Southeast

JDS Development Group Unveils Plans for 67-Story Mixed-Use Tower in Miami

by Taylor Williams February 26, 2024

MIAMI — JDS Development Group has unveiled plans for Mercedes-Benz Places, a 67-story mixed-use tower that will be located in Miami’s Brickell neighborhood. Designed by SHoP Architects and developed in partnership with the German automaker, Mercedes-Benz Places will feature 791 condominium units, a 174-room hotel, 200,000 square feet of office space, retail space, restaurant space and onsite parking. Preliminary sitework is underway, and initial occupancy is slated for 2027. Residential units will come in studio, one-, two- and three-bedroom floor plans. All residents and hotel guests will have individual balconies and terraces with views of the Miami skyline, Biscayne Bay and the Atlantic Ocean, as well as access to more than 130,000 square feet of shared indoor and outdoor amenity space. In addition, Mercedes-Benz Places will feature electric vehicle charging stations, a ridesharing fleet of cars for residents, and bicycle and scooter sharing programs. Canopies of trees and native vegetation, courtesy of urban landscape designer Field Operations, will also dot the property. “Our branded real estate venture in Miami embodies the strategy behind Mercedes-Benz Places — we want to develop exclusive residences with our partner that are undeniably Mercedes-Benz and create a new mode of urban living with vibrant communities,” …

February 26, 2024

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Raleigh-Durham Multifamily Market to See Rent, Occupancy Growth in 2024

by John Nelson February 26, 2024

By Lisa Narducci-Nix of Drucker + Falk As a third-party manager of more than 7,000 multifamily units in the Raleigh-Durham metropolitan area, the question we’ve been asked the most lately is, “What do you see for 2024 in terms of rent growth and occupancy?” Alongside other concerning variables such as liability insurance and payroll, rent and occupancy performance seem to be front and center in most conversations. Rents have notably cooled from the unprecedented growth enjoyed most of 2022. According to a multifamily market report on Raleigh by Yardi Matrix, rent growth was negative 0.2 percent in third-quarter 2023 compared to the second quarter and down 1.5 percent on a year-over-year basis. We expect that those numbers represent a market correction of sorts from the unsustainable growth in 2022 as employment and population growth remain strong in the Raleigh-Durham market. In recent headlines, Apple is planning to begin its first phase of its 281-acre office campus, which will add 3,000 jobs at full build-out, and VinFast will begin developing its $4 billion electric vehicle plant in nearby Chatham County in 2025. Additionally, the U.S. Census Bureau found that the population of the Raleigh-Durham MSA grew by 2 percent in 2021 …

February 26, 2024

Affordable Housing Development Loans Multifamily Southeast Virginia

Greystone Provides $39M Construction Financing for Affordable Housing Development in Tysons Corner, Virginia

by John Nelson February 23, 2024

TYSONS CORNER, VA. — Greystone has provided $39 million in Freddie Mac tax-exempt loan (TEL) unfunded forward financing for the construction of 265 units within a new affordable housing development in Tysons Corner, a city roughly 16 miles west of Washington, D.C. Pharrah Jackson of Greystone originated the financing on behalf of the borrower, Arlington Partnership for Affordable Housing (APAH). Located at 1592 Spring Hill Road, the property is situated within the larger The Exchange at Spring Hill Station development. Upon completion, the community will total 516 units across two, 20-story buildings — Dominion North and Dominion South — and will mark the first multifamily property in Tysons to comprise 100 percent affordable housing units, according to Greystone. In addition to the residential buildings, the project will include a community center condominium owned and managed by Fairfax County. Dominion North, the subject of the financing, will feature 55 one-bedroom units, 146 two-bedroom units and 64 three-bedroom units, with varying affordability restrictions. The Fairfax County Redevelopment and Housing Authority (FCRHA) has also approved and awarded the developer 40 project-based vouchers, which will require that 40 units be leased to residents earning 30 percent or less of the area median income (AMI). …

February 23, 2024

Development Florida Multifamily Southeast

Kolter Breaks Ground on 252-Unit Alton Osprey Apartments Near Sarasota, Florida

by John Nelson February 23, 2024

OSPREY, FLA. — Kolter Multifamily, an affiliate of Delray Beach, Fla.-based The Kolter Group, has broken ground on Alton Osprey, a 252-unit apartment community in Osprey. Situated at 174 E. Bay St. roughly 10 miles outside of Sarasota, the property will feature one-, two- and three-bedroom units within three-, four- and five-story buildings. Apartments will range from 740 to 1,492 square feet. Amenities will include a swimming pool, fireside lounge, outdoor kitchen with grills, business center, conference room, coworking offices with a coffee bar and free Wi-Fi, game lounge and a fitness center with a yoga and spin studio. The property will also feature bike storage areas, package acceptance services and electric vehicle charging stations. A construction timeline was not disclosed.

