Southeast

Cushman & Wakefield Arranges Sale of Two Apartment Communities in Metro Atlanta

by Julia Sanders May 4, 2021

TUCKER AND DULUTH, GA. — Cushman & Wakefield has arranged the sale of Carrington Chase and Carrington Court, two apartment communities located in the Atlanta suburbs of Tucker and Duluth, respectively. Carrington Chase has a total of 410 units and is located at 6280 S. Norcross Tucker Road in Tucker. Carrington Court has a total of 446 units and is located at 3800 Club Drive in Duluth. Both apartments offer community amenities such as car care centers, cyber cafés, fitness centers, grilling/picnic areas, laundry facilities, business centers, lounges, soccer fields, sports courts and swimming pools with fountains. Carrington Chase was 97 percent occupied at the time of sale, and Carrington Court was 96 percent occupied. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Ohio-based White Oak Partners, in the transaction. Charleston-based Greystar Real Estate Partners LLC was the buyer of the two properties. The sales price was not disclosed.

May 4, 2021

Acquisitions Georgia Healthcare Southeast Top Stories

Piedmont Healthcare to Purchase Georgia Hospital Portfolio from HCA for $950M

by John Nelson May 4, 2021

ATLANTA AND NASHVILLE, TENN. — Piedmont Healthcare has signed a purchase agreement with HCA Healthcare Inc. (NYSE: HCA) for the acquisition of four Georgia hospitals and one clinic for a purchase price of $950 million. The two parties are targeting a closing date of July 31. Pending regulatory approval, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, which are both located in metro Atlanta. The acquisition will also include three facilities in Macon: the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health. With the acquisition, Piedmont Healthcare is continuing to expand its footprint in metro Atlanta as well as strengthen its portfolio of best-in-class hospitals. Nonprofit watchdog organization Leapfrog Group rated HCA’s Coliseum Medical Centers, Coliseum Northside and Cartersville Medical Center as “A” hospitals in its spring 2021 Leapfrog Hospital Safety Grades report released last week. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy,” says Kevin Brown, president and CEO of Piedmont Healthcare. For HCA, the transaction increases the Nashville-based company’s financial flexibility for investments …

May 4, 2021

Acquisitions Alabama Florida Georgia Multifamily North Carolina Single-Family Rental Southeast Tennessee

Transcendent Electra Acquires 1,889 New Single-Family Rental Homes in Sun Belt Markets

by Julia Sanders May 3, 2021

MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.

May 3, 2021

Development Loans North Carolina Office Southeast

Avison Young Secures $40M Financing for Midtown Exchange Project in Raleigh

by Julia Sanders May 3, 2021

RALEIGH, N.C. — Avison Young has secured a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for Midtown Exchange, a $1 billion mixed-use development underway in Raleigh. The developer of Midtown Exchange, Dewitt Carolinas, received the funding for the 353,000-square-foot office tower. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young led the financing transaction through an undisclosed lender. At full buildout, Midtown Exchange will include 790,000 square feet of Class A office space, 1,275 residential units, 300 seniors housing units, 300 hotel rooms, 125,000 square feet of retail and dining space, a convention center and more than seven acres of green space and park amenities. Raleigh-based Dewitt Carolinas is active in development, ownership, management and acquisition of real estate throughout the Carolinas. The firm has completed more than 600 developments and over $2 billion of construction.

May 3, 2021

Development Georgia Industrial Self-Storage Southeast

Joint Venture Breaks Ground on 93,000 SF Self-Storage Facility in Canton, Georgia

by Julia Sanders May 3, 2021

CANTON, GA. — A joint venture between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners has broken ground on a 93,000-square-foot self-storage facility located at 7222 Cumming Highway in Canton, close to the Northside Hospital Cherokee campus. The property is slated to be open to the public in the spring of 2022. The self-storage facility will be located on 9.2 acres and will comprise of drive-up, climate-controlled units. JM Williams Contractors will construct the facility, and Renasant Bank is providing the debt financing for the project. Max Design Group is the project’s architect, and Travis Pruitt & Associates is serving as the civil engineering. The facility is Lumpkin Development’s first Class A storage property in the area. Lumpkin Development builds and operates self-storage, retail and industrial real estate throughout the Southeast. MacArthur Holdings is a New York City-based real estate business, and Live Oak Capital Partners is a real estate developer based in Atlanta.

May 3, 2021

Georgia Southeast

Georgia Gov. Kemp Signs Executive Order to Lift Many of State’s Pandemic Restrictions

by Julia Sanders May 3, 2021

ATLANTA — With three COVID-19 vaccines being administered, states all across the country are lessening their pandemic restrictions, including Georgia. Georgia Gov. Brian Kemp signed an executive order last Friday to lift many of the state’s last remaining pandemic restrictions, effective immediately through the month of May. The order occupancy limitations for restaurants that were in place to limit the exposure of contagions, and it also ends protocols for close-contact businesses such as gyms, movie theaters and barbershops. The executive order strongly encourages patrons to continue to practice social distancing and wearing masks in public establishments, and for shops and restaurants to utilize contactless operations where appropriate. The executive order, which is 28 pages long, also ends mask requirements for restaurant workers, lessens restrictions for live performance events and allows sports organizations such as the Atlanta Braves and Atlanta United to increase occupancy. Georgia joins a group of other states with lessening restrictions, including Texas who ended most of its restrictions in March 2021. According to The Atlanta Journal-Constitution, governors in Alabama, Arizona, Mississippi, Connecticut and West Virginia have also decreased their COVID-19 restrictions. Additionally, Florida Gov. Ron DeSantis signed an executive order on Monday, May 3 that suspends all …

