Tuesday, May 13, 2025
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AlabamaDevelopmentIndustrialSoutheast

Graham & Co. Begins Construction on $52M Hyundai Mobis Distribution Facility in Montgomery, Alabama

by John Nelson

MONTGOMERY, ALA. — Graham & Co. has begun construction on a 460,000-square-foot build-to-suit distribution facility in Montgomery for Hyundai Mobis, a supplier of aftermarket parts for Hyundai and Kia, which both have mega manufacturing facilities in the region. The $52 million project is located on 60 acres near an existing Hyundai Mobis campus along Mitchell Young Road. The cross-dock facility is expandable by 270,000 square feet, according to Graham & Co. The project team includes Cooper Construction (general contractor), Five South Architecture LLC (architect) and CCI (civil engineer). A Graham & Co.-led joint venture is providing equity for the development, and SouthState Bank is providing construction financing. The targeted delivery date for the new Hyundai Mobis facility was not disclosed.

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DevelopmentGeorgiaMultifamilySoutheast

Novare, BCDC Deliver 306-Unit Conclave Sugar Hill Apartments in Metro Atlanta

by John Nelson

SUGAR HILL, GA. — Novare Group and BCDC have delivered Conclave Sugar Hill, a 306-unit apartment community in metro Atlanta. The property is located off Ga. Highway 20 at 1375 Hillcrest Drive, directly across from Sugar Hill’s town center. The property includes studio, one-, two- and three-bedroom apartments, as well as townhomes with private garages and patios. Monthly rental rates range from $1,455 to $2,915, according to Apartments.com. The gated community interfaces with the 11.5-mile Sugar Hill Greenway and also features a two-story club room with a library and lounge and a two-story fitness center. Other amenities include a resort-style pool with a sun shelf and tanning ledge, fire pits, lounge spaces, greenspaces, coworking spaces and a dog park.

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AcquisitionsMultifamilySoutheastVirginia

Hamilton Zanze Sells 414-Unit Maple Bay Townhomes in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Hamilton Zanze has sold Maple Bay Townhomes, a 414-unit apartment community located at 356 S. Chesire Court in Virginia Beach. The buyer and sales price were not disclosed. The San Francisco-based seller originally acquired the property in 2019 and improved net operating income by 35 percent due to comprehensive capital improvements made over the course of its ownership. These renovations included roof replacements, the repainting of building exteriors and upgrades to the apartment homes, pool area and other common-area amenities. Maple Bay was built in 1971 and features one-, two- and three-bedroom units sized from 1,000 to 1,400 square feet. The property represents Hamilton Zanze’s third disposition this year.

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DevelopmentMultifamilySoutheastVirginia

Madison Capital, Inlet Property Break Ground on 86-Unit Apartment Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Group and Inlet Property Co. has broken ground on Madison Charlottesville, an 86-unit apartment development located near the University of Virginia. Situated on a four-acre site off Rio Road, the property will feature studio, one- and two-bedroom apartments ranging in size from 575 to 1,211 square feet. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Longline Financial on behalf of Madison Capital and Inlet Property. The construction timeline for Madison Charlottesville was not disclosed.

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FloridaNorth CarolinaSoutheast

CoreLogic Estimates $30.5B to $47.5B in Property Damage from Hurricane Helene

by John Nelson

IRVINE, CALIF. — CoreLogic, a real estate information and analytics firm based in Irvine, has estimated that real estate property damages stemming from Hurricane Helene will fall between $30.5 billion to $47.5 billion. The storm made landfall around 11 pm on Thursday, Sept. 26 near Perry, Fla., and made its way through several Southeastern states, with its damage especially severe in western North Carolina. According to several national media outlets, the death toll from the storm stands at 227 across six states as of this writing with an unknown number reported missing. CoreLogic’s calculations include both residential and commercial real estate properties as well as automobiles in 16 states, but excludes damage to personal marine craft, offshore infrastructure, governmental structures and infrastructure such as roads and bridges. CoreLogic tabulates that losses from wind damage will fall between $4.5 billion to $6.5 billion; insured flood damage, both for inland flood situations and storm surges, will range from $1.5 billion to $4.5 billion for privately insured properties and $4.5 billion to $6.5 billion from the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP); and $20 billion to $30 billion in uninsured floor damage. Insured loss represents the amount insurers and …

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Casa-del-Valle_ASU
ArizonaCaliforniaCompany NewsDevelopmentGeorgiaMassachusettsStudent HousingTexasTop Stories

