Southeast

Eldorado Resorts Temporarily Closes Three Casinos in Mississippi

by Alex Tostado March 17, 2020

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has temporarily closed Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi, due to the worldwide COVID-19 outbreak. The Reno, Nev.-based company said in a press release that the closures are in accordance with the Mississippi Gaming Commission order to shut down operations as of midnight local time, March 16. Eldorado agreed to sell Lady Luck last summer to Twin River Worldwide. The sale is expected to close this year. Eldorado acquired Tropicana Entertainment Inc. and all of its real estate assets in April 2018 for $1.85 billion.

March 17, 2020

Acquisitions Georgia Retail Southeast

Coro Realty, Pope & Land Acquire Three Shopping Centers Near Atlanta

by Alex Tostado March 17, 2020

ATLANTA — An Atlanta-based partnership between Coro Realty and Pope & Land has acquired three shopping centers spanning 118,500 square feet north of Atlanta. The first property is the 23,500-square-foot Brookside Station in Alpharetta. The asset is situated along Old Milton Parkway, 35 miles north of downtown Atlanta. Also included in the sale was Mansell Oaks, which spans 43,000 square feet. Mansell Oaks is situated in Roswell, 25 miles north of downtown Atlanta. The final property is Town Center Oaks in Kennesaw. The property comprises 52,000 square feet and is situated 23 miles northwest of downtown Atlanta. Dunwoody, Ga.-based Muntzing-Sattele Co. sold the properties for an undisclosed price.

March 17, 2020

Acquisitions Georgia Multifamily Southeast

Dunross Capital Purchases Two Adjacent Apartment Complexes Totaling 486 Units in Metro Atlanta

by Alex Tostado March 17, 2020

DECATUR, GA. — Dunross Capital has purchased Spring Valley Apartments and Park at Candler, two adjacent multifamily communities in Decatur. The New York City-based buyer plans to implement $7 million worth of interior and exterior renovations at both properties. Park at Candler comprises 236 units and offers one- through four-bedroom floor plans. Communal amenities include a fitness center, pool, playground and a tennis court. The property was built in 1971 and is situated at 2571 Candler Road, eight miles east of downtown Atlanta. The other property, Spring Valley Apartments, is a 250-unit complex located directly across the street from Park Candler. Spring Valley offers one-two- and three-bedroom floor plans. Communal amenities include a pool, laundry facilities, green spaces and a clubroom. Additional details of the transaction were not disclosed.

March 17, 2020

Acquisitions Development Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield | Thalhimer Negotiates $3.8M Sale of Development Site in Richmond

by Alex Tostado March 17, 2020

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to Chicago-based development firm CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care units. The property is situated at 601 N. Parham Road, 10 miles west of downtown Richmond. David Smith of Cushman & Wakefield | Thalhimer represented the buyer, which will also operate the property, in the transaction. Temple Beth El was formed in November 1931 and is located in downtown Richmond.

March 17, 2020

Acquisitions Development Multifamily Southeast Tennessee

Capstone Arranges Sale of 33-Acre Plot in Nashville for Planned Multifamily Development

by Alex Tostado March 17, 2020

NASHVILLE, TENN. — Capstone Land Sales has arranged the $3.5 million sale of a 33-acre plot in Nashville’s Cane Ridge neighborhood. The buyer, Tampa-based 2nd Wave Development, plans to construct a 300-unit multifamily community on the site. The developer plans to break ground this summer. Further details of the community were not released. Adam Klenk, Austin Heithcock, Tyler Mayo and Jonathan Hawks of Capstone represented the buyer in the transaction. An undisclosed local family sold the land.

March 17, 2020

Baltimore Multifamily Rent and Occupancy Forecast March 2020

Content Partner Lument Market Reports Maryland Multifamily RED Capital Group Southeast Southeast Market Reports

