Southeast

Manufactured Housing Communities Garner Investor Interest

by Sarah Daniels September 22, 2021

Interest in affordable paths to homeownership and the growing popularity of lower density living are raising the profile of the manufactured housing option among American households and investors. At the same time, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are making concerted efforts to better serve this historically underfinanced market at both the individual homeowner and community levels. The combination of robust cash flow growth (particularly in Sunbelt and Western markets), cap rate compression, and liquidity provided by the GSEs makes a compelling case for manufactured housing community (MHC) acquisitions and refinances. As increased competition has left market participants looking for an edge amidst compressing cap rates, the importance of working with an experienced MHC lender with access to short- and long-term loan programs has become more apparent. The following provides an in-depth analysis of the recent performance of rental MHCs, sales volume and pricing trends, and loan and underwriting trends in the MHC space. The Performance of the Site Rental Market The COVID-19 pandemic affected American housing preferences in profound ways. Increasingly, households are seeking lower density options with larger floor plans, home offices, and dedicated space for entertaining or distanced learning. This phenomenon …

September 22, 2021

Development Multifamily North Carolina Southeast

Capital Square to Develop $121M Multifamily Tower in Raleigh’s Warehouse District

by Julia Sanders September 21, 2021

RALEIGH, N.C. — Capital Square plans to develop a 20-story multifamily tower at 320 W. South St. in Raleigh’s Warehouse District. The 297-unit development is slated for completion by June 2024. Capital Square plans to break ground on the approximately $121 million project in April 2022. The development will offer studios, one-, two- and three-bedroom units. The apartment community will also feature 8,384 square feet of ground-floor commercial space, as well as an adjacent, standalone parking tower with 437 parking spaces. Community amenities will include a swimming pool, rooftop lounge, coworking space and a fitness center. The property is situated at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh. The apartment community will be close to the RedHat Amphitheater and Raleigh Convention Center and will be situated adjacent to U.S. Highway 70. CSRA Opportunity Zone Fund VI, Capital Square’s project-specific fund seeking to raise $48.5 million from accredited investors and a minimum investment of $100,000, will provide part of the financing for the project.

September 21, 2021

Acquisitions North Carolina Office Southeast

Trinity Partners Arranges Sale of One & Two Fairview Center in Charlotte’s SouthPark Area

by Julia Sanders September 21, 2021

CHARLOTTE, N.C. — Trinity Partners has arranged the sale of One & Two Fairview Center, a 182,841-square-foot, two-building office park in Charlotte’s SouthPark office submarket. The buyer was an entity affiliated with Taurus Investment Holdings, a Boston-based global private equity real estate firm. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of CapRidge Partners. The sales price was not disclosed. One & Two Fairview Center was approximately 93 percent occupied at the time of sale. After purchasing the properties in early 2019, CapRidge executed a capital improvement, spec suite and leasing plan. The property is located right across from SouthPark Mall, which features over 150 stores including Dillard’s, Macy’s, Belk, Nordstrom, Dick’s Sporting Goods and Victoria’s Secret. Trinity Partners leased One & Two Fairview Center on behalf of CapRidge, an Austin, Texas-based real estate investment firm.

September 21, 2021

Acquisitions Florida Loans Office Southeast

Knighthead Funding Provides $50M Acquisition Loan for Office Portfolio in Downtown West Palm Beach

by Julia Sanders September 21, 2021

WEST PALM BEACH, FLA. — Knighthead Funding LLC has provided a $50 million loan for the acquisition of a three-property office portfolio in downtown West Palm Beach. The financing is a 48-month, interest-only loan. The borrower, Morning Calm Management, is buying the portfolio from an undisclosed seller. The three office buildings, which are located at 224 Datura St., 324 Datura St. and 319 Clematis St., are located within one mile of each other. The properties range in size from four to 15 stories and total 234,902 square feet. Collectively, the portfolio is approximately 80 percent leased. A portion of the loan proceeds will be used toward capital improvements, as well as leasing costs.

September 21, 2021

Alabama Loans Multifamily Southeast

Dwight Capital Funds $29M Loan for Monte Sano Terrace Apartments in Huntsville

by Julia Sanders September 21, 2021

HUNTSVILLE, ALA. — Dwight Capital has provided a $29 million loan for Monte Sano Terrace, a 324-unit apartment complex located in Huntsville. The property includes 23 garden and townhome-style buildings, as well as a clubhouse and leasing office. Located on over 25 acres at 125 Ridgegate Place, Monte Sano Terrace is situated about 2.3 miles from downtown Huntsville. Built in 1988, the community was 96 percent occupied at the time of the transaction. Community amenities feature a fitness center, swimming pool, business center, sports court, dog park, picnic area and a playground. The refinancing is a HUD 223(f) loan. The loan benefitted from a green mortgage insurance premium (Green MIP) reduction set at 25 basis points because the property qualifies as green/energy efficient housing. Brandon Baksh and Daniel Malka of Dwight Capital originated the loan on behalf of the borrower and property owner, Tibs Realty.