ACC Delivers Six Student Housing Developments in 2024 Totaling $855M

by Hayden Spiess

AUSTIN, TEXAS — American Campus Communities (ACC) has delivered new student housing projects totaling $855 million this year.  Together, the six communities — which include Meadows Apartments at Princeton University, Casa del Valle at Arizona State University, The Ridge Graduate & Professional Housing at Emory University, xučyun ruwway Graduate Student Apartments at University of California Berkeley, East Campus Graduate Apartments at The University of Texas at Austin and Graduate Junction at MIT — feature 3,867 beds.  Austin, Texas-based ACC is the third-party developer and manager for Graduate Junction (676 beds), East Campus Graduate Apartments (784 beds), The Ridge Graduate & Professional Housing (535 beds) and Meadows Apartments (604 beds).  Amenities at Meadows Apartments at Princeton University include a communal kitchen, children’s playroom and a market and café. In addition to a communal kitchen, The Ridge Graduate & Professional Housing at Emory University features a fitness center, study areas and a parking garage. At Graduate Junction at MIT, amenities include study areas, a recreation center and gym and indoor bike storage.  ACC is the owner, developer and manager of Casa del Valle at Arizona State University, which offers 507 suite-style beds with social lounges, Zen areas and landscaped outdoor amenities. ACC …

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AcquisitionsAffordable HousingMultifamilySoutheastVirginia

Berkadia Arranges Sale of Three Multifamily Properties in Virginia’s Hampton Roads Region

by John Nelson

HAMPTON AND NEWPORT NEWS, VA. — Berkadia has arranged the sale of three multifamily properties located in Virginia’s Hampton Roads region — Abbington at Hampton Center and Abbington at Northampton in Hampton and Abbington Landing in Newport News. Together, the properties total 1,461 units. A majority of the units at the properties are designated for residents earning up to 80 percent of the area median income (AMI). Richmond-based Weinstein Properties sold the communities for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented Weinstein in the transaction. Richord Levine of Berkadia secured Freddie Mac acquisition financing on behalf of the buyer, Bethesda, Md.-based Acento Real Estate Partners.

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District of ColumbiaLeasing ActivityOfficeSoutheast

ArentFox Schiff Signs 120,999 SF Office Lease in Downtown DC

by John Nelson

WASHINGTON, D.C.— Law firm ArentFox Schiff has signed a 120,999-square foot lease at Midtown Center, an office building located in downtown Washington, D.C. The firm will relocate its D.C. headquarters to the 14-story property, occupying the entirety of three floors. Fannie Mae also recently signed a 340,000-square-foot lease at the building, which is owned by Carr Properties. The developer completed Midtown Center, which features two towers connected by three pedestrian buildings, in 2017. SHoP Architects designed the property.

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Build-to-RentDevelopmentGeorgiaLoansSingle-Family RentalSoutheast

Parkland Residential Secures $57M Financing for Build-to-Rent Development Near Macon

by John Nelson

WARNER ROBINS, GA. — Parkland Residential has secured a $57 million loan for the financing of Grover Landing, a build-to-rent (BTR) residential community underway in Warner Robins, roughly 20 miles south of Macon, Ga. The loan will be used to refinance completed homes at the development, which will total 317 units. Residences at the community range from two to four bedrooms in size. Amenities at the development include a swimming pool with a cabana, playground, pocket parks and a playfield, as well as yard maintenance, pest control, home repairs and appliances. Avi Kozlowski, Thomas Wayda and Dante Distefano of Greystone arranged the financing through Encore Finance. Additionally, Synovus Bank will provide construction financing for newly built homes.

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AcquisitionsFloridaMultifamilySoutheast

American Landmark Acquires, Rebrands 455-Unit Apartment Community in Brandon, Florida

by John Nelson

BRANDON, FLA. — American Landmark Apartments has acquired Courtney Trace & The Addison, a 455-unit multifamily community located at 1131 Courtney Trace Drive and 251 Annapolis Way in Brandon, about 13 miles east of Tampa. The locally based buyer will rebrand the property as “The Griffin” moving forward. American Landmark also plans to implement $7 million of upgrades at the community, including a new dog park, updates to the clubhouse and fitness center, improvements to the pool and outdoor areas and the addition of electric vehicle charging stations. Interior units will also undergo substantial renovations. The seller and sales price were not disclosed.

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