Southeast

Capstone Apartment Partners Brokers $37.6M Sale of Multifamily Community in Irmo, South Carolina

by Alex Tostado April 20, 2020

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.

April 20, 2020

Loans Multifamily ORIX Southeast Virginia

Hunt Real Estate Provides $12.7M Refinancing Loan for Multifamily Community in Stuarts Draft, Virginia

by Alex Tostado April 20, 2020

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.

April 20, 2020

Acquisitions Florida Industrial Lee & Associates Southeast

Lee & Associates Arranges $2.3M Sale of Industrial Building in Metro Miami

by Alex Tostado April 20, 2020

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.

April 20, 2020

Company News Florida Multifamily Southeast Top Stories

Mill Creek, Quadreal Launch $421M Multifamily Investment Joint Venture

by Taylor Williams April 20, 2020

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. …

April 20, 2020

District of Columbia Loans Multifamily Southeast

Freddie Mac Extends Multifamily COVID-19 Forbearance Program, Revises Protocols for Evictions and Penalties

by Alex Tostado April 17, 2020

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 …

April 17, 2020

Acquisitions Alabama Office Southeast

Transwestern Negotiates $83M Sale of Office Portfolio in Huntsville

by Alex Tostado April 17, 2020

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.

April 17, 2020

Development Loans Office Southeast Tennessee

GBT Realty Receives $141.1M in Construction Financing for One22One Broadway Office Tower in Nashville

by Alex Tostado April 17, 2020

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.

April 17, 2020

Acquisitions Office Southeast Virginia

Meridian Group Acquires Two Office Buildings in Northern Virginia for $58.3M

by Alex Tostado April 17, 2020

VIENNA, VA. — The Meridian Group has acquired 1951 Kidwell Drive and 193 Gallows Road in Vienna for a combined $58.3 million. The eight-story building at 1951 Kidwell spans 172,957 square feet and was 75 percent leased at the time of sale. The building located at 1953 Gallows is also eight stories and comprises 256,714 square feet. It was 55 percent leased at the time of sale. Meridian plans to upgrade the common areas and amenities of both assets in an effort to improve occupancy. The two buildings are situated within a half mile of each other and 13 miles west of downtown Washington, D.C. Eastdil Secured represented the buyer in the transaction. The seller(s) was not disclosed.

April 17, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $3.2M Sale of Shoppes at Veranda Park in Orlando

by Alex Tostado April 17, 2020

ORLANDO, FLA. — SRS Investment Properties Group has brokered the $3.2 million sale of Shoppes at Veranda Park, the ground-floor retail portion of a four-story condominium building in Orlando. Shoppes at Veranda Park houses eight retail tenants spanning 17,603 square feet. At the time of sale, the property was fully leased to tenants including Rhythm Dance Academy, Goodwill, Axianta Financial Partners, Filutowski Eye Institute, Gemini Hookah Lounge, Easy Work Space, Alora Health Spa and Caterings Best. The property is located at 2295 S. Hiawassee Road, nine miles west of downtown Orlando and within MetroWest. The master-planned, 1,805-acre MetroWest development features 10,000 residential units spread over a wide range of single-family homes, apartments, townhomes and condominium developments. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, Unicorp National Developments Inc., in the transaction. John Krzyminski and Max Krzyminski of JLL represented the undisclosed buyer.

April 17, 2020

Acquisitions Maryland Office Southeast

JLL Brokers Sale of 212,153 SF Medical Office Campus in Metro D.C.

by Alex Tostado April 16, 2020

SILVER SPRING, MD. — JLL has brokered the sale of Colesville Medical Campus, a three-building, 212,153-square-foot medical office campus in Silver Spring. The asset is situated at 10720, 10750 and 10770 Columbia Pike, 10 miles north of downtown Washington, D.C. The property is positioned within a 10-mile radius of 12 hospitals with more than 3,000 beds. Trinity Health and Holy Cross Health, which operates its home care and hospice operations at the property, anchor the campus. The seller, Beckham Gumbin Ventures, acquired the asset in 2016 when it was 43 percent leased. At the time of sale, Colesville Medical was 82 percent leased. The campus features amenities such as a fitness center, conference center facility and parking for more than 789 vehicles. Ben Appel, Dave Baker, Jim Meisel, Andrew Weir and Matt Nicholson of JLL represented the seller in the transaction. Robert Carey, Daniel Turley and Evan Parker of JLL arranged an undisclosed amount of acquisition financing for the buyer, Austin, Texas-based Virtus Real Estate Capital.

April 16, 2020

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