Since the end of the Great Recession, Orlando has been among the country’s fastest-growing economies and strongest multifamily markets. After 2014, metro payroll employment increased at a 3.7 percent compound annual rate, 120 percent faster than the national average. Only Austin surpassed Orlando for payroll growth among the peer group of 50 large metropolitan markets, according to The RED 50, a proprietary econometric model developed by RED Capital Research. Personal income grew about 6.8 percent annually, 45 percent faster than the national average. Apropos of the apartment sector, effective rents advanced at a 5.9 percent annual rate, according to Reis data, surpassed only by Atlanta (6.9 percent), Dallas (6.0 percent) and Nashville (6.2 percent) among growth markets — and not by much. All the while, the sources of Orlando’s prosperity grew more diverse and its labor force more highly skilled. In the past five years, the fastest growing segments of the metro economy were professional, technical and scientific services, air transportation, manufacturing and construction. Indeed, employment growth in the sectors most popularly associated with Orlando — arts and entertainment plus food services and lodging — was outpaced by the finance and insurance industry. Nonetheless, theme parks, resort hotels, leisure service and …
Southeast
International Management Co. to Develop Publix-Anchored Center in Jacksonville’s Northside District
by Alex Tostado
JACKSONVILLE, FLA. — International Management Co. LLC will develop Northpoint Village Shopping Center, a planned 88,000-square-foot shopping center in Jacksonville’s Northside submarket. A 48,387-square-foot Publix will anchor the property, which will be built in phases. Phase I will comprise the Publix and 16,600 square feet of inline space adjacent to the grocer, as well as five outparcels. Completion of Phase I is slated for summer 2022. Depending on demand, Phase II may be developed in conjunction with Phase I or at a future date with entitlements to develop up to 64,000 square feet of retail, medical and/or office uses. At completion, Northpoint Village will consist of approximately 142,000 square feet spanning 27 acres. The property is situated at the intersection of New Berlin and Yellow Bluff roads, 15 miles north of downtown Jacksonville.
Walmart Reaches Goal to Hire 150,000 Associates, Pledges to Hire 50,000 More Amid COVID-19 Crisis
by Alex Tostado
BENTONVILLE, ARK. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. Walmart said it worked with more than 70 companies that furloughed workers to hire the associates. In stores, Walmart will hire cashiers, stockers and personal shoppers. In distribution centers and fulfillment centers, it will hire additional fillers and pickers. Walmart also plans to add more drivers to its fleet. Walmart is considered an essential business, so its doors remain open and its e-commerce operations are still running as well.
Capstone Apartment Partners Brokers $37.6M Sale of Multifamily Community in Irmo, South Carolina
by Alex Tostado
IRMO, S.C. — Capstone Apartment Partners has arranged the $37.6 million sale of Ardmore Ballentine, a 315-unit multifamily community in Irmo. The property offers one-, two and three-bedroom floor plans that were 94 percent occupied at the time of sale. Communal amenities at the gated community include a pool, clubhouse, fitness center, picnic/grilling area, pet park, car care center and laundry facilities. Ardmore Ballentine was built in 2012 and is situated at 114 Ballentine Crossing Lane, 17 miles northwest of downtown Columbia. Austin Green, Caleb Troop and Alex McDermott of Capstone represented the seller, Greensboro, N.C.-based Ardmore Residential, in the transaction. Triangle Real Estate of Gastonia Inc. acquired the community.
Hunt Real Estate Provides $12.7M Refinancing Loan for Multifamily Community in Stuarts Draft, Virginia
by Alex Tostado
STUARTS DRAFT, VA. — Hunt Real Estate Capital has provided a $12.7 million Fannie Mae refinancing loan for Brittany Knoll Apartments in Stuarts Draft. The 153-unit property comprises 14 three-story buildings that were built between 1998 and 2000. The borrower, Brittany Knoll LLC, built the property and has self-managed it since. The loan has a 10-year term with a 30-year amortization schedule. The interest rate was not disclosed, although Maria Zubillaga of Hunt Real Estate said the new rate is 170 basis points lower than the borrower’s previous rate. Brittany Knoll offers two- and three-bedroom floor plans and a playground. The community is located 35 miles west of downtown Charlottesville.
