BLACKSBURG, VA. — Graystone Fund I (GFI) has acquired a 456-bed, 140-unit portfolio of student housing near the Virginia Tech University campus in Blacksburg for $33.8 million. The properties were previously owned and managed by BCR Property Management. GFI plans to make improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. Further details on the acquisition were not disclosed. Graystone Cos. also plans to construct an approved 204-bed student housing community at the corner of Toms Creek Road in Blacksburg, furthering its footprint in the Virginia Tech market.
WASHINGTON, D.C. — A total of 744,000 Americans filed for first time unemployment assistance for the week that ended April 3, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was higher than the 694,000 figure that economists surveyed by Dow Jones predicted and is an increase of 16,000 from last week’s revised total of 728,000. Last week, the original number of first time unemployment claims were a total of 719,000. Continuing claims, for which data lags a week, decreased by 105,750 to a little more than 3.86 million. Last month, the economy appeared to be healing. In March, the U.S. unemployment rate fell to 6 percent and nonfarm payrolls increased by 916,000, which was the biggest job gain since August 2020. However, the unemployment rate remains substantially higher than the pre-pandemic low of 3.5 percent.
LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of Dragstrip Logistics Center, a 710,962-square-foot, Class A distribution center located in Lakeland. Amazon is a tenant at the facility, according to the Tampa Bay Business Journal. Mike Davis, Rick Brugge, Stewart Calhoun, Rick Colon, Casey Masters, Dominic Montazemi and Zachary Eicholtz of Cushman & Wakefield represented the seller, Atlanta-based Ackerman & Co., in the transaction. Led by Steve Centrella, Intercontinental Real Estate Corp. acquired the property on behalf of one of its managed funds. The purchase price was not disclosed. Located at 8100 State-Road 33, Dragstrip Logistics Center is located between Tampa and Orlando and is situated along the Interstate 4 corridor. The building features a cross-dock design with 146 dock-high doors, 40-foot clear heights, 185-foot truck court depths plus 60-foot concrete aprons, 183 trailer drops, 858 van stalls and ESFR fire protection.
BALTIMORE, MD. — Concord Communities, a Washington, D.C.-based affordable housing owner and developer, has acquired four apartment properties totaling 340 units in northeast Baltimore for $29.5 million. Ralph Crozier led the acquisition on behalf of Concord Communities on an internal basis, and Christine Espenshade of Newmark represented the seller. The sales price and seller were not disclosed. The communities — Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments East and West — are located within one mile of each other. Built in 1967, the 64-unit Walther Avenue Apartments offers residences ranging from studio to two-bedroom floor plans across six three-story buildings. The community was 95 percent occupied at the time of sale. Hazelcrest Apartments, located at 5717 Plainfield Ave., was built in 1965. The 48-unit apartment community features two-bedroom apartment units across eight two-story buildings. Hazelcrest was 95 percent occupied at the time of sale. Northern Village Apartments East and West, located at 6623 Pioneer Drive, was built in 1972 and consists of 228 units in total. The communities offer a mix of one-, two- and three-bedroom floor plans across 23 two-story buildings. The Northern Village property was 97 percent occupied at the time of sale. Concord Communities is …
ATLANTA — Atlanta-based Selig Enterprises and State Teachers Retirement System of Ohio have acquired Lenox Marketplace, a 421,000-square-foot retail center in Atlanta’s Buckhead district. Selig will oversee leasing at the center and will serve as the asset and property manager. The seller and sales price were not disclosed. Located at the intersection of Peachtree and Wieuca roads and across the street from Phipps Plaza, Lenox Marketplace spans 9.4 acres with a mix of retail and dining options. The multi-level retail center is anchored by Publix, Target, Dick’s Sporting Goods and LA Fitness, with additional tenants such as Ethan Allen, Roam and Iron Hill Brewery & Restaurant. The property is also one block from Lenox Square Mall and adjacent to Selig’s Buckhead Triangle property. With the addition of Lenox Marketplace, Selig’s retail portfolio spans almost 4 million square feet across the Southeast. The firm’s Buckhead portfolio includes Buckhead Triangle, Brookwood Place, Buckhead Square I and II, The Shops of Buckhead, Buckhead Commons and Peachtree Plaza. Selig is also the master developer of The Works, an 80-acre mixed-use development in Atlanta’s West Midtown neighborhood.
