Southeast

JQ Group Completes Development of 263-Unit Madison Point Apartments in Metro Miami

by John Nelson July 7, 2023

NARANJA, FLA. — JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a swimming pool, community center, playground, fitness center, library, media center and approximately 200 parking spaces.

July 7, 2023

Development Florida Multifamily Southeast

ZOM Living Delivers 214-Unit Multifamily Development in Tampa

by John Nelson July 7, 2023

TAMPA, FLA. — Orlando-based ZOM Living has completed the construction of Azola South Tampa, a 214-unit multifamily community located at 7701 Interbay Blvd. in Tampa. Units range in size from 747 to 2,115 square feet and include apartments in one- and two-bedroom layouts, as well as six townhomes with three bedrooms and two-and-a-half bathrooms. Amenities at the property include a 6,000-square-foot clubhouse, swimming pool, fire pit and a pool courtyard featuring an outdoor billiards table, TVs, seating, a summer kitchen and two grilling areas. Architectural firm LRK designed the community, which is currently 70 percent occupied. Monthly rental rates at the community begin at $1,987.

July 7, 2023

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.9M Sale of Retail Center in Chesapeake, Virginia

by John Nelson July 7, 2023

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.9 million sale of Cedar Lakes Center, a retail center located at 561-565 Cedar Road in Chesapeake. Sola Salon Studios anchors the property, which totals 35,659 square feet and was 97 percent leased at the time of sale. Dean Martin of Thalhimer represented the undisclosed seller in the transaction. An entity doing business as Cedar Lakes Associates LLC acquired the property.

July 7, 2023

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $4.6M Sale of Shopping Center in Durham

by John Nelson July 7, 2023

DURHAM, N.C. — Marcus & Millichap has arranged the $4.6 million sale of Park Terrace, a 24,813-square-foot shopping center located in Durham. Situated on 2.7 acres at 2223 NC Highway 54, the property comprises 11 suites averaging 2,255 square feet. The center was 95 percent leased at the time of sale. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller, a California-based limited liability company, in the transaction. The buyer was also not disclosed.

July 7, 2023

Development Florida Industrial Southeast Top Stories

Saint-Gobain Plans $235M Expansion to CertainTeed Gypsum Facility in Palatka, Florida

by Jeff Shaw July 7, 2023

PALATKA, FLA. — Saint-Gobain North America has announced plans to invest $235 million to expand manufacturing space at its CertainTeed gypsum facility in Palatka, near the Port of Jacksonville on the St. Johns River in northern Florida. The Palatka facility, which currently employs more than 150 people, began operations in 2001. According to Saint-Gobain, the facility is one of the largest gypsum plants in the Southeast. The firm’s expansion project received more than $7 million in cash benefits and high-impact investment tax credits, including a State of Florida Capital Investment Tax Credit, a Career Source Florida Quick Response Training Grant, a grant from Putnam County and a Clay Cooperative Economic Development Rate. According to Saint-Gobain, the expansion will more than double the production capacity of the existing manufacturing plant, as well as create more than 100 new jobs. The investment will be made over the next two years through the firm’s building products subsidiary, CertainTeed Interior Products Group. In line with Saint-Gobain’s goal for carbon neutrality by 2050, the firm plans for sustainability to be an essential aspect of the project. The development will include the installation of new energy-saving equipment and automation technologies, including an energy board dryer that …

July 7, 2023

Affordable Housing District of Columbia Features Loans Multifamily Seniors Housing Southeast Southeast Feature Archive Student Housing

Rising Interest Rates Take Toll on Fannie, Freddie Deal Volume

by John Nelson July 7, 2023

The multifamily divisions of Fannie Mae and Freddie Mac are off to a slow start this year as the government-sponsored enterprises (GSEs), their network of lending partners and multifamily borrowers contend with rising interest rates. Fannie Mae’s volume of new multifamily business totaled $10.2 billion in the first quarter of 2023, which is a 36 percent decrease from the same period a year earlier when the agency closed $16 billion. Freddie Mac closed $6 billion in new multifamily business in the first quarter, a year-over-year decrease of 60 percent. Seasoned agency lending professionals all point to elevated borrowing costs as the primary reason for the two agencies closing less business thus far in 2023. “The rapid increase in rates across the board has really been a shock to the industry,” says Vic Clark, senior managing director and head of conventional multifamily production at Lument. At its May meeting, the Federal Open Markets Committee raised the federal funds rate to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 …

