Southeast

Weller Development to Break Ground on Next Phase of Port Covington in Baltimore

by Alex Tostado January 6, 2021

BALTIMORE — Weller Development Co. plans to break ground on what it calls Chapter 1B of Port Covington in Baltimore in February. The development team, which also includes Goldman Sachs and Sagamore Ventures, received $650 million in financing for this phase, including $137 million in tax increment financing (TIF) bonds. In conjunction with the closings, the Port Covington development team funded more than $9 million to the South Baltimore 7 Coalition as part of its Community Benefits Agreement (CBA), which is the largest CBA payout in the history of Baltimore. The latest phase will comprise five buildings totaling 1.1 million square feet that is expected to start delivering in late 2022. The planned buildings in Chapter 1B include: Building E1: 162 residential units and 40,000 square feet of retail space; Building E5A: 212,000 square feet of office space and 9,500 square feet of retail space; Building E5B: 40 residential units, 81 extended stay rooms and 6,000 square feet of retail space; Building E6: 254 residential units and 16,000 square feet of retail space; and Building E7, dubbed Rye Street Market: 228,000 square feet of office space and a 45,000-square-foot retail market. In addition, 89 of the residential units in Chapter …

January 6, 2021

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $62M Sale of Multifamily Community in Metro Orlando

by Alex Tostado January 6, 2021

WINTER SPRINGS, FLA. — Berkadia has brokered the $62 million sale of The Blake, a 281-unit multifamily community in Winter Springs. The property offers one-, two and three-bedroom floor plans ranging in size from 698 to 1,374 square feet. Communal amenities include a pool, fire pit, 24-hour fitness center, game room, business center, conference room and a dog spa. The Blake is situated at 151 Michael Blake Blvd., 18 miles north of downtown Orlando. Matt Wilcox, Brett Moss, Cole Whitaker and Tyler Swidler of Berkadia represented the sellers, Catalyst Development Partners and HQ Capital, in the transaction. Atlanta-based Preferred Apartment Communities acquired the property, which was built in 2017.

January 6, 2021

Affordable Housing Development Loans Louisiana Multifamily Southeast

Millenia Cos. Receives $27.5M Loan to Redevelop Affordable Seniors Housing Community in New Orleans

by Alex Tostado January 6, 2021

NEW ORLEANS — The Millenia Cos. has received a $27.5 million construction loan to redevelop Peace Lake Towers, a 131-unit affordable seniors housing community in New Orleans’ Read Boulevard West neighborhood. Upon completion, the property will offer renovated one-bedroom floor plans and communal amenities such as a community center, arts activity space, library, computer lab and a fitness room. The renovations will also include upgraded heating, cooling and electrical systems; a new roof, windows and doors; and eco-friendly appliances. Cleveland-based Millenia expects to begin renovations soon and complete the project in roughly 14 months. Crews will renovate vacant units first and relocate households onsite as the construction is completed in phases. Residents will pay 30 percent of their income toward rent, and rent will remain affordable for at least 20 years by a federal project-based Section 8 contract. Redstone Federal Credit Union provided the construction loan, and Netherlands-based Aegon is the syndicated lender. Additionally, Louisiana Housing Corp. issued bond and tax credits for the project, and the U.S. Department of Housing and Urban Development (HUD) and the City of New Orleans both provided financing. Marous Brothers Construction is serving as the general contractor, Hooker DeJong Inc. is the architect and Millennia Housing …

January 6, 2021

Development Florida Hospitality Southeast

HG Management Opens 110-Room TownePlace Suites Hotel in Orlando

by Alex Tostado January 6, 2021

ORLANDO, FLA. — HG Management affiliate 51 Columbia Hotel Property LLC has opened TownPlace Suites by Marriott, a 110-room hotel in Orlando’s South Orange district. The hotel offers studio and one-bedroom suites with fully equipped kitchens, flat-screen TVs and work areas. Hotel amenities include a pool, 24-hour fitness center, meeting room, laundry facilities, Wi-Fi and a business center. The asset is situated at 51 Columbia St., one mile south of downtown Orlando. Naples, Fla.-based Naples Hotel Group will manage the property.

January 6, 2021

Acquisitions Florida Retail Southeast

Crossman Negotiates $15.4M Sale of Retail Center in Central Florida

by Alex Tostado January 6, 2021

ORANGE CITY, FLA. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General, as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was Saglo Development.

January 6, 2021

Affordable Housing Development Multifamily Southeast Tennessee Top Stories Virginia Washington Western

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

by Kristin Harlow January 6, 2021

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …

January 6, 2021

Acquisitions Georgia Industrial Southeast

Monmouth Pays $96.7M to Acquire Industrial Building Leased to The Home Depot in Metro Atlanta

by Alex Tostado January 5, 2021

LOCUST GROVE, GA. — Monmouth Real Estate Investment Corp. has purchased a 657,518-square-foot industrial building in Locust Grove for $96.7 million. The Home Depot occupies the facility and has 20 years remaining on its lease. The asset is situated at 3150 Ga. Highway 42, 35 miles southeast of Hartsfield-Jackson Atlanta International Airport and less than one mile from Interstate 75. Monmouth Real Estate notes that the property spans 130 acres and has an opportunity for future development. The seller was not disclosed.

January 5, 2021

Acquisitions Florida Multifamily Southeast

Ytech Sells Multifamily Community in Metro Miami for $78M

by Alex Tostado January 5, 2021

MIAMI GARDENS, FLA. — Ytech has sold Lake House Apartments, a 491-unit multifamily community in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic area. Lake House Apartments is situated at 2601 NW 207th St., less than one mile from Hard Rock Stadium, home of the NFL’s Miami Dolphins and the Miami Hurricanes. The community was originally built in 1970 and spans 33 acres. Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller in the transaction.

January 5, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of 588,249 SF Distribution Center in Jacksonville

by Alex Tostado January 5, 2021

JACKSONVILLE, FLA. — Cushman & Wakefield has arranged the sale of Fanatics E-Commerce Center, a two-building distribution center in Jacksonville. The property comprises a 560,688-square-foot building leased to Fanatics, a sports apparel and memorabilia company, and a 27,579-square-foot outparcel leased to Conlan Tire. Mike Davis, Rick Colon, Rick Brugge, Karl Johnston, Dominic Montazemi, Tyler Newman, Jacob Horsley, Zachary Eicholtz, Mark Hardee and Jordan Stenholm of Cushman & Wakefield represented the seller, IP Capital Partners, in the transaction. DRA Advisors acquired the asset for an undisclosed price. The two buildings combine to offer clear heights ranging from 20 to 30 feet, 52 dock-high entrances, 447 parking spaces and 46 trailer parking spaces. The property spans 28 acres and is situated at 5245 Commonwealth Ave., three miles north of the Interstate 10-295 interchange and 16 miles south of Jacksonville International Airport.

January 5, 2021

Acquisitions Multifamily North Carolina Southeast

PointOne Holdings, Hathaway Development Divest of Apartment Complex in Metro Raleigh for $65.1M

by Alex Tostado January 5, 2021

HOLLY SPRINGS, N.C. — PointOne Holdings and Hathaway Development have sold The Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, for $65.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, grilling areas, pool, package concierge service, fitness center, business center and a clubhouse. The asset is situated at 1101 Club Exchange Drive, 20 miles southwest of downtown Raleigh. The buyer was Myers Apartment Group.

January 5, 2021

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