POMPANO BEACH, FLA. — T.M.D. Holdings has sold a 21,523-square-foot warehouse, located at 2301 NW 33rd Court in Pompano Beach, to Murr 2301 for $1.33 million. Randy Rauch of Pompano Beach-based Rauch Realty Group represented the buyer in the transaction. Bank of America, NA, provided a first mortgage loan to the buyer.
Southeast
Trends in multifamily development and demand mirror both changing mentalities in a post-recession era and dynamic population shifts. There are an estimated 80 million echo boomers (Americans born between 1980 and 1995) that are beginning to move out of their family homes or college dorm rooms and into a very challenging job market. Most rent because they are either unable to buy or they consider owning a home low on the list of their financial goals at this stage in their lives. Even those older than the echo boomers have changed their ideology as it relates to homeownership after suffering through a collapsed housing market. The result of these shifts has kept the demand for multifamily housing high on both local and national levels. Current apartment developments are also responding to the demand for affordable luxuries. They now offer green efficiencies that will reduce utility bills and access to transit nodes that cut down on gas costs. Amenities such as fitness centers, coffee shops and pools with outdoor areas that allow residents to socialize on-site have become commonplace. In the Greenville market, the downtown apartment activity is bustling. Hughes Investments recently delivered the Riverwalk at Riverplace, a mixed-use development that …
ATLANTA — Prudential Real Estate Investors has purchased the 259,500-square-foot Ten Peachtree Place, a Class A office tower located in Atlanta, from a venture managed by Cousins Properties for $61.4 million. The 20-story building, which is fully leased, serves as the corporate headquarters of AGL Resources. The property is currently undergoing a $1.2 million renovation to achieve LEED Silver status.
HYATTSVILLE, MD. — Federal Capital Partners has purchased the 234-unit Ager Road Station, an apartment complex located at 5720 29th Ave. in Hyattsville, in an off-market transaction for $14.75 million. Amenities include a playground, horse shoe pit, volleyball and barbecue and sheltered picnic areas. The buyer plans to invest $2.5 million in renovations for common areas and interior apartment upgrades. The property will be rebranded as North Pointe.
CLERMONT, FLA. — McCann Realty Partners has acquired the 276-unit Vista at Lost Lake Apartments, a garden-style community located at 2550 Citrus Tower Blvd. in Clermont. Pegasus Residential will manage the property. The acquisition was funded in part by a 7-year, fixed-rate Fannie Mae loan, originated by Beech Street Capital. The company also purchased a 16.4-acre parcel adjacent to the property to build an additional 192 apartments as a second phase within the next year.
STATESBORO, GA. — CPPI and Lavender & Associates have been awarded a $6.5 million contract to renovate Georgia Southern University's Sanford Hall. The former dormitory will be redeveloped to accommodate column-free classrooms and student-operated radio and television stations.
BETHESDA, MD. — KeyBank Real Estate Capital has arranged $95 million in Fannie Mae financing for the 549-unit The Grand Apartments, a luxury high-rise apartment community located at 5803 Nicholson Lane in Bethesda. KeyBank secured the 10-year loan with 5 years of interest-only payments on behalf of the borrower, ForestCity Enterprises.
WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Company have broken ground on the 234-unit 440 K, a 14-floor residential building located at Mount Vernon Place, a mixed-use development in Washington, D.C. The building will include 9,000 square feet of ground-floor retail space and amenities such as a fitness center, tranquility garden with an outdoor fireplace and a rooftop terrace with a resort-style swimming pool, a fire pit, grilling areas and a community lounge. Completion is slated for the fourth quarter of 2013.
RALEIGH, N.C. — Blue Heron Capital has purchased the 216-unit Pine Winds Apartments, located at 1301 Pinewinds Drive in Raleigh, for $13.88 million. Amenities include a clubhouse with WiFi and coffee bar, fitness center, swimming pool with sun deck and a fishing pond. Don Waters of Drucker & Falk represented the buyer in the transaction.
OAKLAND PARK, FLA. — A 110,989-square-foot Kmart, located on E. Oakland Park Blvd. in Oakland Park, has sold for $11 million. Douglas Mandel and Alan West of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a local property owner, in the transaction. Kmart has less than 5 years remaining on its lease.