Southeast

Greystone Provides $15.4M Fannie Mae Green Acquisition Loan for Multifamily Property in Baton Rouge

by Alex Tostado November 7, 2019

BATON ROUGE, LA. — Greystone has a provided a $15.4M Fannie Mae acquisition loan for the purchase of Live Oaks Apartment Homes in Baton Rouge. The loan carries a 12-year term with two years of interest-only payments. The buyer, Cyprus Multifamily, plans to implement upgrades that will improve water and electricity usage as part of the Fannie Mae Green Rewards program. Live Oaks was built in 2001 and offers 184 units with one-, two- and three-bedroom floor plans. Communal amenities include barbecue and picnic areas, a clubhouse, business center, fitness center and a pool. Keith Hires of Greystone originated the loan.

November 7, 2019

Development Mixed-Use North Carolina Southeast

Eco Group Breaks Ground on $350M Mosaic Development Near Raleigh-Durham

by Alex Tostado November 6, 2019

PITTSBORO, N.C. — Eco Group, a joint venture between Kirk Bradley of Lee-Moore Capital Co. and John Fugo of Montgomery Carolina LLC, has broken ground on Mosaic, a $350 million mixed-use development spanning 136 acres and located 30 miles southwest of Raleigh-Durham. Phase I of Mosaic will include developing 44 acres at the cost of $180 million and is expected to be complete in 2023, although Eco Group plans to open Mosaic to the public in 2020. Town Hall Burger & Beer, People’s Coffee, Aveda Day Spa & Salon and UNC Urgent Care have all signed leases at Mosaic. At full build-out, the development will feature 200,000 square feet of local and regional retail space, restaurants and services including a micro-brewery and chef-driven and fast casual dining; a 114-key flagship hotel; 164 apartment units; 88,000 square feet of technical and creative office space; 10,000 square feet of educational space; 30,000 square feet of recreational and civic amenities featuring an eight-screen cinema, 350-seat live performance theatre, and 100-seat black box theatre and central green with outdoor stage. In addition, 25 percent of the project will be dedicated to open space framing the development with gathering spaces, walking and biking trail, ponds …

November 6, 2019

Data Centers Development Georgia Industrial Southeast

QTS Realty to Expand Data Center Near Downtown Atlanta

by Alex Tostado November 6, 2019

ATLANTA — QTS Realty Trust has begun its data center expansion in Atlanta’s Knight Park/Howell Station neighborhood. The expansion will span 250,000 square feet and be located adjacent to QTS’ existing data center at 1033 Jefferson St. NW, four miles from downtown Atlanta. QTS plans to deliver Phase I of the expansion in mid-2020. QTS has signed a lease with an undisclosed anchor tenant that will consume 12 megawatts of power as part of its lease terms The existing building comprises 970,000 square feet, has more than 250 customers and provides access to more than 2,000 cross connects and more than 200 network, IT and cloud providers.

November 6, 2019

Development Industrial South Carolina Southeast

Magnus Development Breaks Ground on 180,000 SF Building Within Lexington County Industrial Park in Columbia

by Alex Tostado November 6, 2019

COLUMBIA, S.C. — Magnus Development Group has broken ground on Midway Logistics V, a 180,000-square-foot industrial building within Lexington County Industrial Park (LCIP) in Columbia. Kardex Remstar, a Swiss automated storage and retrieval solutions supplier, will fully occupy the building upon completion, which is slated for second quarter 2020. The new property will include 50-foot bay spacing, energy-efficient LED motion detection lighting, a 60-millimeter TPO roof, eight dock doors, 20 future knock out dock doors, two 16-foot-by-16-foot drive-in doors and a private 130-foot truck court for receiving and shipping. Magnus Development has developed all five building within LCIP, most recently breaking ground on Midway Logistics IV in March.

November 6, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Negotiates Sales of Multifamily Properties in Metro Atlanta Totaling $80M

by Alex Tostado November 6, 2019

ATLANTA — Berkadia has negotiated two sales of four multifamily properties in metro Atlanta totaling $80 million. In the first sale, Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia arranged the combined $36 million sales of Pines at Greenbriar and Mountain Oaks on behalf of the seller, a joint venture between Adams Investor and Crown Bay Group. Pines at Greenbriar sold to Olive Tree Holdings and Mountain Oaks sold to Highland Properties Group. Pines at Greenbriar is located at 2909 Campbellton Road in southwest Atlanta. The 376-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, playground and an onsite laundry facility. The buyer has plans to renovate an unspecified number of units. Mountain Oaks is located at 4719 Central Drive in Stone Mountain, 14 miles east of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans along with community amenities such as a barbeque area, pool and a newly renovated clubhouse. In the second deal, the same Berkadia team brokered the $44 million sale of Sedgefield Apartments and Castlebrook Apartments, two garden-style properties in Marietta. Berkadia represented the seller, Princeton Enterprises LLC. The Waldon Group acquired both properties. Sedgefield …

