Wednesday, October 22, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Southeast

MAX Daytona
FloridaHospitalityLoansSoutheast

Avison Young Secures $30M Construction Loan for Vacation Rental Development in Daytona Beach

by Julia Sanders

DAYTONA BEACH, FLA. — Avison Young has secured a $30 million construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach. George Vail of Avison Young and his team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital acquired land with over 2,100 linear feet along the Atlantic Ocean, including the MAX Daytona site, as well as five acres of commercial property west of State Road A1A. MAX Daytona will feature a full-height glass exterior, open floor plans with private outdoor living space, rooftop terraces, mobile and contactless self-check-in and cloud-based operations.

Continue Reading
FacebookTwitterLinkedinEmail
Covington Town Center
GeorgiaLoansMixed-UseRetailSoutheast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

Continue Reading
FacebookTwitterLinkedinEmail
Bedford Manor
AcquisitionsAffordable HousingMultifamilySoutheastTennessee

CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M

by Julia Sanders

SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI). CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to finish in January 2022. CPP Housing plans to remodel the interior units to include new flooring, cabinets, countertops, appliances and lighting. The company also plans to make exterior improvements and security enhancements, such as improvements to the roofing, HVAC system, windows, lighting and security cameras. Americans with Disabilities Act units and ADA path of travel will also be updated as required by local jurisdictions. CPP Housing also plans to expand the property’s residential services to include programs such as health and wellness classes, financial literacy and food programs. CPP Housing is an affordable housing rehabilitation company with headquarters in Irvine, Calif., and Reston, Va.

Continue Reading
FacebookTwitterLinkedinEmail
Innovation Quarter
DevelopmentMixed-UseNorth CarolinaSoutheastTop Stories

Innovation Quarter Reveals Plans for 2.7 MSF Second Phase of Mixed-Use Campus in Downtown Winston-Salem

by John Nelson

WINSTON-SALEM, N.C. — Innovation Quarter (iQ), an entity that controls a 2.1 million-square-foot life sciences and higher education campus of the same name, has revealed plans for its second phase. The upcoming project will expand the mixed-use development in downtown Winston-Salem by 2.7 million square feet across 10 buildings. Set on a 28-acre site straddling Research Parkway, Phase II of iQ will include 1 million square feet of clinical, office and laboratory spaces, as well as up to 450 residential units and 30,000 square feet of retail and restaurant spaces. The second phase will also include 15 acres of green space headlined by Fogle Commons, a linear park that is anticipated to host outdoor events, as well as a half-mile extension of Long Branch Trail. “This new phase of development will create the same feel and aesthetic found in the Innovation Quarter today,” says Graydon Pleasants, head of development for iQ. “This mix of science and business, recreation and retail, green spaces and residential will bring even more vibrancy to this section of downtown Winston-Salem.” Chicago-based architectural firm Perkins + Will developed the master plan for the second phase with iQ. Wexford Science + Technology was a development partner for …

Continue Reading
FacebookTwitterLinkedinEmail
District of ColumbiaSoutheast

HUD Awards $1.1B in American Rescue Plan Funds for Emergency Housing Vouchers

by Julia Sanders

WASHINGTON, D.C. — The U.S. Department of Housing and Urban Development (HUD) has awarded the first portion of American Rescue Plan funds for Emergency Housing Vouchers (EHVs) to be utilized by individuals and families who are experiencing homelessness or at risk of homelessness. HUD is awarding $1.1 billion via 70,000 vouchers for 626 public housing authorities (PHAs) administering the agency’s Housing Choice Voucher Program. The voucher awards are part of the American Rescue Plan Act of 2021 (ARP), which enabled HUD and other agencies to allocate $5 billion in additional vouchers to PHAs. The EHV funding provides communities in need with resources that help those who are homeless or at risk of becoming homeless, as well as those fleeing or attempting to flee unsafe situations such as domestic violence, dating violence and/or sexual assault. The first portion of the EHVs will cover the cost of vouchers and related administrative costs, as well as costs needed to stay in the program for up to the first 18 months. After that, HUD says it will provide yearly funds to cover the cost of renewals in 12-month increments through Sept. 30, 2030 or until the $5 billion ARP allocation runs out, whichever comes …

Continue Reading
FacebookTwitterLinkedinEmail
Palmetto Blugg
AcquisitionsDevelopmentMixed-UseMultifamilySouth CarolinaSoutheast

Henderson Park, South Street Acquire 20,000-Acre Waterfront Resort Near Hilton Head

by Julia Sanders

PALMETTO BLUFF, S.C. — Henderson Park Capital Partners and South Street Partners have formed a joint venture to acquire Palmetto Bluff, a 20,000-acre resort in Bluffton that is surrounded by 32 miles of riverfront. The price was not disclosed. Palmetto Bluff features nature trails; two village centers complete with river access, boat storage and a canoe club; dining options; the Montage Palmetto Bluff resort; and a Jack Nicklaus Signature Golf Course. The land includes available residential neighborhoods ranging from multimillion-dollar compounds to single-family lots. The joint venture will oversee all aspects of development and management of the single-family residential and resort community. Working alongside Palmetto Bluff’s current leadership team and the Montage Hotels & Resorts leadership team, Henderson Park and South Street will bring extensive experience in sales, marketing, club and resort operations. The joint venture says it will release more information later on about future development plans.