ROCKINGHAM, N.C. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $7.6 million sale of a 129,529-square-foot retail store leased to Lowe’s Home Improvement in Rockingham, a suburb of Charlotte. Realty Income, a net-lease REIT based in San Diego, purchased the property from the seller, an entity doing business as Tri City Rockingham LLC. The Lowe’s Home Improvement property is located at 1300-A E Broad Ave. and is located near a FastMed Urgent Care, McDonald’s, KFC, Taco Loko and a Walgreens. The property is located 72 miles from Charlotte, and is 17 miles away from Wallace, S.C. “This transaction illustrates the demand for essential net-lease retail. Home improvement was one of the sectors that got a boost from the pandemic, and institutional and private capital are looking to deploy into these and other essential tenants,” says McMinn.
HOPKINSVILLE, KY. — Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. have brokered the $7.6 million sale of Griffin Gate, an 80-unit multifamily complex located in Hopkinsville. The buyer was Fisher Bay LLC and the seller was Drury-McCoy LLC. Griffin Gate includes one-, two- and three-bedroom floorplans. The property is located at 302 Griffin Gate Drive, close to the Nashville MSA and about 18 miles from Fort Campbell. The community amenities and features include a pool with restrooms and gathering areas, nine-foot and vaulted ceilings, Energy Star appliances, water heaters, windows and HVAC, patio/balcony area, storage room, lighted carports, stainless steel or black appliances, cherry cabinets, quarry tile-kitchen and bathrooms and washer/dryer connections.
TUCKER, GA. — Berkadia has brokered the $75 million sale of East Ponce Village, a 977-unit, garden-style multifamily property in Tucker. Judy MacManus, Matt White, Paul Vetter and Andrew Mays of Berkadia’s Atlanta office completed the sale on behalf of the buyer, Pennsylvania-based Adams Investor Group. The seller was Toronto-based Medallion Corp. Formerly known as 13Ten, East Ponce Village spans 100 acres at 1310 Wood Bend Drive. The community features one- and two-bedroom floor plans with walk-in closets and washer and dryer connections. Community amenities include a clubhouse, business center, swimming pools, an outdoor area with grilling stations, fitness center and racquetball and tennis courts. The property is located near U.S. Route 78, Eagle Rock Studios, Stone Mountain Industrial Park and Amazon’s Robotic Distribution Facility.
WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. The project also received a $1.1 million allocation of 9 percent low income housing tax credits (LIHTC) from DHCD. The project will receive an annual subsidy from the Local Rent Supplement Program, which is administered by the D.C. Housing Authority (DCHA). All units at Abrams Hall Senior Apartments will be available for low-income seniors — those with annual household income at or below $26,500 — who are formerly homeless and have a need for assisted living services. Additionally, the residents will access Medicaid subsidies through the Department of Health Care Finance (DHCF). The Abrams Hall Senior Apartments building will feature studio apartments to accommodate assisted living facilities for seniors who may require medical, dental, rehabilitative and counseling services, along with 24-hour supervision to ensure resident …
MIAMI — Bank OZK has provided $64.8 million in construction financing to Terra and New Valley, the development partners of Natura Gardens, a multifamily community in Miami. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction is slated for completion by late 2022. Situated along NW 170th Street between Interstate 75 and Florida’s Turnpike, Natura Gardens will be located close to several employers, including Boeing, Royal Caribbean International, Preferred Freezer Services and The Home Depot. Natura Gardens’ units will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will include balconies, custom shaker-style kitchen cabinetry, built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, walk-in closets and en-suite bathrooms. The community will feature landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community. Community amenities will include a two-story clubhouse with a pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs, tables and …