of Columbia Industrial Life Sciences Maryland Office Southeast Texas Top Stories Virginia

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson August 24, 2021

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

August 24, 2021

Acquisitions Georgia Multifamily New York Southeast Student Housing

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

by Julia Sanders August 23, 2021

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.

August 23, 2021

Florida Loans Multifamily Southeast

BLD Group, GMF Capital Receive $210M Refinancing for Three Multifamily Properties in Florida

by Julia Sanders August 23, 2021

ORLANDO, MAITLAND AND FORT MYERS, FLA. — A joint venture between BLD Group and GMF Capital has received a $210 million loan for the refinancing of a three-property multifamily portfolio in Florida totaling 1,139 units. Eastdil Secured arranged the five-year, floating-rate loan through Brookfield Real Estate Financial Partners on behalf of the joint venture. The three apartments include the 403-unit M2 at Millenia in Orlando, the 300-unit 400 North in Maitland and the 436-unit Venetian in Fort Myers. Lincoln Property Co. manages all three communities, which were 96 percent leased at the time of sale. M2 at Millenia offers one-, two- and three-bedroom apartments. Located at 4206 Eastgate Drive, the property is situated adjacent to Millenia Mall and close to Florida’s Turnpike and Interstate 4. Community amenities include a private parking garage, clubhouse, business center, entertainment room, fitness center, outdoor dining and a Zen courtyard with a fireside lounge and waterfall. 400 North offers one-, two- and three-bedroom apartments with features such as plank flooring, granite countertops, stainless steel appliances, valet waste removal service and garage parking. Community amenities include a fitness center, elevators, pool, courtyard, outdoor grilling and dining area and onsite management. Located at 400 N Orlando Ave., …

August 23, 2021

Acquisitions Multifamily Southeast Tennessee

Capstone Arranges $39M Sale of Cedar Run Apartments in Memphis

by Julia Sanders August 23, 2021

MEMPHIS, TENN. — Capstone Apartment Partners has arranged the $39 million sale of Cedar Run Apartments, a 416-unit property in Memphis. The community sold for $93,750 per unit. Jonathan Hawks, Luke Searcy, Adam Klenk and Tyler Mayo of Capstone represented the seller, New York-based Emet Capital, in the transaction. Fortune Investment Group was the buyer. Built in 1975, Cedar Run includes one-, two- and three-bedroom apartment homes. Community amenities include a swimming pool, clubhouse, business center, playground, sports court, soccer field, Amazon lockers and picnic areas. The community was approximately 98.5 percent occupied at the time of sale. Located at 5958 E Point Drive, Cedar Run is situated in East Parkway Village directly off Bill Morris Parkway. The property is about 17.5 miles from downtown Memphis. Over the last four years, Emet has completed interior renovations on 279 of the units. Fortune plans to continue the renovation program on the remaining units. The renovated units feature wood-style flooring, new wood cabinetry, upgraded hardware and light fixtures, updated plumbing fixtures and fresh paint throughout.

August 23, 2021

Florida Leasing Activity Retail Southeast

MAB American Signs Publix to 48,387 SF Lease in Wynnehaven Beach, Florida

by Julia Sanders August 23, 2021

WYNNEHAVEN BEACH, FLA. — MAB American Management LLC has signed Publix to a lease to anchor Wynnehaven Plaza, MAB’s newest shopping center development located at the northwest corner of US Highway 98 and Rosewood Drive in Wynnehaven Beach. Wynnehaven Plaza will feature a 48,387-square-foot Publix store along with a 2,100-square-foot Publix Liquor store on 10 acres of land. In addition to Publix, MAB is now preleasing business storefronts in the eight-unit inline building adjacent to Publix, as well as a two-unit freestanding pad site. MAB recently broke ground on the project in July 2021 and is expected to complete the shopping center by 2022. The development cost for Wynnehaven Plaza is expected to exceed $20 million.

August 23, 2021

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