May 3, 2021

Development Multifamily Southeast Student Housing Tennessee Top Stories

Public-Private Partnership Breaks Ground on 616-Bed Student Housing Project in Nashville

by Taylor Williams May 3, 2021

NASHVILLE, TENN. — A public-private partnership between Balfour Beatty Campus Solutions, Axium Infrastructure and Vanderbilt University has broken ground on a 616-bed student housing project in Nashville. The total cost of the project was not disclosed, but the Nashville Post and Nashville Business Journal both reported late last week that the development team received approximately $107 million in construction financing. According to Vanderbilt University’s news service, construction of the project was originally scheduled to start last summer but was delayed due to COVID-19. The community will be located on Broadway between Lyle and 20th avenues and will include 25,000 square feet of retail space. The new residence hall will offer a mix of studio, one- and two-bedroom units targeting graduate and professional students. Residences will be furnished with full washers and dryers, and costs of utilities will be included in rent. Shared amenities will include a 13,000-square-foot collaboration space with a dedicated area for academic and entrepreneurial endeavors, private study spaces, fitness center and a public courtyard. “Providing an updated housing option with modern amenities in a vibrant neighborhood convenient to campus will further the university’s goal to recruit the best graduate and professional students and provide them with an …

May 3, 2021

Development Florida Loans Mixed-Use Multifamily Southeast

Centennial Bank Provides $68M Construction Loan for Bentley Apartments in Orlando

by Julia Sanders April 30, 2021

ORLANDO, FLA. — Centennial Bank has provided a $68 million loan to Unicorp National Developments Inc. for the construction of The Bentley, a 396-unit apartment tower in Orlando. The high-rise is part of Unicorp’s $1 billion mixed-use development O-Town West. Robby Barrows of Centennial Bank led the loan transaction for developer Unicorp. O-Town West will be a multi-phase, live-work epicenter delivering single-family homes, apartments, a Publix-anchored retail package and office space. Confirmed tenants for The Town Center at O-Town West include Publix, AT&T, Heartland Dental, McDonalds and Planet Smoothie. The Bentley is one of the first phases of the development, in addition to Town Center, both of which are slated to break ground soon. The Bentley is slated for completion at the end of next year. The Bentley’s amenities will include a resort-style swimming pool with a Jacuzzi, resident lounge with a coffee bar, social area featuring billiards and arcade games, theater room, entertainment lanai with a TV, Zen garden with hanging moon chairs and water features, outdoor walking trail, a firepit, 24-hour fitness center with TRX and yoga studio, conference room, bike rentals, outdoor gaming areas and electric car charging stations. Centennial Bank has financed more than $149 million …

April 30, 2021

Arkansas Loans Multifamily Southeast

Colliers Mortgage Secures $36.8M Refinancing for Pointe North Hills Apartments in North Little Rock

by Julia Sanders April 30, 2021

NORTH LITTLE ROCK, ARK. — The Minneapolis office of Colliers Mortgage, formerly Dougherty Mortgage, has secured a $36.8 million Fannie Mae loan for the refinancing of The Pointe North Hills in North Little Rock. The 305-unit, market-rate multifamily property was built in 2019. The gated community includes eight three-story buildings, a clubhouse, playground, community and corporate suites, fitness center, business center, pool, picnic area, golf simulator and an onsite maintenance and leasing office. Colliers Mortgage arranged the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, an entity doing business as The Pointe North Hills LLC.

April 30, 2021

Development District of Columbia Multifamily Southeast

Lowe, Mitsui Fudosan Break Ground on Redevelopment Project in D.C. for New Apartments, Museum

by Julia Sanders April 30, 2021

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America have broken ground on Gallery 64, a 492-unit, 12-story apartment building that sits at the site of the former Randall Junior High School in Washington, D.C. The 500,000-square-foot redevelopment of the 2.7-acre site includes the preservation and repurposing of existing historic buildings into the Rubell Museum. Gallery 64’s apartment residences, 98 of which are designated as affordable, will include studio, one-, two- and three-bedroom floorplans. The property will have 19 two-level, townhouse-style residences as well. Community amenities will include rooftop gathering spaces with fire pits, grilling stations and outdoor kitchens, a dog walk and a resort-style pool. Indoor communal areas will include a lounge with fireplace, game room, fitness center and a maker space with sound studio. A landscaped area will be in between Gallery 64 and the Rubell Museum. The Randall School buildings closed in 1982. Two of the school’s three buildings will be transformed into the approximately 31,000-square-foot Rubell Museum, presenting contemporary paintings, sculptures, photographs and installations. Entry to the museum will be free of charge to all residents of Washington, D.C. The West Randall building will be reconfigured as an approximately 18,000-square-foot creative office building designed …

April 30, 2021

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