Southeast

Asia Capital Real Estate Provides $86.3M Refinancing Loan for Apartment Complex in Midtown Miami

by Alex Tostado August 26, 2020

MIAMI — Asia Capital Real Estate (ACRE) has provided an $86.3 million refinancing loan for Yard 8, a 387-unit apartment complex in Midtown Miami. Borrower Wood Partners will use the permanent financing to refinance the construction loan. The Atlanta-based developer opened Yard 8 in May 2019. Daniel Jacobs of ACRE originated the loan on behalf of the borrower in an off-market transaction. The property offers studio to three-bedroom floor plans, which were 83 percent occupied at the time of refinancing. Communal amenities include a pool, sundeck, clubroom, fitness center, coffee bar, concierge service and a resident lounge. In addition, Wood Partners has implemented The Ground Floor Project, a series of events to promote local artists, musicians and dancers at the community. According to the Yard 8 website, there are not any events currently scheduled for The Ground Floor Project.

August 26, 2020

Development Florida Multifamily Seniors Housing Southeast

Greystar to Develop 180-Unit Seniors Housing Community in Metro Orlando

by Alex Tostado August 26, 2020

WINTER GARDEN, FLA. — Greystar Real Estate Partners LLC will develop Overture Hamlin, a 180-unit active adult seniors housing community in Winter Garden. The Charleston, S.C.-based developer expects to deliver the property in summer 2021. The Central Florida property will offer one- and two-bedroom floor plans. The community will feature a clubhouse with a private wine room, covered patio, pool, sun deck, dog park, community-friendly golf cart trails, fitness center, yoga studio, craft room, theater room and an activity lounge. The asset will be situated within Hamlin Town Center, 20 miles west of downtown Orlando.

August 26, 2020

Acquisitions Georgia Multifamily Southeast

Beacon Real Estate Acquires Multifamily Community Near Atlanta for $53.2M

by Alex Tostado August 26, 2020

GAINESVILLE, GA. — Beacon Real Estate Group has acquired 53 West, a 266-unit multifamily community in Gainesville, for $53.2 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, resident lounge, fitness center, pool and a dog park. The complex is located at 1000 Woodacres Road, 49 miles northeast of downtown Atlanta. The community was 99 percent occupied at the time of sale. Mitch Sinberg and Scott Wadler of Berkadia originated a Freddie Mac acquisition loan on behalf of the Coral Gables, Fla.-based buyer. Terms of the loan were not disclosed. Robert Stickel, Tyler Averitt and Alex Brown of Cushman & Wakefield represented the seller, Varden Capital Properties and Tellus Partners, in the transaction.

August 26, 2020

Development Florida Multifamily Southeast Top Stories

Allen Morris, Ustler Development Open $108M Julian Apartments at Creative Village in Orlando

by Kristin Harlow August 26, 2020

ORLANDO, FLA. — The Allen Morris Co. and Ustler Development Inc. have opened The Julian Apartments at Creative Village in downtown Orlando. Located at 462 N. Terry Ave., the $108 million, 14-story multifamily community features 409 units, 6,000 square feet of ground-floor commercial space and a parking garage. The Julian is the first market-rate apartment building with proximity to the University of Central Florida and Valencia College’s downtown campus, according to the developers. The project is part of the larger $650 million mixed-use development known as Creative Village. The Julian offers studio, one-, two- and three-bedroom residences that range in size from 412 to 1,307 square feet. Monthly rents range from $1,275 to $2,950. Currently, residents can earn up to three months of free rent on select units. Amenities include collaborative space on each floor, a front porch overlooking the 2.5-acre Central Park, a rooftop pool, fitness facility and interior courtyard. Asset Living is the property manager for The Julian. Baker Barrios served as architect and Brasfield & Gorie was the general contractor. Creative Village is a transformation of the former Amway Arena site. The former home of the Orlando Magic closed in 2010 and demolished in 2012. The Creative …

August 26, 2020

Acquisitions Georgia Multifamily Southeast

Starwood REIT Acquires Multifamily Community in Metro Atlanta for $82M

by Alex Tostado August 25, 2020

DECATUR, GA. — Starwood REIT has acquired The Baxter Decatur, a 290-unit multifamily community in Decatur, for $82 million. The property, which was formerly known as Solis Decatur, offers one-, two and three-bedroom floor plans. Communal amenities include a car charging station, fitness center, pool, sundeck, game room, bike storage and a pet washing area. The Baxter was 89 percent occupied at the time of sale. Additionally, the property features 20,000square feet of retail space on the ground floor leased to tenants such as Jason’s Deli, 100% Chiropractic, Club Pilates and F45. According to Terwilliger Pappas’ website, the Atlanta-based developer delivered the property in May 2019. The community is located at 1605 Church St., eight miles northeast of downtown Atlanta. The seller was not disclosed.

