Southeast

Hall Structured Finance Provides $37.5M Construction Loan for New Hotel in Downtown Atlanta

by Alex Tostado February 1, 2019

ATLANTA — Hall Structured Finance has provided a $37.5 million construction loan for a new Reverb Hotel in downtown Atlanta. Amenities will include a five-story parking garage; meeting space, a restaurant and a business center on the ground floor; and a rooftop bar with observation deck on the 11th floor. The 195-room hotel is expected to be delivered in February 2020 and will become part of Castleberry Park, a mixed-use development adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. Reverb Hotel is a Hardrock Hotels product. Will James of NorthMarq Capital arranged the loan on behalf of the borrower, Bolton Atlanta LP, a hotel owner and developer based in Atlanta.

February 1, 2019

Development Georgia Office Southeast

Logistics Firm Breaks Ground on Future 80,000 SF Headquarters Near Atlanta

by Alex Tostado February 1, 2019

PEACHTREE CITY, GA. — Logistics firm SMC3 has broken ground on its future 80,000-square-foot corporate headquarters in Peachtree City. The new headquarters is situated about 36 miles southwest of downtown Atlanta and is expected to deliver in March 2020. SMC3 is a shipping logistics company that specializes in LTL (less than truckload) shipping. Jefferson Browne Gresham Architects designed the building and South-Tree Enterprises will build it. The site will feature a three-story atrium, smart glass, acoustical metal decks to improve sound absorption and extensive natural lighting.

February 1, 2019

Acquisitions Retail Southeast Virginia

Big V Property Group Acquires 180,845 SF Shopping Center in Richmond

by Alex Tostado February 1, 2019

RICHMOND, VA. — Big V Property Group has acquired Pocono Crossing, a 180,845-square-foot shopping center located at 10400 Midlothian Turnpike in Richmond for $12.3 million. Situated about 11 miles west of downtown Richmond, Pocono Crossing was 84 percent leased at the time of sale to tenants including Burlington, Tuesday Morning, Chuck E. Cheese’s, Catherines, Hong Kong Buffet and Boost Mobile. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.

February 1, 2019

Acquisitions Florida Multifamily North Carolina Southeast Top Stories

Carroll Organization Acquires 1,012-Unit Apartment Portfolio in Jacksonville, Raleigh for $145M

by Kristin Harlow February 1, 2019

JACKSONVILLE, FLA. AND RALEIGH, N.C. — Carroll Organization has acquired three apartment properties totaling 1,012 units in Jacksonville and Raleigh for $145 million. All three communities will be part of Carroll Multifamily Real Estate Fund V LP, managed by Carroll Management Group and rebranded under the Arium name. Sellers were not disclosed. The 288-unit Autumn Cove and the 272-unit Vista Grande are adjacent communities in Jacksonville. The properties will be renamed Arium Retreat at Orange Park and Arium Reserve at Orange Park. Both feature pools, fitness centers and dog parks. Stonehenge Apartments is a 452-unit property in Raleigh. Amenities include a multi-level fitness center, pools, cabanas, playground and sports club with racquetball, basketball and tennis courts. The location provides convenient access to the Research Triangle and downtown Raleigh. “All three assets are consistent with a strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth metro areas,” says M. Patrick Carroll, CEO of Carroll Organization. Atlanta-based Carroll has now purchased 29 properties totaling more than $1.5 billion over the past 12 months. The privately held real estate company manages approximately 35,000 multifamily units across eight states. — Kristin Hiller

February 1, 2019

Acquisitions Multifamily Southeast

Cushman & Wakefield Brokers $106.7M Sale of Southeast, Texas Multifamily Portfolio

by Alex Tostado January 31, 2019

ATLANTA — Cushman & Wakefield has arranged the $106.7 million sale of an 18-property apartment portfolio across the Southeast and Texas. The portfolio comprises 1,858 units. There are seven properties in Alabama; five in Pensacola, Fla.; three in Tennessee; a 200-unit property in Pascagoula, Miss.; a 203-unit property in Winston-Salem, N.C.; and a 223-unit property in Houston. Tyler Averitt and Craig Hey of Cushman & Wakefield’s Atlanta office represented the seller, Varden Capital Properties, in the transaction. The Walden Group acquired the properties.

