BALTIMORE — TruAmerica Multifamily, in partnership with MSD Capital LP, has purchased a 1,004-unit apartment portfolio in suburban Baltimore for $187 million. The acquisition is Los Angeles-based TruAmerica’s first purchase east of Colorado and includes the 158-unit Bayshore Landing in Annapolis, the 634-unit Sherwood Crossing in Eldridge and the 212-unit Southfield in Nottingham. Each property features resort-style pool areas, clubhouses, fitness centers and other recreational facilities. The apartment communities were built between 1984 and 1990. TruAmerica will complete an interior renovation plan started by the undisclosed seller that includes faux-wood flooring, granite countertops, updated cabinetry and new appliance packages. TruAmerica’s business plan also calls for upgrades to the portfolio’s common area amenities.
ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased six grocery-anchored retail properties in Georgia, South Carolina and Alabama for $68.7 million. The portfolio spans 535,000 square feet and comprises five Publix-anchored centers and one Walmart Supercenter-anchored property. PAC purchased the six properties through its wholly owned subsidiary New Market Properties LLC. PAC used roughly $25 million in debt from Unum Life Insurance Co. of America, Colonial Life & Accident Insurance Co. and First Unum Life Insurance Co. to purchase four of the properties. PAC used available funds to purchase the remaining balance of the four properties and to purchase the other two retail centers completely without debt.
ATLANTA — Birmingham, Ala.-based Graham Commercial Properties (GCP) has purchased a three-property portfolio of industrial buildings in metro Atlanta totaling $53.3 million. The portfolio comprises six Class A, bulk distribution buildings totaling 979,650 square feet. The portfolio includes Progress Center, a two-building, 451,200-square-foot property located at 2200 and 2225 Cedars Road in Lawrenceville; Air Commerce Center, a two-building, 268,400-square-foot property located at 4900 St. Joe Blvd. in College Park; and North Atlanta Distribution Center, a two-building, 260,050-square-foot industrial property located at 5065 and 5075 Buford Highway in Norcross. The buildings feature 24- to 30-foot clear heights, and the combined occupancy was 92 percent at the time of closing. CBRE represented the seller, Boston-based TA Realty, in the transaction, and GCP was represented in-house. Notable tenants include Innotrac, Zodiac Services, Wurth Wood and Carrier. Wells Fargo Bank provided acquisition financing on behalf of GCP. With this acquisition, GCP now controls 1.2 million square feet of industrial space in the Atlanta area.
WASHINGTON, D.C. — EB5 Capital has provided $40.5 million in preferred equity financing for Columbia Place, a $230 million dual-branded Marriott hotel project in Washington, D.C. Quadrangle Development Corp. and Capstone Development are co-developing Columbia Place, which comprises a 357-room Courtyard and a 147-room Residence Inn within one building. Brian Ostar of EB5 Capital led the fundraising campaign, and Patrick Rainey of EB5 Capital structured the investment platform. EB5 Capital raised the funds from 81 foreign investors through the EB-5 Immigrant Investor Program. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Columbia Place is $500,000.
Ten years ago, the urban Nashville multifamily inventory consisted of a small handful of institutional-sized assets, offering sparse amenities and unit finishes that left much to be desired. Fast forward to 2016 and the seemingly insatiable demand by residents to live in the eclectic, urban enclaves that Nashville offers has resulted in more than 5,000 units delivered over the last few years, with nearly 8,000 additional units set to deliver over the next two years. The standard of the assets being delivered continues to raise the bar, as developers look for a competitive edge and renters have demonstrated their willingness to pay a premium, with rents in top locations flirting with $3.00 per square foot. Demand The absorption pace has accelerated each year, seemingly limited only by the number of units being delivered to the market. When looking at the entire metro area, not just the urban submarkets, absorption topped 6,000 units in 2015, with new supply totaling approximately 5,960 units. A significant portion of this demand is from Millennials, who traditionally prefer to live in urban neighborhoods, and with Nashville ranked as a top 10 destination for Millennial in-migration, this trend is likely to continue. Fueling the urban residential …
NASHVILLE, TENN. — Indianapolis-based Buckingham Cos. has topped out Aertson Midtown, a 17-story, 600,000-square-foot mixed-use development in Nashville. Upon opening in early 2017, Aertson Midtown will feature 35,000 square feet of ground-level retail, 350 upscale apartments, a 180-room Kimpton hotel with 6,500 square feet of meeting space and 630 parking spaces. Caviar & Bananas, a Charleston-based gourmet market and café, will occupy 6,600 square feet of retail space with a planned spring 2017 opening. Aertson Midtown’s amenities for residents and guests will include a 17th-floor roof terrace, eighth-floor pool deck and cabanas, bike garage, pet park and a fitness center.
CASSELBERRY, FLA. — Allegro Senior Living has broken ground on an unnamed luxury seniors housing community in the northern Orlando suburb of Casselberry. Development costs are estimated at $45 million. Located on a 17.3-acre site, the new community will include 158 units of independent living, assisted living and memory care in 175,000 square feet of space. Allegro expects the first residents to move in sometime in summer 2017. Besselo Design Group provided architectural design services, and Welbro Building Corp. will provide construction services. Allegro is a developer and operator based in St. Louis with 10 communities in Florida and Kentucky.
TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a five-property, 735-unit apartment portfolio in the Tampa Bay area. The properties include the 176-unit Palms at Cedar Trace, 212-unit Palms at Sand Lake and the 130-unit Palms at Ashley Oak in Tampa; the 125-unit Palms at Palisades in Brandon; and the 92-unit Palms at Cortez in Bradenton. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
MCDONOUGH, GA. — Cabela’s Inc. plans to open a new 70,000-square-foot store off I-75 in the south Atlanta suburb of McDonough. The new store will anchor Jodeco | Atlanta South, a $300 million mixed-use development that RCP Cos. is developing in Henry County. Cabela’s is the first confirmed tenant in the project. The outdoor retailer plans to open the new location in the fall of 2017. The McDonough location will be Cabela’s fourth Georgia store, joining existing stores located in Augusta, Acworth and Fort Oglethorpe. Cabela’s expects to employ approximately 130 full-time, part-time and seasonal employees at the store. The McDonough Cabela’s will include an archery and firearm tech room, indoor archery range and a “Bargain Cave,” along with thousands of outdoor products displayed using a new floor plan that emphasizes hunting, fishing, camping and recreational shooting.
WILMINGTON, N.C. — Financial Federal Bank has arranged a $19 million acquisition loan for Abbotts Run Apartments, a 264-unit multifamily community in Wilmington. Built in 2001, the garden-style property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, floating-rate loan with two years of interest-only payments and a 30-year amortization schedule through Freddie Mac.