ATHENS, GA. — Multi Housing Advisors (MHA) has brokered the $10 million sale of Arbor Ridge, a 212-unit apartment community located at 150 Chateau Terrace in Athens. Built in 1969 and renovated in 2008, the apartment community features a clubhouse, swimming pool and tennis court. Robert Stickel of MHA represented the Texas-based seller in the transaction and procured the New York-based buyer.
LOUISVILLE, KY. — Marcus & Millichap has arranged the $5.8 million sale of Sawyer Shops, a 23,408-square-foot shopping center located at 2809 N. Hurstbourne Parkway in Louisville. The property is an unanchored, multi-tenant retail center that is 100 percent leased. Brian Munn and Ethan Armentrout of Marcus & Millichap’s Atlanta office teamed up with Larry Hausman of the firm’s Louisville office to represent the seller in the transaction. Aaron Johnson of Marcus & Millichap’s Louisville office assisted in closing the transaction. Both the buyer and seller were in 1031 tax-deferred exchanges.
ATLANTA — Durham, N.C.-based The Dilweg Cos. has purchased Centennial Tower, a 652,092-square-foot office tower located at 101 Marietta St. in downtown Atlanta. Dilweg bought the 36-story, Class A office tower from Jackson Corporate Real Estate for $69 million, according to the Triangle Business Journal. Built in 1975 and renovated in 1998, the property was 75 percent leased at the time of sale to tenants such as Turner Broadcasting, Peer 1 Hosting, Oracle and the Atlanta Hawks. Dilweg plans to invest more than $7 million to upgrade the buildings’ operating systems, common areas and tenant amenities to reposition the property. Jay O’Meara of CBRE represented the seller in the transaction. Dilweg has tapped CBRE to lease and manage Centennial Tower.
SANFORD, FLA. — New York Life Real Estate Investors has originated a $41.3 million acquisition loan for Elan Towne Center Apartments, a 360-unit, Class A multifamily community in metro Orlando. The property is located at 12500 Solstice Loop in Sanford. The apartment community’s amenity package includes a swimming pool, sundeck with outdoor TVs and a fire pit, a tanning salon, walking trails, dog park, detached garages, cyber café and coffee bar, fitness center, movie theater, business center and an outdoor kitchen. Paul Ahmed of Walker & Dunlop’s Fort Lauderdale office arranged the 15-year loan with five years of interest-only payments.
BATON ROUGE, LA. — Co-developers Continental Realty Corp. and Atlanta-based Palmetto Partners Inc. have broken ground on River House, a 224-unit luxury apartment community located at 1480 Nicholson Drive in Baton Rouge. The community is a component of the River District corridor’s redevelopment between Baton Rouge’s central business district and Louisiana State University. River House will include a 4,600-square-foot clubhouse, 15,000 square feet of retail and 34,000 square feet of office space. The project team includes general contractor Clark Construction, architect Humphreys & Partners, civil engineer Monroe & Corie, landscape architect Reich Associates and interior designer The Design Studio. FNBC Bank and Continental Americas Regional Center provided construction financing for the project. Continental Realty and Palmetto Partners have tapped Ty Gose of Latter & Blum to lease River House. The project’s legal team includes Phelps Dunbar and Tanner Law Firm.
OAK RIDGE, TENN. — Adobe Properties has purchased Centennial Village Apartments, a 252-unit, Class A apartment community in Oak Ridge, roughly 25 miles northwest of Knoxville. The property sits on the shores of Melton Hill Lake and features a saltwater swimming pool, fitness center and cyber café. The apartment community is also adjacent to the Oak Ridge National Laboratory, which employs more than 4,400 scientists and engineers. Abode Properties is a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company.
BOYNTON BEACH, FLA. — ARA Newmark has arranged the sale of Advenir at Colony Club, a 214-unit, garden-style apartment community located in Boynton Beach. Constructed in 2004 and 2005, the property’s amenity package includes full-size washers and dryers, complimentary Wi-Fi, alarm systems, balconies and patios, gourmet kitchens, one- and two-car garages, automated gate access, a sauna, swimming pool and spa, fitness center, clubhouse, basketball court, playground, picnic area and tennis courts. Advenir at Colony Club was 94 percent occupied at the time of sale. Hampton Beebe, Avery Klann, Troy Ballard, Marc deBaptiste and Richard Donnellan of ARA Newmark represented the seller, Florida-based Advenir, in the transaction. Greystar purchased the property for an undisclosed price.
BROOKHAVEN, GA. — GLL Real Estate Partners has acquired TOWN Brookhaven, a 460,609-square-foot shopping center located at 4330 N.W. Peachtree Road E. in Brookhaven, an affluent suburb of Atlanta. The mixed-use property was 94 percent leased at the time of sale, with anchors including Cinebistro, Costco, LA Fitness, Marshalls and Publix. In addition to retailers and restaurants, TOWN Brookhaven features 22,000 square feet of office space. GLL Real Estate Partners purchased the property from a partnership between The Sembler Co. and Bell Partners. Eastdil Secured’s Atlanta office brokered the transaction. The sales price was undisclosed but media outlets are reporting TOWN Brookhaven sold for $162 million. TOWN Brookhaven is the retail and office component of a $400 million mixed-use development featuring 949 existing luxury apartment units and 374 units under construction.
VALLEY, ALA. — Multi Housing Advisors (MHA) has brokered the $44 million sale of Apartments at the Venue, a 618-unit apartment property located at 100 Sydney St. in Valley, a town along the Alabama/Georgia border. The property is located roughly 10 minutes from the KIA Motors manufacturing plant in West Point, Ga. The community’s amenity package features three resort-style swimming pools with outdoor fireplaces and grilling areas, two clubhouses, laundry facilities and a fitness center. Atlanta-based Irinda Capital Management purchased the property from Haley Real Estate Group. Jimmy Adams and Robert Stickel of MHA represented the seller in the transaction.
TAMPA, FLA. — A discretionary fund formed by PM Realty Group and The Roseview Group called Roseview-PMRG Fund I LLC acquired Westshore Center in Tampa. The sales price was undisclosed, but according to industry sources, the nine-story office building sold for $40 million. The 216,410-square-foot office property is located at 1715 N. Westshore Blvd. in Tampa’s Westshore submarket. The fund purchased the asset from an unnamed institutional investor for an undisclosed price. Built in 1984, the property is located roughly 2.4 miles south of Tampa International Airport. The Class A office building is the first acquisition in Florida for Roseview-PMRG Fund I LLC, which owns properties in Atlanta, Houston, Pennsylvania and Massachusetts.
