HATTIESBURG, MISS. — Berkadia has arranged the sale of The Met Apartments, a 288-unit multifamily property in Hattiesburg, approximately 70 miles north of the Mississippi Gulf Coast. David Oakley, David Wilson, Jay Briley and Gregg Cordaro of Berkadia completed the sale on behalf of the seller, Texas-based NNI Development. Mississippi-based Heritage Properties Inc. bought the property for an undisclosed amount. Located at 27 Lake Forgetful, The Met Apartments was completed in 2018. The complex has convenient access to U.S. Route 98, Shadow Ridge Golf Club and Turtle Creek Mall. The property features one-, two- and three-bedroom floor plans with a fitness center, pool, pet park, entertainment lounge, office space and elevator access in each building.
GREENWOOD, S.C. — Marcus & Millichap has brokered the $9.5 million sale of the Emerald Place shopping center in Greenwood, approximately 25 miles from the Georgia-South Carolina state line. Kohl’s, Ross Dress for Less and Rack Room Shoes anchor Emerald Place, which is located at 259 Hospitality Blvd. Private investor George Snelling purchased the 107,616 –square-foot property from Cole MT Greenwood SC LLC. Marcus & Millichap’s Zach Taylor, Brian Munn and Don McMinn brokered the sale on behalf of both the seller and the buyer. The buyer, who typically invests in self-storage assets, purchased Emerald Place as it provided a more attractive yield than other self-storage options, according to Taylor.
ATLANTA — North American Properties (NAP) has sold Edge, a mixed-use development that the firm recently delivered along the Atlanta BeltLine’s Eastside Trail, to The Connor Group, a multifamily owner based in Ohio. According to Atlanta Business Chronicle, Connor Group acquired Edge for $110 million. Located at 670 DeKalb Ave. NE in Atlanta’s Inman Park, Edge straddles both sides of the BeltLine’s Eastside Trail. The development offers studio, one-, two-, and three-bedroom apartments, as well as a pool, fitness center, parking garage and a clubhouse. The apartments are adjacent to Interstate 85 and the MARTA King Memorial station. The development also offers 29,000 square feet of retail, dining and loft office space. Current tenants include Shake Shack, Cold Beer and Rukus Cycling Studios. The property is less than two miles from Ponce City Market and less than one mile from Krog Street Market. Cincinnati-based NAP partnered with Atlanta BeltLine Inc. (ABI) and The Conservation Fund to transform the environmentally contaminated site.
HUNTSVILLE, ALA. — Birmingham-based Doster Construction Co. Inc. has broken ground on Eclipse, a new 279-unit apartment development in downtown Huntsville. The multifamily project is the latest addition to the CityCentre development overlooking Big Spring Park. New Jersey-based Spring Bay Property Co. LLC is the lead developer in the residential component of CityCentre, which is being master developed by RCP Cos. Wakefield Beasley & Associates designed the five-story community, which will include an upscale restaurant and retail space on the ground floor. Doster Construction expects to deliver Eclipse in late 2021.
WILMINGTON, N.C. — Middleburg Communities has broken ground on Mosby at Riverlights, a planned 250-unit apartment community in Wilmington. The complex will offer communal amenities such as a 7,500-square-foot clubhouse, pool, dog park, pet spa, grilling stations, fire pit, package locker concierge and a fitness center. The community will also be linked via walking trails to Marina Village, a mixed-use town center with a new riverfront park and boardwalk, as well as 20,000 square feet of retail and restaurants. Mosby at Riverlights will feature one-, two- and three-bedroom floor plans. Unit interiors will include Nest thermostats, stainless steel Energy Star-rated appliances, granite countertops, 9-foot ceilings, walk-in closets and Bluetooth keyless entry. The design team includes interior designer and landscape architect Cline Design Associates, general contractor Middleburg Construction and civil engineer McKim & Creed. Vienna, Va.-based Middleburg Communities expects to begin leasing at the community in late 2020.
ATLANTA — Berkadia has arranged the sales of The Reserve in Lithonia and Friendly Hills Apartments in Decatur. Texas-based Praxis Capital acquired both communities for a combined $40.7 million. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia represented the seller, Atlanta-based Benimax, in both transactions. The Reserve, which sold for $23.9 million, is a garden-style community offering studio through three-bedroom floor plans. Community amenities include a swimming pool, playground, picnic area and a fitness center. The property is located at 5650 Hillandale Drive, 17 miles east of downtown Atlanta. Jackson Cloak of Berkadia arranged a $19.8 million acquisition loan through Bridge Investment Group on behalf of Praxis for The Reserve. Friendly Hills Apartments is also a garden-style community that offers two- and three-bedroom floor plans. Community amenities include a basketball court, laundry facilities, swimming pool and a playground. Friendly Hills is located at 10 Friendly Hills Drive, 13 miles east of downtown Atlanta. Cloak originated a $12.3 million Freddie Mac loan on behalf of Praxis for Friendly Hills.
BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.
ATLANTA — Multifamily developers and investors keep an ever-watchful eye on job and population growth in their target markets. In the Southeast, where several metros are seeing gains in those demand generators, which markets stand out? That was a central question posed during the regional panel discussions at France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district. The event drew 384 attendees in the multifamily real estate sector. The short list for the various speakers’ favorite markets include the usual suspects, namely Atlanta, Orlando, Tampa, Charlotte and Raleigh. These markets all have a recent track record of strong employment growth, which is traditionally a reliable indicator of multifamily demand. Norm Radow, CEO of Atlanta-based The RADCO Cos., warned though that not all jobs are created equally, which has long-term implications for the new apartment communities coming on line. “The majority of the people hired are on the low end of the wage scale and the few making a lot of money are tipping the average up,” said Radow during the conference’s Atlanta Market Update panel. “The workers are there to rent them, but we’re building a product …
FALLS CHURCH, VA. — Los Angeles-based CIM Group has acquired Skyline Towers, two high-rise apartment buildings located in the Bailey’s Crossroads submarket of Falls Church. The 939-unit property, located at 5599 Seminary Road, sits on 12.7 acres about six miles from Washington, D.C. The two 26-story buildings were constructed in 1971 and feature a pool, fitness center, game room, conference rooms, screening theater, onsite salon and a convenience store. The complex has nearby access to Interstates 395, 95 and 495 and the George Washington Memorial Parkway. Skyline Towers joins CIM’s residential properties in nearby Alexandria: the Mason at Van Dorn, a 1,180-unit community; Park Place at Van Dorn, a 285-unit community; and the former Crowne Plaza Hotel Alexandria, which CIM plans to convert into 122 residential condominiums and 41 townhomes. The seller and sales price of Skyline Towers were not disclosed, but Washington Business Journal reports that Equity Residential, a multifamily REIT based in Chicago, was the seller.
NASHVILLE, TENN. — Developer Safe Harbor Development LLC has opened the $82 million Margaritaville Hotel Nashville, a 12-story hotel featuring 166 guestrooms, as well as 52 suites. Davidson Hotels & Resorts manages the hotel, which is located at 425 5th Ave. S. in downtown Nashville’s SoBro (South of Broadway) district. Margaritaville Hotel Nashville is adjacent to the Country Music Hall of Fame, Bridgestone Arena, Music City Center and Honky Tonk Highway. Amenities include a rooftop pool, sundeck, fire pits, live entertainment, a fitness center, and two Margaritaville-branded restaurants: FINS Bar and JWB Grill. The hotel also includes nearly 11,000 square feet of indoor and outdoor customizable event space, as well as Radio Margaritaville’s Nashville studio.