August 25, 2020

Acquisitions Industrial South Carolina Southeast

Sealy Purchases 1.2 MSF Industrial Portfolio in Greenville from Blackstone

by Alex Tostado August 25, 2020

GREENVILLE, S.C. — Sealy & Co. has acquired an eight-property industrial portfolio totaling 1.2 million square feet in Greenville. Blackstone sold the portfolio for an undisclosed amount. All eight buildings were fully leased to national and international companies at the time of sale. This is the first purchase in South Carolina for Dallas-based Sealy. Scott Sealy Jr., Jason Gandy and Christopher Martin of Sealy worked with Trey Barry of CBRE to acquire the assets.

August 25, 2020

Acquisitions Multifamily North Carolina Southeast

Capstone Negotiates $37.2M Sale of Apartment Complex in Metro Charlotte

by Alex Tostado August 25, 2020

GASTONIA, N.C. — Capstone Apartment Partners has negotiated the $37.2 million sale of Ashbrook Village, a 423-unit apartment complex in Gastonia. The property offers one- and two-bedroom floor plans averaging 754 square feet. Communal amenities include a saltwater pool, leasing office, clubhouse and two laundry facilities. The asset is situated at 2295 Pineview Lane, 20 miles west of downtown Charlotte. The community was 99.5 percent occupied at the time of sale. The seller, locally based Southwood Realty, developed the complex in 1985 and has owned and managed it since. Austin Green, Alex McDermott, Rhodes Marley and Brian Ford of Capstone represented the seller and procured the buyer, New York City-based Gindi Equities.

August 25, 2020

Development Florida Leasing Activity Retail Southeast

Hobby Lobby Expands Footprint with Three New Stores in Florida

by Alex Tostado August 25, 2020

OKLAHOMA CITY — Hobby Lobby is in the midst of expanding its Florida footprint with three new 55,000-square-foot stores. The Oklahoma City-based arts and crafts retailer opened a location in Panama City Beach on July 6, a store within Terra’s Pines City Center in Pembroke Pines on Aug. 8 and will open a store in Urban-X Group’s River Landing project in Miami on Sept. 8. Hobby Lobby locations are typically single-story stores in suburban areas. The location in River Landing will be the first multi-level Hobby Lobby. David Emihovich of Katz & Associates represented Hobby Lobby in the lease negotiations.

August 25, 2020

Acquisitions Industrial Kentucky Southeast

JLL Arranges $6.2M Sale of New Industrial Facility in Northeast Kentucky

by Alex Tostado August 25, 2020

GRAYSON, KY. — JLL has arranged the $6.2 million sale of a new 25,000-square-foot industrial property double-net leased to Flowserve in Grayson. The seller, Houston-based Investment & Development Ventures LLC, delivered the asset as a build-to-suit for the company, which produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services. The facility sits on three acres within EastPark, a 1,000-acre industrial park located approximately 25 miles from the Kentucky-Ohio-West Virginia border. Alex Sharrin, Trent Agnew, Brian Shanfeld, Jason DeWitt and Alex Geanakos of JLL represented the seller in the transaction. B.J. Feller, Isaiah Harf and Andy Gatchell of Stan Johnson Co. represented the buyer, an undisclosed family partnership based in Tulsa, Okla.

August 25, 2020

Development Georgia Multifamily Southeast

Alliance Residential to Develop 354-Unit Multifamily Community in East Atlanta

by Alex Tostado August 24, 2020

ATLANTA — Alliance Residential Co. will develop Broadstone at Pullman Yards, a planned 354-unit multifamily community in east Atlanta’s Kirkwood district. The developer expects to break ground this year and open the property in early 2022. The complex will offer studio, one- and two-bedroom floor plans. Unit interiors will include two-toned custom cabinetry, tile backsplashes, veined quartz countertops, matte black fixtures and electronic locks. Communal amenities will include a two-story clubroom with a demonstrator kitchen, lounge space, fitness center and a saltwater pool. Brock Hudgins Architects designed the community, which will be situated at 105 Rogers St. NE, four miles east of downtown Atlanta. Local media outlets reported last year that Atomic Entertainment sold the site within its Pratt-Pullman Yard redevelopment to Phoenix-based Alliance Residential.

August 24, 2020

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