July 7, 2023

Development Multifamily Southeast Tennessee

Crescent Communities, Pearl Street Open 322-Unit Novel Harpeth Heights Apartments in Nashville

by John Nelson July 6, 2023

NASHVILLE, TENN. — Crescent Communities has opened Novel Harpeth Heights, a 322-unit apartment community located at 615 Old Hickory Blvd. in Nashville’s Bellevue neighborhood. The Charlotte-based developer partnered with Pearl Street Partners on the project. The property’s clubhouse resembles a country farmhouse and includes a front porch and screened patio space, and the property’s “Carriage House” features a spa and fitness center. A resort-style swimming pool and lap pool are situated between the two amenity buildings. The four residential buildings are elevator-serviced and house studio, one-, two- and three-bedroom apartments. Rental rates start at $1,705 per month, according to the property website. The project team included architecture firms HEDK Architects and 906 Studio Architects, interior designers SJL Design Group and 505 Design, landscape architect EDGE, civil engineer Barge Civil Associates and general contractor McShane Construction.

July 6, 2023

Loans Multifamily South Carolina Southeast

Mesa West Capital Provides $71.5M Refinancing for Metro Charleston Apartment Community

by John Nelson July 6, 2023

MOUNT PLEASANT, S.C. — Mesa West Capital has provided a $71.5 million loan for the refinancing of The Cooper, a 344-unit apartment community located on a 30-acre site at 331 Harper Pointe Drive in Mount Pleasant, a suburb of Charleston. Richard Jordan of CBRE’s Atlanta office arranged the floating-rate loan on behalf of the borrower, Atlanta-based Audubon. Proceeds from the financing repaid an existing loan and feature a future funding component to complete ongoing in-unit and community-wide renovations, including the reconstruction of 16 units that were fire-damaged in October 2019. The Cooper was built in 1986 and acquired by Audubon in December 2020.

July 6, 2023

Acquisitions Florida Mixed-Use Retail Southeast

JLL Arranges Sale of 454,872 SF Mixed-Use Development in Lakeland, Florida

by John Nelson July 6, 2023

LAKELAND, FLA. — JLL has arranged the sale of Lakeside Village, a mixed-use power retail center located at 1479 Town Center Drive in Lakeland. Of the 541,465 square feet that make up Lakeside Village, 454,872 square feet of retail and office uses are part of the sale. The center is also home to four hotels totaling 383 rooms that are separately owned and not a part of the sale. Developed in 2005, Lakeside Village’s tenant roster includes anchors CMX Cinemas (18 screens), Belk, Books-A-Million and Kohl’s. Additional tenants include Starbucks, Chili’s, Olive Garden, LongHorn Steakhouse and Famous Footwear. The average tenure of the property is 14 years. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction. Baltimore-based Continental Realty Corp. acquired Lakeside Village for an undisclosed price.

July 6, 2023

Affordable Housing Development Florida Seniors Housing Southeast

HTG, Broward County Housing Break Ground on 75-Unit Affordable Seniors Housing Project in South Florida

by John Nelson July 6, 2023

DEERFIELD BEACH, FLA. — Housing Trust Group (HTG) has formed a joint venture with the Broward County Housing Authority to develop Hillsboro Landing, a 75-unit affordable housing project in Deerfield Beach that will be reserved for renters age 62 and older. The duo broke ground on the $41 million development last month and are aiming for an October 2024 completion date. The project is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007. Located at 3851 N. Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. Apartments will be reserved for income-qualifying seniors who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Amenities will include a multipurpose room, fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. Debt and equity partners on the project include Raymond James, Fifth Third Bank, Grandbridge Real Estate Capital, the State of Florida and Broward Housing Finance Authority. The design-build team includes architect ATL Architecture, general contractor Ferncore Corp., engineer …

July 6, 2023

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