Underappreciated Multifamily Markets: Maryland Edition

by Jaime Lackey March 17, 2020

Although attractive multifamily investment opportunities may still be available in gateway cities, investors increasingly are sourcing deals in secondary markets where land and asset prices are lower, cap rates a bit more generous and an unpicked gem of value-add fruit can still be found on the vine by intrepid late-cycle buyers. Parties looking to replicate past successes may not have to look too far afield as Maryland markets — overshadowed of late by Washington and Philadelphia — offer much of what they seek with perhaps a lower degree of risk. In the last decade and particularly the last three years, the catalyst for economic growth in the Capital Area has shifted from government to high-tech services. As the tide turned, the focus of commercial real estate activity moved south toward Washington’s central core and Northern Virginia. In the process, the Maryland suburbs lost some of their star power. The diminished status of Montgomery and Prince George’s counties wasn’t entirely a matter of perception. Suburban Maryland apartment performance materially underperformed national averages in 2017 and 2018, and the spread widened between cap rates applied to Maryland properties on one hand and District and Northern Virginia assets on the other. Same-store property …

March 17, 2020

Acquisitions Retail Southeast Virginia

Armada Hoffler Agrees to Sell Seven Southeastern Retail Properties for $106.5M

by Alex Tostado March 16, 2020

VIRGINIA BEACH, VA. — Armada Hoffler has agreed to sell seven grocery-anchored retail properties in North Carolina, Virginia and Maryland for a combined $106.5 million. The assets comprise 630,780 square feet. The three Virginia centers include Bermuda Crossroads, a 122,566-square-foot, Food Lion-anchored property in Chester; Gainsborough Square, an 88,862-square-foot, Food Lion-anchored property in Chesapeake; and Indian Lakes Crossing, a 64,973-square-foot, Harris Teeter-anchored property in Virginia Beach. In North Carolina, the company will sell three Harris Teeter-anchored centers, including Alexander Pointe, a 64,724-square-foot property in Salisbury; Harper Hill Commons, a 64,973-square-foot asset in Winston-Salem; and Renaissance Square, an 80,467-square-foot property in Davidson. Armada Hoffler will also sell Stone House Square, a 112,274-square-foot, Weis Markets-anchored center in Hagerstown, Md. The institutional buyer was not disclosed. Virginia Beach-based Armada Hoffler expects the sale to close in the second quarter.

March 16, 2020

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze Acquires Multifamily Community in Chattanooga for $63.2M

by Alex Tostado March 16, 2020

CHATTANOOGA, TENN. — Hamilton Zanze Properties has acquired Bluebird Row Apartments, a 283-unit multifamily community in Chattanooga. The sales price was not disclosed, but the Chattanooga Times Free Press reports the San Francisco-based buyer paid $63.2 million, or $223,145 per unit, for the complex. The local newspaper also reports the seller was the development firm that delivered the property in 2019, Birmingham, Ala.-based Choo Choo Residences LLC, a subsidiary of LIV Development LLC. The property comprises four buildings and offers studio, one-, two- and three-bedroom floor plans averaging 935 square feet. Communal amenities include a pool, rooftop lounge, 24-hour self-serve market, outdoor grilling stations, rock climbing wall, bocce ball court, pet spa and a yoga studio. Mission Rock Residential will manage the community.

March 16, 2020

Alabama Development Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $51.9M HUD Construction Loan for Apartment Complex in Downtown Huntsville

by Alex Tostado March 16, 2020

HUNTSVILLE, ALA. — Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop originated the loan on behalf of the borrowers. Once complete, Eclipse at CityCentre will offer studio, one- and two-bedroom floor plans. The majority of the apartments will feature private balconies. Community amenities will include a heated pool, fitness center, pet walking and grooming area, grilling areas, outdoor fire pit and views of Big Spring Park. A timeline for construction was not disclosed. Eclipse at CityCentre will sit atop 18,000 square feet of restaurant and retail space and …

March 16, 2020

Acquisitions Florida Hospitality Southeast

Waramaug Hospitality Purchases 214-Room Castle Hotel in Orlando

by Alex Tostado March 16, 2020

ORLANDO, FLA. — Boca Raton, Fla.-based Waramaug Hospitality has purchased Castle Hotel, part of Marriott’s Autograph Collection, in Orlando. The 214-room hotel offers seven meeting rooms totaling 8,400 square feet, gardens, an outdoor swimming pool with whirlpool spa tub, upscale dining, business center, fitness center and two rooftop terraces. The hotel is situated at 8629 International Drive, 11 miles south of downtown Orlando and four miles south of Universal Orlando Resort. Furthermore, Universal’s newest theme park, Epic Universe, currently scheduled to open in 2023, is located across the street from the hotel. Waramaug has retained Schulte Hospitality Group to manage the property. Further details of the transaction were not disclosed.

March 16, 2020

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