Southeast

RangeWater Breaks Ground on 353-Unit Apartment Community in Nashville

by Julia Sanders September 16, 2021

NASHVILLE, TENN. — RangeWater Real Estate has broken ground on a 353-unit apartment community in Nashville’s River North Development District, a former industrial neighborhood undergoing revitalization. The project is RangeWater’s 100th development. Located at 201 Cowan St., the apartment project will include studio, one- and two-bedroom apartments located close to downtown Nashville and Germantown. When completed, the apartments will have two floors of amenities and a sky lounge with views of downtown Nashville. Community amenities will include a listening lounge with recording equipment for musicians and a pool deck atop a green rooftop space. The apartments will feature nine-foot ceilings and modern finishes with stainless steel appliances, quartz countertops and washer and dryer units in each residence. Groundbreaking will take place this month with first apartment homes delivering spring 2023. RangeWater is an Atlanta-based multifamily real estate company. The apartment project will be RangeWater’s second development in Nashville, with the first being The Gossett on Church in the city’s Gulch neighborhood.

September 16, 2021

Acquisitions Retail Southeast Tennessee

Palomar Group Brokers $7.8M Sale of Portland Village Shopping Center Near Nashville

by Julia Sanders September 16, 2021

PORTLAND, TENN. — The Palomar Group has brokered the sale of Portland Village, an 84,250-square-foot, grocery-anchored shopping center in Portland, about 40.2 miles north of Nashville. The undisclosed buyer, a private investor based in Greenville, S.C., bought the property for $7.8 million. The seller was Cincinnati-based Phillips Edison & Co. The Palomar Group represented the buyer and the seller in the transaction. Located at 112 W Knight St., Portland Village is about 11.3 miles from Franklin, Ky. The center was 94 percent leased at the time of sale to tenants including Cash Saver, Planet Fitness and Family Dollar. Built in 1975, Portland Village has had the current tenants for an average of 11.7 years. Cash Saver has been the anchor tenant since 1997.

September 16, 2021

Acquisitions Industrial Louisiana Southeast

Stirling Properties Purchases 140,000 SF Pepsi Distribution Center in Livingston, Louisiana

by Julia Sanders September 15, 2021

LIVINGSTON, LA. — Stirling Properties has purchased the Pepsi Distribution Center, a 140,000-square-foot industrial facility located at 28517 S. Front Road in Livingston. Heck Realty/Raymond Heck sold the property for an undisclosed price. Built in 2016, the Pepsi Distribution Center sits on 15 acres and is located along the Interstate 12 corridor. The facility is fully occupied by PepsiCo. Inc. and serves as a logistics hub for PepsiCo brands, including Gatorade, Frito-Lay, Starbucks and Mountain Dew. The facility services the greater Baton Rouge, New Orleans and southeast Louisiana areas. Townsend Underhill of Stirling Properties will serve as the asset manager for the property. Beezie Landry, Justin Langlois and Chad Rigby of Stirling Investment Advisors, a division of Stirling Properties, handled the sales transaction.

September 15, 2021

Development Mixed-Use North Carolina Southeast

White Point Unveils Plans for 125,000 SF Horseshoe at Hub RTP Mixed-Use Project in Durham

by Julia Sanders September 15, 2021

DURHAM, N.C. — White Point Partners has unveiled plans for a 125,000-square-foot mixed-use development in Durham called Horseshoe at Hub RTP. The name of the development emphasizes the layout of the project, with the buildings’ focus on the central plaza. Sitework at Hub RTP is expected to be completed in the second quarter of 2022, while the $50 million Horseshoe mixed-use project is expected to be complete in the third quarter of 2023. Horseshoe will be at the center of Hub RTP, a two-phase, 100-acre development that the Research Triangle Foundation is master developing within Research Triangle Park. Horseshoe, being built in Phase I of Hub RTP, will feature approximately 25,000 square feet of retail space surrounding an outdoor plaza. The master plan for Hub RTP will deliver up to 1 million square feet of Class A office space, 200,000 square feet of lab and office space, 75,000 square feet of retail and restaurants, up to two hotels and 800 residential units. Horseshoe is situated between Highway 54 and Interstate 40 directly off the Davis Drive exit. The property has 16 acres of greenspace with streamside trails and boardwalks, including a splash fountain and event lawn adjacent to Horseshoe. CBRE …

September 15, 2021

Acquisitions Maryland Multifamily Southeast

JLL Arranges Sale of 347-Unit Apartment Tower in Baltimore’s Inner Harbor District

by Julia Sanders September 15, 2021

BALTIMORE — JLL has arranged the sale of 225 North Calvert, a 347-unit, 17-story apartment tower in the Inner Harbor district of downtown Baltimore. Broadshore Capital Partners, in a joint venture with an undisclosed investment partner, purchased the property for an undisclosed price. Scott Clukies of Broadshore led the firm on the sales transaction. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, CP Capital US, formerly known as HQ Capital Real Estate. 225 North Calvert features a mix of one- and two-bedroom residences designed with floor-to-ceiling windows, balconies and an in-unit washers and dryers. Community amenities include a rooftop terrace with a swimming pool and lounge area, community game room, multimedia theater, health club, a pet exercise area and grooming stations. The property is located close to the National Aquarium, Oriole Park at Camden Yards and the Baltimore Ravens home arena, M&T Bank Stadium. The apartment community is also situated adjacent to Mercy Hospital. In 1967, 225 North Calvert was constructed as an office building, and in 2018, CP Capital completed a renovation converting the property to a Class A apartment tower. In addition to 347 apartment residences, the building also provides 9,535 square feet of …

