Southeast

Jamestown, Private Developers Partner to Redevelop North Charleston Navy Yard

by John Nelson March 30, 2021

NORTH CHARLESTON, S.C. — Jamestown, an Atlanta-based developer and owner of adaptive mixed-use developments around the world, has partnered with Southeast real estate developers William Cogswell and Jay Weaver to redevelop the 45-acre North Charleston Navy Yard. Decommissioned in 1996 but still home to dozens of companies, the waterfront campus will be reimagined into a 1.2 million-square-foot mixed-use neighborhood called Navy Yard Charleston. The project will add new office space, residences, shopping and dining to the nearby Park Circle neighborhood, as well as new green spaces, a concert hall and an outdoor events venue. The development team expects to break ground and begin renovations this year. No other construction timelines or associated costs were disclosed. While Navy Yard Charleston will go through extensive renovations, the team has made a commitment to preserve the area’s architectural detail and history, and bring new amenities to the community. The team also plans to establish a neighborhood employment program, which will reserve project-specific positions for local residents who live within the neighborhood and include a training program to help job seekers enhance their skills. Beginning its operation as a working dry dock in 1901, the Navy Yard maintained a naval presence on the North …

March 30, 2021

Acquisitions Alabama Multifamily Southeast

Marcus & Millichap Brokers $58.2M Sale of Two Multifamily Properties in Metro Birmingham

by Julia Sanders March 29, 2021

BIRMINGHAM AND HOOVER, ALA. — Marcus & Millichap has brokered the sale of two multifamily properties in the Birmingham area. The first property is Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.4 million, or $118,826 per unit. The second is Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.8 million, which represents $110,000 per apartment. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994. Jacobs represented the seller, the West Palm Beach, Florida-based Myers Apartment Group and procured the buyer, Carter Funds.

March 29, 2021

Acquisitions Maryland Multifamily Southeast

Harbor Stone Advisors Arranges $10.3M Sale of Apartment Community in Odenton, Maryland

by Julia Sanders March 29, 2021

ODENTON, MD. — Harbor Stone Advisors has arranged the $10.3 million sale of Highland Court Apartments, a 78-unit garden-style complex in Odenton. Justin Verner and Brooks Healy of Harbor Stone Advisors served as exclusive advisor and agent to the seller, Bethesda-based Outlier Realty Co., in addition to sourcing the buyer, Willow Creek Partners. The property sold for $132,051 per unit. Constructed in 1962, Highland Court Apartments includes one- and two-bedroom units with white or black appliances, wood cabinets, formica countertops, some dishwashers and garbage disposals. Community amenities include four onsite laundry rooms, a surface parking lot and a patio or balcony for each unit. Highland Court Apartments is located at 1221 Scotts Manor Court and is 16 miles away from Annapolis, 23 miles from Baltimore, 30 miles from Washington, D.C. and 15 miles from Columbia. The property is also less than four miles from Fort George G. Meade, Maryland’s largest employer, according to Harbor Stone Advisors.

March 29, 2021

Development North Carolina Office Southeast

Marsh Properties, Aston Properties to Develop 2825 South Office Project in Charlotte’s South End

by Julia Sanders March 29, 2021

CHARLOTTE, N.C. — Marsh Properties and Aston Properties are co-developing 2825 South, a Class A office building in Charlotte’s South End. The development is expected to break ground in September. 2825 South will be a six-story building located on South Boulevard at Elmhurst and Marsh roads. The property will total 138,780 square feet with 20,440 square feet of ground-level retail and four floors of office space atop a parking deck. Aston Properties will occupy 8,000 square feet of office space in 2825 South. The project’s general contractor, Samet Corp., plans to occupy 12,000 square feet. There is currently 77,000 square feet of office space available for lease. Designed by LS3P, 2825 South will include touchless automatic building entry doors, large main and elevator lobby suited for social distancing, UV CleanAir elevator air sanitization and filtration system and touchless restroom doors and fixtures, as well as advanced HVAC and air filtration systems. Aston Properties will handle leasing duties.

March 29, 2021

Acquisitions Louisiana Multifamily Southeast Student Housing

Landmark Properties Purchases 898-Bed Student Housing Property in Baton Rouge

by Julia Sanders March 29, 2021

BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark’s capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated adjacent to Tiger Land, an entertainment area for LSU students. The Exchange’s amenities include three resort-style swimming pools, four courtyards, bike storage, volleyball court, fitness center, cybercafé and game room. The Exchange also offers one- to four-bedrooms floorplans. Landmark plans to modernize the community. The purchase of The Exchange at Baton Rouge represents Landmark’s 11th acquisition in the past 18 months and its first transaction completed in partnership with Halstatt Real Estate Partners.

