Southeast

JE Dunn Construction to Build AMLI Arts Center in Midtown Atlanta

by John Nelson February 18, 2016

ATLANTA — Amli Residential, a Chicago-based apartment developer, has selected JE Dunn Construction to build AMLI Arts Center, a 26-story, 350-unit apartment tower in Midtown Atlanta. The property will feature studio, one- and two-bedroom apartment units, as well as a precast parking deck providing 543 spaces and an upper level pool amenity deck. Cooper Carry is serving as JE Dunn’s architect of record for AMLI Arts Center. JE Dunn is also building AMLI 3464 in Atlanta’s Buckhead district. The general contractor expects to finish construction on AMLI 3464 in late 2016 and AMLI Arts Center in November 2017.

February 18, 2016

Multifamily North Carolina Southeast

MHA Brokers $38.1M Sale of Multifamily Portfolio in Charlotte

by John Nelson February 18, 2016

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the $38.1 million sale of a three-property multifamily portfolio in Charlotte. The 618-unit portfolio features apartment communities built between 1997 and 1999. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Mission Charlotte DST, in the transaction. LIV Apartment Partners LLC was the buyer. The properties include the 249-unit Mission Harris Pavilion located at the intersection of University City Boulevard and I-485, the 207-unit Mission Reedy Creek located on East WT Harris Boulevard and the 162-unit Mission Concord Place located off I-85 in the northern Charlotte suburb of Concord.

February 18, 2016

Florida Hospitality Southeast

Marriott Vacation Club Buys The Edgewater Hotel in South Beach for $23.5M

by John Nelson February 18, 2016

MIAMI BEACH, FLA. — Marriott Vacation Club, a brand segment of Marriott Vacations Worldwide, has purchased The Edgewater Hotel in Miami Beach’s South Beach neighborhood for $23.5 million. The company will rebrand the hotel as Marriott Vacation Club, South Beach and adopt the property into the Marriott Vacation Club Destinations Exchange Program. Located on the 1400 block on the north end of Ocean Drive, the hotel is within walking distance of South Beach and Lincoln Road, Miami’s high street retail destination. The hotel was originally built in 1936 and offers 49 studios and suites. The hotel will undergo renovations through 2016.

February 18, 2016

Florida Industrial Southeast

JLL Arranges Two Industrial Leases Totaling 309,400 SF in Orlando

by John Nelson February 18, 2016

ORLANDO, FLA. — JLL has completed two new lease transactions totaling 309,400 square feet of warehouse distribution space in Orlando. The two tenants, Mattress Firm and Sherwood Bedding, will occupy adjacent 154,700-square-foot spaces in a brand new 478,400-square-foot cross-dock facility at Air Commerce Park, a 3 million-square-foot, 300-acre industrial park currently under construction just west of Orlando International Airport. Joe Hills and Josh Lipoff of JLL worked with Damian Riveria of E. Smith Realty Partners to represent the tenants in their respective lease transactions. Chicago-based Becknell Industrial, along with local planning consultants Mike Stuart and Florida Engineering Group, are developing Air Commerce Park.

February 18, 2016

Georgia Mixed-Use Southeast Top Stories

RCP Cos. Plans to Develop $300M Mixed-Use Project in South Atlanta

by John Nelson February 18, 2016

STOCKBRIDGE, GA. — RCP Cos., a Huntsville, Ala.-based real estate investor and developer, plans to develop a $300 million mixed-use project, known as Jodeco|Atlanta South, in Henry County. Preliminary plans for the mixed-use development in the southern Atlanta suburb of Stockbridge include retail and restaurants, an entertainment hub, amphitheater, outdoor fitness and recreation areas and apartment residences within an urban setting. “Our intention is to craft a new, vibrant community that brings the energy of a high-density, urban design — as well as the options that a larger city might provide — to South Atlanta,” says Max Grelier, chief development officer of RCP Cos. Jodeco will sit adjacent to I-75 at exit 222, one of the first exits south of the I-675 interchange. Situated in the southwest quadrant of the I-75 and Jodeco Road intersection and bordered by Chambers and Mt. Olive roads, the development will include more than 500,000 square feet of local, regional and national retailers, including an organic grocer. A 12,000-square-foot food hall, known as Mt. Olive Market, will be a dining venue within Jodeco where local and regional chefs will serve guests at counters and communal tables. Plans also call for two upscale hotels and an …