September 15, 2021

Acquisitions Affordable Housing Arkansas Multifamily Southeast

DLP Capital Acquires 200-Unit Affordable Housing Community in Jonesboro, Arkansas

by Julia Sanders September 15, 2021

JONESBORO, ARK. — DLP Capital has acquired Stadium Place, a 200-unit affordable housing property located in Jonesboro. The addition of the community increases the number of DLP Capital-owned apartment homes in the greater Memphis area to 568 units. The sales price and seller were not disclosed. The buyer plans to rebrand the property as DLP Jonesboro. Built in 2000, DLP Jonesboro includes one-, two- and three-bedroom units across 10 buildings. Community amenities include a swimming pool, fitness center, playground, picnic areas and a basketball court. DLP Capital plan to make external and internal renovations and improvements throughout the community, including maintenance on HVAC systems, landscaping and drainage and replacing the roofs. Located at 3719 Stadium Blvd., the property is located near downtown Jonesboro’s major retail centers and restaurants and about 1.6 miles from Arkansas State University. The property is close to major highway routes and is about 70.6 miles from Memphis.

September 15, 2021

Development Multifamily North Carolina Southeast

PCCP, Abode to Develop Three Built-to-Rent Residential Communities Near Downtown Raleigh

by Julia Sanders September 15, 2021

RALEIGH, N.C. — PCCP LLC, in a joint venture with Abode Communities LLC, plans to develop three build-to-rent (BTR) communities near downtown Raleigh totaling 73 detached homes. The three inﬁll communities will include a mix of single-family homes and townhomes, complete with a variety of neighborhood amenities. The three properties will be located within a half-mile from Raleigh’s central business district. The joint venture closed on its ﬁrst site, Abode at Hargett, in August of this year. The two companies expect to acquire the remaining two sites — Abode at Courtland in Raleigh’s Mordecai District and Abode at North State in the city’s historic Oakwood district — by the beginning of 2022. Abode Communities is an operator of BTR and SFR communities and is based in Raleigh. PCCP is a real estate finance and investment management firm based in Los Angeles.

September 15, 2021

Development Mixed-Use Southeast Top Stories Virginia

JBG Smith Breaks Ground on $1B Virginia Tech Innovation Campus in Alexandria, Virginia

by Taylor Williams September 15, 2021

ALEXANDRIA, VA. — JBG Smith (NYSE: JBGS), a Maryland-based developer and REIT, has broken ground on the first building within the $1 billion Virginia Tech Innovation Campus at the university’s satellite campus in the Washington, D.C. area. The development is located about 275 miles from Virginia Tech’s main campus in Blacksburg. The 300,000-square-foot building will be situated on a 3.5-acre site within the Potomac Yard development. Construction of the first building is scheduled to be complete in advance of the fall 2024 academic semester. Plans for the campus call for the construction of two more academic buildings spanning 150,000 square feet each. When completed, the new academic building will provide instruction, research, office and support spaces for graduate-level programs in computer science and computer engineering, as well as other select programs. The building will also house experiential learning spaces, including flexible multipurpose areas and research and testing labs. Sasaki and SmithGroup led the design of the academic structure. JBG Smith is the master developer of the Innovation Campus and will also serve as the property manager and leasing agent for subsequent commercial and residential buildings within Potomac Yard. “This is a vibrant district, anchored by a new Virginia Tech campus, …

September 15, 2021

Affordable Housing Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Robust Memphis Apartment Demand Continues to Push Rents Across Classes

by John Nelson September 15, 2021

The Memphis multifamily market has recently captured attention from prospective buyers with some impressive statistics. With 2020 rent growth at 6.6 percent and year-to-date 2021 at 10.5 percent year-over-year, the metropolitan showed resiliency through a turbulent period as peer Sun Belt cities experienced stagnancy and even decreases in rents. This trend has put the metropolitan area on acquisition radars and garnered sales to new-to-market buyers looking to plant a flag in the market. But it raises questions concerning the longevity and sustainability of the rent growth. By taking a further look at the market’s fundamentals, economic drivers and rent trends across market segments, we can shed some light on this over-arching question. Logistics and healthcare Memphis’ stable 2020 and 2021 multifamily performance is grounded by an economy rooted in logistics and medical services. Within the Memphis metropolitan area, 42 percent of the workforce is in the transportation/logistics or education and health service industries, compared to a national aggregate of 20 percent. The growing reliance of these industries insulated the Memphis economy from the worst of repercussions stemming from the pandemic-induced recession. While quarterly wages decreased an average of 6.5 percent in peer markets in the second quarter of last year, …

September 15, 2021

Development Georgia Industrial Southeast

Seefried Breaks Ground on 800,590 SF Spec Industrial Development in Pendergrass, Georgia

by Julia Sanders September 14, 2021

PENDERGRASS, GA. — Seefried Industrial Properties has broken ground on Valentine 85 Logistics Center Building 2, an 800,590-square-foot speculative industrial building within Valentine Farms in Pendergrass. Located at 500 Valentine Industrial Parkway about 58.5 miles north of Atlanta, the Valentine 85 Logistics Center Building 2 is situated off Interstate 85 between two interchanges at GA Highways 82 and 11, which offers direct access to the building. FCL Builders is the general contractor of the modern bulk distribution center that will feature 40-foot clear heights, 134 trailer spaces expandable to 197, 336 car parking spaces, 153 dock doors and four drive-in doors. The building is slated to open for occupancy in September 2022. Seefried completed Phase I of Valentine 85 Logistics Center, which included an approximately 1 million-square-foot spec building, in August 2018. Hillwood Investment Properties purchased the building in 2018 for an undisclosed price. Doug Smith and Joseph Kriss of Seefried, as well as Scott Plomgren and Harrison Marsteller of Colliers International, will lead marketing efforts of Valentine 85 Logistics Center Building 2.

September 14, 2021

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