FARRAGUT, TENN. — Ziff Properties Inc. has acquired the former U.S. Golf & Tennis Center in Farragut with plans to convert the building into a 65,000-square-foot self-storage facility. The building is located on six acres, roughly 17 miles west of Knoxville. ExtraSpace Storage will manage the facility, which will include climate- and non-climate-controlled units. A construction timeline was not disclosed.
ATLANTA — Renowned Atlanta apartment developer John A. Williams died Monday, April 16 at the age of 75. Williams founded Post Properties in 1970 and took the company public in 1993. When he resigned as chairman in 2003, the company had roughly 30,000 apartment units in its portfolio. In 2016, Memphis-based Mid-America Apartment Communities (MAA) acquired Post in a deal valued at nearly $4 billion. Life After Post Preferred Apartment Communities Inc., (PAC) the company Williams founded in 2009 after leaving Post, released a statement Monday saying employees are saddened to announce the unexpected passing of their company’s co-founder, chairman and CEO. “The board and the company are indebted to Williams for his strong leadership, real estate vision, outgoing personality and boundless energy,” said PAC in the statement. PAC’s board of directors has appointed Daniel DuPree to succeed Williams as chairman of the board and CEO. Leonard Silverstein, a co-founder of the company along with Williams, has been appointed vice chairman of the board and will continue as president and chief operating officer. “John was a dear friend, partner, mentor and influence in our lives and careers,” said Silverstein and DuPree in a joint statement. “He was a visionary and …
ORLANDO, FLA. — McLean, Va.-based Jefferson Apartment Group, in partnership with Houston-based Camden Property Trust, has unveiled plans to co-develop 520 East, a $100 million multifamily community in downtown Orlando. The 364-unit tower will be situated at the southwest corner of East Church Street and South Eola Drive, a sister property to Jefferson’s 299-unit 420 East community that was completed last year. 520 East will include 7,000 square feet of ground floor retail, 12 retail/live/work studios and a 630-space parking garage. Units will feature quartz countertops, wood flooring, custom-designed cabinetry and upgraded fixtures. Community amenities will include a resort-style pool with sundeck, fitness center, clubroom, outdoor lounge with grilling stations and 24/7 concierge services. The partnership expects 520 East to achieve LEED-Gold certification and for construction to kick off in June.
SAVANNAH, GA. — Savannah-based Foram Group has received approval from the Savannah City Council for zoning amendments needed to move forward with Starland Village, a planned $40 million mixed-use development in Savannah. Located on a two-block stretch along the historic Bull Street in the city’s Starland District, the development will be home to artist studios, an event venue, retail and restaurant space, a rooftop park, coworking space and 90 residential units. Other team members for the project include architecture firm Lynch Associates, DPR Construction, engineering firm Thomas & Hutton and Kaufman-Heinz LLC, which will manage the development upon completion. A construction timeline for the project was not disclosed.
CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners LLC has sold a four-property, 1,616-unit apartment portfolio in South Florida, including Bella Vista at Boca Del Mar in Boca Raton, Centro at Davie in Davie and Stonybrook Apartments and Savannah Lakes, both in Boynton Beach. Carroll Organization and PGIM Real Estate formed a joint venture to purchase the portfolio from Greystar for an undisclosed price. Greystar originally acquired the four properties in 2013 as part of a national 27-property portfolio, and invested in renovations to units, clubhouses and amenities at each property. Hampton Beebe, Avery Klann and Jonathan Senn of ARA Newmark arranged the transaction on behalf of Greystar. Leading the new ownership in the acquisition was PGIM’s Jim Mehalso and Carroll’s Josh Champion. As part of the transaction, all the newly acquired properties will be rebranded under the ARIUM name and managed by Carroll Management Group.
ATLANTA — Grove Street Partners, in a joint venture with Batson-Cook Development Co. (BCDC), has broken ground on Gateway Center Two, a 51,000-square-foot office building located a half-mile from Hartsfield-Jackson Atlanta International Airport. The building is part of the second phase of Gateway Center, a $230 million, 1.1 million-square-foot mixed-use project that Grove Street Partners is developing. The development also houses the 128,396-square-foot Gateway Center One and three Marriott-branded hotels spanning 754 rooms. Gateway Center Two marks the first joint venture between Grove Street Partners and BCDC. In addition to the groundbreaking, the joint venture inked a lease with ECFMG, a nonprofit medical certification and training provider based in Philadelphia. ECFMG will occupy a full floor, or 24,000 square feet, upon completion in March 2019. Lee Evans of Colliers International represented the landlord in the lease, and John Behm, Jim Byrd and Jason Jones of Cresa represented the tenant. Alfie Means, Wilson Rogers and Jimmy Warren of iCap Realty Advisors arranged construction financing through Protective Life Insurance Co. Gateway Center offers direct connectivity to Hartsfield-Jackson and MARTA via the airport’s SkyTrain commuter rail.
CORAL SPRINGS, FLA. — HFF has brokered the $21.2 million sale of One Charter Place, a 101,941-square-foot office complex located at 3301 N. University Drive in Coral Springs. Ike Ojala, Hermen Rodriguez and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between True North Management Group LLC and Delma Properties Inc. HFF also procured the buyer, Borsa Properties LLC. Completed in 2007, One Charter Place includes a four-story, 76,904-square-foot office building; three single-story buildings; and a 489-space parking garage. The property was 94 percent leased at the time of sale to tenants such as the Florida Department of Revenue, BFS Cos., Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams.
CHARLOTTE, N.C. — Arbor Realty Trust Inc. has provided a $14.1 million loan through Fannie Mae’s Green Rewards program for the acquisition of Crown Point Townhomes in Charlotte. Alexander Kaushansky of Arbor originated the 10-year, fixed-rate loan with three years of interest-only payments on behalf of the borrower, Friedlam Partners LLC. The property was constructed in 1972 and features two-bedroom, garden-style apartment units. Community amenities include exterior storage, a swimming pool, picnic area and private patios. Planned renovations include upgrades to the unit interiors, landscaping, leasing office and pool, as well as the addition of a playground and dog park.
ALPHARETTA, GA. — Hall Structured Finance (HSF) has provided a $14.6 million construction loan for the 132-room EVEN Hotel in Alpharetta, roughly 26 miles north of Atlanta. Tanya Little and Jessica Reyes of Hart Capital Partners arranged the loan on behalf of the borrower and project developer, Epelboim Development Group LLC. Atlanta-based InterContinental Hotels Group (IHG) is Epelboim’s joint venture partner and will manage the hotel upon completion. EVEN Hotels, the newest brand from IHG, emphasizes “eating well, resting easy, keeping active and accomplishing more.” The Alpharetta hotel will be the wellness-focused brand’s first location in Georgia, and will be situated across the street from $600 million Avalon mixed-use development. In addition, the hotel will be located in close proximity to IHG’s U.S. headquarters in Atlanta’s Central Perimeter district.
MORRISVILLE, N.C. — Cushman & Wakefield has arranged the $11.3 million sale of Alexander Village, a 77,994-square-foot shopping center in Morrisville, roughly 13 miles west of Raleigh. Sam Young and David Hoppe of Cushman & Wakefield arranged the transaction on behalf of the seller, a private owner. A Dallas-based private investor acquired the asset. Food Lion anchors the center.