March 29, 2021

Alabama Industrial Loans Multifamily Southeast

Trillium Capital Arranges Financing for Multifamily Property, Industrial Facility in Phenix City, Alabama

by Julia Sanders March 29, 2021

PHENIX CITY, ALA. — Trillium Capital Resources has arranged financing for two real estate properties in Phenix City. The properties include Windsweep Luxury Apartments, a 108-unit apartment community, and a 103,680-square-foot industrial property. Trillium originated a $7.8 million Fannie Mae loan for Windsweep. The 10-year, non-recourse loan included a fixed 3.63 percent interest rate. The borrower was not disclosed. For the industrial transaction, Trillium arranged a $2.2 million loan through an unnamed regional bank on behalf of The Memory Co., a designer and marketer of licensed sports related gifts, collectibles and home décor. The five-year loan features a fixed 4.2 percent interest rate. Trillium Capital Resources is a commercial mortgage banking firm with offices located in Columbus, Ga., Atlanta and Jacksonville, Fla.

March 29, 2021

Affordable Housing Market Reports Multifamily Seniors Housing Southeast Southeast Market Reports Student Housing Tennessee

Multifamily Investors Await Clarity on Nashville’s Economic Recovery

by John Nelson March 29, 2021

Owners and buyers remain apart on pricing. Unlike some densely populated urban areas where the extent of the damage to local commercial real estate operations is unknown, the gap in Nashville persists due to uncertainty regarding the upside potential rather than downside risks. Owners are hesitant to list properties because the metro remains a safe portion of their portfolios. If this disconnect persists, pricing will return to pre-recession levels before many other areas of the country. In the early months of the COVID-19 pandemic, multifamily transactions slowed to almost a standstill. However, transaction velocity picked back up and made a strong rebound between the third and fourth quarters of 2020. Although total sales volume dropped from $1.9 billion in 2019 to $1.6 billion in 2020, it was still the third-highest sales output since 2010 and cap rates averaged 5 percent, down 28 basis points year-over-year. California-based investors represent the lion’s share of investment activity, purchasing over $650 million of assets in Nashville in 2020. We are seeing more cities buying into Nashville such as Virginia-based Snell Properties, which purchased Retreat at Iron Horse in the Nashville suburb of Franklin for $306,000 per-unit in September. San Antonio-based Embrey developed the Class …

March 29, 2021

Development Multifamily Southeast Top Stories Virginia

JBG Smith Starts Construction of Two Residential Towers at National Landing Near Washington, D.C.

by Julia Sanders March 26, 2021

ARLINGTON, VA. — JBG Smith has started construction of two residential towers at 1900 Crystal Drive in National Landing, a massive development project just across the Potomac River from Washington, D.C. The buildings will total 808 multifamily rental units and around 40,000 square feet of street-level retail across two mixed-use buildings in Arlington. A 27-story southern tower will feature 471 apartments, while the 26-story northern tower will include 337 apartments. 1900 Crystal Drive will feature a private rooftop and green spaces, as well as a pedestrian-friendly street that will serve as a connection between 18th and 20th streets. The property will also have neighborhood improvements such as enhanced streetscapes, a grand staircase connecting to public open space and public bike facilities. National Landing comprises three neighborhoods: Crystal City, Pentagon City and Potomac Yard, that spread across Arlington and neighboring Alexandria. In 2018, online retail giant Amazon choose National Landing for its new headquarters, and JBG Smith was hired as developer, leasing agent and property manager for the project. Amazon says it plans to hire around 38,000 employees in National Landing. Amazon’s growing presence in National Landing is expected to increase the daytime population in the submarket from approximately 50,000 people …

March 26, 2021

Acquisitions Alabama Florida Multifamily Southeast

DLP Real Estate Capital Acquires 1,086-Unit Multifamily Portfolio in Mississippi, Alabama

by Julia Sanders March 26, 2021

ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia. Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups. Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios. Prosper …

March 26, 2021

Acquisitions Kentucky NAI Office Southeast

NAI Isaac Brokers Sale of 120,000 SF Corporate Plaza Office Building in Lexington, Kentucky

by Julia Sanders March 26, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of 771 Corporate Drive, a 120,000-square-foot office building in Lexington. An entity doing business as Corporate Drive LLC sold the 10-story property was sold to a private, undisclosed buyer. Al Isaac of NAI Isaac represented the seller in the transaction. The price was not disclosed. The Corporate Plaza is located about four miles from Bluegrass Airport. The new property owner has retained NAI Isaac as the exclusive leasing agent and property manager for the building, marking over two decades of the local firm managing Corporate Plaza.

March 26, 2021

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