Atlanta is a hot spot for investing in multifamily assets as the market emerges from the COVID-19 pandemic. The apartment market’s fundamentals, including occupancy and rent growth, have held up considerably well, making the market extremely attractive to buyers. Because the Atlanta market has an abundance of capital looking to be deployed, prices are being driven up significantly and cap rates driven down. Multifamily has outperformed many other commercial real estate sectors during the pandemic, considered a “hot-ticket asset class” by investors, which leads to new capital swarming the Atlanta apartment market. Many multifamily properties are now routinely trading at a sub-4 percent cap rate, indicative of the vast amount of available capital and the confidence that investors have in the product type. However, rather than clearing the market and searching for as many prospective buyers as they can, sellers are looking at a smaller subset of dominant, well-known investors that they know will deliver and get the transaction done. They are seeking six to 12 well-recognized, established players that can execute a deal at top prices. It is an extremely competitive process, and all buyers know they have to swing high on pricing. Oftentimes, no one broker is selected …
CHARLESTON, S.C. — Trinity Capital Advisors (TCA) has begun construction of Tradepark East at Palmetto Commerce Parkway, an 850,000-square-foot, Class A industrial development in Charleston. The project is slated to be completed in 2022. Tradepark East will include four buildings. Building One, the park’s largest building, will be cross-docked and will total 342,160 square feet with 36-foot clear heights. Buildings Two and Three will total 174,720 square feet each and Building Four will span 145,600 square feet. Frampton Construction is the general contractor for Tradepark East, DMA Architecture is the design firm and Reveer Group serves as the civil engineer. Trinity Capital Advisors is a commercial real estate development and investment firm based in Charlotte, N.C.
CHANTILLY, VA. — Finmarc Management Inc. has acquired Park East I, II and III, a three-building business park in Chantilly comprising nearly 200,000 square feet of flex and office space, for $33.6 million. Eric Berkman of Cushman & Wakefield represented the seller, PS Business Parks, and Joe Hoffman of Kelley Drye & Warren provided legal services to Finmarc. The Park East buildings are located on 23 acres in Fairfax County and were collectively 96 percent leased at the time of the transaction. The properties include a nearly 6.5-acre parcel that is suitable for a future development opportunity. Contained within the Park East Corporate Center, Park East I is located at 14150 Parkeast Circle, Park East II is situated at 14048 Parkeast Circle and Park East III is positioned at 13990 Parkeast Circle. Each building features both drive-in and dock-high loading options and free onsite parking. The properties are located close to Va. Routes 28 and 50 and Interstate 66, and Washington Dulles International Airport is approximately 9.4 miles from the site. The project features a mix of tenants including American Systems Corp., the Fairfax County Board of Supervisors and United Bank. Two golf clubs are located less than one mile …
WASHINGTON, D.C. — BKV Group has opened Beckert’s Park, a 2.8-acre mixed-use project featuring 325 apartments and a new 60,000-square-foot Safeway grocery store, in the Capitol Hill neighborhood of Washington, D.C. Located at the corner of 14th Street and D Street SE, the development has replaced a parking lot and existing Safeway store that stood on the site for nearly 50 years. BKV Group worked with developer Foulger-Pratt to create a design for the Beckert’s Park project. The building is a single structure that includes residential units, the upgraded Safeway store and 8,000 square feet of commercial space. Additionally, the property offers underground parking for residents and Safeway customers. Residences at Beckert’s Park include studio, one-, two- and three-bedroom units ranging from 495 to 1,706 square feet, some with private outdoor space. All apartment units feature quartz countertops, customizable closets and in-unit laundry, and some include moveable kitchen islands and double sinks in the primary bathrooms. Community amenities include an outdoor pool, seating, cabanas, dining areas and grilling stations. Indoor amenities include a lobby with lounge seating and coworking space; clubroom with catering kitchen; game room; fitness center; golf simulator and a pet-washing station. Also, a multifunctional indoor sport court …
OXFORD, MISS. — Newmark has arranged the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road near the University of Mississippi campus in Oxford. The community offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, 24-hour computer lab with study areas, and a fully-equipped 24-hour fitness center. Renovations were recently completed on 41 percent of the property’s units, which included the addition of new granite countertops, hardwood-style flooring and new appliances, faucets and sinks. The property’s clubhouse was also recently updated. Ryan Lang, Jack Brett and Bo Flurry of Newmark represented the undisclosed seller in the transaction. The buyer was DLP Holdings. This is the second student housing transaction Newmark has executed in Oxford this year, following the sale of the nearby The Retreat at Oxford.
