Southeast

StoneBridge Acquires Gramercy at Town Center Apartments in Columbia, Maryland for $67M

by Julia Sanders July 7, 2021

COLUMBIA, MD. — StoneBridge Investments has acquired Gramercy at Town Center, a 210-unit apartment community in Columbia, for $67 million. Martha Hastings and Bill Roohan of CBRE represented the sellers, Prudential Global Investment Management and Bozzuto, in the transaction. Maxi Leachman and David Webb, also with CBRE, arranged financing on behalf of StoneBridge. The financing was a Freddie Mac loan of about $43 million. Built in 1998 at 10601 Gramercy Place, Gramercy at Town Center features a mix of one-, two- and three-bedroom apartments. StoneBridge plans to make improvements to the clubhouse and pool, building exteriors and interior unit upgrades such as faux wood flooring, updated finishes and technology packages. Each unit has a private balcony or patio, individual side-by-side washer and dryer and a walk-in closet, and some of the units also offer gas fireplaces and built-in computer niches. The kitchens feature stainless steel appliances, granite countertops, hardwood flooring and breakfast bars. Community amenities include a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite and private garages.

July 7, 2021

Florida Loans Multifamily Southeast

Trez Capital Provides $64.7M Construction Loan for Elevate Apartments in South Florida

by Julia Sanders July 7, 2021

DANIA BEACH, FLA. — Trez Capital has provided a $64.7 million loan to help fund construction of Elevate Apartments, a 293-unit, mid-rise multifamily community underway in Dania Beach. Miami-based Royal Palm Cos. is the developer for the project. The project is slated for completion in two years. The financing provided was a non-recourse, three year term loan. Located at 600 E. Dania Beach Blvd., Elevate will have studio, one- and two-bedroom units ranging in size from 700 square feet to 1,000 square feet. Community amenities will include a pool deck, fitness center and storage space for water sports equipment. Ben Jacobson of Trez Capital’s Palm Beach office originated the loan on behalf of Royal Palm Cos. Trez Capital is funding residential and multifamily developments throughout Florida. In February 2021, the company financed a $70 million construction loan for Block 40, a rental building totaling 273 units in nearby Hollywood.

July 7, 2021

Acquisitions Georgia Multifamily Southeast

Radco Sells Spalding Bridge Apartment Community in Atlanta for $38.5M

by Julia Sanders July 7, 2021

ATLANTA — The Radco Cos. has sold Spalding Bridge, a 192-unit multifamily complex located at 47 Spalding Trail NE in Atlanta. Chicago-based 29th Street Capital bought the property for $38.5 million. Derrick Bloom and David Gutting of Newmark brokered the transaction. Built in 1984, Spalding Bridge includes one-, two- and three-bedroom apartments with fully equipped kitchens, washer/dryer connections, balconies and extra storage. Community amenities also include an outdoor lounge with a fire pit, bark park, pool with sundeck, tennis courts, fitness center with free weights and BBQ picnic areas. Atlanta-based Radco acquired the property in 2015. The apartment complex offers access to Ga. Highway 400 and Interstate 285. The property is nearby recreational areas such as the Chattahoochee River, Dunwoody Nature Center, Steel Canyon Golf Club and Big Trees Forest Preserve.

July 7, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges Sales of Two Birmingham Apartment Communities Totaling $21.5M

by Julia Sanders July 7, 2021

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $21.5 million sale of two apartment communities in Birmingham totaling 289 units located. Andrew Brown, Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Arcan Capital, in the transaction. 3MC Capital Partners, a real estate private equity firm, acquired the properties. Valley Crest, which includes 176 units, sold for $13.3 million, and Park on Valley, which spans 113 units, sold for $8.2 million. Valley Crest is located at 316 Beacon Crest Lane and was built in 1979. Park on Valley is located at 741 Barcelona Court and was built in 1973. Community amenities at both include a pool, laundry facilities, clubhouse, picnic area and an onsite property manager. Units include washers and dryers and dishwashers. Both of the properties were 99 percent occupied at the time of sale. The communities are situated between downtown Birmingham and the municipalities of Homewood and Vestavia Hills. The properties are both close to the University of Alabama at Birmingham.

July 7, 2021

Acquisitions Florida Healthcare Office Southeast

Marcus & Millichap Brokers $4.8M Sale of Medical Office Property in Miami

by Julia Sanders July 7, 2021

MIAMI — Marcus & Millichap has brokered the $4.8 million sale of a three-story, 15,250-square-foot medical office property located at 1790 Coral Way in Miami. Douglas Mandel and Adam Klein of Marcus & Millichap represented the seller. Miami-based L2 Partners, a limited liability company, was the seller. The seller will occupy about 30 percent of the building. The property’s corner location is directly on the south side of the historic Coral Way Corridor that connects Coral Gables and Miami. The property is also close to both Brickell and Coral Gables. The building is on about one-third of an acre. In 2018, the property had a full renovation including a new roof, hurricane-impact windows and exterior painting, as well as common area and mechanical upgrades. The office features onsite covered parking, gated and fenced grounds, impact windows and doors, secured access and modern finishes.