February 18, 2016

Georgia Industrial Southeast

Hillwood Acquires 2.2M SF Industrial Park in Metro Atlanta

by John Nelson February 17, 2016

LAWRENCEVILLE, GA. — Hillwood, a Perot company, has purchased Gwinnett 316, a 15-building distribution park totaling 2.2 million square feet, for an undisclosed price. The park is situated one mile off GA Highway 316 in Lawrenceville within Atlanta’s I-85 Northeast submarket. The acquisition consists of rear- and front-loading distribution buildings ranging from 70,000 to 200,000 square feet. The buildings have an average construction date of 1992 with an average 24-foot clear height, ESFR sprinkler systems, T-5 lighting, ample parking and some office space. Hillwood has begun major capital improvements that include enhanced landscaping, parking lot and roof refurbishments and upgrades to vacant space. Hillwood recently opened an office in Atlanta, with Todd Parker leading the division as senior vice president.

February 17, 2016

Georgia Mixed-Use Southeast

Hotel Development Partners Breaks Ground on Residence Inn in Atlanta’s Central Perimeter

by John Nelson February 17, 2016

ATLANTA — Hotel Development Partners has commenced construction on a new 128-room Residence Inn on a 4.8-acre site located at the intersection of Ashford Dunwoody and Meadow Lane roads in Atlanta’s Central Perimeter submarket. The site surrounds the existing Spruill Center for the Arts and will feature the hotel, Fogo de Chao Brazilian Steakhouse and other dining and shopping amenities in early 2017. Alan Shaw of The Shopping Center Group is leasing the site on behalf of Hotel Development Partners, which purchased the site in 2015. The developer is also underway on a Hampton Inn-anchored mixed-use project on Ashford Dunwoody Road.

February 17, 2016

Kerner Ridge Assisted Living Kernersville

North Carolina Seniors Housing Southeast West Virginia

KeyBank Provides $47.7M in Financing for Assisted Living Portfolio in Southeast

by John Nelson February 17, 2016

CLEVELAND — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc. The financing included a $38.5 million, 35-year, fixed-rate loan through the FHA 232/223(f) mortgage insurance program and a $9.2 million Fannie Mae loan. John Randolph and Charlie Shoop of Key’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities. The six recently refinanced properties comprise 319 units and include The Havens at Princeton in Princeton, W.Va.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C.

February 17, 2016

Multifamily South Carolina Southeast

Kettler, Stillman Group Acquire North Charleston Apartment Community for $22.5M

by John Nelson February 17, 2016

NORTH CHARLESTON, S.C. — Kettler and The Stillman Group have purchased Jamison Park in North Charleston from Middle Street Partners for $22.5 million. The apartment complex is located near the Joint Force Air Force Base, the Charleston International Airport and The Boeing Co. Phil Brosseau and Kevin Kempf of CBRE represented the buyers in the transaction. The acquisition increases the number of apartment units that Kettler manages to roughly 33,000.

February 17, 2016

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Georgia for $9.9M

by John Nelson February 17, 2016

NEWNAN, GA. — The RADCO Cos. has purchased the 114-unit Park Manor Apartments in Newnan from LivCor for $9.9 million. The Atlanta-based apartment investor has renamed the apartment complex Woodlands at White Oak, which is located adjacent to another RADCO property, the 561-unit Creekside at White Oak. RADCO financed the acquisition using private capital and debt financing from Mutual of Omaha. HFF’s Atlanta office brokered the transaction. RADCO plans to invest more than $1.3 million on capital improvements for the property’s clubhouse, fitness center, pools, landscaping and building exteriors. Interior renovations will include upgraded flooring, lighting, countertops and appliances.

February 17, 2016

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