November 6, 2019

Acquisitions Maryland Multifamily Southeast

JLL Arranges $58.9M Sale of Multifamily Community in Metro D.C.

by Alex Tostado November 6, 2019

HYATTSVILLE, MD. — JLL has arranged the $58.9 million sale of Palette at Arts District, a 243-unit multifamily community in Hyattsville’s Arts District. The property offers studio, one- and two-bedroom floor plans averaging 870 square feet. The community also offers 4,700 square feet of ground-level retail space as well as communal amenities such as a pool, courtyard, grilling area, dog park, clubroom with pool table, cybercafé, coffee bar, fitness center and a conference room. Palette at Arts District is located at 5501 45th Ave., seven miles east of downtown Washington, D.C. Walter Coker and Brian Crivella of JLL represented the undisclosed seller in the transaction. Jamie Leachman of JLL originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, Harbor Group International LLC.

November 6, 2019

Acquisitions Loans Multifamily Southeast Virginia Walker & Dunlop

Walker & Dunlop Provides $225.1M Fannie Mae Acquisition Loan for Multifamily Portfolio in Virginia

by Alex Tostado November 5, 2019

BETHESDA, MD. — Bethesda-based Walker & Dunlop has provided a $225.1 million Fannie Mae acquisition loan for a five-property multifamily portfolio on behalf of Capital Square 1031. Walker & Dunlop provided a $66 million loan for 2000 West Creek in Richmond, a $29.7 million loan for Hickory Creek Apartments in Richmond, a $31.6 million loan for Saltmeadow Bay Apartments in Virginia Beach, a $52.5 million loan for Misty Ridge Apartments in Woodbridge and a $45.3 million loan for Bellemeade Farms Apartments in Leesburg. Four of the five properties are fully stabilized, with the exception of 2000 West Creek, which was built in 2018 and is in the final stages of lease-up. Bristol Development Group sold 2000 West Creek. The sellers of the other properties were not disclosed. Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds.

November 5, 2019

Acquisitions Kentucky Multifamily Southeast

Brookview Realty Purchases Apartment Complex in Louisville for $38M

by Alex Tostado November 5, 2019

LOUISVILLE, KY. — Brookview Realty Group has purchased Echelon at Middletown, a 210-unit, garden-style apartment complex in Louisville’s Middletown neighborhood, for $38 million. The property offers one-, two- and three-bedroom floor plans averaging 1,080 square feet. Community amenities include a swimming pool, spa, 24-hour fitness center with a yoga studio, pet park, internet café and a business center. The community is located at 400 Echelon Way, 17 miles east of downtown Louisville. Wick Kirby, Marty O’Connell, Kevin Girard and Kyle Butler of JLL represented the seller, The Garrett Cos., in the transaction. Dave Keller and Nelson Almond, also with JLL, originated a 10-year, fixed-rate, Fannie Mae acquisition loan on behalf of the buyer.

November 5, 2019

Acquisitions Florida Retail Southeast

Phillips Edison Sells 124,268 SF Shopping Center Near Daytona Beach

by Alex Tostado November 5, 2019

PORT ORANGE, FLA. — Phillips Edison & Co. Inc. has sold Countryside Shopping Center, a 124,268-square-foot retail center in Port Orange. An affiliate of Atlanta-based Vanguard Associates Inc. acquired the property for an undisclosed price. Sav-a-Lot and Big Lots anchor the 96 percent-leased center. Other tenants at the time of sale included Halifax Health, Wells Fargo, Cici’s Pizza, Workout Anytime and H&R Block. The center is located at 3840 S. Nova Road, seven miles south of downtown Daytona Beach. Eric Williams, Daniel Finkle, Luis Castillo and Whitaker Leonhardt of JLL represented the seller in the transaction.

November 5, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Community in Central Florida for $25.3M

by Alex Tostado November 5, 2019

KISSIMMEE, FLA. — FCP has acquired Park at Sorrento, a 208-unit multifamily community in Kissimmee, for $25.3 million. The property offers one- through three-bedroom floor plans that span between 750 and 1,310 square feet. Communal amenities include a swimming pool, business center and a clubhouse. Park at Sorrento is located at 900 Woodside Circle, 23 miles south of downtown Orlando. FCP plans to rebrand the property as Mirador at Woodside. Shelton Granade, Luke Wickham, Justin Basquill of CBRE represented the undisclosed seller in the transaction. Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop originated a Fannie Mae acquisition loan on behalf of the buyer.

November 5, 2019

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