July 7, 2021

Acquisitions Georgia Single-Family Rental Southeast Tennessee

GTIS Partners Sells Single-Family Rental Portfolio for $300M

by Julia Sanders July 6, 2021

ATLANTA AND NASHVILLE, TENN. — GTIS Partners has sold a single-family rental (SFR) portfolio spanning 1,081 homes located in Atlanta and Nashville to an undisclosed buyer for approximately $300 million. GTIS first entered the SFR space in 2012. Since then, the New York-based firm has owned and/or managed over 4,700 SFR homes scattered across nine markets. Additionally, GTIS has seven build-to-rent projects under construction in Phoenix and South and Central Florida. The developments total 1,370 units and will cost about $340 million to bring on line.

July 6, 2021

Hospitality Loans Southeast Virginia

Preston Hollow Capital Provides $34M Construction Financing for Highlander Hotel at Radford University in Virginia

by Julia Sanders July 6, 2021

RADFORD, VA. — Preston Hollow Capital has provided $34 million in construction financing for The Highlander, a 124-room on-campus hotel in Radford. Preston Hollow worked with Radford University and the Radford University Foundation to secure the financing. Preston Hollow’s investment includes a $34 million Sustainability Bond, which is a designation that allows investors to invest directly in obligations that finance socially beneficial and sustainable projects. Sustainability Bonds were adopted based upon sustainability framework guidance from the International Capital Markets Association and the United Nations Sustainable Development Goals. Located at 700 E Main St., The Highlander will serve Radford University’s new hospitality program. The Highlander will also feature a rooftop restaurant and a 4,000-square-foot conference space, which the university will use to host business conferences, expos and events. The Highlander is slated to be complete by 2022. The borrower is Provident Resources Group, the not-for-profit owner of The Highlander. SB Ballard Inc. is the general contractor, and Blur Group is the architect. Aimbridge Hospitality will manage the Highlander upon completion. Preston Hollow Capital is a Dallas-based independent specialty municipal finance company that supports local communities through infrastructure financing.

July 6, 2021

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires Louisville Airport Distribution Center for $32.1M

by Julia Sanders July 6, 2021

LOUISVILLE, KY. — JLL Income Property Trust has acquired Louisville Airport Distribution Center, a newly constructed industrial property located in the Southside/Airport industrial submarket in Louisville. The facility totals approximately 284,000 square feet. The property is within five miles from distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The Chicago-based REIT purchased the property for $32.1 million from an undisclosed buyer. This acquisition is JLL Income Property Trust’s second in Louisville after purchasing Louisville Distribution Center earlier this year. Louisville Airport Distribution Center is located close to several interstates, including Interstates 24, 64, 65, 71 and 75. The center is 2.5 miles from GE Appliance Park. Built in 2020, the center is fully leased to Haier US Appliance Solutions, which is an affiliate of local heavyweight GE Appliances, and Derby Industries. The leases carry a weighted average term of 5.1 years. The property includes modern features such as 36-foot clear heights, LED lighting and HVAC throughout.

July 6, 2021

Georgia Multifamily Southeast

Preferred Apartment Communities Purchases Ellison Apartments in Metro Atlanta

by Julia Sanders July 6, 2021

KENNESAW, GA. — Preferred Apartment Communities Inc. (PAC) has purchased The Ellison, a 250-unit, newly built multifamily community in the northern Atlanta suburb of Kennesaw. The sales price and seller were not disclosed. Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2021, The Ellison is located at 1650 N Roberts Road, about 3.5 miles from Kennesaw State University and 7.3 miles from Chattahoochee Technical College. Community amenities include a saltwater pool with sun decks, fire pit, fitness center, resident lounge with gaming tables and a coffee bar, bark park and paw spa, electric car charging stations and bike storage. The Ellison is currently 100 percent occupied. PAC is an Atlanta-based real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties.

July 6, 2021

District of Columbia Retail Southeast

NRF Revises US Retail Sales Forecast for 2021 Upward Based on Encouraging Economic Factors

by Julia Sanders July 6, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) predicts U.S. retail sales in 2021 will increase between 10.5 to 13.5 percent over last year to a range of $4.44 trillion and $4.56 trillion. These predictions are higher than the initial 2021 forecast the organization made in February that was between 6.5 percent and 8.2 percent growth and a total between $4.33 trillion and $4.4 trillion. In the beginning of 2021, the economy was looking more positive for the retail industry, but there were still pandemic restrictions and limitations on businesses. However, states across the country have lifted these pandemic restrictions, allowing for business for retailers to flourish. Jack Kleinhenz, NRF’s chief economist, says the economy is growing at an accelerating rate due to months of pent-up demand from people being stuck inside their homes for a year. The NRF does not revise retail sales’ forecasts often, but the numbers had improved so much since February that they needed to, according to Kleinhenz. The first five months of 2021 showed retail sales were 17.6 percent higher than the same time period the year before, which meant the numbers already surpassed the original forecast of retail sales. Additionally, retail sales in May …

July 6, 2021

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