Continue Reading
FacebookTwitterLinkedinEmail
801 Brickell
DevelopmentFloridaOfficeSoutheast

Nuveen Nears Completion of $55M Renovation at Three Office Properties in Miami

by Julia Sanders

MIAMI — Nuveen Real Estate is nearing completion of renovations at three of its office properties in Miami. The assets are located at 801 Brickell and 701 Brickell in the city’s Brickell financial district and at Waterford Business District, a 250-acre office hub that Nuveen co-owns with Allianz Real Estate. The capital improvements total $55 million in value and include digital, touchless features, new tenant amenities, building systems upgrades and other upscale renovations. The three office properties are slated to be complete by the first quarter of 2022. At 701 Brickell, an office tower in Miami’s Brickell financial district, JLL and Origin Construction are currently leading the remodel in progress. The renovations of the 685,835-square-foot tower comprises a complete remodeling of the main lobby with modern design features and furniture, the addition of a full-service fitness center, installation of touchless entry points and upgrades to the elevator port system to provide touchless access. As part of these capital improvements, an amenity floor was completed last year with a tenants-only lounge and conference center facility. Currently, 701 Brickell has tenants such as Holland & Knight, Kaseya, Expedia and the Greater Miami Convention & Visitors Bureau. The capital improvements on the other …

Continue Reading
FacebookTwitterLinkedinEmail
Hollywood Design Center
AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Arranges $9.9M Sale of Hollywood Design Center in South Florida

by Julia Sanders

HOLLYWOOD, FLA. — Cushman & Wakefield has arranged the $9.9 million sale of Hollywood Design Center, a fully leased, 57,383-square-foot industrial building in Hollywood. Dominic Montazemi, Mike Ciadella, Scott O’Donnell, Greg Miller and Miguel Alcivar of Cushman & Wakefield represented the seller, an entity doing business as Avid Asset Properties Hollywood LLC, in the transaction. Larry Genet and Tom O’Loughlin of CBRE also assisted the seller in the transaction. The buyer was an entity doing business as KD Properties Group LLC. Hollywood Design Center features two tenants on long-term leases. The center is the international headquarters for Silver Airways and houses the company’s training center, command center and executive offices. The other tenant is UHS Hardware, a national commercial and residential hardware supplier. UHS Hardware occupies the other half of the property and moved to Hollywood Design Center after outgrowing its old space nearby. Located at 2850 Greene St., the center features seven functional warehouse bays with 24-foot clear heights, LED lighting, air conditioning throughout and ESFR sprinkler systems. Built in 1968, the property features a new roof under warranty, multiple HVAC unit replacements, a resealed and restriped parking lot and cosmetic upgrades to the exterior façade.

Continue Reading
FacebookTwitterLinkedinEmail
Vista Brooklyn
DevelopmentFloridaMultifamilySoutheast

Bristol Development, Hallmark Partners Open 308-Unit Vista Brooklyn Apartments in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — Bristol Development Group and Hallmark Partners have opened Vista Brooklyn, an apartment community situated between Five Points and downtown Jacksonville. Located at 200 Riverside Ave. on the corner of Riverside Avenue and Jackson Street, Vista Brooklyn includes 308 units ranging from studios to three-bedroom apartments. The community offers common and coworking spaces and views of downtown Jacksonville and the St. Johns River. Community amenities include a rooftop pool, beer garden and gathering space, a yoga and meditation suite, onsite dog park and grooming, a bike shop and storage area and a high-tech fitness center. The community also features over 13,000 square feet of new retail space on the ground floor lining Riverside Avenue. The property has opportunities for a restaurant concept, coffee shop or other retail uses. Due to the COVID-19 pandemic, there were many health enhancements to the property, such as touchless faucets in the kitchen, antimicrobial quartz countertops throughout each unit and Bluetooth-enabled locks. Brasfield Gorrie served as the general contractor for Vista Brooklyn, ETM was the civil engineer and JDavis Architects as the architect. The property is currently open for leasing, and NAI Hallmark is the leasing agent of record for the development’s commercial …

Continue Reading
FacebookTwitterLinkedinEmail
Element apartments
Market ReportsMarylandMultifamilySingle-Family RentalSoutheastSoutheast Market Reports

Baltimore’s Stable Apartment Market Attracts New, Returning Buyers

by John Nelson

Consistent with much of the nation, the Mid-Atlantic region locked down at the onset of the COVID-19 pandemic in March 2020. However, by late August 2020 and throughout the first quarter of 2021, activity in the multifamily asset class picked up considerably. As operations stabilized and investors could better determine valuations, regional transaction volume quickly heated up as investors returned with pent-up demand. Aided in part by the continued government stimulus and rent regulation in the Mid-Atlantic, Baltimore’s durable “meds and eds” employment bases, anchored by the life sciences, medical, higher education and technology sectors, bolstered the region’s stability. The Baltimore multifamily market has performed in-line with comparable metropolitan areas in the Mid-Atlantic, with flat to moderate rent growth. Rents are expected to stagnate or struggle in response to heightened development occurring in Downtown Baltimore, Owings Mills and Towson, and the new supply may surpass demand in the near-term. Despite muted rent growth projections, transaction volume has returned with an expanded pool of multifamily investors, driving cap rates down and valuations up. Shifting east “Charm City” boasts blue-chip Downtown employers such as T. Rowe Price, Pandora, University of Maryland Medical Center, Johns Hopkins Hospital and Under Armour. In theory, this …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts