ST. CHARLES, MD. — FCP has sold two multifamily properties in St. Charles, roughly 30 miles south of Washington, D.C., for $56 million. Preservation Partners acquired the assets, which include the 136-unit Headen House and the 204-unit Huntington. The communities are part of a larger portfolio that FCP acquired in 2009. Over the past eight years, FCP repositioned and sold portions of the portfolio. All of the units at Headen House and Huntington are affordable under the U.S. Department of Housing and Urban Development’s (HUD) Section 8 program.
MIAMI — Berkadia has arranged a $45.8 million bridge loan for the acquisition of River Oaks Marina & Tower, a 199-unit apartment community located along the Miami River at 1951 N.W. S. River Drive in Miami. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan through a correspondent life company on behalf of the buyer, a Miami-based real estate investment firm. The new ownership will use proceeds of the loan to modernize the 20-story community and update its amenity base. River Oaks Marina & Tower offers a mix of one-, two- and three-bedroom units ranging in size from 720 square feet to 1,942 square feet. Community amenities include a clubhouse, pool, business center and a barbecue/picnic area.
DUNWOODY, GA. — Grubb Properties is moving forward with Park at Perimeter Center East, a 19-acre mixed-use project in Dunwoody, roughly 17 miles north of Atlanta. The Charlotte-based company has submitted a rezoning request to the Dunwoody City Council to rezone the site from “Office Industrial” to include residential and retail. The proposed project would include a mix of 900 condominiums, 500,000 square feet of new office space, approximately 12,000 square feet of retail space and three acres of green space. The site is already home to three office buildings totaling 285,000 square feet. After acquiring the site, Grubb Properties refreshed the buildings’ interiors and updated the lobbies. The buildings house tenants such as Veritas Collective, Alzheimer’s Association, Hotel Equities and Marx Okubo Associates. Grubb Properties will focus on making the project walkable and bikeable, encouraging the utilization of nearby transit options such as MARTA. Park at Perimiter East will have a 12-foot shared-use path around the perimeter that will run alongside an existing bike lane. An approval timeline and construction schedule were not disclosed.
NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has arranged the $16.9 million sale of Ashley Center, a 70,000-square-foot office building located at 4401 Belle Oaks Drive in North Charleston. Frank Norvell of Norvell Real Estate arranged the transaction on behalf of the seller, RCF Ashley Center LLC. Norvell also renewed leases with Ingevity South Carolina LLC, which occupies 20,758 square feet, and Aerotek Inc., which occupies 8,834 square feet. Chris Fraser of Avison Young represented the buyer.
PORT CHARLOTTE, FLA. — DSH Hotel Advisors has arranged the $7 million sale of a Microtel Inn & Suites by Wyndham in Port Charlotte. Dennis Hopper of DSH Hotel Advisors represented both the seller, Interdevco, and the buyer, Maingate East Development, in the transaction. The Microtel Inn & Suites features a business center, fitness center, complimentary breakfast, free Wi-Fi, outdoor pool and meeting rooms. The hotel is located near the Charlotte County Historical Center, Bayshore Park Fishing Pier and the Cultural Center of Charlotte County.
PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …
BETHESDA, MD. — Walker & Dunlop has arranged $69.9 million in Fannie Mae financing for the acquisition of three multifamily properties located in the Atlanta and Richmond, Va., metro areas. Andrew Tapley and Alexandra Huffman of Walker & Dunlop arranged the financing on behalf of the borrower, Capital Square 1031. The financed portfolio includes Ivy Commons Apartments in Marietta, Ga., roughly 24 miles northwest of Atlanta; Axis 147 in Chesterfield, Va., roughly 17 miles south of Richmond; and Mayton Transfer Lofts in Petersburg, Va., approximately 24 miles south of Richmond. Both Mayton Transfer Lofts and Ivy Commons qualified for Fannie Mae’s Green Rewards program. Community amenities across the portfolio include business centers, dog parks, fitness centers and swimming pools.
MARIETTA, GA. — Publix Super Markets Inc. has announced plans to open the fifth location for its new-format GreenWise Market in Marietta, a suburb roughly 20 miles north of Atlanta. The store will be located at the southeast corner of Sandy Plans and Shallowford roads. Atlanta-based developer Fuqua Development inked the lease with Publix Super Markets. Owned and operated by the Lakeland, Fla.-based grocer, GreenWise Market is a specialty, natural and organic store that features house-prepared meals, grab-and-go items and groceries under its GreenWise brand. The first GreenWise market is scheduled to open in Tallahassee, Fla., next month. Other announced locations include Mount Pleasant, S.C., and Lakeland and Boca Raton, Fla. The Mount Pleasant and Lakeland stores are expected to open in 2019. An opening date for the Marietta location was not released.
MARGATE, FLA. — Marcus & Millichap has arranged the $12.7 million sale of Life Storage, a 64,629-square-foot self-storage facility located at 5185 Coconut Creek Parkway in Margate, a city in Broward County. Brett Hatcher and Gabriel Coe of Marcus & Millichap arranged the transaction on behalf of the seller and procured the buyer. Both parties were undisclosed limited liability companies.
LOGANVILLE, GA. — Bull Realty has brokered the $7.3 million sale of Piedmont Medical Health Center, a 15,000-square-foot medical office building in Loganville, located roughly 35 miles east of Atlanta. Paul Zeman of Bull Realty arranged the transaction. Other terms of the deal were not disclosed. Atlanta-based Piedmont Healthcare operates a women’s healthcare clinic and a gastroenterology clinic at the facility, which also includes an endoscopy/surgery center.