OPA-LOCKA, FLA. — Lee & Associates has arranged the $2.3 million sale of a 32,897-square-foot industrial and office building in Opa-Locka. The property is situated at 4600 NW 128th St., two miles from the 850,000-square-foot Amazon Mega Distribution Center and nine miles north of Miami International Airport. The building comprises 22,620 square feet of warehouse space and 10,277 square feet of office space and the option to build out an additional 3,462 square feet of office space. The facility offers front and rear loading, six dock height doors, one drive-in door, a truck court, 21-foot clear ceiling heights and two freight elevators. The buyer, Blue Ring Plastics LLC, plans to expand its avionics operations at the site. Avionics is the electronic systems used on aircraft, artificial satellites and spacecraft. Matthew Rotolante and Conner Milford of Lee & Associates represented the seller, Brain Power Investments LLC, and the buyer in the transaction.
BOCA RATON, FLA. — Mill Creek Residential, a Florida-based multifamily development firm, has launched a joint venture with Canadian global investment firm Quadreal Property Group. The two companies have partnered on an initiative to invest up to $421 million in the development and operation of apartment communities in targeted U.S. markets over the next two to three years. Specific target markets were not identified. The joint venture has already acquired land for its first development. Modera Six Pines will be a 429-unit multifamily project in The Woodlands, Texas, located about 30 miles north of Houston. “QuadReal is a well-respected firm with a depth of experience in the multifamily sector,” says William MacDonald, CEO, president and chief investment officer for Mill Creek. “This venture serves as an important step in further developing our investment management business.” Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the joint venture. Mill Creek Residential, which has 16 offices across the United States, owns and operates a portfolio of roughly 80 communities totaling 21,300 apartments. Headquartered in Vancouver, Canada, QuadReal Property Group manages a $37.6 billion portfolio spanning 23 cities and 17 countries. …
Freddie Mac Extends Multifamily COVID-19 Forbearance Program, Revises Protocols for Evictions and Penalties
by Alex Tostado
WASHINGTON, D.C. — Freddie Mac has changed its previously announced Multifamily COVID-19 forbearance program in three ways to better align with the federally enacted Coronavirus Aid, Relief and Economic Security (CARES) Act. The program allows Freddie Mac’s multifamily borrowers to defer their loan payments for 90 days if they can show hardship as a consequence of the COVID-19 outbreak and if they receive approval from their lenders, which are part of Freddie Mac’s Optigo network. The first change to the program is an extended deadline for multifamily owners to enter forbearance due to COVID-related hardships. The new deadline is until the end of the year or the end of the federally declared emergency period, whichever occurs first. The previous end of the program was set for Aug. 1. The agency also revised its eviction policy pertaining to borrowers that enter forbearance, saying none of the borrowers’ residents can be evicted, whether or not they can prove their nonpayment stems from COVID-19-related hardships. The third change is participating owners are required to waive late fees, penalties or other charges related to tenant nonpayment of rent during the forbearance period. “The program has already proved to be an important source of relief …
HUNTSVILLE, ALA. — Transwestern has negotiated the $83 million sale of a 1 million-square-foot, six-property office portfolio in Huntsville. Five of the buildings are situated within Cummings Research Park and the sixth is Regions Center, an 11-story, 154,297-square-foot office tower in downtown Huntsville. The five buildings in Cummings Research Park include Northrop Grumman’s regional headquarters, a 110,275-square-foot building; Intuitive Center I and II, which together comprise 133,967 square feet; Research Place, three one-story buildings comprising 274,657 square feet; and Research Office Park Center, which spans four one-story buildings totaling 121,839 square feet. The portfolio was 97 percent leased at the time of sale to tenants including Northrop Grumman Space & Mission Systems, Regions Bank, Toyota Motor North America Inc. and BAE Systems. Cummings Research Park is home to more than 300 companies and is situated six miles west of downtown Huntsville. John Bell and Kevin Markwordt of Transwestern represented the undisclosed seller in the transaction. The buyer was also not disclosed.
GBT Realty Receives $141.1M in Construction Financing for One22One Broadway Office Tower in Nashville
by Alex Tostado
NASHVILLE, TENN. — GBT Realty Corp. has received $141.1 million in construction financing for its One22One Broadway project in Nashville. Mack Realty provided the loan for the planned 24-story, 356,000-square-foot office tower. Construction began in February, and GBT expects the development to open in 2022. Additionally, Dallas-based Koch Real Estate Investments has joined GBT as a limited partner. The property is situated on 0.77 acres at 1221 Broadway. Gresham Smith designed the building, and Taylor Hillenmeyer, Janelle Gallagher, Frank Thomasson and Byran Fort of CBRE are marketing the office space.