Southeast

DCP, Jonathan Rose Cos. Acquire Workforce Housing Community in District Heights, Maryland for $164M

by Julia Sanders November 16, 2021

DISTRICT HEIGHTS, MD. — Washington, D.C.-based Dantes Community Partners (DCP), in a joint venture with New York-based Jonathan Rose Cos., has acquired The Avanti Apartments. The 930-unit workforce housing community is located in District Heights, about 10.9 miles from Washington, D.C. Dragone Realty Investments and GMF Capital sold the property to the joint venture for $164 million. CBRE represented the sellers in the transaction. Built in 1960, The Avanti includes 26 apartment buildings with a mix of one-, two- and three-bedroom apartments. The property offers 372 new units of income-restricted housing. Twenty percent of units are affordable at 50 percent of area medium income (AMI) and another 20 percent of units are affordable at 80 percent AMI. Community amenities include two swimming pools, a two-story clubhouse, pool house, fitness center, business center, dog park, playground, jogging/walking trails and a picnic area. DCP and Jonathan Rose Cos. will implement resident services and programming and invest in capital improvements to upgrade resident amenities, enhance curb appeal and drive down utility costs and consumption through targeted eco-friendly improvements. Located at 6501 Hil-Mar Drive, the property is situated five miles from the Branch Avenue Metro Station and five miles from One Town Center, the …

November 16, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $67.2M Sale of Apartment Community in Madison, Alabama

by Julia Sanders November 16, 2021

MADISON, ALA. — Cushman & Wakefield has arranged the $67.2 million sale of The Alexandria, a 258-unit apartment community located in Madison. Andrew Brown, Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Florence, Ala.-based Bobo Development Group, in the transaction. The buyer was not disclosed. Built in 2021, The Alexandria offers one-, two- and three-bedroom floorplans with a unit size range of 654 to 1,356 square feet. The units feature in-unit washers and dryers, storage units, double vanities, granite countertops, stainless steel appliances, tile floors, walk-in closets and a balcony and deck. Community amenities include a car wash, cardio and yoga rooms, clubroom with kitchen, coworking business center, CrossFit center, dog grooming facility, bark park, electric car chargers, enclosed garages, package lockers and a swimming pool with poolside grilling area. The monthly rent ranges from $1,135 to $1,770, according to Apartments.com. Located at 1028 Balch Road, The Alexandria is situated off Highway 72. The property is 6.9 miles from Oakwood University, and 0.3 miles from the Madison Hospital.

November 16, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $47M Sale of Two-Property Retail Portfolio in Miami Gardens, Florida

by Julia Sanders November 16, 2021

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $47 million sale of a two-property, 198,885-square-foot retail portfolio in Miami Gardens. The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a Brooklyn-based private investment group. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail and service center anchored by Dollar General. The previous owners completed a remodeling project involving a new design façade, parapet sign improvements, new canopy roof, parking lot restriping and sealcoat resurfacing, new exterior LED lighting and landscaping improvements. Built in 1974, the property was 93 percent leased at the time of the sale to tenants including Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC. Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center that has been anchored by Price Choice Supermarket, a grocery chain, since 1997. The center is located on 11 acres at 4500-4698 NW 183rd St. and is situated at the same intersection as Las Villas Market Square. The …

November 16, 2021

Alabama Development Multifamily Southeast

Kalikow, EYC Open Anthem Luxury Rental Homes in Huntsville

by Julia Sanders November 16, 2021

HUNTSVILLE, ALA. — Westbury, N.Y.-based The Kalikow Group and EYC Cos., which has offices in Charleston and Raleigh, has opened Anthem Luxury Rental Homes, a multifamily community in Huntsville. Anthem offers single-family cottages with one-, two- and three-bedroom floorplans that include private porches, backyards and two-car garages. The property also includes apartments with one-, two- and three-bedroom units that include granite countertops, side-by-side refrigerators and vinyl plank flooring. The property also offers options for environmental control such as UV air purifiers and Wi-Fi thermostats, as well as keyless entry, valet trash and Google Fiber internet in every unit. Community amenities include a 5,590-square-foot clubhouse, indoor and outdoor social club with kitchen and lounges, a 1,000-square-foot fitness center, two heated saltwater pools, 24/7 package locker system, private micro-offices and a conference room. Located at 740 Plummer Road, the property is situated seen miles from downtown Huntsville, 7.3 miles from Alabama A&M University, 1.8 miles from Oakwood University and 5.8 miles from the U.S. Space & Rocket Center. The property is also located near several retailers and restaurants such as Publix, Target and Best Buy.

