Southeast

Cushman & Wakefield Brokers $141.7M Sale of Apartment Community in Metro Atlanta

by Camren Skelton April 2, 2018

ALPHARETTA, GA. — Cushman & Wakefield has brokered the sale of Juncture, a 560-unit apartment community in Alpharetta, a northern suburb of Atlanta. CoStar reports Dallas-based JLB Partners, which developed the property in 2016, sold the asset for $141.7 million. The sales price sets a record for the highest suburban apartment sale in metro Atlanta, according to Cushman & Wakefield. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown of Cushman and Wakefield arranged the transaction on behalf of JLB Partners. Nashville-based Carter-Haston Real Estate Services Inc. acquired the asset. Residences at Juncture features granite and quartz countertops, stainless steel appliances, hardwood flooring and crown molding. Community amenities include a fitness center, pool and an entertainment lounge.

April 2, 2018

Florida Loans Multifamily Seniors Housing Southeast

Ziegler Provides $94.3M HUD Refinancing for 639-Unit Seniors Housing Community in North Florida

by Camren Skelton April 2, 2018

GAINESVILLE, FLA. — Ziegler, a specialty investment bank, has provided a $94.3 million HUD loan for the refinancing of The Village at Gainesville, a 639-unit independent living, assisted living and memory care community in Gainesville. The Florida-based borrower is SantaFe Senior Living, the not-for-profit operator of the community. The Village at Gainesville features 511 independent living units and 128 assisted living/memory care units. The property is located on 104 acres. The independent living units offer board and care services, allowing residents to maintain their “independent” status longer. The FHA-insured mortgage offers a 35-year fixed interest rate below 3.5 percent. The refinancing, which was arranged through FHA’s 232/223 (f) program, lowered the borrower’s debt service and recapitalized the facility. According to Ziegler, the loan is the largest refinance of a single-asset seniors housing community in HUD’s portfolio.

April 2, 2018

Hospitality Loans Southeast Virginia

Mission Capital Secures $47M Refinancing for Hyatt-Branded Hotel in Metro D.C.

by Camren Skelton April 2, 2018

ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.

April 2, 2018

Acquisitions Florida Retail Southeast

TSCG Arranges $6M Sale of Shopping Center in Central Florida

by Camren Skelton April 2, 2018

WINTER HAVEN, FLA. — The Shopping Center Group (TSCG) has arranged the $6 million sale of Chain O’Lakes Plaza, a 91,160-square-foot shopping center located at the intersection of U.S. Highway 17 and Avenue O S.W. in Winter Haven, a city in Central Florida roughly 45 miles south of Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Tyler Freeman of TSCG arranged the transaction on behalf of the seller, an affiliate of Kimco Realty Corp. An undisclosed, Tampa-based investor acquired the asset. At the time of sale, the property was 97 percent leased to tenants such as Big Lots, Family Dollar, Jo-Ann Fabrics, Rainbow Shops and Dunkin’ Donuts/Baskin Robbins. Save-A-Lot shadow-anchors the center, which also includes a one-acre, undeveloped outparcel along U.S. Highway 17.

April 2, 2018

Acquisitions Georgia Multifamily Southeast Student Housing

Waypoint Acquires 194-Bed Student Housing Community Near Mercer University in Macon, Georgia

by Camren Skelton April 2, 2018

MACON, GA. — Waypoint Residential has acquired The Lofts at College Hill, a 194-bed student housing community located one mile from Mercer University in Macon. Other terms of the transaction were not disclosed. The community was built in 2015 and is currently the only off-campus, purpose-built student housing property that serves the university. The Lofts at College Hill features a billiards room, grilling patio, rooftop terrace, fitness center, yoga studio and a coffee bar. In addition, the community features 12,000 square feet of ground-floor retail. The transaction marks Waypoint’s 13th student hosing acquisition since entering the sector in 2016.