ROSWELL, GA. — FCP has sold River Crossing at Roswell, a 312-unit apartment community in metro Atlanta. The buyer was Ashcroft Capital, who bought the property for an undisclosed price. Originally known as River Trace Apartments when FCP acquired the property in 2016, River Crossing at Roswell has undergone $5.5 million in improvements to its amenities, units and exteriors. Located at 1450 Raintree Way in Roswell, River Crossing at Roswell is located adjacent to neighborhood shopping centers anchored by a Publix and Life Time Fitness. The property has a lake and is located close to the Chattahoochee River. Community amenities include a fully renovated clubhouse with a fitness center, pool, playground, picnic area and a laundry center. As part of the capital improvements made on the property, 36 percent of the one-, two-, three- and four-bedroom apartments were renovated and have full-size washer and dryer connections, as well as private balconies and patios. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Mark Taylor of CBRE represented FCP in the sale. FCP is a privately held real estate investment company based in Chevy Chase, Md.
MIAMI — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Fla.-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in 2023. Sawyer’s Walk will include a 50,000-square-foot Target and a 25,000-square-foot Aldi supermarket, as well as new locations for Ross Dress for Less, Five Below and Burlington. The development will provide approximately 1,000 parking spaces. Sawyer’s Walk will also feature 25,000 square feet of public space that includes outdoor seating for the project’s restaurants, a children’s playground, pedestrian promenade and dog park. The residential portion of Sawyer’s Walk will include studio, one- and two-bedroom apartments reserved for seniors earning at or below 60 percent of the area median income. Community amenities will include a rooftop pool deck, a clubhouse and entertainment lounge, meeting rooms and a complimentary health club membership …
WEST MIAMI, FLA. — The Estate Cos. has sold Soleste Alameda, a new eight-story multifamily development in West Miami, for $83 million. Soleste Alameda features 306 rental units and is located at 6320 SW 8th St. Dallas-based Westdale Real Estate Investment and Management was the buyer. Completed in the second quarter of 2020, Soleste Alameda is over 90 percent occupied with a variety of studios, one- and two-bedroom units. The units feature modern kitchens, stainless steel appliances, porcelain floors, washer and dryer, private balconies, and impact-resistant windows and sliding glass doors. Community amenities for the property include a pool deck with sundeck and private cabanas, fitness center, parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. Other amenities include a resident entertainment lounge with a cyber café, al fresco dining and grilling areas. The Estate Cos. is a Miami-based developer, owner and operator of residential communities throughout South Florida.
PEMBROKE PINES, FLA. — Thorofare Capital Inc. has provided $43.7 million in senior mortgage financing to an entity managed by Miami-based Terra for 16000 Pines Market, a 135,000-square-foot mixed-use development nearing completion in Pembroke Pines. Keith Kurland, Jackson Sastri and Ian Hawk of Walker & Dunlop arranged the financing. Terra will utilize the loan proceeds to finish construction, capitalize the tenant improvements/leasing commissions and carry the project until it’s stabilized. The first phase of construction for 16000 Pines Market was completed earlier this year, with construction of Phase II now underway and slated to deliver in 2022. 16000 Pines Market is situated on 13.2 acres with visibility along Pines Boulevard and Dykes Road. The shopping center is anchored by Publix as well as Burlington and Crunch Fitness. Additional tenants include Verizon Wireless, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now. Thorofare Capital Inc. is a commercial real estate debt fund manager and affiliate of Thorofare LLC. Terra is a real estate development and investment company.
MIAMI — A partnership between TSG, Lineaire Group and Bridge Investment Group has broken ground on Wynwood Haus, a 224-unit multifamily property located at 1765 N. Miami Ave. in the Wynwood submarket of Miami. The project is slated for completion by the first quarter of 2023. Wynwood Haus will be a 20-story project and will include studio, one- and two-bedroom floorplans that range from 394 to 945 square feet. The unit will feature floor-to-ceiling windows, balconies, full-size in-unit washer and dryer, wireless-controlled smart thermostat, 10-inch ceilings, walk-in closets in most units, a rain shower and secure keyless entry. Wynwood Haus will have a rooftop with a pool and sun deck, as well as a yoga room and fitness center. The property will also include private workspaces, a conference room and a coworking area, with Wi-Fi in all common spaces. The property will also offer a steam room, sauna and experiential showers, as well as an outdoor barbecue and dining area, great room and catering kitchen. Lastly, the property will feature a library and resident lounge, pet grooming, electric car charging stations, a smart locker package room and cold storage, as well as 5,500 square feet of retail space. The community …