KENNESAW, GA. — HFF has closed the sale of West 22, a 245-unit, 850-bed student housing community serving Kennesaw State University students in Kennesaw, a northern suburb of Atlanta. HFF also arranged acquisition financing for the buyer, Austin, Texas-based Campus Advantage. West 22 is located at 3615 Cherokee St., approximately 1.7 miles from the campus and less than one mile from Interstate 75 northwest of downtown Atlanta. Completed in 2013, the property includes a mixture of cottages, manor houses and flats averaging 1,356 square feet each. West 22's amenities include a two-story fitness center, clubhouse, resort-style pool, amphitheater, sports and recreation field, half-mile fitness trail, sand volleyball court, basketball court, study rooms, Internet café and shuttle service to and from campus. The property is 98 percent leased for the 2013/2014 academic year. Troy Manson and Brian Kelly of HFF represented the seller, a joint venture between South City Partners and The Carlyle Group, in the transaction. Adam Herrin, Eric Tupler and Gregg Shapiro of HFF secured the 10-year, fixed-rate acquisition loan through M&T Bank.
Southeast
MONTGOMERY, ALA. — Eastern Union Funding has arranged a $10.8 million acquisition loan for Eagle Landing, a 392-unit apartment community in Montgomery. Michael Muller and Ira Zlotowitz of Eastern Union originated the three-year loan. The property was partially renovated during the past two years. Eagle Landing is located at 5800 Eagle Circle.
DADE CITY, FLA. — Cushman & Wakefield has arranged $9.2 million in acquisition loan for Sweetwater Apartment Homes, a 172-unit community located in Dade City. The apartment community was 96 percent leased at the time of sale. Sweetwater Apartment Homes features a swimming pool, tanning lounge, fitness center, grill stations, business center and a playground. Mike Ryan, Will Killgore and Jeff Walker of Cushman & Wakefield's Atlanta office arranged the loan through Goldman Sachs on behalf of the buyer, New York-based Beachwold Residential. Byron Moger and Luis Elorza of Cushman & Wakefield also represented the seller, Wells Fargo, in the transaction.
CHARLOTTE, N.C. — Charter Properties Inc. has sold three multifamily communities totaling more than 800 units to Centennial Holding Co. for $96 million. Atlanta-based Centennial acquired Long Creek Club ($35.8 million) and Longview ($32.2 million) in Charlotte's Northlake submarket, along with The Paddock at Springfield ($28 million) in Fort Mill. The company has renamed the Northlake properties as Century Northlake and rebranded The Paddock at Springfield as Century Springfield Meadows. Charter sold the complexes because the company is developing three new properties in Charlotte, Fort Mill and Mooresville. Phil Brosseau, vice president of investment properties of CBRE Group Inc.'s Carolinas multi-housing group, represented Charter in the transaction.
MIAMI BEACH, FLA. — Courtyard Cadillac Miami Beach Oceanfront, a boutique hotel in Miami Beach, is set to debut its new 93-guestroom, oceanfront tower. The 356-room hotel has recently undergone a $25 million restoration, which includes the addition of the LEED certified tower, a new oceanfront salt water pool, fitness center, updated lobby, 5,803 square feet of indoor/outdoor meeting space, renovated restaurant/bar and new poolside cabanas. Courtyard Cadillac Miami Beach Oceanfront is a Courtyard by Marriott hotel and Hersha Hospitality Trust, a hotel REIT, is the hotel’s owner and operator.
ATLANTA — The Shoptaw Group, along with its capital advisor Patterson Real Estate Advisory Group, has arranged two loans totaling $37.2 million for the refinancing of two multifamily properties in metro Atlanta. The apartment communities in the transaction are Cypress Point, a 306-unit, Class A multifamily property in Alpharetta, and Uptown Buckhead, a 216-unit, Class A community in Atlanta’s Buckhead submarket. Shoptaw arranged the loans through MetLife Real Estate Investors.
PEACHTREE CITY, GA. — Somerby of Peachtree City, a $16 million seniors rental community, has opened in Peachtree City. Phase I of the facility includes 72 assisted living units and 24 memory care units. The upscale community includes a Wellness Your Way Clinic, which is staffed by Agape Senior Primary Care physicians. The community features amenities such as a fitness center, restaurant, bistro and café, library with a computer center and a theater. Somerby Senior Living, a division of Birmingham, Ala.-based Dominion Partners, is the project developer. Chicago-based Harrison Street Capital is Somerby’s equity partner in the project. The project team includes architect Trammell + Rubio LLC, general contractor Hardin, construction manager Maxus Construction and civil engineer/landscape architect Eberly & Associates.
COLUMBIA, S.C. — NAI Avant has arranged the lease of a Class A distribution center currently under construction in Columbia. Trane USA, a division of Ingersoll Rand, will occupy the facility in late January 2014. The 38,500-square-foot distribution center is located at 1510 Key Road. Dick Stanland and Nick Stomski of NAI Avant arranged the lease for the speculative distribution center.
DENVER — Smashburger, a Denver-based burger restaurant concept, is targeting several Southeast cities as sites for new restaurants. The company has partnered with Robert Marshall of Bamaberto LLC to open 23 new restaurants in Atlanta during the next several years. Marshall, formerly with McDonald’s, and his team will also purchase five existing Smashburger restaurants in Atlanta. Smashburger has also partnered with Ray Ruiz and Wellesley Bromfield of Two Spurs LLC to open 18 new locations in Orlando and Jacksonville, Fla. Ruiz and Bromfield were former franchisees of McDonald’s. Lastly, Smashburger has partnered with Steven Taylor, Chris Smith and Jay Kikel of CapQueen3 to open six restaurants in Charlotte, N.C. Taylor and Smith currently own a Smashburger in Columbia, S.C., and Kikel was a former operator of Five Guys Burgers & Fries franchises.
RAINBOW CITY, ALA. — Paradise Ventures, a developer based in Safety Harbor, Fla., plans to build a new Publix-anchored shopping center in Rainbow City, about 60 miles outside of Birmingham, Ala. The Shoppes at Rainbow Landing will be located at the intersection of Rainbow Drive and Alabama Highway 77. The shopping center will feature a 45,600-square-foot Publix and 20,000 square feet of retail space and two outparcels. Paradise Ventures plan to open the center in the fourth quarter of 2014. Andrew Loveman of Birmingham-based Southpace Properties Inc. is handling the property’s leasing responsibilities.