February 23, 2024

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges Sale of 74,234 SF Shopping Center in Lake Mary, Florida

by John Nelson February 23, 2024

LAKE MARY, FLA. — Cushman & Wakefield has arranged the sale of Shoppes of Lake Mary, a 74,234-square-foot shopping center located in Lake Mary, roughly 20 miles outside Orlando. The property was 97 percent leased at the time of sale to tenants including HomeSense, PNC Bank, Jeremiah’s Italian Ice and Gator’s Dockside. An entity related to shopping center owner/developer Phillips Edison & Co. acquired the property for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction.

February 23, 2024

Alabama Development Leasing Activity Mixed-Use Office Retail Southeast

Merit Bank Opens New Office, Retail Branch at The Range in Huntsville, Alabama

by John Nelson February 23, 2024

HUNTSVILLE, ALA. — Merit Bank has opened at The Range, The Beach Co.’s 49,229-square-foot office building located on Governors Drive in Huntsville. Merit Bank now occupies the third floor of the property, which spans roughly 17,433 square feet, in addition to a first-floor retail branch, with a total 20,000 square feet of occupancy. The Range features a common-area courtyard, high-speed Gigabyte internet and walkability to nearby restaurants, entertainment and retailers. The building is also situated adjacent to The Foundry, a 340-unit multifamily and townhome community, and STOVEHOUSE, a mixed-use development.

February 23, 2024

Leasing Activity Louisiana Office Southeast

Feil Signs EDG to 39,000 SF Office Lease Renewal in Metairie, Louisiana

by John Nelson February 23, 2024

METAIRIE, LA. — The Feil Organization has signed a tenant to a 39,000-square-foot lease renewal at One Lakeway, one of the firm’s three office towers within its Lakeway complex in Metairie. EDG, a global engineering and project management consulting firm, signed the 10-year renewal. Bruce Sossaman and Bennett Davis of Corporate Realty represented Feil in the lease negotiations. Scott Miller of CBRE represented EDG.

February 23, 2024

Acquisitions Georgia Industrial Southeast

Graphic Packaging to Sell Paperboard Manufacturing Plant in Augusta for $700M

by John Nelson February 22, 2024

AUGUSTA, GA. — Graphic Packaging Holding Co., a publicly traded consumer packaging manufacturer based in Atlanta, has signed a definitive agreement to sell its bleached paperboard manufacturing plant in Augusta. The buyer is Clearwater Paper Corp., a publicly traded supplier of private-brand tissue products and paperboard materials based in Spokane, Wash. The transaction is valued at $700 million and is expected to close in the second quarter, pending regulatory approval. Details about the facility were not disclosed, but Graphic Packaging’s website indicates that the mill is located at 4278 Mike Padgett Highway. According to The Augusta Chronicle, Graphic Packaging purchased the plant from International Paper in 2018 before investing $350 million in capital improvements at the facility. The newspaper also reports the facility was built in 1960 by Continental Can Co. Graphic Packaging’s consultants in the transaction include financial advisor BofA Securities and legal counsel Alston & Bird LLP. Clearwater Paper’s advisors include TD Securities (financial); Pillsbury, Winthrop, Shaw, Pittman LLP (legal); and Stoel, Rives LLP (environmental).

February 22, 2024

Affordable Housing Development Florida Loans Multifamily Southeast

Berkadia Secures $118.5M Construction Financing for Affordable Housing Development in Orlando

by John Nelson February 22, 2024

ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, a 300-unit affordable housing development located in Orlando. The financing includes a $73.5 million construction loan and $45 million in Low-Income Housing Tax Credit (LIHTC) equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will feature eight buildings comprising a mix of one-, two-, three- and four-bedroom units reserved for households earning 60 percent of the area median income (AMI). Amenities will include a business center, clubhouse, fitness center, pool, laundry room and a game room. The target delivery date was not disclosed.

February 22, 2024

Development Maryland Mixed-Use Southeast Student Housing

LV Collective to Develop 299-Unit Student Housing Project Near University of Maryland

by John Nelson February 22, 2024

COLLEGE PARK, MD. — LV Collective has announced plans to develop a 299-unit student housing development at 8133 Baltimore Ave. near the University of Maryland campus in the Lakeland neighborhood of College Park. The property is set to include 13,000 square feet of retail space, alongside a ground-level coffee shop and second-floor coworking space. The project will also feature a community center developed in collaboration with the Lakeland Civic Association and the Lakeland Community Heritage Project. The space will include a library and large flexible space for functions including presentations, art galleries and gatherings. The development team for the project, which is scheduled for completion in fall 2027, includes WDG Architecture, Bohler Engineering, John Moriarty & Associates and US-EcoLogic. Further details on the community were not disclosed. The development is LV Collective’s first in the state of Maryland.

February 22, 2024

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