November 16, 2021

Alabama Development Loans Multifamily Southeast Student Housing

Ready Capital Closes $15M Loan for Student Housing Acquisition, Conversion in Birmingham

by Julia Sanders November 16, 2021

BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

November 16, 2021

Acquisitions District of Columbia Hospitality Southeast Top Stories

Reports: Trump Organization Agrees to Sell Washington, D.C. Hotel for $375M

by Taylor Williams November 15, 2021

WASHINGTON, D.C. — The Trump Organization has entered into an agreement with Miami-based investment firm CGI Merchant Group to sell its namesake hotel in the nation’s capital for $375 million, according to multiple news outlets including The Wall Street Journal, which broke the news. The Journal reports that the new ownership will remove the Trump name and signage from the 263-room luxury hotel, which opened in 2016 at 1100 Pennsylvania Ave., just a few blocks from The White House. The project was a redevelopment of a former U.S. Post Office building, which has served many functions since its construction in the late 1800s. Lastly, the business publication states that CGI Merchant Group has reached an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT) to operate the property under the Hilton Waldorf Astoria brand. The sale is expected to close in the fourth quarter, per the Journal. The hotel was valued at $212 million when it opened. At that time, the property housed the Benjamin Bar & Lounge, restaurant BLT Prime, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes a 4,000-square-foot presidential suite, which is located in the former Postmaster General’s office. …

November 15, 2021

Acquisitions Florida Multifamily Southeast

Cyclone Investment, Skywood Buy Three Multifamily Properties in Jacksonville for $96M

by Julia Sanders November 15, 2021

JACKSONVILLE, FLA. — New York-based Cyclone Investment Group, in a joint venture with Skywood Properties, has bought a three-property multifamily portfolio totaling 842 units across Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the seller, Los Angeles-based Oro Capital Advisors, in the $96 million sale. The three properties were Cross Creek Apartments, Riverview Apartment Homes and The Columns. Located at 1441 Manotak Ave., Cross Creek Apartments is a 29-building property featuring 292 apartments with an average size of 961 square feet. Community amenities include a pool, play area, laundry facility and gated access. Riverview Apartment Homes is a 21-building property that includes 304 apartments with an average size of 952 square feet. Located at 301 Caravan Circle, the property’s community amenities include a business center, picnic area with barbecue, swimming pool, playground, soccer court and laundry facilities. Located at 333 Laurina St., The Columns is a 29-building property that includes 246 apartments with an average unit size of 902 square feet. Community amenities include a swimming pool and laundry facilities. Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged a three-year bridge loan with Arbor Realty Trust on behalf of the buyer. The floating-rate financing is structured at …

November 15, 2021

Acquisitions Multifamily Southeast Virginia

29th Street Capital Acquires Multifamily Community in Alexandria, Virginia for $82M

by Julia Sanders November 15, 2021

ALEXANDRIA, VA. — 29th Street Capital (29SC) has acquired The Shelby, a 240-unit luxury apartment community in Alexandria near the Potomac River, for $82 million. The seller was not disclosed. Drew White and Carter Wood of Berkadia brokered the sale, and Mitch Sinberg, Brad Williamson and Wes Moczul of Berkadia arranged acquisition financing on behalf of Chicago-based 29SC. Built in 2014, The Shelby offers one- and two-bedroom floorplans with a unit size range of 573 to 1,263 square feet. The units feature in-unit washers and dryers, granite countertops, stainless steel appliances, hardwood floors and kitchen islands. Community amenities include 24/7 maintenance, a pool table, dog washing station, dog park, outdoor gas grilling station, bike storage, swimming pool and an electric car charging station. Located at 6200 N Kings Highway, The Shelby is about 1.4 miles from the Huntington Metrorail Station, 11.4 miles from Washington, D.C. and 5.8 miles from Ronald Reagan Washington National Airport. 29SC plans to make select interior and exterior upgrades to the property. 29SC’s in-house property management company, Haven Residential, will oversee management and leasing.

November 15, 2021

Loans Multifamily Southeast Virginia

Colliers Secures $41.9M in Financing for Multifamily Project in Richmond

by Julia Sanders November 15, 2021

RICHMOND, VA. — Colliers has secured a total of $41.9 million in debt and equity for Commodore, a 173-unit multifamily project in Richmond’s Manchester neighborhood. Jeremy Thornton, Andrew Gibson, Nicole Sayers and Evan Mannis of Colliers sourced a $27.5 million loan with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14.4 million in equity via an institutional partner. The lender and equity partner involved with the Commodore project were not disclosed. The seven-floor multifamily development will offer one-, two- and three-bedroom floorplans. The units will feature large windows and nine-foot ceilings with 80 percent of the units featuring balconies or terraces. Community amenities will include two stories of parking and bike storage, a pool, rooftop lounge, fitness center, two courtyards, dog wash and run and cold storage for grocery deliveries. The 173,000-square-foot project will also include 3,500 square feet of ground floor retail space. Construction is set to begin in the fourth quarter and slated for completion in the second quarter of 2023.

November 15, 2021

Acquisitions Industrial Southeast Virginia

Galloway Group Purchases 53,268 SF Industrial Property in Fairfax, Virginia

by Julia Sanders November 15, 2021

FAIRFAX, VA. — Galloway Group has purchased Spring Street Business Park, a 53,268-square-foot industrial property in Fairfax. Malcolm Shaw and Bill Wrench of Washington, D.C.-based Phillips Realty Capital secured $7.5 million in debt financing from Fairfax-based FVCbank as part of an $11 million capitalization. Multiple equity investors raised the funds, and Audeo Partners provided a major portion of the equity. Next-Realty Mid-Atlantic represented the Galloway Group in the transaction. Built in 1988, Spring Street Business Park is fully leased and features three adjacent buildings on a 2.9-acre parcel. The properties encompass a mix of industrial uses including warehouse, light industrial and service industrial. The park features 18-foot to 22-foot high ceilings with overhead insulated roll-up garage doors, tempered glass paneled entrance doors, tempered fixed windows and bays spanning approximately 2,180 square feet.

November 15, 2021

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