September 21, 2021

Acquisitions Florida Retail Southeast

Avanti Way Capital Acquires Shoppes at Lake Mary in Metro Orlando for $8.4M

by Julia Sanders September 21, 2021

LAKE MARY, FLA. — Avanti Way Capital has acquired Shoppes at Lake Mary, a 37,685-square-foot shopping center located at 101 N. Country Club Road in Lake Mary. Avanti Way Capital purchased the 4.6-acre development from Miami-based real estate investment firm, Galium Capital, for $8.4 million. New York-based Morgan Stanley provided a $5.4 million acquisition loan for the sale. Dan Gorczycki and Peter Stobierski of TrueRate Services arranged the loan. Located off Lakeview Avenue and State Road 15, Shoppes at Lake Mary was originally built in 1985 and is situated about 19 miles from downtown Orlando. The shopping center was 94 percent leased at the time of sale to tenants including Lake Mary Dry Cleaners, Debs Kitchen, Lighthouse Seafood, Morganic Meats and Foxcase LLC. The property has 175 parking spaces. Avanti Way Capital is a Miami-based real estate asset management firm with roughly $1 billion worth of properties in Florida.

September 21, 2021

Development Industrial North Carolina Southeast

Frampton Construction Breaks Ground on 204,000 SF Industrial Building in Knightdale, North Carolina

by Julia Sanders September 20, 2021

KNIGHTDALE, N.C. — Frampton Construction Co. LLC has broken ground on the final building within Eastgate 540, an industrial park in the Raleigh suburb of Knightdale. The facility is the seventh building in the park and the fourth built by Frampton. Eastgate 540’s final building will be a 204,000-square-foot industrial facility with features including 32-foot clear heights, 50 dock doors and two drive-in doors. The property will feature concrete tilt walls and a structural steel frame. Eastgate 540 is located beside Interstate 540 in Raleigh’s East Wake submarket and totals 1.2 million square feet. The developer, Trinity Capital Advisors, has sold three buildings at Eastgate 540, and there are agreements in place for the disposition of the four remaining buildings once construction and delivery near completion. Merriman Schmitt Architects completed the design for the buildings, and Advanced Civil Design Inc. provided civil engineering services. Construction for the final building is expected to finish in May 2022.

September 20, 2021

Acquisitions Florida Office Southeast

JLL Arranges $37.3M Sale of Medical Office Property in South Florida

by Julia Sanders September 20, 2021

BOYNTON BEACH, FLA. — JLL has arranged the sale of 3301 Quantum, a 100,000-square-foot medical office property in Boynton Beach. Apex Capital purchased the property for $37.3 million. Hermen Rodriguez, Matthew McCormack, Ike Ojala and Max Lescano of JLL represented the seller, a partnership between Fox Ridge Capital LLC and developer/investors Joshua Schrager and Daniel Schwartz, in the transaction. 3301 Quantum is a two-story office building that was recently renovated in 2021. Improvements made by the previous ownership included elevators, HVAC systems, restrooms, common areas and roofing. The property is a single-tenant, triple-net leased property fully leased to NYU Grossman School of Medicine, which operates a division of the NYU Langone Health System onsite. The facility will soon house approximately 900 employees who facilitate the billing, scheduling and telemedicine services for the healthcare group. 3301 Quantum Blvd. sits on an 8.2-acre site within the Quantum Office Park in the center of Palm Beach County. The property is close to Interstate 95 and is located 15.1 miles from West Palm Beach.

September 20, 2021

Acquisitions North Carolina Retail Southeast

Katz Properties Retail Acquires Amberly Place Shopping Center in Cary, North Carolina for $28.4M

by Julia Sanders September 20, 2021

CARY, N.C. — Katz Properties Retail, a New York-based real estate firm, has acquired Amberly Place, a 77,675-square-foot shopping center located in Cary. Dennis Carson, Casey Rosen and Mike Burkard of CBRE represented the St. Petersburg, Fla.-based seller, The Sembler Co. The sales price was $28.4 million. Amberly Place is 98.6 percent leased and anchored by a 50,280-square-foot Publix grocery store. The Publix has been an anchor at Amberly Place since the property was constructed. Built in 2018, Amberly Place is situated at 10225 Green Level Church Road just two miles from Apple’s new Raleigh campus.

September 20, 2021

Acquisitions Kentucky Multifamily Southeast

Kirkland Negotiates Sale of 105-Unit Apartment Community in Bowling Green, Kentucky

by Julia Sanders September 20, 2021

BOWLING GREEN, KY. — The Kirkland Co. has negotiated the sale of The Enclave, a 105-unit multifamily complex located in Bowling Green. Brian Devlin, Brandon Wilson and John Seale of Kirkland brokered the transaction between the buyer, JBT Partners LLC, and the seller, Village Green Apartment Partners LLC. The sales price was $8 million. Built in 1964, The Enclave includes studios, one- and two-bedroom floorplans with a monthly rent range of $739 to $929, according to Apartments.com. The units include walk-in closets, granite countertops, stainless steel appliances and a patio. Community amenities include a pool, laundry facilities, grill, storage space and a property manager onsite. Located at 1132 Fairview Ave., the property is close to retailers including Burger & Bowl, Hibachi Grill & Supreme Buffet, China Express and Shell. The property is also about 0.3 mile from the Fairview Plaza Shopping Center.

September 20, 2021

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