RALEIGH, N.C. — Ohio-based The Connor Group purchased the 268-unit Atria at Crabtree Valley from Fairfield Residential for $19.3 million. Since 2007, The Connor Group has purchased more than $140 million in luxury apartment communities in the area. Knoxville, Tenn.-based Dean Smith brokered the entire sale.
Southeast
FREDERICKSBURG, VA. — Home Properties has broken ground on the 302-unit The Apartments at Cobblestone Square in Fredericksburg. The Class A community will feature eight, four-story buildings and a refurbished 100-year-old rail depot.The complex has been designed to achieve the National Association of Home Builders' Green Building Standard Silver certification. Amenities will include a fitness center, outdoor pool, spacious club room with gaming area, a business center and access to a 10-acre adjacent park. The first building, rail depot and amenities are slated for completion in late 2011, with the entire project complete in late 2012.
SPARTANBURG, S.C. — Greenville, S.C.-based RealtyLink sold a 50,024-square-foot Virginia College in Spartanburg for $8.7 million to a private investment company out of the northeast. Virginia College is a chain of private for-profit post-secondary institutions which offer classes related to specific professions. The building, a former furniture store, was redeveloped by RealtyLink of Alabama for Virginia College in 2010. The name of the landlord and broker information was undisclosed.
TEMPLE TERRACE, FLA. — Fort Lauderdale, Fla.-based Red Apple Development has purchased a 58,000-square-foot, 7.69-acre building located at 10402 North 56th St. in Temple Terrace for $3.6 million. Red Apple Development is the school development arm of Charter Schools USA. The building, owned by Franklin Development Company, is a former Verizon Call Center, which will undergo extensive renovation and open in August as a school for Kindergarten through 12th grade students. K. Dan Shalloway of the Sperry Van Ness West Palm office, assisted by Bill Gross and Bill Alton of Sperry Van Ness' Tampa office represented the buyer. Rick Bruegge of Cushman & Wakefield's Tampa office represented the seller.
ATLANTA — 660 Apartments, a 301-unit, Class AA multi-housing community in Atlanta's Old Fourth Ward, was purchased in an all-cash transaction for $42.75 million or $142,000 per unit. The Holliday Fenoglio Fowler Atlanta office represented the sellers, Southeast Capital Partners and The Integral Group. The buyer, AMLI Residential Properties Trust, did not use a broker.
MANDEVILLE, LA. — Wynwood of Mandeville, an 84-unit assisted living facility on 6.32 acres of land located at 1414 North Causeway Blvd. in Mandeville, has sold for $10.4 million. The facility offers both assisted-living and memory-care services and is approximately 93 percent occupied. Ben Firestone and Jacob Gehl of Marcus & Millichap's Chicago office brokered the deal on behalf of the seller, Brookdale Senior Living, and the buyer, Emeritus Corp.
WATERSOUND, FLA. — The St. Joe Company has sold a 40,975-acre timber deed in Watersound for $55.9 million to Resource Management Services. Under the terms of the deed, RMS can harvest or sell the standing timber on specified stands for up to 20 years. Use of the land will revert back to The St. Joe Company following the final harvest as individual tracts of land are released by RMS. No brokers were involved in the transaction.
LAKE COUNTY, FLA. — Two properties totaling 1,236 acres of land in Lake County sold for $4.2 million. One is 653 acres on the south side of Schofield Road and the other is 583 acres on the west side of Five Mile Road. The seller, Branch Banking & Trust Company, was represented by Daryl Carter, Preston Hage and Patrick Chisholm of Orlando, Fla.-based Maury L. Carter & Associates. South Lake Crossings II, the buyer, was represented by Jim Dowd of Celebration, Fla.-based Dowd Properties.
NEWPORT NEWS, VA. — Virginia Company Bank purchased 13,500 square feet of space at The Point at City Center in Newport News with the intention of moving its company headquarters and Newport News banking office. The deal includes the corner land parcel and first floor of commercial space on Merchant's Walk. Virginia Company Bank plans to move its corporate offices by late summer and its banking office by March 2012. The deal was brokered by Mike Mausteller and Alex Stern of Norfolk, Va.-based Harvey Lindsay Commercial Real Estate.
NASHVILLE, TENN. – PCCP provided a nearly $22 million loan to Atlanta-based multifamily developer and operator Pollack Partners to finance the acquisition of Velocity in the Gulch, a 220-unit Class A luxury rental community that is part of a 263-unit fractured condo project. Pollack Partners purchased the bank-owned property for $25.3 million, plus reserves and closing costs. The 43 sold residential units were not included in the acquisition, nor was the 20,900 square feet of retail space, which is owned by Nashville, Tenn.-based retail group MarketStreet. Amenities include outdoor lounge with cabanas, fitness center and controlled access parking garage. Holliday Fenoglio Fowler, L.P. Atlanta office handled the asset sale and brokered the financing.