January 31, 2019

Acquisitions Maryland Multifamily Southeast

Joint Venture Acquires Apartment Community in Suburban Maryland for $86.8M

by Alex Tostado January 31, 2019

SILVER SPRING, MD. — A joint venture between The Donaldson Group, Declaration Capital and DRA Advisors has acquired Montgomery White Oak Apartments, a 592-unit, garden-style apartment community in Silver Spring, for $86.8 million. The partnership plans to renovate the property, with the main focus of the renovation being the heating and cooling systems in each unit. Montgomery White Oak Apartments is situated on 28 acres adjacent to White Oak Federal Research Campus, home to the Food and Drug Administration’s (FDA) headquarters and the U.S. Army Research Laboratory. Bill Roohan, Mike Muldowney, Brian Margerum and Martha Hastings of CBRE represented the seller, Joncon Venture LLP, in the sale. Maxi Thiels Leachman and David Webb of CBRE arranged acquisition financing through Freddie Mac on behalf of the buyers.

January 31, 2019

Development Georgia Mixed-Use Southeast

Spandrel Development Names Mixed-Use Development in Downtown Savannah

by Alex Tostado January 31, 2019

SAVANNAH, GA. — Spandrel Development Partners has named its mixed-use development in historic downtown Savannah: The Baxly. The project is located at 630 Indian St. on 1.7 acres. The Baxly will feature 360,000 square feet of residential and commercial space, 10,000 square feet of retail space, 22,000 square feet of amenity space and indoor parking. The seven-story, 275-unit residential building will offer studio, one- and two-bedroom floor plans. The City of Savannah approved the project in early 2018.

January 31, 2019

Acquisitions Loans Multifamily Southeast Virginia

Bellwether Enterprise Provides $37.5M Acquisition Loan for New Apartment Complex in Richmond

by Alex Tostado January 31, 2019

RICHMOND, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $37.5 million Fannie Mae loan to Heritage Income Property LLC for the acquisition of James River at Stony Point, a newly built apartment complex in Richmond. Harry Giallourakis of Bellwether Enterprise’s Cleveland office originated the 12-year, interest-only loan. The borrower purchased James River at Stony Point through a 1031 tax-deferred exchange. Located at 9101 Stony Point Parkway, the 280-unit community includes a fully furnished clubhouse with a heated saltwater pool and sundeck, outdoor grill and fire pit lounge, 24-hour fitness center, dog park and a business center. Individual units feature modern appliances, in-suite washers and dryers and walk-in closets.

January 31, 2019

Acquisitions Florida Mixed-Use Southeast

Traina Sells Downtown Fort Lauderdale Site for $23.1M, Stays on as Development Partner for Mixed-Use Project

by Alex Tostado January 31, 2019

FORT LAUDERDALE, FLA. — New York-based Traina Cos. has sold a 2.8-acre parcel known as FATCity (Florida Arts and Technology City), a future mixed-use development in downtown Fort Lauderdale. An affiliate of Aventura, Fla.-based BH3 purchased the site at 300 N. Andrews Ave. from Traina Cos. for $23.1 million. The development is entitled to cover 1.35 million square feet of mixed-use space spanning a city block from N.E. Third Street to N.E. Fourth Street. At full build-out, FATCity is expected to comprise 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces. Traina Cos. will continue to be co-developer of the project. A timeline for the project was not disclosed. Avison Young represented Traina Cos. in the land sale.

January 31, 2019

Weidell-NorthMarq-quote-2019-Multifamily-Trends

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Top 5 Multifamily Investment, Financing Trends to Watch in 2019

by Jaime Lackey January 30, 2019

We’re already well into the first quarter of 2019 and with that comes the many industry events, including NMHC’s Apartment Strategies Conference and MBA’s CREF 2019. Before the year — and conference season — gets fully underway, we want to share our perspective on the top financing and investing trends that may impact your multifamily investment opportunities in the coming months. 1. New Construction Generates Sales, Financing Opportunities Multifamily development has been robust in recent years, reaching a peak in 2018. About 280,000 apartment units were delivered in 2018, and more than 1.1 million units have been delivered during the past ﬁve years. Only about 25 percent of these units have sold at this point. Developers are expected to either place permanent ﬁnancing on projects or implement exit strategies by increasingly bringing stabilized projects to market. 2. Value-Add Remains Popular, Proﬁtable Investors looking to steer clear of some of the aggressive pricing for new properties will continue to target value-add opportunities. Value-add strategies that can be executed in short time frames of about 18 months will appeal to investors and lenders as vacancies tighten and rents rise in nearly every major market in the country. 3. Interest Rates May Plateau …

January 30, 2019

Newer Posts

Older Posts