April 2, 2018

Market Reports Maryland Office Southeast Southeast Market Reports

Sustained Job Creation Translates to Excellent Health of Baltimore Office Market

by John Nelson April 2, 2018

It is a simple formula: No metropolitan region can achieve extended economic growth without a healthy job market that is sustainable over the long-term. The greater Baltimore region has been able to accomplish just that — especially over the past two years, starting when a new governor was installed in Maryland. The State of Maryland’s rallying cry “We’re open for business” is putting its money where its mouth is with the generation of more than 135,000 new jobs since the start of 2015, and the state unemployment rate dipping to 3.8 percent, which makes it substantially lower than the national average of 4.4 percent. As an official with the Maryland Department of Commerce so accurately stated at our company’s year-end market update, Baltimore is known for having three famous birds: the Ravens, Orioles and — with all the construction underway — cranes. Momentum has been achieved with the continued distancing of the state’s previous “business unfriendly” reputation, the influx of institutional money targeting the region, its immediate proximity to the Nation’s Capital, a highly educated labor base and a diverse business economy led by the medical, high-technology and educational institution sectors. And, the most telling barometer of all is where …

April 2, 2018

Acquisitions Georgia Multifamily Property Type Southeast

Greystone Brown Brokers $58.3M Sale of Apartment Community in Metro Atlanta’s Vinings District

by Camren Skelton March 30, 2018

VININGS, GA. — Greystone Brown Real Estate Advisors has arranged the $58.3 million sale of Stone Ridge at Vinings, a 440-unit apartment community in Vinings, roughly 11 miles north of downtown Atlanta. Barden Brown, Cory Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown arranged the transaction on behalf of both the seller, Florida-based Ventron Management LLC, and the buyer, New York-based Broadtree Residential. Stone Ridge at Vinings features a fitness center, pool, playground, tennis court and hiking and biking trails. Greystone Brown Real Estate Advisors is a joint venture formed in 2016 between Greystone and Brown Realty Advisors.

March 30, 2018

Acquisitions Florida Property Type Retail Southeast

GBT Realty Acquires 243,000 SF Shopping Center in Tallahassee for $25.5M

by Camren Skelton March 30, 2018

TALLAHASSEE, FLA. — GBT Realty Corp. has acquired Governor’s Marketplace, a 243,000-square-foot shopping center located on Governor’s Square Boulevard in Tallahassee, for $25.5 million. Bill Fishel and Matthew Stewart of HFF arranged acquisition financing through MidCap Financial on behalf of GBT Realty, which acquired the property from Retail Properties of America Inc. (RPAI). Governor’s Marketplace was 97 percent leased at the time of sale to tenants such as Carter’s, Five Below, Marshall’s, Michaels, Bed Bath & Beyond, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center’s newest tenant is Urban Air, a family entertainment center with an indoor trampoline park that backfilled a former Sports Authority.

March 30, 2018

Affordable Housing Florida Loans Multifamily Property Type Southeast

Dougherty Mortgage Provides $22.7M HUD Loan for Affordable Housing Community in South Florida

by Camren Skelton March 30, 2018

PUNTA GORDA, FLA. — Dougherty Mortgage LLC has provided a $22.7 million loan for the acquisition and rehabilitation of Seven Palms Apartments, a 336-unit affordable housing community in Punta Gorda. The 35-year loan was arranged on behalf of the borrower, Punta Gorda Leased Housing Associates II LLP, through the United States Department of Housing and Urban Development (HUD) 223(f) program. The loan features a 35-year amortization schedule. The community was developed in 2002 utilizing low-income housing tax credits (LIHTC) and tax-exempt bonds, and is reserved for families and individuals earning 60 percent or less of the area median income (AMI). In addition, there are 51 units restricted to those earning 33 percent or less of the AMI. These restrictions will be extended for a 15-year compliance period and a 15-year extended use period as part of the transaction. Seven Palms Apartments includes a mix of one- to three-bedroom units and features a swimming pool, tennis court, playground, clubhouse, business center, picnic area, car care center, storage room and a fitness center. The borrower will invest $7.9 million to renovate the property.

March 30, 2018

Development Healthcare Office Southeast Virginia

Washington Property Breaks Ground on 67,000 SF Medical Office Building in Metro D.C.

by Camren Skelton March 30, 2018

DULLES, VA. — Washington Property Co. (WPC) has started construction on Stone Ridge Medical Center, a 67,000-square-foot medical office building in Dulles, roughly 30 miles west of Washington, D.C. The three-story building is currently preleased to three tenants: Virginia Pediatric Group, which will occupy 4,500 square feet; Jackson Clinics, which will occupy 3,000 square feet; and Royal Care Pharmacy, which will occupy 1,500 square feet. Total project costs for the development, including land acquisition, are $21 million. Stone Ridge Medical Center will be located across the street from the recently opened HCA StoneSprings Medical Center hospital. The building is expected to open by the end of the year.

March 30, 2018

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