MIAMI BEACH, FLA. — Hotel developer Urbanica has acquired a one-acre plot of land in Miami Beach for $40 million from China City Construction (CCC). Urbanica plans to develop a 200-room, beachfront hotel on the site. The plot is the last undeveloped beachfront lot in North Beach, located between the Deauville Beach Resort and Sterling Condominium buildings on Collins Avenue. Urbanica expects to break ground immediately. Slated to open in approximately two years, the hotel will feature a restaurant helmed by the Urbanica’s partner, chef Fernando Trocca, an indoor bar, pool bar and beach service.
ATLANTA — Legacy Shamrock Community has sold Shamrock Gardens, a 344-unit affordable housing community in Atlanta, for $23.5 million. Built in 1967, Shamrock Gardens is an all-brick property offering one-, two- and three-bedroom floor plans. Communal amenities include a community center, computer room, two playgrounds, onsite laundry facilities, community garden and an orchard. The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is near Camp Creek Market and Hartsfield-Jackson Atlanta International Airport. Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown Real Estate Advisors represented the seller in the transaction and procured the buyer, Alcott Capital. Greystone also provided a 10-year, $19.3 million Fannie Mae acquisition loan to Alcott.
BOYNTON BEACH, FLA. — Hunt Real Estate Capital has provided a $32 million Fannie Mae acquisition loan to an undisclosed borrower for Savona Grand, a 214-unit apartment complex in Boynton Beach. The seven-year, fixed-rate, interest-only loan features prepayment flexibility with the interest rate dropping to 1 percent over last two years of the loan term. Built in 2003, Savona Grand was recently renovated and was 95 percent occupied at the time of sale. New management will spend $162,000 to upgrade water and energy efficiency and spend an additional $1.4 million on improvements throughout the property. Communal amenities include a swimming pool, heated spa, two tennis courts, half-basketball court, playground and a combination leasing office/clubhouse. The clubhouse facility includes a full-size kitchen, meeting rooms, central lounge and a fitness center with locker rooms and saunas. The seller was not disclosed.
ORLANDO, FLA. — JLL has arranged the $13.5 million sale of three newly constructed retail pads leased to Starbucks Coffee, LongHorn Steakhouse and Bahama Breeze in Orlando. The three buildings were delivered in 2018 and are located at 5460, 5540 and 5620 W. Oak Ridge Road, across the street from Orlando International Premium Outlets. Brad Peterson, Whitaker Leonhardt, Michael Brewster Marc Mandel and Steve Schrenk of JLL represented the seller, a partnership between North American Properties and JP Morgan Asset Management, in the transaction. Orion Real Estate Group purchased the assets.
ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are multifamily or single-family homes that often include amenities typically enjoyed by older residents, such as golf courses and clubhouses, but do not market themselves as full-fledged seniors housing. Independent living communities are structured similarly but often carry a strict age restriction of approximately 65 years old, and will sometimes offer basic assistance such as dining or laundry services. Independent living developers often struggle to attract residents when their target demographic of able-bodied senior citizens moves into nearby active adult communities 10 years early. Many of them will not move again until they are ready for assisted living or skilled nursing. “Independent living residents haven’t changed; the places where they are residing and the services they want that have changed, but we have stayed the …
ATLANTA — Majestic Realty has unveiled design plans for its $350 million hotel near Hartsfield-Jackson Atlanta International Airport in Atlanta. Atlanta-based Portman Architects designed the 14-story hotel, which will be situated on the site of the current West economy parking lot. Majestic expects the hotel will be branded under a Hilton flag. Construction of the 541-room hotel, the first to be built at Hartsfield-Jackson and attached to the airport, is expected to begin later this year and be completed in 2022. Wimberly Interiors will design the guest rooms, and Tihany Design will design the lobby and restaurant space. The hotel is part of Majestic Realty’s larger master-planned development that will include 50,000 square feet of meeting space, an office building, a second hotel and a 1,150-space parking deck.
JACKSONVILLE, FLA. — Presidium has broken ground on Presidium at Town Center, a four-story, 370-unit apartment complex in Jacksonville’s St. Johns Town Center area. The 470,000-square-foot development is expected to be complete in mid-2021. Interior units will feature energy-efficient appliances and 9- to 10-foot ceilings. Communal amenities will include a swimming pool; 10,000-square foot leasing/amenity building containing a club room, game room and fitness center; and a rooftop terrace and lounge overlooking the pool. Dwell Design Studio is the architect, Connolly & Wicker is serving as the civil engineer, and Dix.Hite + Partners Inc. is the landscape architect.
RICHMOND, VA. — Bristol Development Group has opened Canopy at Ginter, a 301-unit multifamily complex in Richmond. Canopy at Ginter offers 112 one-bedroom floor plans, 186 two-bedroom floor plans and three three-bedrooms plans ranging in size from 629 square feet to 1,623 square feet. Additionally, several units feature attached garages. Communal amenities include a clubhouse with a kitchen, saltwater swimming pool, bike storage, pet spa, fitness and yoga studio, outdoor pool table, Wi-Fi throughout the community, indoor mailroom and a package delivery/storage system. The community was built through a partnership with Union Presbyterian Seminary. The school is located across the street and previously owned the land that Canopy at Ginter sits upon. The community will provide Union students with additional housing opportunities. Canopy at Ginter Park is located at the corner of Westwood Avenue and Brook Road, three miles north of downtown Richmond. Fifth Third Bank provided construction financing.
ATLANTA — The Cobb County Chamber of Commerce has sold its headquarters building located at 240 Interstate N. Parkway in Atlanta to Pope & Land for an undisclosed price. The Cobb Chamber and other tenants, including the Cumberland Community Improvement District and Cobb Community Foundation, will relocate to the 10th floor of 1100 Circle 75, where they will occupy 17,517 square feet of office space by early 2020. SK Commercial Realty is the owner and landlord.The new office space is located across from The Battery Atlanta and SunTrust Park, home to Major League Baseball’s Atlanta Braves. The new space will feature meeting rooms, event spaces, modern workspaces, huddle rooms to foster collaboration and a bistro-style break room. Chad Koenig and Trey Dove of Cushman & Wakefield represented Cobb Chamber in the lease negotiations, and Andrew Walker of Colliers International represented the on the sale of its former headquarters building. Rule Joy Trammell + Rubio will serve as the architectural design firm and Darden will serve as project manager of building out the space. Choate Construction will serve as the general contractor. Turnerboone is the project’s furnishings vendor, and Unified Technology Systems is providing the audio-visual design and installation.
JOHNSON CITY, TENN. — Monument Capital Management has acquired Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City. The buyer will implement a $2.3 million renovation plan to upgrade the property. Sterling Hills was built in 1980 and offers one-, two- and three-bedroom floor plans averaging 876 square feet. Communal amenities include a fitness center, basketball court, swimming pool, courtyard, grill and a picnic area. Located at 1 Milligan Lane, the property is situated five miles east of downtown Johnson City. Sterling Hills Apartments LLC sold the asset for an undisclosed price.