LAKELAND AND PLANT CITY, FLA. — Cushman & Wakefield has arranged the sale of two Florida apartment communities in separate transactions totaling $72.6 million. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield represented Highland City Garden LLC in selling Century Ariva Apartments, a 312-unit complex in Lakeland. Atlanta-based Centennial Holding Co. bought the property for $54.6 million, or $175,000 per unit. Built in 2017, Century Ariva Apartments offers one-, two- and three-bedroom floor plans, as well as a resort-style pool, mini movie theater, 24-hour package center, internet café, grilling areas and a 24-hour gym. Elzora, Capas and Given also represented Lakeside Garden of Plant City LLC in selling Lakehouse Luxury Apartment Homes, a 125-unit community in Plant City, for $18 million, or $144,000 per unit. The community was delivered in 2015 and offers one-two- and three-bedroom floor plans. Amenities include an access gate, lake frontage with fishing areas, grill and picnic areas, 24-hour fitness center, business center, dog park and a swimming pool.
ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $52.4 million Fannie Mae loan for the refinancing of Harbor Beach Apartment Homes in Orlando. Todd Linehan of KeyBank originated the non-recourse, fixed-rate loan with a 15-year term and 30-year amortization schedule on behalf of the undisclosed borrower. The 602-unit community was built between 1984 and 1987 and was renovated in 2013. Amenities include a fitness center, car wash, resident boat dock, sand volleyball court, picnic area, swimming pool and a tennis court.
ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.
ATLANTA — TruAmerica Multifamily has partnered with Tokyu Land U.S. Corp. (TLUS) to purchase two apartment buildings in Atlanta for a total of $127.4 million. This is TruAmerica’s first joint venture with TLUS, a subsidiary of Tokyu Land Corp., one of the largest Japanese real estate firms that focuses on investments and developments in U.S. gateway markets. The joint venture acquired Vinings Corner, a 360-unit community in the Vinings/Cumberland submarket. Located at 2101 Paces Ferry Road in Smyrna, Vinings Corner will be rebranded as Junction at Vinings. Expected upgrades include new appliances, countertops, cabinets, flooring and upgraded plumbing and light fixtures. The other transaction was for The Prato at Midtown, a 342-unit complex located at 400 Central Park Place N.E. in the Old Fourth Ward. TruAmerica will upgrade The Prato similarly to Vinings Corner. Both acquisitions were financed with 10-year Freddie Mac loans. Brian Eisendrath of CBRE arranged the loan for the Vinings Corner acquisition, and Trevor Fase and Russell Dey of Walker & Dunlop arranged the acquisition loan for The Prato.
RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.
BATON ROUGE, LA. — Istrouma Hospitality LLC has opened the new Courtyard by Marriott Baton Rouge Downtown, a 135-room hotel located at 260 3rd St., about three miles north of Louisiana State University (LSU). The new hotel features Courtyard’s latest room design, an innovative lobby and 48 balcony rooms. Some features of rooms include a mobile working desk, as well as a shower nook in the bathroom. Greenville, S.C.-based Windsor Aughtry developed the hotel on behalf of the owner, and Brentwood, Tenn.-based Hospitality America LLC is managing the property.
COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.
MAITLAND, FLA. — Cushman & Wakefield has arranged the $48.5 million sale of Maitland Promenade One, a 230,371-square-foot office building in Maitland. KBS purchased the asset, which is situated within Maitland Center, an office park with eight Class A office buildings. KBS already owns Maitland Promenade Two. Maitland Promenade One is located about 10 miles north of downtown Orlando and was 98.1 percent leased at the time of sale to tenants including Allstate, Spectrum Communications, Adventist Health and Taylor Morrison. Michael Lerner, Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, Boston-based TA Realty, a private real estate investment firm, in the transaction.
POOLER, GA. — McShane Construction Co. has been chosen by Equity Resources LLC and Parc at Pooler LLC to build Parc at Pooler, a 280-unit apartment community in Pooler, about 10 miles west of Savannah. Construction has already begun at the 21-acre site, with completion slated for February 2020. The complex will include seven three-story buildings, all of which will feature elevator access. Parc at Pooler will offer studio, one-, two- and three-bedroom floor plans, as well as amenities including a clubhouse, cardio theater, athletic club, media and gaming room, and coffee and hot tea bar, car care center, dog park and a swimming pool. Dynamik Design is the architect.
ORLANDO, FLA. — KeyBank Real Estate Capital has provided $37.1 million in refinancing for Castilian Apartments in Orlando. The 304-unit community comprises 17 two-story, garden-style apartment buildings. The property was originally built in 1975 and was renovated in 2017. Jeff Rodman and Kelly Frank of KeyBank secured a $33.4 million Freddie Mac loan, as well as a $3.7 million Letter of Credit to the undisclosed borrower. The workforce housing property sits on 14.8 acres and features units with rents at 80 percent of area median income or less.